Closing Analysis

Volatile Session Closes Positive

Closing Technical Market Analysis for Thu July 13th 2017

The stock market indices had a volatile session. First, they moved up in the morning, then came down just as sharply, they managed to hold trendline and moving-average support, and then bounced sharply. They retested the highs and made higher highs on the S&P 500, but the Nasdaq 100 was unable to confirm, and they rolled over in the afternoon. When they double-bottomed and held the morning lows, they rallied back late in the session to finish positive on the day.

Net on the day, the Dow was up 20.95 at 21,553.09, a new closing high. The S&P 500 was up 4.58 at 2447.83, just a couple points off the high. The Nasdaq 100 was up 14.41 at 5793.36, 13 points off the high.

Advance-declines were positive by only 150 issues on the New York Stock Exchange, and barely positive on the Nasdaq. Up/down volume was nearly 2 to 1 positive on New York, total volume of 3 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 9 to 8 positive volume ratio. board was mostly narrowly changed, but there were some gainers and losers. (PCLN) dropped 5.48 to 1940.70,, Inc. (AMZN) gave back 6.66 to 999.85, and Netflix, Inc. (NFLX) fell 58 cents to 158.17, but Alphabet Inc. (GOOG) was up 3.33 to 947.15, 7 points off its high, and Apple Inc. (AAPL) gained 2.03 to 147.82.

Baidu, Inc. (BIDU) advanced 16 cents to 286.92, Facebook, Inc. (FB) closed up just 36 cents to 159.26, and First Solar, Inc. (FSLR) was negative by 26 cents to 41.53.

Tesla Motors, Inc. (TSLA) Tesla Motors, Inc. (TSLA) lost 6.11 to 323.41, 3 1/2 points off its low.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) had a solid day, exploding to 69.18 in the afternoon, before closing up 1.40 to 67.66.

On the downside, NVIDIA Corporation (NVDA) was off 1.88 to 160.63, after reaching over 166 earlier in the day. Kite dropped 1.29 to 103.36.

Some of the biotech’s exploded in the afternoon, but were still down on the day. Clovis Oncology Inc (CLVS) dropped 2.85 to 92.49, 3 points off its high.

Checking percent-gain leaderboard, low-priced Yuma Energy, Inc. (YUMA) popped 72 cents, or 41%, to 2.48, on 8.9 million shares traded, or 86 times the normal volume today.

Alder Biopharmaceuticals, Inc. (ALDR) climbed 1.82, or 18%, to 11.95, on 16 million shares traded. Yandex N.V. (YNDX), on a deal with Uber, jumped 4.35, or 16%, to 31.68, on 24 million shares traded, or 10 times normal volume. Hertz Global Holdings, Inc. (HTZ) bounced 2.05, or 16%, to 15.07, on 24 1/2 million shares traded.

Among other gainers, Avis Budget Group, Inc. (CAR) was up 1.97 to 31.55.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply, down sharply, and back up sharply, before they pulled back again in the after, but this time the S&P 500 made a much higher low. The indices rallied near the close, and backed off in the last five minutes.

Still, it was a positive session.

Let’s see what happens tomorrow.

Good Trading!


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