Harry Boxer
The Technical Trader
The stock market indices started the week off with a negative session. The day started out with a down move, they bounced to resistance a couple times, and by midday they reached nominal new highs, but at the declining topsline they couldn't get through. They then formed wedges, broke down, retesting lows on the Nasdaq 100, and breaking them on the S&P 500. Not confirming from the Nasdaq 100 led to a late bounce, and then in the last five minutes they pulled back again.
Net on the day, the Dow was down 95.08 at 17,729.21. The S&P 500 was down 8.73 at 2046.74. The Nasdaq 100 was down 12.60 at 4216.09.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 3 to 2 negative on Nasdaq. Up/down volume was 4 to 3 negative on New York, with total volume of 3.4 billion shares. Nasdaq traded over 1.6 billion shares, and had a 3 to 2 negative volume ratio.
TheTechTrader.com board was mixed. Leading the way to the up side, the only large-cap stocks that we follow were Priceline.com Incorporated (PCLN), up 10.73 to 1033.15, and Apple Inc. (AAPL) up 79 cents to 119.72.
Arista Networks, Inc. (ANET) ran 3.29 to 60.00, Genetics Corporation (NLNK) climbed 2.82 to 35.32. Canadian Solar Inc. (CSIQ) was up 1.01 to 26.67, SolarCity Corporation (SCTY) up 1.10 to 56.52, in a strong solar group today.
On the downside, Google Inc. (GOOG) was down 3.17 to 527.83, Amazon.com Inc. (AMZN) down 3.72 to 370.56, and Netflix, Inc. (NFLX) down 1.29 to 443.07.
GoPro, Inc. (GPRO) lost 2.64 to 44.48, and Splunk, Inc. (SPLK) gave back 1.98 to 60.48.
Checking the TheTechTrader.com percent-gain leaderboard, low-priced Atossa Genetics, Inc. (ATOS) gained 33 cents to 1.52, or 28%, on 9.3 million shares, 2200% more volume than average. Westport Innovations Inc. (WPRT) ran 96 cents to 5.98, or 19%, on 4.2 million shares.
Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) led the way today, up 1.01 to 3.80, or 36 1/2%, on 3.6 million shares, 1500% more volume than average.
Coherus Biosciences, Inc. (CHRS) climbed 3.70 to 32.36, or 13% in a mixed biotech sector.
Among other gainers, Transocean Ltd. (RIG) was up 1.93 to 20.44, Ormat Technologies Inc. (ORA) up 2.89 to 30.32, Sanchez Energy Corporation (SN) up 1.07 to 15.97.
Achillion Pharmaceuticals, Inc. (ACHN) popped 84 cents to 11.66, but disappointingly, down from its high of 12.85 earlier in the day.
The Direxion Daily Jr Gld Mnrs Bull 3X Shrs (JNUG) jumped 1.97 to 31.97 in strong gold sector.
Stepping back and reviewing the hourly chart patterns, the indices opened lower, bounced, retested, made lower lows, but then rallied to midday highs near resistance at declining topsline and lateral resistance. They just couldn't get through, and sold off to retest the lows, making lower lows on the S&P 500, but not so on the Nasdaq 100. A late rally did bring them up in the last five minutes, but they came down and closed solidly negative on the day to start the week.
Let's see what happens tomorrow.
Good Trading!
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