Stock Market Turn-Down Day

Stock-Markets / Stock Markets 2016 Aug 18, 2016 - 12:10 PM GMT

The stock market indices had an interesting down day, and then up day, finishing in the plus column after the FOMC announcement indicating no interest-rate rising. The day started out with a move to the downside, they formed bear wedges, went lower, and by midday they were at their session lows. They rallied during the noon hour, and when the FOMC announcement came, they spiked up, and after pulling down briefly, they pulled back and spiked up again, and closed near the highs for the day.

Net on the day, the Dow was up 21.92 at 18,573.94. The S&P 500 was up 4.07 at 2182.22. The Nasdaq 100 up 8.27 at 4805.45.

Advance-declines were slightly positive by 130 issues on the New York Stock Exchange, and negative by 500 issues on the Nasdaq. Up/down volume was 17 1/2 to 15 1/2 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 1.7 billion shares and had an 87 to 84 negative volume ratio.

TheTechTrader.com board was mixed. Priceline.com (PCLN) was up 18.54 to 1427.20, Google Inc. (GOOG) up 2.77 to 779.91, Amazon.com Inc. (AMZN) up 59 cents to 764.63, Netflix, Inc. (NFLX) 1.25 to 96.37, but Apple Inc. (AAPL) closed down 15 cents to 109.22

Baidu, Inc. (BIDU) dropped 57 cents to 172.73, First Solar, Inc. (FSLR) also down 85 cents to 36.89, and Facebook, Inc. (FB) gained 1.07 to 124.37.

Tesla Motors, Inc. (TSLA) gave back another 37 cents to 223.24.

Other stocks to the upside included Acacia Communications, Inc. (ACIA) had a big day today, exploding 13.12 to 115.29, and has reaching 119.40 in after hours. Medivation, Inc. (MDVN) ran 1.27 to 66.48, on news that Merck is looking to buy the company. Teladoc, Inc. (TDOC) thrust 89 cents to 18.78.

On the downside, the only point-plus loser on our board today, NVIDIA Corporation (NVDA), lost 1.45 to 61.15 on profit taking.

Checking TheTechTrader.com percent-gain leaderboard, SCYNEXIS, Inc. (SCYX) bounced 53 cents to 2.59, or 26%, on 7.3 million shares. Nymox Pharmaceutical Corporation (NYMX) climbed 49 cents to 2.50, or 24%, on 2 million shares. InVivo Therapeutics Holdings Corp. (NVIV) rose 79 cents to 6.97k o9r 3%, on 1 million shares. Cyclacel Pharmaceuticals, Inc. (CYCC) ran up to 9.13, before closing at 8.00, up 9.4%, on 4.7 million shares.

Auris Medical Holding AG (EARS) let the way up today, up 1.51 to 5.35, or 39%, on 3.2 million shares.

Proteostasis Therapeutics, Inc. (PTI) jumped 3.16 to 19.41, or 19%. Urban Outfitters Inc. (URBN) ran 4.81 to 36.05, or 15%, on 14 million shares on earnings. Trillium Therapeutics Inc. (TRIL) closed up 1.54 to 13.00, or 13%. Valeant Pharmaceuticals International, Inc. (VRX) had a good day, up 3.40 to 30.00, or 13%, on 81 million shares. OSI Systems, Inc. (OSIS), Inc. popped 7.58 to 68.23, or 12 1/2%. Impinj, Inc. (PI) made its way up 2.52 to 23.47, or 12%.

Stepping back and reviewing the hourly chart patterns, the indices were down in a 3-wave decline by midday, and rallied in a 5-wave advance at the end of the day.

It was an interesting day, support held, resistance did not. We’ll have to see if they will break out again to re-establish the trend, or the rally at the end of the day was post-FOMC that caused a rally back to resistance. It’s a key time for the indices here, and we’ll have to see which direction that take.

Good Trading!

Harry

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