Closing Technical Market Analysis for Tue August 8th 2017
The stock market had a very volatile session that was very strongly higher in the morning, and sharply lower in the afternoon. It appears as though the market did not like the saber rattling and war mongering between North Korea and Trump. The indices ran sharply lower and bounced near the close.
The day started out with a little dip to the downside, they held support, and then rallied, the Nasdaq 100 going from 5915 to 5974, and the S&P 500 going from 2476 to 2491. In the afternoon, they rolled over and gave it all back, and then some, the S&P 500 dropping to a low of 2470.50 just before bouncing to 2475. The Nasdaq 100 snapped back from 5910 to nearly 5927, but it was just a little bit too little too late.
Net on the day, the Dow was down 33.08 at 22,085.34. The S&P 500 was down 6.00 at 2474.92. The Nasdaq 100 was down 8.39 at 5926.35. Both the DOW and S&P 500 reached new all-time highs earlier in the day before the reversal.
Advance-declines widen to 18 to 10 1/2 negative on the New York Stock Exchange, and 17 to 11 1/2 negative on the Nasdaq. Up/down volume was almost 2 to 1 negative on New York, total volume of 3 1/4 billion shares traded. The Nasdaq traded 1.86 billion shares and had an 11 1/2 to 7 negative volume ratio.
TheTechTrader.com board turned red at the close, but had a few outstanding stocks. Priceline.com (PCLN) traded up 6.36 to 2049.00, earlier in the day, but in after hours, it was trading 137.00 lower on a disappointing earnings report. Apple Inc. (AAPL) was up 1.27 to 160.08, but Alphabet Inc. (GOOG) was down 2.57 to 926.79, Amazon.com, Inc. (AMZN) down 2.43 to 989.84, and Netflix, Inc. (NFLX) down 2.97 to 178.36, but it’s trading over 5.00 lower in after hours after the announcement Disney is pulling out.
Baidu, Inc. (BIDU) jumped 2.63 to 229.79, Facebook, Inc. (FB) dropped 75 cents to 171.23, and First Solar, Inc. (FSLR) lost 73 cents to 47.84.
Tesla Motors, Inc. (TSLA) exploded 10.17 to 365.22, about 3 1/2 points off the high, but still had a nice session.
Other stocks to the upside included Kite Pharma, Inc. (KITE), which was outstanding today as ut gained 6.58 to 120.13.
On the downside, various tech stocks and biotech’s got hit. Aerie Pharmaceuticals, Inc. (AERI) was down 4.45 to 51.65, bluebird bio, Inc. (BLUE) down 1.30 to 97.35, Clovis Oncology Inc (CLVS) down 1.69 to 75.60, and NVIDIA Corporation (NVDA) down 2.05 to 170., after trading over 174.50 earlier.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.78 to 63.29.
Checking TheTechTrader.com percent-gain leaderboard, Kopin Corporation (KOPN) bounced 57 cents, or 17%, to 3.90, on 1.4 million shares traded.
FibroGen, Inc. (FGEN) jumped 16.10, or 48%, to 49.50, on 9.3 million shares traded on big drug news, but the high premarket was 57.45, so it gave back 12 points. Esperion Therapeutics, Inc. (ESPR) climbed 6.96, or 15%, to 52.13, on 4.15 million shares traded, but was sharply lower in after hours on a secondary announcement.
Stepping back and reviewing the hourly chart patterns, the indices were down early, up sharply, and I mean very sharply just before noon, and then the rest of the day they came down really hard, accelerating lower in the last hour before a 20-minute snapback near the close.
Let’s see what consequences that may bring, and what happens tomorrow.