Closing Analysis

Whipsaw Toppy-Type Action

Closing Technical Market Analysis for Tue March 19th 2019

The markets had a very interesting, volatile session on Tuesday. The day started with a big gap up, they consolidated in falling wedges early on and rallied relatively higher late morning, hitting 7390 Nasdaq 100 and 2852 S&P 500. Those were six-month highs. They pulled down sharply midday, rallied back in rising wedges, and then rolled over in a 5-wave decline, the S&P 500 going from 2852 to 2823.27, a 29-point drop. The Nasdaq 100 dropped from 7390 to 7321.93, a 68-point drop. In the last fifteen minutes, they bounced back to resistance, finishing mixed on the session.

Net on the day, the Dow was down 26.72 at 25,887.38, 73 points off the low. The S&P 500 was down .37 at 2832.57. The Nasdaq 100 was up 23.00 to 7349.28, 28 points off the low and 40 off the high.

Advance-declines slipped lower in the last couple hours and were 17 to 11 negative on the New York Stock Exchange, and 17 to 13 1/2 negative on the Nasdaq. Up/down volume was 19 to 16 negative on New York, total volume 3.5 billion shares traded. The Nasdaq traded 2.4 billion shares and had a 3 to 2 positive volume ratio. board was led by, Inc. (AMZN) up 19.70 to 1761.85, 23 points off the high, Alphabet Inc. (GOOG) up 14.59 to 1198.85, Facebook, Inc. (FB) 1.10 to 161.57, NVIDIA Corporation (NVDA) 6.76 to 175.71, and Intuitive Surgical, Inc. (ISRG) 3.23 to 562.72.

Other stocks to the upside included Square, Inc. (SQ) up 1.58 to 76.81, Xilinx, Inc. (XLNX) up 1.78 to 127.06, TAL Education Group (TAL) 1.01 to 35.51, and Axsome Therapeutics, Inc. (AXSM) 1.48 to 12.95.

To the downside, Apple Inc. (AAPL) was down 1.49 to 186.53, Netflix, Inc. (NFLX) down 4.66 to 358.78, Tesla, Inc. (TSLA) 2.02 to 267.47, DocuSign, Inc. (DOCU) 1.09 to 56.66, Etsy, Inc. (ETSY) 1.05 to 68.50, and Clovis Oncology, Inc. (CLVS) 1.20 to 26.28.

Checking percent-gain leaderboard, Vaxart, Inc. (VXRT) led the way, rocketing 66 cents, or 39%, to 2.34, on 34 million shares, reaching as high as 5.00.

NewLink Genetics Corporation (NLNK) popped 25 cents, or 13%, to 2.14, on 3.2 million shares. Zynerba Pharmaceuticals, Inc. (ZYNE) climbed 73 cents, or 15%, to 5.57, on 3 million shares. Catalyst Pharmaceuticals, Inc. (CPRX) ran 40 cents, or 13%, to 3.48, on 3.9 million shares. Sibanye Gold Limited (SBGL) bounced 39 cents, or 10%, to 4.49, on 11.7 million shares.

Sorrento Therapeutics, Inc. (SRNE), on positive drug news, exploded 1.09, or 40%, to 3.84, on 11 million shares.

Evolus, Inc. (EOLS) gained 2.72, or 11%, to 26.57, on 1.1 million shares. Advanced Micro Devices, Inc. (AMD) climbed 2.75, or 12%, to 26.00, on over 153 million shares. Altimmune, Inc. (ALT) closed up 43 cents, or 15%, to 3.32, on 20.6 million shares. Rocket Pharmaceuticals, Inc. (RCKT) thrust 1.84, or 11%, to 18.50. Blucora, Inc. (BCOR), on an acquisition, snapped back 5.32, or 19%, to 33.69. StoneCo Ltd. (STNE) moved up 6.37, or 18%, to 40.97, on 15.2 million shares.

Among other gainers, PagSeguro Digital Ltd. (PAGS) was up 1.32 to 30.16, The Michaels Companies, Inc. (MIK) 1.00 to 12.79, and Ferro Corporation (FOE) 1.60 to 20.49.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down in the afternoon, finishing flat on the S&P 500, and mixed on the Dow and Nasdaq 100. It was a disappointing finish, to say the least, but they held their own, and many stocks did great.

Let’s see what happens tomorrow.

Good Trading! 


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