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FOMC Comment Spurred Market to New All-Time Highs

Closing Technical Market Analysis for Wed May 24th 2017

The stock market had a very nice day today, and an extraordinary recovery continued. The S&P 500 and Nasdaq 100 now recovered an entire drop from last Wednesday, and then some.

Net on the day, the Dow was up 74.51 at 20,012.42. The S&P 500 was up 5.97 at 2404.39. The Nasdaq 100 was up 26.96 at 5730.30, a new all-time high.

Advance-declines were 4 to 3 positive on the New York Stock Exchange, and 16 to 13 positive on the Nasdaq. Up/down volume was less than 17 to 16 positive on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 1.6 billion shares and had a 9 to 7 positive volume ratio.

TheTechTrader.com board was mostly higher. Large-cap Nasdaq stocks did particularly well today. Priceline.com (PCLN) was up a whopping 20.80 to 1848.74, Alphabet Inc. (GOOG), reaching new all-time highs, up 6.14 to 954.96, Amazon.com, Inc. (AMZN), also reaching new all-time highs, 8.81 to 980.35, but Apple Inc. (AAPL) dropped 51 cents to 153.29 and Netflix, Inc. (NFLX) fell 20 cents to 157.75.

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Baidu, Inc. (BIDU) lost 1.17 to 190.63, Facebook, Inc. (FB) gained 1.97 to 150.04, and First Solar, Inc. (FSLR) had a big breakout day, up 2.43 to 38.90, on 5 million shares traded.

Tesla Motors, Inc. (TSLA) jumped 6.35 to 310.21.

Other stocks to the upside included Nektar Therapeutics (NKTR), up 1.35 to 21.10, Medidata Solutions, Inc. (MDSO) up 1.29 to 73.16, Exact Sciences Corporation (EXAS) up 1.06 to 32.96, NVIDIA Corporation (NVDA), after tagging a new all-time high at 1.41 earlier in the day, closed 1.53 to 138.56.

On the downside, Achaogen, Inc. (AKAO), the only stock on our board down as much as a point, dropped 2.43 to 23.65, which has really been under pressure of late.

Checking TheTechTrader.com percent-gain leaderboard, The Container Store Group, Inc. (TCS) advanced 1.35, or 33%, to 5.50, on 9.7 million shares traded. Inovio Pharmaceuticals, Inc. (INO), on positive drug news, popped 1.54, or 22%, to 8.67, on 28.5 million shares traded. Tilly’s, Inc. (TLYS) bounced 1.06, or 12%, to 9.64, on 2.4 million shares traded.

Puma Biotechnology, Inc. (PBYI), on a drug approval, jumped 17.15, or 30%, to 74.95, on 11.8 million shares traded. Triumph Group, Inc. (TGI) gained 7.40, or 31%, to 31.65, on 7.3 million shares traded. Netshoes Limited (NETS) thrust 4.08, or 21%, to 23.32. NovoCure Limited (NVCR), one of our swings, ran 1.45 to 13.05, on 1.8 million shares traded. Majesco Entertainment Company (COOL) climbed 2.04, or 13%, to 17.28.

Stepping back and reviewing the hourly chart patterns, after popping in the morning, and then consolidating half the day, FOMC came out with an interesting comment that spurred the market on. The indices flagged, but held, and then came on strong in the last hour in particular, to close at the highs for the day going away, or near it, to new all-time highs for the S&P 500 and Nasdaq 100.

It was a terrific day for the market. Are we extended? Absolutely, but no necessarily overbought yet.

Let’s see what happens tomorrow.

Good Trading!

Harry