Closing Analysis

Volatile Session, Bullish Finish

Closing Technical Market Analysis for Tue January 8th 2019

The stock market had a very solid session at the close on Tuesday, but it was an interesting, volatile day getting there. The day started with gaps up sharply, and the markets had a nice ten minutes, before they sold off very sharply, taking the Nasdaq 100 from 6575 down to 6457, about 118 points south, and the S&P 500 from 2580 down to 2537, about a 43-point drop. At that key point for the market support managed to hold The market then rallied, initiated V-bottoms, retested, and then took off in stair-step fashion all afternoon, closing at the session highs going away.

Net on the day, the Dow was up 256.10 at 23,787.45. The S&P 500 was up 24.72 at 2574.41. The Nasdaq 100 was up 63.59 at 6551.85.

Advance-declines were nearly a solid 4 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on the Nasdaq. Up/down volume was better than 2 1/2 to 1 positive on New York, total volume around 4 billion shares traded. The Nasdaq traded 2.3 billion shares and had just under a 3 to 1 volume ratio.

TheTechTrader.com board was mostly higher on Tuesday. Amazon.com, Inc. (AMZN) was up 27.07 to 1656.58, Alphabet Inc. (GOOG) up 7.89 to 1076.28, Apple Inc. (AAPL) up 2.82 to 150.75, Facebook, Inc. (FB) 4.48 to 142.53, and 4.93 to 320.27. Intuitive Surgical, Inc. (ISRG) gained 4.55 to 482.99.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 1.54 to 45.14 but was 4 points off the low after a sharp drop in the morning. So, a good recovery there. Nektar Therapeutics (NKTR) up 4.06 to 40.68, Clovis Oncology, Inc. (CLVS) 2.17 to 23.90, and Tandem Diabetes Care, Inc. (TNDM) 3.11 to 40.00.

Point-plus gainers included Teladoc, Inc. (TDOC) up 1.64 to 53.78, Square, Inc. (SQ) up 2.40 to 63.12, Tilray, Inc. (TLRY) 11.36 to 83.26, Ciena Corporation (CIEN) 1.06 to 36.65, and Acacia Communications, Inc. (ACIA) 2.49 to 41.66.

The only point-plus losers on our board on Tuesday were NVIDIA Corporation (NVDA) down 3.57 to 139.83 and Xilinx, Inc. (XLNX) down 1.71 to 88.05.

Checking TheTechTrader.com percent-gain leaderboard, Titan Medical Inc. (TMDI) popped 43 cents, or 22%, to 2.40, on 3.1 million shares. vTv Therapeutics Inc. (VTVT) bounced 75 cents, or 32%, to 3.12, on 5.6 million shares. Arsanis, Inc. (ASNS) eked out 25 cents, or 8%, to 3.50,

CLPS Incorporation (CLPS) thrust 3.18, or 100%, to 6.35. VirnetX Holding Corp (VHC) climbed 1.79, or 65%, to 4.53, on 7.4 million shares. Marin Software Incorporated (MRIN) advanced 1.12, or 20%, to 6.62, on 2.25 million shares. Axsome Therapeutics, Inc. (AXSM) closed up 2.01, or 29%, to 8.88, on 25 million shares.

Tactile Systems Technology, Inc. (TCMD) exploded 12.38, or 26%, to 59.73, on 1.25 million shares. Union Pacific Corporation (UNP) snapped back 12.10, or 9%, to 150.75, on 10.5 million shares.

Among other gainers, Veoneer, Inc. (VNE) was up 2.09 to 28.59, Exelixis, Inc. (EXEL) up 1.38 to 23.28, Dunkin' Brands Group, Inc. (DNKN) 1.47 to 69.72, and eHealth, Inc. (EHTH) 2.28 to 41.28.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening, down soon after that, and then they had a nice steady stair climb the rest of the session to finish with a solid gain.  

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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