Closing Technical Market Analysis for Thu February 8th 2018
It was a disastrous day on Wall Street today as markets plunged from the get-go. First, they had a 5-wave decline, and by midday they rallied off that, got to resistance, and rolled over hard in the last two hours.
Net on the day, the Dow was down 1032.89 at 23,860.46. The S&P 500 was down 100.66 at 2581.00. The Nasdaq 100 was down 275.92 at 6306.10.
Advance-declines were 8 1/2 to 1 negative on the New York Stock Exchange, and 2525 down and 450 up, or about 6 to 1 on the Nasdaq. Up/down volume was 9 to 1 negative on New York, total volume of 5.2 billion shares traded. The Nasdaq traded 2.7 billion shares and had a 6 to 1 negative volume ratio.
TheTechTrader.com board was a blood bath. The Priceline Group Inc. (PCLN) was down 76.63 to 1806.05, and another 50 points in afterhours, Alphabet Inc. (GOOG) down 47.06 to 1001.52, Apple Inc. (AAPL) down 4.39 to 155.15, Amazon.com, Inc. (AMZN) 66.28 to 1350.50, and Netflix, Inc. (NFLX) 14.46 to 250.10. Tesla Motors, Inc. (TSLA) dropped 29.77 to 315.23.
Baidu, Inc. (BIDU) gave back 10.43 to 212.07, Facebook, Inc. (FB) lost 8.60 to 171.58, and First Solar, Inc. (FSLR) fell 2.25 to 60.69. Microsoft Corporation (MSFT) descended 4.60 to 85.01 as did Intel Corporation (INTC) down 2.45 to 43.75.
Other stocks to the downside included NVIDIA Corporation (NVDA) down 11.28 to 217.52, but 16 points higher after releasing earnings! Universal Display Corp. (OLED) down 10.25 to 139.80, and Overstock.com, Inc. (OSTK) 2.20 to 53.95.
Biotech’s got hammered today. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 13.95 to 79.50, bluebird bio, Inc. (BLUE) down 12.30 to 190.80,
To the upside, Sally Beauty Holdings, Inc. (SBH) up nearly a dollar today, 96 cents to 16.65, MEDNAX, Inc. (MD) up 2.24 to 52.83, and Riot Blockchain, Inc. (RIOT) gained 57 cents to 14.89.
Checking TheTechTrader.com percent-gain leaderboard, Nxt-ID, Inc. (NXTD) gained 55 cents, or 27.5%, to 2.55, on 11.2 million shares traded.
Just Energy Group Inc. (JE) bounced 58 cents, or 14%, to 4.62, on 1.2 million shares traded. USA Technologies, Inc. (USAT) ran 85 cents, or 10%, to 9.00, on 1.8 million shares traded.
Infinera Corporation (INFN) climbed 2.06, or 30%, to 8.96, on 12 million shares traded.
Coty Inc. (COTY) popped 2.46, or 14%, to 19.94, on 14 million shares traded. GRUBHUB INC. (GRUB) eked out 19.18, or 27%, to 89.09, on 13 million shares traded. ION Geophysical Corporation (IO) advanced 3.05, or 15%, to 23.05. Vista Outdoor Inc. (VSTO) thrust 1.80, or 12%, to 17.13, on 3 million shares traded. Virtu Financial, Inc. (VIRT) jumped 6.45, or 32%, to 26.50, on 5 million shares traded. Twitter, Inc. (TWTR) closed up 3.27, or 12%, to 30.18, on 162 million shares traded, but reached to 35 earlier in the day.
The ProShares Ultra VIX Short-Term Futures (UVXY) exploded 9.29, or 50%, to 27.94, on over 109 million shares traded, although in afterhours it dropped 3 points.
Stepping back and reviewing the hourly chart patterns, the indices had VERY SHARP decline with 5-wave lower into midday, then a rally early afternoon, only to roll over again and get slam-dunked into the close, the DOW reaching minus 1032.89.
Let’s see what happens tomorrow.