Stock Market Weak Technicals, Pullback Continues, Negative Day Across the Board

Stock-Markets / Stock Market 2017 Apr 13, 2017 - 11:18 AM GMT

The stock market was decidedly lower today. The indices started the day out, though, with a little pop to the upside, but resistance failed immediately. They then started to work their way lower by late morning, and reached the session lows on both the S&P 500 and Nasdaq 100, bounced in the afternoon, took back about two-thirds of the losses, and then pulled back down and retested the lows before a late bounce pulled them off the lows for the day.

However, net-net the markets were down across the board and advance-declines and technicals were quite weak as well. So, the pullback continues and we may not be done yet.

Net on the day, the Dow was down 59.44 at 20,591.86, 33 points off the low. The S&P 500 was down 8.85 at 2344.93, just 3 points off its low. The Nasdaq 100 was down 21.37 at 5377.03, 7 points off its low.

Advance-declines were 20 to 9 negative on the New York Stock Exchange, and 19 to 8 1/2 negative on the Nasdaq. Up/down volume was 3 to 1 negative on New York, total volume of just under 3.1 billion shares traded. The Nasdaq traded 1.6 billion shares and had a 2 to 1 negative volume ratio.

TheTechTrader.com main board was lower for the majority of our stocks and there were very few point-plus changes on the plus side. In fact, there were none on my main board. Priceline.com (PCLN) was down 18.39 to 1750.01, Amazon.com, Inc. (AMZN) down 6.13 to 896.23, and Netflix, Inc. (NFLX) down 52 cents to 143.83. However, Alphabet Inc. (GOOG) gained 97 cents to 824.32, and Apple Inc. (AAPL) popped 76 cents to 141.80.

Baidu, Inc. (BIDU) ran 60 cents to 173.61, Facebook, Inc. (FB) lost 34 cents to 139.58, and First Solar, Inc. (FSLR) fell 19 cents to 27.91.

Tesla Motors, Inc. (TSLA) dropped 11.87 to 296.84.

On the downside today, there were plenty of other losers. Achaogen, Inc. (AKAO) was down 1.09 to 20.73, bluebird bio, Inc. (BLUE) down 1.00 to 84.15, Medidata Solutions, Inc. (MDSO) 1.22 to 61.09, Qorvo, Inc. (QRVO) 1.44 to 68.76, United States Steel Corp. (X) 3.46 to 31.26, and XPO Logistics, Inc. (XPO) 1.46 to 45.95.

To the upside, the Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 69 cents to 43.78.

Checking TheTechTrader.com percent-gain leaderboard, China Techfaith Wireless Communication Technology Limited (CNTF) jumped 88 cents, or 46%, to 2.70, on 4 million shares traded.

Adeptus Health Inc. (ADPT) popped 1.17, or 108%, to 2.25, on 31.6 million shares traded, and reached as high as 3.70 earlier in the day. NOVAN, INC. (NOVN) advanced 1.09, or 21%, to 6.29, on 5.4 million shares traded, reaching over 9.00 at one point. BlackBerry Limited (BBRY), on positive news today, ran 1.23, or 15%, to 8.93, on 49 million shares traded, exploding as high as 9.30 earlier in the day.

Neurocrine Biosciences, Inc. (NBIX), on positive news today, closed up 10.32, or 25%, to 51.80, on 13 million shares traded. Coupa Software Incorporated (COUP) bounced 3.49, or 14%, to 28.96, on 7.3 million shares traded. Mazor Robotics Ltd. (MZOR) climbed 2.91, or 10%, to 31.54, on 1.2 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, up in the afternoon, back down in the afternoon to close negative on the session.

Good Trading!

Harry

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