Stock Market Technically Mixed Session

Stock-Markets / Stock Markets 2016 Sep 02, 2016 - 07:44 AM GMT

The stock market indices had a very interesting day. They were up at the opening, came down, tested yesterday’s lows successfully, although the S&P 500 made a lower low, and the Nasdaq 100 did not confirm. They then rallied sharply to midday, pulled back in the afternoon, and in the last hour they came back again to close mixed on the session.

Net on the day, the Dow was up 18.42 at 18,419.30. The S&P 500 was down .09 at 2170.86. The Nasdaq was up 12.88 at 4783.94.

Advance-declines were 15 1/2 to 14 negative on the New York Stock Exchange, and 15 to 13 positive on the Nasdaq. Up/down volume was 18 to 15 negative on New York, total volume of 3 1/3 billion shares traded. The Nasdaq traded 155 billion shares and had a 3 to 2 to positive volume ratio.

TheTechTrader.com board was mostly green. Priceline.com (PCLN) was up 1.86 to 1418.59, Google Inc. (GOOG) up 1.73 to 768.78, Apple Inc. (AAPL) up .63 to 106.73, Amazon.com Inc. (AMZN) 1.46 to 770.62, but Netflix, Inc. (NFLX) was down 9 cents to 97.36.

Baidu, Inc. (BIDU) jumped 5.55 to 176.62, Facebook, Inc. (FB) closed up a nickel to 126.17, and First Solar, Inc. (FSLR) popped 62 cents to 38.44.

Tesla Motors, Inc. (TSLA) ran straight up to 211.10 at the opening, and worked its way all the way down to 200.51, closing down 11.24 to 200.77, on concerns about the SolarCity merger.

Other stocks to the upside included NVIDIA Corporation (NVDA), showing phenomenal relative strength today, was up 1.81 to 63.15, and ANI Pharmaceuticals, Inc. (ANIP) up 1.68 to 61.42.

On the downside, the only other stock down more than a point was Clovis Oncology Inc (CLVS), down 1.19 to 23.58.

Checking TheTechTrader.com percent-gain leaderboard, Acacia Research Corporation (ACTG) popped 84 cents, or 4%, to 6.82, on 2.4 million shares traded.

Impinj, Inc. (PI) advanced 4.75, or 21%, to 27.57, on 2.1 million shares traded. Oxford Industries Inc. (OXM) gained 10.02, or 16%, on 72.43. Aquinox Pharmaceuticals Inc. (AQXP) bounced 1.62, or 15%, to 12.24, on 2.6 million shares traded.

The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) had an interesting day up 2.20, or 14%, to 18.23, on 17.7 million shares traded. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) up 1.99, or 11%, to 19.78, on 34.8 million shares traded. <among other="" gainers,="" karyopharm="" therapeutics,="" inc.="" (kpti)="" was="" up="" 1.15="" to="" 11.10,="" and="" ollie's="" bargain="" outlet="" holdings,="" (olli)="" 2.24="" 27.88,="" the="" velocityshares="" 3x="" inverse="" crude="" oil="" etn="" (dwti)="" bounced="" 7.18="" 94.84,="" proshares="" ultrashort="" bloomberg="" (sco)="" ran="" 5.23="" 100.07.

Stepping back and reviewing the hourly chart patterns, the indices were up early, down sharply midmorning, back up sharply by early afternoon, only to pullback again late in the day until the last hour when they snapped back to finish positive in general, but it was a mixed session technically as well. Still in the down trend over the last several sessions, looks like an orderly one. We’ll have to see whether it accelerates downward or comes out of this unscathed and extends the rally.

Good Trading!

Harry

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