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Mixed Day on Monday

They bounced around, formed wedges, and at the end of the day they came on with a bit of a rally, only to pull back in the last five minutes to finish mixed on the day.

 

By Harry Boxer

 

The stock market started out the day with a bang, particularly on Nasdaq 100, reaching a new all-time high at 6250.85. The S&P 500(NYSEARCA:SPY) did not confirm that, and formed a bear flag that failed at resistance. They then sold off very sharply, taking the Nasdaq 100 down 48 points from 6250.85 to 6202.53, and the S&P 500 from 2580.00 to 2568.00. They bounced around, formed wedges, and at the end of the day they came on with a bit of a rally, only to pull back in the last five minutes to finish mixed on the day.

Net on the day, the Dow(NYSEARCA:DIA) was down 85.45 at 23,348.74. The S&P 500 was down 8.24 at 2572.83. The Nasdaq 100 was up 14.12 at 6,227.59, reaching a new all-time high at 6250.85.

Advance-declines were 17 to 11 negative on the New York Stock Exchange, and 19 to 9 negative on the Nasdaq(NYSEARCA:QQQ). Up/down volume was 3 to 2 negative on New York, total volume of 3.4 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 10 to 9 negative volume ratio.

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The TechTrader.com board was mixed, but because of some of the major Nasdaq Generals, the Nasdaq 100 had a big day.  Apple Inc. (AAPL) gained 3.67 to 166.72, and Amazon.com, Inc. (AMZN) popped 9.90 to 1110.85. Facebook, Inc. (FB) bounced 1.99 to 179.87, and First Solar, Inc. (FSLR) ran 2.76 to 60.43.

Priceline (PCLN) was down 11.19 to 1879.73, Alphabet Inc. (GOOG) down 2.16 to 1017.11, but 10 points off its low, and Netflix, Inc. (NFLX) down 1.17 at 198.37. Baidu, Inc. (BIDU) dropped 2.95 to 236.42, Tesla Motors, Inc. (TSLA) gave back 79 cents to 320.08.

Other stocks to the upside included NVIDIA Corporation (NVDA), up 1.98 to 203.84, and Universal Display Corporation (OLED) up 2.50 to 138.60.

Direxion Daily S&P Biotech Bull 3X ETF (LABU) advanced just 53 cents to l77.60 today.

On the downside, Exact Sciences Corporation (EXAS) dropped 1.06 to 50.10, however, it’s up about four points in after hours. Diodes Incorporated (DIOD) lost 1.31 to 33.72.

TheTechTrader.com percent-gain leaderboard, low-priced SuperCom Ltd. (SPCB) was up 99 cents, or 36% higher, to 3.72, on 15 million shares traded, or 8300% more volume than average.Xunlei Limited (XNET) bounced 1.37, or 17%, to 9.36, on 8.2 million shares traded. Adamas Pharmaceuticals, Inc. (ADMS) exploded 4.10, or 21%, to 23.61, on 5.2 million shares traded. Canopy Growth Corporation (TWMJF) jumped 1.91, or 19%, to 11.90, or 2.1 million shares traded. Global Blood Therapeutics, Inc. (GBT) popped 4.30, or 12.5%, to 38.65, on 3.1 million shares traded.

Stepping back and reviewing the hourly chart patterns, after an early surge, particularly on the Nasdaq 100, which was not accompanied much by the S&P 500, the indices rolled over hard into midday, but bounced around, consolidated, only a last 5-minute pullback prevented them from closing at the rally highs.

Let’s see what happens tomorrow.

Good Trading!