Closing Analysis

Wall Street Takes a Nosedive on Weak Earnings

Closing Technical Market Analysis for Thu July 25th 2019

Markets had a very volatile and very red day on Thursday as indices opened to the downside and remained down all day. They gapped down at the opening and had a sharp pullback early on. A little after the noon hour, they reached session lows, then formed very distinct bear wedges, and then consolidated most of the afternoon. At the end of the day, they pulled back near the close, and then popped slightly into the close to close negative on the day.

Net on the day, the Dow was down 128.99 at 27,140.98. The S&P 500 was down 15.89 to 39.17. The Nasdaq 100 was down 80.74 to 7929.87.

Advance-declines were a little more than 2 1/2 to 1 negative on the New York Stock Exchange and 2 1/2 to 1 negative on the Nasdaq. Up/down volume was 2 1/2 to 1 positive of New York, total volume 3 1/2 billion shares traded. The Nasdaq traded 2 billion and had a slightly positive volume ratio.

TheTechTrader.com board was red across the board on Thursday. To the downside, point-plus losers included Amazon.com, Inc. (AMZN) down 26.99 to 1973.82, Alphabet Inc. (GOOG) down 5.69 to 1132.12, Apple Inc. (AAPL) 1.65 to 207.02, and Facebook, Inc. (FB) 3.95 to 200.71.

Tesla, Inc. (TSLA) lost 36.06 to 228.82, NVIDIA Corporation (NVDA) gave back 5.28 to 173.38, and Intuitive Surgical, Inc. (ISRG) dropped 11.35 to 531.69, Baidu, Inc. (BIDU) fell 1.92 to 114.47

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) tumbled 3.11 to 43.69.

To the upside, Netflix, Inc. (NFLX) was up 8.52 to 236.46.

There were a lot of gainers on our board on Thursday. AstraZeneca PLC (AZN) was up 2.31 to 42.66, Baxter International Inc. (BAX) up 1.23 to 85.16, Knowles Corporation (KN) 1.48 to 19.67, Bristol-Myers Squibb Company (BMY) 2.17 to 45.40, Anheuser-Busch InBev SA/NV (BUD) 3.93 to 99.49, TechnipFMC plc (FTI) 1.59 to 27.98, Masco Corporation (MAS) 3.18 to 42.38, World Wrestling Entertainment, Inc. (WWE) 5.95 to 74.68, CrowdStrike Holdings, Inc. (CRWD) 4.82 to 92.28, Zoom Video Communications, Inc. (ZM) 1.17 to 97.11, Visteon Corporation (VC) 6.30 to 69.84, and Avalara, Inc. (AVLR) 1.81 to 84.79. along with many other gainers.

Checking TheTechTrader.com percent-gain leaderboard, Nokia Corporation (NOK) climbed 52 cents, or 10%, to 5.70, on 92.3 million shares. Rekor Systems, Inc. (REKR) bounced 57 cents, or 14 1/4%, to 4.57, on 3 million shares.

Aeglea BioTherapeutics, Inc. (AGLE) popped 1.40, or 19 1/2%, to 8.55.

Anika Therapeutics, Inc. (ANIK) ran 11.78, or 28%, to 52.60, on 1.4 million shares. Netgear Inc. (NTGR) gained 4.89, or 17%, to 33.27, on 1.8 million shares. Diebold Nixdorf, Incorporated (DBD) ramped 2.88, or 28%, to 13.17, on 5.3 million shares. Live Oak Bancshares, Inc. (LOB) rose 2.72, or 16%, to 19.62. Universal Forest Products, Inc. (UFPI) stair-stepped 3.52, or 10%, to 39.47. FTI Consulting, Inc. (FCN) closed up 9.15, or 10%, to 103.38.

IPO HEALTH CATALYST, INC. (HCAT) exploded 13.17, or 51%, to 39.17, on 6 million shares. IPO Prosight Global Inc. (PROS) jumped 3.07, or 22%, to 17.07, on 2.8 million shares. IPO Livongo Health, Inc. (LVGO) ran 10.10, or 36%, to 38.10, on 15 million shares.

Among other gainers, Beyond Meat, Inc. (BYND) was up 19.94 to 222.86, United Parcel Service, Inc. (UPS) up 3.86 to 118.25, The Walt Disney Company (DIS) 1.92 to 143.21, McDonald's Corporation (MCD) 1.66 to 214.44, Reliance Steel & Aluminum Co. (RS) 7.99 to 101.09, and FTI Consulting, Inc. (FCN) 9.15 to 103.38.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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