The stock market had a very strong start to the day, and a 3-wave move up that took the indices from 4350 Nasdaq 100 to nearly 4380 and the S&P 500 from 2081 to 2090. They pulled back midday to consolidate, but at the end of the day, without breaking out the formidable declining topsline, it became quite difficult to get through. They rolled over hard in the last hour, taking the Nasdaq from 4372 to 4344, and the S&P 500 from 2088 to 2076. They closed negative, giving back the entire gains of the day. The formidable overhead resistance at the 4380-84 zone Nasdaq 100 and near the 2090 area on the S&P 500 become too much for the stocks to overcome.

Net on the day, the Dow was down 5.43 at 17,875.42, 108 points off the high. The S&P 500 was down 4.29 at 2076.33, 13 points off its high. The Nasdaq 100 was down 6.90 at 4344.80, 35 points off its high.

Advance-declines were 17 to 13 1/2 negative on the New York Stock Exchange, and 14 to 12 1/2 negative on Nasdaq. Up/down volume was 16 to 13 negative on New York, with total volume of 3 billion shares. Nasdaq traded a little over 1.5 billion shares, and had a 79 to 73 negative volume ratio.

TheTechTrader.com board was very mixed. The only large-cap stocks to the upside were Google Inc. (GOOG), up just 26 cents to 537.02, and Netflix, Inc. (NFLX), up 1.15 to 423.46.

Cyber-Ark Software Ltd. (CYBR) was the leader today, up 4.47 to 59.45. Twitter, Inc. (TWTR), on talks about takeover rumor, was up 2.03 to 52.87. Splunk, Inc. (SPLK) was up 1.91 to 62.09, NewLink Genetics Corporation (NLNK) 1.09 to 53.94, and Neurocrine Biosciences Inc. (NBIX) 1.10 to 40.20.

On the downside, Priceline.com Incorporated (PCLN) closed nearly flat, down just 3 cents. Apple Inc. (AAPL) closed near the lows for the day, down 1.34 to 126.01, and Amazon.com Inc. (AMZN) gave back 2.63 to 374.41.

Most of the stocks that we follow were very narrowly mixed at the end of the day.

Checking the TheTechTrader.com percent-gain leaderboard, Merge Healthcare Incorporated (MRGE) gained 66 cents to 5.23, or 14.4%, on 1.8 million shares. BIND Therapeutics, Inc. (BIND) closed up 65 cents to 6.32, or 11%, on 5.4 million shares. RADA Electronic Industries Ltd. (RADA) thrust 26 cents to 2.69, or 11%, on 1.3 million shares.

PostRock Energy Corporation (PSTR), on an insider buy, jumped 2.53 to 4.35, or 139%, on 2.3 million shares, 4700% more volume than average.

500.com Limited (WBAI) ran 2.18 to 14.47, or 17 3/4%, on 10 million shares. Hooker Furniture Corp. (HOFT), on earnings, advanced 2.69 to 21.40, or 14%. Cheetah Mobile Inc. (CMCM) climbed 2.66 to 23.95, or 12%, on 3.9 million shares. Axalta Coating Systems Ltd. (AXTA) popped 2.78 to 31.11, or 10%, on 8.7 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, flat midday, and then they rolled over hard in the last hour to close negative on the day. It was not a good day for Wall Street.

Good Trading!

Harry

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