Closing Analysis

Volatile Turn-Around Tuesday

Closing Technical Market Analysis for Tue August 6th 2019

It was turn-around Tuesday and a volatile day for the stock market as all three indices gapped up, reached morning highs early on, but, when Pence made comments regarding sanctions over China’s human rights abuse, they tumbled to session lows. Intraday, after continued volatility and sharp wedges forming, the Dow, S&P 500, and Nasdaq 100 reached new session highs, rolled over and then pulled back. With 5 minutes to go, indices bounced into the close to close at the highs for the day on the Dow and S&P 500, while the Nasdaq 100 closed slightly off the highs.

Net on the day, the Dow was up 311.78 at 26,029.52. The S&P 500 was up 37.03 at 2881.77. The Nasdaq 100 was up 105.63 at 7521.32.

Advance-declines were a little more than 2 to 1 positive on the New York Stock Exchange and slightly less than 2 to 1 positive on the Nasdaq. Up/down volume was 2 1/2 to 1 negative of New York, total volume 3.9 billion shares traded. The Nasdaq traded 2.1 billion and had a 4 to 1 negative volume ratio.

TheTechTrader.com board was a very positive up day on Tuesday. To the upside, point-plus gainers included Amazon.com, Inc. (AMZN) up 22.70 to 1787.83, Alphabet Inc. (GOOG) up 17.63 to 1169.95, Apple Inc. (AAPL) 3.66 to 197.00, Facebook, Inc. (FB) 2.78 to 184.51, and Netflix, Inc. (NFLX) 2.47 to 310.10.

Tesla, Inc. (TSLA) jumped 2.43 to 230.75, NVIDIA Corporation (NVDA) gained 1.56 to 152.35, Intuitive Surgical, Inc. (ISRG) 12.31 to 503.77, and Microsoft Corporation (MSFT) moved up 2.48 to 134.69.

Other stocks to the upside included Anaplan, Inc. (PLAN) up 1.26 to 54.51, Enphase Energy, Inc. (ENPH) 1.27 to 28.72, NIKE, Inc. (NKE) 2.30 to 81.27, Starbucks Corporation (SBUX) 1.64 to 95.34, Akero Therapeutics, Inc. (AKRO) 1.79 to 26.10, and Zillow Group, Inc. (ZG) 2.58 to 49.43.

Point-plus losers included Carvana Co. (CVNA) down 1.18 to 59.79, and Beyond Meat, Inc. (BYND) down 14.70 to 161.24.

Checking TheTechTrader.com percent-gain leaderboard, Lonestar Resources US Inc. (LONE) popped 65 cents, or 28%, to 2.97, on, on 1.9 million shares. Pitney Bowes Inc. (PBI) bounced 61 cents, or 17%, to 4.16, on 8.4 million shares. WPX Energy, Inc. (WPX) thrust 98 cents, or 11%, to 9.91, on 33 million shares. GenMark Diagnostics, Inc. (GNMK) ran 91 cents, or 16%, to 6.65.

NeoPhotonics Corporation (NPTN) climbed 1.50, or 35%, to 5.82, on 12 million shares. Tenneco Inc. (TEN) advanced 1.36, or 17%, to 9.25, on 5.4 million shares.

EverQuote, Inc. (EVER) ramped 6.50, or 49%, to 19.70, on 3.2 million shares. Oxford Immunotec Global PLC (OXFD) stair-stepped 1.70, or 13%, to 14.54. Adient plc (ADNT) climbed 6.15, or 32%, to 25.45, on 1.5 million shares. Vonage Holdings Corp. (VG) snapped back 1.72, or 15%, to 13.43, on 6.2 million shares. Insulet Corporation (PODD) ran 25.20, or 21%, to 143.13, on 2.4 million shares.

Itron, Inc. (ITRI) gained 9.90, or 17%, to 67.86. Shake Shack Inc. (SHAK) climbed 13.38, o4 18%, to 86.72, on 7.2 million shares. Allakos Inc. (ALLK) peaked at 85.39 before pulling back and closing up 14.21, or 22%, to 79.47, on 3.9 million shares. Fulgent Genetics, Inc. (FLGT) advanced 2.26, or 28%, to 10.26.

Among other gainers, Shopify Inc. (SHOP) was up 11.28 to 332.67, Lululemon Athletica Inc. (LULU) up 5.17 to 179.63, KLA Corporation (KLAC) 9.18 to 135.64, McDonald's Corporation (MCD) 3.63 to 214.08, EPAM Systems, Inc. (EPAM) 3.53 to 179.91, and The Trade Desk, Inc. (TTD) 2.09 to 251.87.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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