Closing Analysis

Wall Street Suffers Historic Loss

Closing Technical Market Analysis for Tue December 4th 2018

It was certainly turn-down Tuesday for the stock market, slammed for one the worst losses in history with the Dow down 799.36 at 25,027.07, 35 points off the low. The S&P 500 was down 90.31, 3.2%, at 2700.06. The Nasdaq 100 was down 266.92  or 3.8% at 6795.21, 10 points off the low.

Advance-declines were almost 6 to 1 negative on the New York Stock Exchange, and about 6 to 1 negative on the Nasdaq. Up/down volume was almost 15 to 1 negative on New York, total volume 4 1/4 billion shares traded. The Nasdaq traded 2 1/2 billion shares and had a 7 to 1 negative volume ratio.

TheTechTrader.com board had a blood bath on Tuesday. Amazon.com, Inc. (AMZN) was down 103.96, nearly 6%, to 1668.409, Alphabet Inc. (GOOG) down 55.61, or 5%, to 1050.82, Apple Inc. (AAPL) down 8.13 to 176.69, Facebook, Inc. (FB) 3.16 to 137.93, and Netflix, Inc. (NFLX) 14.97 to 275.33.

NVIDIA Corporation (NVDA) dropped 12.93 to 157.11, and Intuitive Surgical, Inc. (ISRG) gave back 30.11 to 518.82.

Baidu, Inc. (BIDU) lost 8.67 to 182.66, First Solar, Inc. (FSLR) moved down 1.90 to 44.50, Microsoft Corporation (MSFT) fell 3.57 to 108.53, and Intel Corporation (INTC) 2.38 to 47.75.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was down 8.64 to 48.32, bluebird bio, Inc. (BLUE) down 2.85 to 113.65, Exact Sciences Corporation (EXAS) 6.72 to 75.94, Nektar Therapeutics (NKTR) 2.53 to 38.00, Nutanix, Inc. (NTNX) 2.33 to 42.63, and Tandem Diabetes Care, Inc. (TNDM) 3.03 to 35.25.

Other stocks to the downside included Square, Inc. (SQ) down 8.44 to 63.51, Teladoc, Inc. (TDOC) down 5.07 to 59.81, Daqo New Energy Corp. (DQ) 1.53 to 24.97, Vanda Pharmaceuticals Inc. (VNDA) 2.53 to 28.94, Canopy Growth Corporation (CGC) 1.88 to 31.45, Tilray, Inc. (TLRY) 2.68 to 100.26, and Advanced Micro Devices, Inc. (AMD) 2.59 to 21.12.

To the upside, Tesla, Inc. (TSLA) was the only stock up on my main board, jumping 1.21 to 359.70.

Checking TheTechTrader.com percent-gain leaderboard, Sphere 3D Corp. (ANY) ran 41 cents, nearly 10%, to 4.75, on 2.2 million shares.

Movado Group, Inc. (MOV) jumped 4.63, or 12 1/2%, to 41.52. RH  (RH) popped 13.48, or 11%, to 137.13, on 6.6 million shares. Revance Therapeutics, Inc. (RVNC) gained 4.06, or 20%, to 24.91, on 1.8 million shares.

The VelocityShares Daily 2x VIX ST ETN (TVIX) was up 8.93, or 25%, to 44.47, the ProShares Ultra VIX Short-Term Futures (UVXY) up 9.18 to 56.98, or 19%, to 56.98, the Direxion Daily S&P Biotech Bear 3X ETF (LABD) 4.35, or 15%, to 33.35, the Direxion Daily Small Cap Bear 3X ETF (TZA) 1.34, or 13%, to 11.87.

Stepping back and reviewing the hourly chart patterns, the indices went down from the get-go, bounced around in the morning, formed bear wedges, and then got slam-dunked hard to break below 7,000. The Nasdaq 100 kept sliding, finishing at 6795.21. The S&P 500, after taking out  2765-70 range, plunged under 2700, closing at 2700.06  , down 90.30. Nasty day on Wall Street and it may get worse.

Let’s see what happens tomorrow.

Good Trading! 

Harry  

 

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