Stock Market Indices Has Rough Session

Stock-Markets / Stock Markets 2016 Oct 05, 2016 - 10:46 AM GMT

The stock market indices had a rough session. After a gap up and then a move up to resistance, the indices were unable to get much further than that. They had a selloff, a very sharp snapback, but again couldn’t get through the highs, and then started to decline in a distinct down-channel all day. Only in the last hour did they snap back off the lows, but S&P 500 violated key support by a couple points, before the rally. We’ll just have to see whether they were able to hold the fort right here, or going to make lower lows.

Net on the day, the Dow was down 85.40 at 18,168.45, about 58 points off the low. The S&P 500 was down 10.71 at 2150.49, 6 points off its low. The Nasdaq 100 was down 7.16 at 4859.47.

Advance-declines were 2 1/2, almost 3 to 1 negative on the New York Stock Exchange, and 17 to 10 negative on the Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York, total volume of 3.7 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 5 to 3 negative volume ratio.

TheTechTrader.com was better today than the S&P 500 because of some major players, such as Priceline.com (PCLN) was up 2.30 to 1489.02, Google Inc. (GOOG) up 3.87 to 776.43, Apple Inc. (AAPL) 48 cents to 113.00, but Amazon.com Inc. (AMZN) lost 2.71 to 834.03, and Netflix, Inc. (NFLX) gave back 29 cents to 102.34.

Baidu, Inc. (BIDU) gained 54 cents to 184.08, Facebook, Inc. (FB) was down 59 cents to 128.18, and First Solar, Inc. (FSLR) dropped 36 cents to 38.21. Microsoft Corporation (MSFT) was in the red for 18 cents to 57.24, Intel Corporation (INTC) closed down 12 cents to 37.54.

Tesla Motors, Inc. (TSLA) lost 2.29 to 211.41.

In addition, the only other point-plus losers on our board was Puma Biotechnology, Inc. (PBYI), in a weak biotech sector, down 1.64 to 62.54.

Checking TheTechTrader.com percent-gain leaderboard, Ocera Therapeutics, Inc. (OCRX) bounced 23 cents, or 9%, to 2.92, on 1.8 million shares traded.

Summit Therapeutics plc (SMMT) exploded on positive drug news, up 5.70, or 66%, to 14.35, on 4.8 million shares traded, reaching as high as 19 3/4 after the opening, but moved all the way down to 13, and change, before bouncing way off of 11, and change, from earlier in the day.

Advaxis, Inc. (ADXS) climbed 1.10, or 10%, to 1206, on 1.6 million shares traded. Editas Medicine Inc. (EDIT) bounced 1.43, or 11%, to 14.92, Momo Inc. (MOMO) was up 2.39, or 11%, to 24.48, on 6.4 million shares traded.

The Direxion Daily Gold Miners Bear 3X ETF (DUST) was up 10.46, or 30%, to 46.08, or 16.6 million shares traded. The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) ran 7.92, or 31%, to 33.20, on 9.7 million shares traded.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) thrust 2.21 to 38.67.

Stepping back and reviewing the hourly chart patterns, the indices had an early pop, and then they went down all session until the last half hour when they snapped out of the declining channel, although a late pullback did push them back a little bit.

It wasn’t as bad a day as it appeared on the surface.

Let’s see what happens tomorrow.

Good Trading!

Harry

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