Closing Analysis

Volatile, but Positive Day for Wall Street

Closing Technical Market Analysis for Thu May 30th 2019

Markets had an interesting, but volatile day on Thursday, the S&P 500 opening four points higher and the Nasdaq 100 opening 8 points higher as Wall Street takes a break from declines. They gapped up, pulled back, took off and reached early morning highs on the S&P 500 at 2797.34 and 7262.77 Nasdaq 100. They pulled back, then ran up to new highs on the S&P 500 at 2799.00, back off sharply, formed upward wedges, came down, retest the lows, moved up, making higher lows. They tested the lows and bounced off the 50-day and moving averages. By noon, they came down and slipped to new session lows at 2782.68 S&P 500 and 7226.61 Nasdaq 100. They moved back up, rolled over, and came down in sharp waves to a new low on the Nasdaq 100, but the S&P 500 did not confirm. Mid-afternoon, indices rallied, cracked, and dropped to new session lows. With less than thirty minutes to go, the indices popped and pulled back twice, closing up on the day, but slightly to the downside.

Net on the day, the Dow was up 43.47 at 25,169.88. The S&P 500 was up 5.84 at 2788.86. The Nasdaq 100 was up 28.54 at 7245.40.

Advance-declines were flat on the New York Stock Exchange and the Nasdaq 100. Up/down volume was 2 to 1 negative on the New York, total volume 3.1 billion shares. The Nasdaq 100 traded 1.8 billion shares and had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was mixed on Thursday. Alphabet Inc. (GOOG) was up 1.49 to 1117.95, Apple Inc. (AAPL) up 92 cents to 178.30, Facebook, Inc. (FB) 82 cents to 183.01, and Netflix, Inc. (NFLX) 2.66 to 351.85. Intuitive Surgical, Inc. (ISRG) bounced all around on Thursday, but closed up in the positive column, gaining 5.29 to 477.22.

To the upside, point-plus gainers included Roku, Inc. (ROKU) up 1.54 to 93.34, Tandem Diabetes Care, Inc. (TNDM) up 3.77 to 69.17, YY Inc. (YY) 3.26 to 70.24, Dollar Tree, Inc. (DLTR) 2.99 to 98.31, Zscaler, Inc. (ZS) 1.84 to 72.99, Pyxus International, Inc. (PYX) 1.21 to 18.97, and Aramark (ARMK) 2.15 to 34.89.

To the downside, point-plus losers included Amazon.com, Inc. (AMZN) down 2.87 to 1816.32, Tesla, Inc. (TSLA) down 1.64 to 188.22, NVIDIA Corporation (NVDA) 1.07 to 139.11, Baidu, Inc. (BIDU) 1.13 to 111.82, REGENXBIO Inc. (RGNX) 2.93 to 43.72, PVH Corp. (PVH) 14.76 to 84.49, Amicus Therapeutics, Inc. (FOLD) 1.19 to 10.96, Soliton, Inc. (SOLY) 1.58 to 18.70, and Twilio Inc. (TWLO) 2.24 to 126.93.

Checking TheTechTrader.com percent-gain leaderboard, BioCryst Pharmaceuticals, Inc. (BCRX) bounced 45 cents, or 15%, to 3.36, on 6.1 million shares. Tocagen Inc. (TOCA) ran 90 cents, or 21%, to 5.12, on 1.3 million shares.

MiMedx Group, Inc. (MDXG) climbed 1.19, or 36%, to 4.52, on 4.8 million shares. Eltek Ltd. (ELTK) ran 1.32, or 19%, to 8.32, on 23 million shares.

Keysight Technologies, Inc. (KEYS) closed up 8.07, or 11%, to 79.49, on 1.7 million shares. Canadian Solar Inc. (CSIQ) popped 1.72, or 10%, to 19.41, on 1.8 million shares.

Veeva Systems Inc. (VEEV) exploded 19.81, or 15%, to 154.30, on 6.2 million shares. Titan Machinery Inc. (TITN) eked out 2.49, or 16 1/2%. Hydrogenics Corporation (HYGS) stair-stepped 1.96, or 19%, to 12.34, 1.2 million shares.

Among other gainers, Dollar General Corporation (DG) was up 8.40 to 127.00, Burlington Stores, Inc. (BURL) up 10.03 to 156.03, Five Below, Inc. (FIVE) 3.52 to 129.32, and Beyond Meat, Inc. (BYND) 1.09 to 98.59.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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