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Consolidation Day on Tuesday

The indices had a consolidation day on Tuesday, unwinding some of the excesses from yesterday.

 

By Harry Boxer

 

The day started out with a quick 5-wave move early on in the first hour, then came down hard, held support, rallied back, and then coiled for the rest of the day on the S&P 500

Net on the day, the Dow (NYSEARCA:DIA) was up 9.36 at 24,884.12. The S&P 500 (NYSEARCA:SPY) could not get through 2730.00 but closed up 7.18 at 2728.12. The Nasdaq 100 was up 31.74 at 6913.02, but 24 points off the high.

Advance-declines were 20 to 9 positive on the New York Stock Exchange, and 19 to 9 positive on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 21 to 12 positive on New York, total volume of 3.3 billion shares traded. The Nasdaq traded a little over 2.1 billion shares and had a 2 to 1 positive volume ratio.

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TheTechTrader.com board was mostly green.

The Booking Holdings Inc. (BKNG), previously Priceline, was up another 12.85 to 2085.51, Alphabet Inc. (GOOG) up 4.13 to 1095.06, Amazon.com, Inc. (AMZN) up 14.03 to 1537.64, Netflix, Inc. (NFLX) reached a new all-time high today, up 10.22 to 325.22, NVIDIA Corporation (NVDA) 6.51 to 242.16, and Intuitive Surgical, Inc. (ISRG) 2.25 to 426.50.

Baidu, Inc. (BIDU) popped 3.84 to 258.73, First Solar, Inc. (FSLR) gained 1.40 to 67.45.

Stocks to the upside included Universal Display Corp. (OLED) up 1.70 to 122.15, Overstock.com, Inc. (OSTK) up 60 cents to 61.15, Cars.com Inc. (CARS) 1.12 to 39.41, Par Pacific Holdings, Inc. (PARR) 1.30 to 18.61, and 500.com Limited (WBAI) 1.72 to 19.95.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) advanced only 67 cents to 98.34. bluebird bio, Inc. (BLUE) was up 3.85 to 219.35, NUTANIX, INC. (NTNX) 2.10 to 44.13, Winnebago Industries, Inc. (WGO) 1.70 to 44.35, and Cree, Inc. (CREE) 3.70 to 41.76 on an acquisition.

On the downside, YY Inc. (YY) lost 16.66 to 118.76 Tesla Motors, Inc. (TSLA) gave back 5.15 to 328.20, and Nektar Therapeutics (NKTR) dropped 3.99 to 98.09.

Checking TheTechTrader.com percent-gain leaderboard, Amedica Corporation (AMDA) bounced 33 cents, or 16 1/2%, to 2.33, on 9.6 million shares traded. Frontline Ltd. (FRO) popped 40 cents, or 10%, to 4.44, on 1.5 million shares traded.

Ameresco, Inc. (AMRC) ran 1.55, or 19%, to 9.90, closing near the session highs. Zosano Pharma Corporation (ZSAN) thrust 1.83, or 25%, to 9.28, on 3.2 million shares traded, although earnings made it explode to 11.69.

Analogic Corporation (ALOG) popped 8.95, or 11%, to 93.90. Baozun Inc. (BZUN) ran 11.44, or 31%, to 48.21, on 19 million shares traded.  Clearside BioMedical, Inc. (CLSD) climbed 2.62, or 25%, to 12.95, on 8 million shares traded, closing near the session highs going away, and is trading as high as 13.51 in after hours. Ciena Corporation (CIEN) closed up 2.35, or 10%, to 25.71, on 18 million shares traded. Ichor Holdings, Ltd. (ICHR) advanced 2.54, or 10%, to 27.84, on 1.7 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices went immediately to the upside on the Nasdaq 100, but when the S&P 500 failed to follow through, they came down hard in falling wedges. That held, however, and they rallied to midday, touching the highs three times in the afternoon on the S&P 500, but the Nasdaq 100 made lower lows, coiling into the close.

Let’s see what happens tomorrow.