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Closing Technical Market Analysis for Tue March 3rd 2015
The stock market indices suffered some steep losses in the morning after they gapped down and stair-stepped their way lower in a 5-wave decline. They reversed midday and rallied back to about a 50% retracement, but were unable to get any further than that. The Nasdaq 100 stalled near the 4460-64 zone, and the S&P 500 stalled at the 2109 zone.
Net on the day, the Dow was down 85.26 at 18,203.37, the S&P 500 lost 9.61 at 2107.78, and the Nasdaq 100 dropped 24.27 at 4458.78. They all closed mid-range.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 2 to 1 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume of almost 3.2 billion shares. Nasdaq traded just under 2 billion shares, and had a 4 to 3 negative volume ratio.
TheTechTrader.com board was mostly narrowly mixed, and there were some outstanding gainers and losers today. Priceline.com Incorporated (PCLN) was down 7.37 to 1242.03, Amazon.com Inc. (AMZN) down 1.05 to 384.61, and Netflix, Inc. (NFLX) down 5.54 to 474.71.
Pharmacyclics Inc. (PCYC) dropped 4.52 to 216.75, and Vipshop Holdings Limited (VIPS) lost 30 cents to 24.65.
Silver Wheaton Corp. (SLW) gave back 1.18 to 20.02, and Splunk, Inc. (SPLK) lost 1.44 to 65.68.
On the plus side, Google Inc. (GOOG) was up 2.30 to 573.65, Apple Inc. (AAPL) up 27 cents to 129.36, and Tesla Motors, Inc. (TSLA) up 2.24 to 199.56.
Ambarella, Inc. (AMBA) gained 1.40 to 63.05, and another 3 points in after hours on a strong earnings report, NewLink Genetics Corporation (NLNK) popped 1.71 to 46.14.
Checking TheTechTrader.com percent-gain leaderboard, McDermott International Inc. (MDR) ran 72 cents to 3.33, or 28%, on 24 million shares. Capnia, Inc. (CAPN) thrust 1.09 to 7.50, or 17%.
Orexigen Therapeutics, Inc. (OREX) led the way today, up 1.85 to 7.64, or 32%, on 96 million shares, reaching a high of over 9.00 at one point in the day. Nutrisystem, Inc. (NTRI) closed up 2.19 to 19.34, or 13%, on 2 million shares. Sunshine Heart Inc. (SSH) popped 3.61 to 33.72, or 12%, on 1 million shares.
Intrexon Corporation (XON) climbed 7.93 to 48.15, or 20%, on 5 million shares, reaching a high of 49.15 earlier in the day.
Among other gainers, Sucampo Pharmaceuticals, Inc. (SCMP) jumped 1.37 to 14.97, and Tower Semiconductor Ltd. (TSEM) ran 1.10 to 17.89 on a big contract with Intel.
ZIOPHARM Oncology, Inc. (ZIOP) bounced 70 cents to 12.49, and Advaxis, Inc. (ADXS) climbed 80 cents to 10.12.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, bounced around, and went lower in stair-step fashion in a 5-wave decline, reaching their lows at midday, breaking support on the S&P 500, but holding the Nasdaq 100. They then rallied back in a 3-wave advance, and stalled in the last hour to close off the lows, but still it was a negative day for the indices.
Let’s see what happens tomorrow.
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