Closing Technical Market Analysis for Tue July 10th 2018
The stock market had a difficult session on Tuesday, because advance-declines and up/down volume were mostly negative all day. The day ended positive on the S&P 500 and on the Nasdaq 100.
Net on the day, the Dow was up 143.07 at 24,919,66. The S&P 500 was up 9.67 at 2793.84. The Nasdaq 100 was up 6.60 at 7282.60, 15 points off the high.
Advance-declines were 16 to 14 positive on the New York Stock Exchange, and 17 to 12 negative on the Nasdaq. Up/down volume was 16 to 12 positive on New York, total volume of 2.85 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 86 to 80 negative volume ratio.
TheTechTrader.com board was very mixed. Amazon.com, Inc. (AMZN) was up 4.05 to 1743.07.
Tesla Motors, Inc. (TSLA) up 3.96 to 322.47, Intuitive Surgical, Inc. (ISRG) 2.69 to 502.11, NVIDIA Corporation (NVDA) 4.00 to 253.25, and bluebird bio, Inc. (BLUE) 4.50 to 177.50.
On the downside, Booking Holdings Inc. (BKNG) was down 17.61 to 2064.04, Alphabet Inc. (GOOG) down 1.21 to 1152.84, Apple Inc. (AAPL) 23 cents to 190.35, and Netflix, Inc. (NFLX) 3.34 to 415.63.
Other stocks to the downside included down Facebook, Inc. (FB) 1.20 to 203.54, Square, Inc. (SQ) 1.74 to 64.74, and Teladoc, Inc. (TDOC) 2.95 to 62.20.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.62 to 108.23, PolarityTE, Inc. (COOL) down 2.00 to 24.65, and Mirati Therapeutics, Inc. (MRTX) 4.20 to 48.64.
Checking TheTechTrader.com percent-gain leaderboard, Bridgeline Digital, Inc. (BLIN) exploded to a high of 3.75, before pulling back and closing up 99 cents, or 76%, to 2.30, on 39 million shares. VAALCO Energy, Inc. (EGY) climbed 43 cents, or 15%, to 3.25, on 3.85 million shares. MediciNova, Inc. (MNOV) gained 99 cents, or 12%, to 9.35.
Inspire Medical Systems, Inc. (INSP) had a big day on Tuesday, jumping 8.05, or 22%, to 45.13, on a million shares. CLPS Incorporation (CLPS) ran 2.20, or 20%, to 13.25.
Among other gainers, Casa Systems, Inc. (CASA) was up 1.39 17.77, TPI Composites, Inc. (TPIC) up 2.23 to 31.92, China Biologic Products Holdings, Inc. (CBPO), on takeover rumors, 6.58 to 106.72, and PepsiCo, Inc. (PEP) 5.13 to 112.89.
Stepping back and reviewing the hourly chart patterns, the indices opened strong, pulled back, wedged, and then up in the late morning to a new session high. The rest of the day was spent with 3-wave corrective pullback to midday lows, and then a late snapback brought them back to finish positive on the day. Not a bad day, but it was a little sloppy.