Closing Analysis

Wall Street Starts the Month on a Positive Note

Closing Technical Market Analysis for Mon July 1st 2019

Markets were higher on Monday after Trump and Xi agreed to discuss tariffs after the G-20 Summit meeting over the weekend. Trump agreed to hold off on any new tariffs for now. After the S&P 500 touched new record highs at 2977.93 and the Nasdaq 100 opened 145 points higher. Both indices coiled and consolidated to 2952.22 S&P 500 and 7820.81 Nasdaq 100, and then rallied back up to pull back slightly into the close.

Net on the day, the Dow was up 117.40 at 26,717.43. The S&P 500 was up 22.58 at 2964.34. The Nasdaq 100 was up 97.06 at 7768.14.

Advance-declines were 3 to 2 positive on the New York Stock Exchange and the same on the Nasdaq. Up/down volume was 17 to 1 positive of New York, total volume 3.2 billion shares traded. The Nasdaq traded 2 billion and had an almost 4 to 1 positive volume ratio.

TheTechTrader.com board was mostly green on Monday. Amazon.com, Inc. (AMZN) was up 28.56 to 1922.19, Alphabet Inc. (GOOG) up 17.04 to 1097.95, Apple Inc. (AAPL) 3.63 to 201.55, and Netflix, Inc. (NFLX) 7.28 to 374.60. Microsoft Corporation (MSFT) gained 1.72 to 135.68.

Tesla, Inc. (TSLA) jumped 3.71 to 227.17, NVIDIA Corporation (NVDA) up 1.93 to 166.17, and Intuitive Surgical, Inc. (ISRG) 4.76 to 529.31.

Other stocks to the upside included Twitter, Inc. (TWTR) up 1.19 to 36.09, Teladoc, Inc. (TDOC) up 1.29 to 67.70, QUALCOMM Incorporated (QCOM) 1.45 to 77.52, Tilray, Inc. (TLRY) 2.74 to 49.30, Noah Holdings Limited (NOAH) 2.21 to 44.76, Tricida, Inc. (TCDA) 2.76 to 42.22, Impinj, Inc. (PI) 1.73 to 30.35, Qorvo, Inc. (QRVO) 3.97 to 70.58, New Relic, Inc. (NEWR) 2.50 to 89.01, and Acacia Communications, Inc. (ACIA) 3.28 to 50.44 were among many other gainers.

To the downside, point-plus losers included Adaptive Biotechnologies Corporation (ADPT) down 8.20 to 40.10 and Beyond Meat, Inc. (BYND) down 8.10 to 152.58.

Checking TheTechTrader.com percent-gain leaderboard, Infrastructure and Energy Alternatives, Inc. (IEA) ran 64 cents, or 31%, to 2.68, on 20 million shares. Avid Bioservices, Inc. (CDMO) popped 50 cents, or 9%, to 6.10, on 3 million shares. Hovnanian Enterprises, Inc. (HOV) gained 88 cents, or 11 1/2%, to 8.48. Endo International plc (ENDP) bounced 47 cents, or 11%, to 4.59, on 9 million shares. Anavex Life Sciences Corp. (AVXL) advanced 47 cents, or 14%, to 3.84, on 1.4 million shares. Ovid Therapeutics Inc. (OVID) eked out 46 cents, or 25%, to 2.31, on 1.3 million shares.

IDT Corporation (IDT) climbed 1.31, or 14%, to 10.78.

Among other gainers, Genesee & Wyoming Inc. (GWR) was up 8.85 to 108.85, IPG Photonics Corporation (IPGP) up 2.41 to 156.66, Sarepta Therapeutics, Inc. (SRPT) 4.65 to 156.60, The Walt Disney Company (DIS) 2.01 to 141.65, and Wynn Resorts, Limited (WYNN) 7.26 to 131.25.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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