Closing Analysis

Very Volatile, Negative Session

Closing Technical Market Analysis for Mon June 3rd 2019

The stock market began the week very mixed on Monday, the S&P 500 and Dow opening to the upside, the Nasdaq 100 opening nearly 100 points lower than Friday’s close. They immediately reversed and plunged straight down into negative territory on early morning profit taking, the S&P 500 dropping to 2740.50, and the Nasdaq 100 reaching down to 7030.64. They rallied, the S&P 500 reaching 2740.50. Late morning the market popped, and the S&P 500 ran up to 2763.75, while the Nasdaq 100 consolidated, and then rolled over into the noon hour, wedged its way down, then dropped below 7000 to 6998.98. The S&P 500 ran up, pulled back, ran up again, pulled back and wedged its way down. Mid-afternoon and into the end of the session, the S&P 500 had very volatile, sharp, erratic moves. The Nasdaq 100 continued to bounce around, coil, consolidate, move up, pulled back, and then both the Nasdaq 100 and S&P 500 popped into the close, but closed down on the day.

Net on the day, the Dow was up 4.74 at 24,819.78. The S&P 500 was down 7.61 at 2744.45. The Nasdaq 100 was down 149.94 at 6978.02.

Advance-declines were 3 to 2 positive on the New York Stock Exchange, and 160 shares positive on the Nasdaq. Up/down volume was flat on New York, total volume 3.7 billion shares traded. The Nasdaq traded 2 billion shares and had a nearly 3 to 1 negative volume ratio.

TheTechTrader.com board was very mixed. To the downside, Amazon.com, Inc. (AMZN) was down 82.38 to 1692.69, Alphabet Inc. (GOOG) down 67.40 to 1036.23, Apple Inc. (AAPL) down 1.77 to 173.30, Facebook, Inc. (FB) 13.32 to 164.15, and Netflix, Inc. (NFLX) 6.65 to 3346.63. Microsoft Corporation (MSFT) dropped 3.84 to 119.84.

Tesla, Inc. (TSLA) lost 6.19 to 178.97, NVIDIA Corporation (NVDA) gave back 1.68 to 133.78, and Intuitive Surgical, Inc. (ISRG) fell 6.58 to 458.27. Baidu, Inc. (BIDU) dropped 2.22 to 107.78.

To the upside, the only point-plus gainers were Array BioPharma Inc. (ARRY) up 1.70 to 28.12, and, as gold was up for the fourth session in a row on Monday, Kirkland Lake Gold Ltd. (KL), one of my favorite stocks, popped 1.87 to 36.38.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 1.60 to 39.69.

The Direxion Daily Gold Miners Bull 3X ETF (NUGT) gained 2.02 to 19.10 (12%) and the Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) bounced 1.11 to 8.66 (15%).

Checking TheTechTrader.com percent-gain leaderboard, Hecla Mining Company (HL) snapped back 17 cents, or 13%, to 1.48, on 10 million shares. Eldorado Gold Corporation (EGO) advanced 47 cents, or 13%, to 4.19, on 5.3 million shares.  

Vislink Technologies, Inc. (VISL) eked out 1.32, or 80%, to 2.97, on 1 million shares. Genocea Biosciences, Inc. (GNCA) climbed 1.10, or 20%, to 6.71, on 18 million shares. ARCA biopharma, Inc. (ABIO) thrust 1.57, or 27%, to 7.36, on 4 million shares.

Nektar Therapeutics (NKTR) ran 2.74, or 9%, to 34.06, on 3.6 million shares.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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