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Market Opened Lower on Monday

Markets opened sharply lower on Monday morning.

 

By Harry Boxer

The indices gapped down sharply, snapped back and formed Bear wedges and flags, pulled back, the S&P 500 (NYSEARCA:SPY) testing resistance at 2840.87, and then rallied to 2844.74. They pulled back, rallied, attempted retesting morning highs near 2854 S&P 500 and 7424 Nasdaq 100, rolled over, came down, tested support, rallied to 2853.66 S&P 500 and 7424.59 Nasdaq 100. They then moved 3 waves down, and coiled from early afternoon into late afternoon with an hour to go. The S&P 500 and Nasdaq 100, in falling wedges near key support, slipped under key-intraday support, at 2831.30 S&P 500 and 7354.58 Nasdaq 100, and then popped, and moved up near resistance at 2842.04 S&P 500 and 7389.21 Nasdaq 100. With a half hour to go, they rolled over, popped, and then rolled over into the close, closing down on the day.

Net on the day, the Dow (NYSEARCA:DIA) was down 84.10 at 25,679.90. The S&P 500 was down 19.30 at 2840.23. The Nasdaq 100 was down 136.88 at 7366.80.

Advance-declines were almost 2 to 1 negative on the New York Stock Exchange, and a little more than 3 to 2 negative on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 3 to 2 negative on New York, total volume 3 billion shares traded. The Nasdaq traded 2 billion shares and had a nearly 3 1/2 to 2 negative volume ratio.

TheTechTrader.com board was mixed but there were a lot of red across the board on Monday. To the downside, Amazon.com, Inc. (AMZN) was down 8.48 to 1860.52, Alphabet Inc. (GOOG) down 22.24 to 1140.06, Apple Inc. (AAPL) 5.91 to 183.09, Facebook, Inc. (FB) 2.58 to 182.72, and Netflix, Inc. (NFLX) 6.34 to 348.11.

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Tesla, Inc. (TSLA) lost 5.67 to 206.36, NVIDIA Corporation (NVDA) fell 4.78 to 151.75, Intuitive Surgical, Inc. (ISRG) tumbled 6.92 to 483.22. Microsoft Corporation (MSFT) dropped 1.85 to 126.22, and Intel Corporation (INTC) moved down 1.33 to 43.56.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gave back 2.82 to 40.48.

Other point-plus losers included QUALCOMM Incorporated (QCOM) down 4.88 to 76.62, Canopy Growth Corporation (CGC) down 1.34 to 43.27, Lumentum Holdings Inc. (LITE) 1.90 to 44.42, BioMarin Pharmaceutical Inc. (BMRN) 2.05 to 86.66, Avalara, Inc. (AVLR) 3.75 to 67.50, Farfetch Limited (FTCH) 1.48 to 21.21, Zscaler, Inc. (ZS) 2.15 to 76.64, Western Digital Corporation (WDC) 2.68 to 41.95, Xilinx, Inc. (XLNX) 3.73 to 101.03, and Twilio Inc. (TWLO) 2.81 to 137.68.

To the upside, point-plus gainers included the Medicines Company (MDCO) up 1.234 to 34.23, Target Corporation (TGT) up 1.20 to 72.09, Catasys, Inc. (CATS) 1.60 to 20.48, Evolus, Inc. (EOLS) 1.28 to 17.38, and Teladoc, Inc. (TDOC) 1.18 to 60.61.

T-Mobile US, Inc. (TMUS) jumped 2.92 to 78.29 and Sprint Corporation (S) gained 1.16 to 7.34 (19%). T-Mobil approved to takeover Sprint.

Checking TheTechTrader.com percent-gain leaderboard, Outlook Therapeutics, Inc. (OTLK) popped 90 cents, or 43%, to 3.00, on over 49 million shares.

Can-Fite BioPharma Ltd. (CANF) ran 1.89, or 37%, to 3.26, on 7.7 million shares. Del Frisco’s Restaurant Group, Inc. (DFRG) advanced 1.48, or 31%, to 6.23, on 9.65 million shares.

It was a topsy-turvy, mixed volatile session. Let’s see what happens tomorrow.

Good Trading!