Closing Analysis

Volatile, Mixed, but Positive Day for Nasdaq 100

Closing Technical Market Analysis for Wed March 20th 2019

The stock market had a very volatile, mixed day on Wednesday. The S&P 500 and Dow gapped down at the opening and were down nearly all day for the most part, gapping down in large wedges and closing to the downside. Only in late afternoon did both the S&P 500 and Dow rally to the upside and the rolled over. The Nasdaq 100 gapped up at the opening, pulled back slightly, consolidated, and then rolled over in a 5-wave decline just before the noon hour. It then rallied, consolidated, pulled down slightly to the lows for the day at 7318.42, made a 5-wave advance, consolidated, and then had a huge rally, taking the Nasdaq 100 from 7339.51 all the way up to 7422.75 during the noon hour. It stair-stepped its way down to 7371.16, bounced, pulled back, and came on slightly at the close to close positive on the session.

Net on the day, the Dow was down 141.71 at 25,745.67. The S&P 500 was down 8.34 at 2824.23. The Nasdaq 100 was up 31.48 at 7380.75.

Advance-declines were negative by 336 issues on the New York Stock Exchange, and negative by 747 issues on the Nasdaq. Total volume on NYSE was 3.4 billion shares traded. The Nasdaq traded 2 1/4 billion shares.

TheTechTrader.com board mixed on Wednesday. The Nasdaq Generals had an excellent day, starting with Amazon.com, Inc. (AMZN) up 35.42 to 1797.27, Alphabet Inc. (GOOG) up 25.12 to 1223.97, Apple Inc. (AAPL) 1.63 to 188.15, Facebook, Inc. (FB) 3.87 to 165.44, and Netflix, Inc. (NFLX) 16.44 to 375.22.

Tesla, Inc. (TSLA) jumped 6.13 to 273.60, and Intuitive Surgical, Inc. (ISRG) ran 6.64 to 569.36.

Other stocks to the included REGENXBIO Inc. (RGNX) up 2.01 to 60.59, and Nutanix, Inc. (NTNX) up 2.50 to 41.29.

To the downside, NVIDIA Corporation (NVDA) was down 1.31 to 174.40, Square, Inc. (SQ) down 1.55 to 75.26, Teladoc, Inc. (TDOC) 1.13 to 61.99, and DocuSign, Inc. (DOCU) 1.28 to 55.38.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.79 to 60.22.

Checking TheTechTrader.com percent-gain leaderboard, Motif Bio (MTFB) popped 89 cents, or 55%, to 2.50, on 30.5 million shares, and reached as high as 4.24 earlier in the day.

Electrameccanica Vehicles Corp. (SOLO) bounced 84 cents, or 24 1/2%, to 4.26, on 20.4 million shares. Zynerba Pharmaceuticals, Inc. (ZYNE) popped 65 cents, or 12%, to 6.22, on 3.9 million shares. Catalyst Pharmaceuticals, Inc. (CPRX) eked out 54 cents, or 15 1/2%, to 4.02, on 4.3 million shares.

Nevro Corp. (NVRO) moved up 15.95, or 36%, to 60.71, on 7.4 million shares. Cytokinetics, Incorporated (CYTK) climbed 1.63, or 19%, to 10.19, on 2.4 million shares. UP Fintech Holding Limited (TIGR) thrust 2.92, or 36 1/2%, to 10.92 on 22 million shares. Cryoport, Inc. (CYRX) ran 1.49, or 12 1/2%, to 13.37. Zealand Pharma A/S (ZEAL) advanced 1.92, or 12%, to 17.57.

Among other gainers, Smartsheet Inc. (SMAR) was up 2.25 to 45.69, General Mills, Inc. (GIS) up 1.05 to 48.29, and Wix.com Ltd. (WIX) 9.23 to 118.12.

Stepping back and reviewing the hourly chart patterns, the indices had a very mixed day, with the S&P 500 and Dow in the red most of the session and the Nasdaq 100 was in green from start to finish. It was a very good day for many of Nasdaq stocks we follow.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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