Very Tough Day Wall Street

By: Harry_Boxer

The stock market indices had a topsy-turvy day with a pop at the opening, a sharp selloff that held support, then a huge rally that took the Nasdaq 100 from 4849 to 4897, and the S&P 500 from 2198 to 2209. In the afternoon, they consolidated and it looked like they were going higher, but when they failed to do so, they pulled back very sharply, and took a fifty percent retrace of the whole rally, and then had a little bounce at the close. They managed to close positive. But it wasn’t a very spectacular day.

Net on the day, the Dow was up 23.70 at 19,121.60. The S&P 500 was up 2.94 at 2204.66. The Nasdaq 100 was up 16.19 at 4873.21.

Advance-declines were positive by 80 issues on the Nasdaq. The Nasdaq traded 1.7 billion shares and had an 8 to 7 positive volume ratio.

TheTechTrader.com board was very mixed today. Priceline.com (PCLN) was down 4.80 to 1520.27, Apple Inc. (AAPL) down 12 cents to 111.44, Amazon.com, Inc. (AMZN) down 5.22 to 761.55, but Alphabet Inc. (GOOG) gained 2.60 to 770.84 as did Netflix, Inc. (NFLX), up 58 cents to 117.51.

Baidu, Inc. (BIDU) popped 2.18 to 169.18, Facebook, Inc. (FB) gained 46 cents to 120.87, but First Solar, Inc. (FSLR) dropped 1.16 to 29.95.

Tesla Motors, Inc. (TSLA) Tesla Motors, Inc. (TSLA) lost 6.55 to 189.67.

Acacia Communications, Inc. (ACIA) was also down 2.26 to 70.67.

To the upside, gainers included CoLucid Pharmaceuticals, Inc. (CLCD), up 2.35 to 36.25, Sucampo Pharmaceuticals, Inc. (SCMP) up 1.00 to 17.15, and Clovis Oncology Inc (CLVS) 1.21 to 35.60.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) got hit back and closed-up just 38 cents to 41.52.

It was a very tough picture on Wall Street today, and tough to tell what that means directionally. Although we did have a new high for this entire rally on the Nasdaq 100, they failed to confirm on the S&P 500.

It could be a negative divergence, but we’ll just have to wait to see how it goes tomorrow.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2016 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.