Closing Analysis

Volatile Constructive Session

Closing Technical Market Analysis for Tue June 12th 2018

The stock market had a volatile session, closing mixed on the day on Tuesday. The day started out with a pop to the upside, they backed and filled in the morning, broke out midmorning near the noon hour, and rallied to retest the highs on the Nasdaq 100 by midafternoon. When the S&P 500 did not confirm the nominal new high on the Nasdaq 100, they started to pull back. Then news about a bigger budget deficit than estimated hit and that didn’t sit well with Wall Street, the markets tumbled, but rebounded sharply in the last hour, taking the Nasdaq 100 from 7178  to 7210, and the S&P 500 from 2779 to 2787 to close mixed on the session.
Net on the day, the Dow was down 1.58 at 25,320.73. The S&P 500 was up 4.85 at 2786.85, 3 points off the high. The Nasdaq 100 was up 40.70 at 7209.18, about 8 points off the high.
Advance-declines were flat on the New York Stock Exchange, and 16 to 13 1/2 positive on the Nasdaq. Up/down volume was 17 1/2 to 15 negative on New York, total volume of 3 1/4 billion shares traded. The Nasdaq traded just under 2 billion shares and had a little more than 2 to 1 positive volume ratio.
TheTechTrader.com board was mostly green on Tuesday. Booking Holdings Inc. (BKNG) was up 7.71 to 2132.00, Alphabet Inc. (GOOG) up 9.33 to 1139.32, Apple Inc. (AAPL) up 1.05 to 192.29, Amazon.com, Inc. (AMZN) 9.63 to 1698.75, and Netflix, Inc. (NFLX) 2.38 to 363.83.
Tesla Motors, Inc. (TSLA) jumped 10.67 to 342.77, but 12 points higher earlier in the day, NVIDIA Corporation (NVDA) gained 1.96 to 262.58, and Intuitive Surgical, Inc. (ISRG) advanced 4.21 to 494.92.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) bounced 3.22 to 101.49, bluebird bio, Inc. (BLUE) up 4.85 to 184.75, Exact Sciences Corporation (EXAS) up 1.87 to 66.72, Nutanix, Inc. (NTNX) 4.29 to 60.65, and Collgium Pharmaceutical, Inc. (COLL) 1.78 to 26.74.
Other stocks to the upside included iRobot Corporation (IRBT) up 5.81 to 79.15, Weight Watchers International, Inc. (WTW) up 4.84 to 91.74, Twitter, Inc. (TWTR) up 2.07 to 43.49, DexCom, Inc. (DXCM) 3.77 to 98.78, Square, Inc. (SQ) 1.92 to 63.21, Teladoc, Inc. (TDOC) 2.00 to 56.70, and Tandem Diabetes Care, Inc. (TNDM) 1.37 to 17.70.
On the downside, Baidu, Inc. (BIDU) was down 2.36 to 267.42, PolarityTE, Inc. (COOL) caved 2.72 to 25.17, and Huami Corporation (HMI) dropped 1.15 to 12.91.
Checking TheTechTrader.com percent-gain leaderboard, Galmed Pharmaceuticals Ltd. (GLMD) closed up 10.54, or 149 1/2%, to 17.59, on 16 million shares. Correvio Pharma Corp. (CORV) climbed 41 cents, or 13%, to 3.49, on 1.1 million shares.Kadmon Holdings, Inc. (KDMN) popped 33 cents, or 10% to 3.68, on 7.6 million shares. Foresight Autonomous Holdings Ltd. (FRSX) spited up at the opening to 3.97, pulled back slightly and closed up 43 cents, or 15%, to 3.25.  
Dave & Buster's Entertainment, Inc. (PLAY) snapped back 7.99, or 17%, to 55.82, on 94 million shares. Lands' End, Inc. (LE) climbed 6.40, or 27%, to 29.90, on 2.66 million shares. KMG Chemicals, Inc. (KMG) stair-stepped 8.75, or 12%, to 79.26.
RH (RH), Restoration Hardware, jumped 36.27, or 30 1/2%, to 155.00, on 14 million shares. Sage Therapeutics, Inc. (SAGE) ran 28.83 or 20%, to 175.76, on 2.4 million shares. KMG Chemicals, Inc. (KMG) thrust 8.75, or 12%, to 79.26. Veritone, Inc. (VERI) ran late, and closed up 2.54, or 12%, to 24.16.
Stepping back and reviewing the hourly chart patterns, the indices backed and filled in the morning, popped midday, reached their highs early afternoon, and then rolled over hard, but took some of their losses back to finished narrowly mixed on the blue chips, and up by over 40 points on the Nasdaq 100. It was a good constructive day, and if they can get through the double tops the markets can move forward.
Let’s see what happens tomorrow.
Good Trading! 
Harry  

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