Closing Technical Market Analysis for Wed August 9th 2017
The stock market indices had a very topsy-turvy, volatile session with futures down very sharply last night and this morning. The indices gapped down sharply, the Nasdaq 100 slid to 5866, and the S&P 500 plunged to 2462. They both rallied sharply, after that and by midday reached their rally highs. After taking the Nasdaq 100 from 5866 to 5918 and the S&P 500 from 2462 to 2473, they had a 3-wave corrective pullback, and a retest occurred that took them back to 5890 Nasdaq 100 and 2465 S&P 500. That was it. They held support and rallied sharply right into the close, closing near the session highs , despite finishing net down on the day.
The Dow finished down 36.64 at 22,048.70, but 52 points off the low. The S&P 500 was down .90 at 2474.02, 2 points off the high, but it was 10 points lower than that earlier in the day. The Nasdaq 100 was down 6.96 to 5919.39, 53 points off its low.
Advance-declines were a little more than 2 to 1 negative on the New York Stock Exchange, and 20 1/2 to 8 negative on the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume of 3.1 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 12 to 7 negative volume ratio.
TheTechTrader.com board was quite mixed today. Many of the stocks came off the lows, but still closed negatively. Priceline.com (PCLN), after earnings yesterday, plunged 142.20 to 1906.80. Alphabet Inc. (GOOG) was down 3.89 to 922.90, 5 points off its low, Amazon.com, Inc. (AMZN) down 7.83 to 982.01, 5 points off its lowa s well, and Netflix, Inc. (NFLX) down 2.58 to 175.78, also 5 points off its low . Apple Inc. (AAPL), however, managed to eke out 98 cents to 162.06, about 2 points off its lowand Tesla Motors, Inc. (TSLA) lost 1.69 to 363.53.
Other stocks to the upside included Omeros Corporation (OMER) up 3.18 to 24.90, NVIDIA Corporation (NVDA) up 1.81 to 172.11, and Impax Laboratories Inc. (IPXL) up 1.45 to 16.55.
On the downside, other losers of note included Clovis Oncology Inc (CLVS) down 4.62 to 70.98, nearly 29 points off the high from a couple weeks ago. Calithera Biosciences, Inc. (CALA) was down 1.78 to 12.82, Exact Sciences Corporation (EXAS) down 1.01 to 37.25, Dynavax Technologies Corporation (DVAX) lost 1.45 to 17.20, Spark Therapeutics, Inc. (ONCE) 2.09 to 76.69, and Valeant Pharmaceuticals International, Inc. (VRX) 1.57 to 14.07.
It was a substantial afternoon rally and a nice close as the indices ran up to the highs for the afternoon and for the session on both indices, but closed right at resistance and still down on a bit the session. So, we’ll see if there’s a follow-through tomorrow, and if there , it may be significant, but if they don’t follow-through and pull back hard, that could be significant as well. This looks like a key point in the trend.