The stock market indices gapped down and went sharply lower today, reaching session lows just before eleven o’clock.
They rallied the rest of the day in rising wedges, but I’m not convinced that it was anything more than a technical snapback. The day’s results were not good ahead of tomorrow’s FOMC potential interest-rate rating.
Net on the day, the Dow (NYSEARCA:DIA) was down 44.11 at 20,837.37. The S&P 500 (NYSEARCA:SPY) was down 8.02 at 2365.45. The Nasdaq 100 was down 12.41 at 5382.17.
Advance-declines were nearly 1000 issues lower on the New York Stock Exchange and on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 3 to 1 negative on New York, total volume of 3.1 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 3 to 1 negative volume ratio.
TheTechTrader.com board was mixed. Priceline.com (PCLN) set another new all-time high today, up 1.88 to 1769.00, Alphabet Inc. (GOOG) up 8 cents to 845.62, however, Apple Inc. (AAPL) was down 21 cents to 138.99, Amazon.com, Inc. (AMZN) down 2.06 to 852.53, and Netflix, Inc. (NFLX) down 33 cents to 143.19.
Baidu, Inc. (BIDU) dropped 41 cents to 172.84, Facebook, Inc. (FB) fell 28 cents to 139.32,
Tesla Motors, Inc. (TSLA) had an interesting day, jumping 11.83 to 258.00.
Other stocks to the upside included Clovis Oncology Inc (CLVS), which had a spectacular jump on positive drug news, up 6.35 to 66.95, bluebird bio, Inc. (BLUE) up 1.50 to 92.00, and Editas Medicine Inc. (EDIT) up 1.13 cents to 26.04.
Fractional gainers included ViewRay, Inc. (VRAY) up 35 cents to 5.83, and Boingo Wireless, Inc. (WIFI) popped 40 cents to 12.22.
On the downside, YY Inc. (YY) was down 1.93 to 46.87, Kite Pharma, Inc. (KITE) down 2.03 to 83.89, Shopify Inc. (SHOP) 1.10 to 63.83, and Achaogen, Inc. (AKAO) 1.54 to 25.25, and another 2.75 in after hours on quarterly earnings report.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.76 to 51.45.
Checking TheTechTrader.com percent-gain leaderboard, Chinese Telecom Company, DragonWave Inc. (DRWI), exploded 75 cents, or 65%, to 1.90, on 10.3 million shares traded. Ruby Tuesday, Inc. (RT) bounced 42 cents, or 24%, to 2.16, on 8.1 million shares traded.
Gold was down sharply today. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) jumped 2.93, or 17%, to 19.80, on 24 million shares traded.
Among other gainers, KMG Chemicals, Inc. (KMG) was up 5.41 to 43.88, Orthofix International N.V. (OFIX) up 3.45 to 38.37, and Green Dot Corporation (GDOT) up 3.02 to 33.18.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, and then rallied the rest of the day. I’m a bit concerned about how the pattern is structured.
Let’s see what happens tomorrow.