Nasty Start to the Week

Closing Technical Market Analysis for Mon October 23rd 2017


by Harry Boxer

The stock market suffered losses today, but despite that, the day started out opening to the upside, gaining new all-time highs on the S&P 500 at 2578.00, and the Nasdaq 100 at 6120, got up to resistance, and failed there. By midday they bounced, formed bear flags, and then rolled over hard, taking the Nasdaq 100 from a 6122 high down to a 6061.00 low, before a late bounce took them off the lows, but, still, it was a loss across the board.

 Net on the day, the Dow was down 54.67 at 23,273.96. The S&P 500 was down 10.23 at 2564.98. The Nasdaq 100 was down 40.98 at 6,067.83.

 Advance-declines were 19 to 9 negative on the New York Stock Exchange, and about 2 to 1 negative on the Nasdaq. Up/down volume was 3 to 1 negative on New York, total volume of 3.2 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 4 to 3 negative volume ratio. board was mostly down today. (PCLN) was down 7.56 to 1934.55, Alphabet Inc. (GOOG) down 19.75 to 968.45, Apple Inc. (AAPL) down 8 cents to 156.17,, Inc. (AMZN) 16.61 to 966.30, and Netflix, Inc. (NFLX) 1.69 to 192.47. Baidu, Inc. (BIDU) gained 1.23 to 266.13, and First Solar, Inc. (FSLR) ran 1.19 to 48.92, but Facebook Inc. (FB) dropped 3.71 to 172.27. Microsoft Corporation (MSFT) closed to the upside just 2 cents to 78.83, and Intel Corporation (INTC) popped 40 cents to 40.83.Tesla Motors, Inc. (TSLA) gave back 8.08 to 337.02.

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 Other stocks to the downside included Aerojet Rocketdyne Holdings, Inc. (AJRD) down 2.48 to 31.92, bluebird bio, Inc. (BLUE) down 2.20 to 140.35, and Clovis Oncology Inc (CLVS) down 1.93 to 75.57.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 3.44 to 78.95.

On the upside, point-plus gainers included Spark Therapeutics, Inc. (ONCE) was up 1.82 to 83.69, and Juno Therapeutics Inc. (JUNO) up 1.42 to 45.13.

 Checking percent-gain leaderboard, SenesTech, Inc. (SNES) thrust 1.34, or 85%, to 2.92, going from a low of 1.62 to a high of 3.47, on nearly 13 million shares traded. In afterhours, it’s back up to 3.08.   Aimmune Therapeutics, Inc. (AIMT) advanced 7.28, or 28%, to 32.94, on 3.8 million shares traded. PetMed Express, Inc. (PETS) bounced 6.67, or 18%, to 43.41, on 4.5 million shares traded. Veritone, Inc. (VERI) climbed 3.97, or 11%, to 39.64, and traded to 42.00 earlier in the day. KalVista Pharmaceuticals, Inc. (KALV) snapped back 1.76, or 16%, to 13.01, on 1.6 million shares traded. Seagate Technology plc (STX) advanced 4.41, or 13%, to 39.35, on 33 million shares traded.

 Stepping back and reviewing the hourly chart patterns, the indices were down early, up midday to touch resistance, but failed there, and then rollover hard.