Closing Analysis

Very Strong Session for the Indices

Closing Technical Market Analysis for Thu November 15th 2018

The markets had a very, very good day on Thursday. First the markets opening, then pulled back, made lower-lowers, the lowest we’ve seen since the pullback began, and then reversed it with a bang. They started a 5-wave advance that took the Nasdaq 100 from just over 6700 to just over 6900, more than 200 points. The S&P 500 ran from 2672 to 2735, a gain of about 65 points. As they pulled back in the afternoon in a fourth wave of McClellan retest, but it held, and they fired up into the close with a very solid session.

Net on the day, the Dow was up 208.77 at 25,289.27. The S&P 500 was up 28.62 at 2730.20, 5 points off the high. The Nasdaq 100 was up 120.57 at 6890.45, 18 points off the high.

Advance-declines were about 450 issues positive on the New York Stock Exchange, and more than 1000 issues positive on the Nasdaq. Up/down volume was 5 to 3 positive on New York, total volume 4 billion shares traded. The Nasdaq traded 2 1/2 billion shares and had a 3 to 1 positive volume ratio. board had a very big green day on Thursday., Inc. (AMZN) was up 20.43 to 1619.44, Alphabet Inc. (GOOG) up 21.05, Apple Inc. (AAPL) 4.61 to 191.41, and Netflix, Inc. (NFLX) 3.33 to 290.06. Tesla, Inc. (TSLA) bounced 4.44 to 348.44, NVIDIA Corporation (NVDA) ran 5.20 to 202.39, Intuitive Surgical, Inc. (ISRG) thrust 15.00 to 513.64.

Baidu, Inc. (BIDU) was up 3.35 to 188.41, First Solar, Inc. (FSLR) up 1.54 to 44.08, Microsoft Corporation (MSFT) 2.31 to 107.28, and Intel Corporation (INTC) 1.02 to 48.11.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 4.33 to 44.91, bluebird bio, Inc. (BLUE) was up 6.29 to 122.78, Nutanix, Inc. (NTNX) up 1.21 to 42.65, and Tandem Diabetes Care, Inc. (TNDM) 1.77 to 33.12.

Other stocks to the upside included Teladoc, Inc. (TDOC) up 2.89 to 60.29, Square, Inc. (SQ) up 3.79 to 73.60, NetEase, Inc. (NTES) 11.68 to 231.39, Cisco Systems, Inc. (CSCO) 2.44 to 46.77, Canopy Growth Corporation (CGC) 1.03 to 35.33, Tilray, Inc. (TLRY) 4.93 to 107.27, and Aurora Cannabis Inc. (ACB) 48 cents to 6.64.

Checking percent-gain leaderboard, the VelocityShares 3x Inv Natural Gas ETN (DGAZ) exploded 1.84, or 64%, to 4.70, on 156.5 million shares. New Age Beverages Corporation (NBEV), in the marijuana sector, climbed 73 cents, or 23%, to 3.86, on 22 million shares. EZCORP, Inc. (EZPW) spiked to 10.79 before closing up 75 cents, or 8%, to 9.86, on 2.7 million shares. Smart & Final Stores, Inc. (SFS) snapped back 1.75, or 35%, to 6.70, on 2.5 million shares.

CareDx, Inc. (CDNA), one of our swing trades, popped 3.30, or 12 1/2, to 29.71, on 1.1 million shares. Arena Pharmaceuticals, Inc. (ARNA) gained 7.03 or 22%, to 39.55, on 4.7 million shares.  uniQure N.V. (QURE) 8.13, or 36%, to 30.93, on 4.7 million shares. Amarin Corporation (AMRN) stair-stepped 1.60, or 10%, to 17.71, on 23.5 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were up early, popped, came down hard but held, and then had a 5-wave advance the rest of the day. The indices had a very strong day on Thursday.

Let’s see what happens tomorrow.

Good Trading! 


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