Closing Analysis

Volatile Session with Close in Plus Column

Closing Technical Market Analysis for Tue December 18th 2018

The markets had a tough session on Tuesday, starting day off with a pop to the upside and a very strong rally, but by the end of the day they gave back all of it and then some, before a late rally brought them back to the plus column.

Net on the day, the Dow was up 82.66 at 23.675.64. The S&P 500 was up .22 at 2546.16, 18 points off the low and 37 points off the high. The Nasdaq 100 was up 43.13 at 6491.52, 57 points off the low and 57 off the high, so at that medium range.

Advance-declines were negative by about 250 issues, or 16 to 13 1/2 on the New York Stock Exchange, and 3 to 2 negative, declines over advances, on the Nasdaq. Up/down volume was 22 to 20 negative on New York, total volume of 4 1/3 billion shares traded. The Nasdaq traded 2.6 billion shares and had a flat volume ratio. board was mixed, although there were a lot of stocks in the plus column., Inc. (AMZN) was up 30.57 to 1551.48, Alphabet Inc. (GOOG) up 12.18 to 1028.71, Facebook, Inc. (FB) up 3.47 to 143.66, Apple Inc. (AAPL) 2.13 to 166.07, and Netflix, Inc. (NFLX) 8.14 to 270.94.

NVIDIA Corporation (NVDA) was up 3.36 to 146.94, Microsoft Corporation (MSFT) up 1.08 to 103.07, and First Solar, Inc. (FSLR) 1.19 to 42.23. Square, Inc. (SQ) 1.30 to 59.92, and Tilray, Inc. (TLRY) 10.61 to 76.50.

Stocks to the downside included Tesla, Inc. (TSLA) down 11.39 to 337.03, Baidu, Inc. (BIDU) down 2.25 to 167.61, Nektar Therapeutics (NKTR) 1.58 to 35.74, and CVS Health Corporation (CVS) 1.13 to 69.56.

In addition, the Direxion Daily S&P Biotech Bull 3X ETF (LABU) was down 2.16 to 36.61, and bluebird bio, Inc. (BLUE) dropped 1.14 to 103.43.

Checking percent-gain leaderboard, Marin Software Incorporated (MRIN) advanced 86 cents, or 30%, to 3.72, and as high as 4.13 earlier in the day, on 7.2 million shares. The Meet Group, Inc. (MEET) ran 61 cents, or 18%, to 3.98, on 1.9 million shares.

Materialise NV (MTLS) jumped 2.72, or 17%, to 18.51, on 1.3 million shares. SMART Global Holdings, Inc. (SGH) snapped back 3.23, or 11 1/2%, to 31.32, on 1 million shares.

With oil down on Tuesday, the VelocityShares 3x Invrs Crude Oil ETNNew (DWT) was up 2.61, or 18%, to 17.01, on 10.5 million shares. The ProShares UltraShort Bloomberg Crude Oil (SCO) was also up 3.25, or 12%, to 30.15, on 6.6 million shares.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) closed up 14.44, or 20%, to 87.08, on 3.6 million shares.

Stepping back and reviewing the hourly chart patterns, the indices gapped up, backed and filled all morning, and popped in the afternoon to get up secondary resistance. It was at the declining topsline, but was unable to get through, and rolled over hard, taking the Nasdaq 100 from 6550 to 6434, before a late rally exploded, and in the last five minutes they backed off again. The S&P 500 went from 2573 to 2528, and then they spiked up to 2568 before backing off to 2546 to close flat on the day.

Let’s see what happens tomorrow, but Tuesday’s retest was a little on the scary side and the technicals were not great. We’ll just have to see if there’s any follow-through on Wednesday.

Good Trading! 


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