The stock market indices had a rough session. They gapped down hard at the opening, bounced to support, and retested in the morning, which enabled them to rally midday. The Nasdaq resistance at 4310 was too much to overcome as was 1995 S&P 500, and they sold off in the afternoon. They not only sold off, but made nominal new lows late in the day, before bouncing slightly, essentially closing at the lows for the day.

Net on the day, the Dow was down 109.85 at 16,964.10. The S&P 500 was down 22.50 to 1979.26. The Nasdaq 100 was down 37.82 to 4265.51.

Advance-declines were 3 to 1 negative on the New York Stock Exchange, and 3 1/2 to 1 negative on Nasdaq. Up/down volume was 5 to 1 negative on New York, total volume of 4.6 billion shares traded. The Nasdaq traded 2 billion shares and had a 4 to 1 negative volume ratio.

TheTechTrader.com board was mixed, but mostly lower. Priceline.com (PCLN) was down 8.66 to 1282.77, Google Inc. (GOOG) down to 1.19 to 693.97, Apple Inc. (AAPL) down 84 cents to 101.03, Amazon.com Inc. (AMZN) 560.26 to 2.54, but Netflix, Inc. (NFLX) had a fractional gain, up 74 cents to 96.23.

Tesla Motors, Inc. (TSLA) lost 2.69 to 202.60 and Baidu, Inc. (BIDU) dropped 4.39 to 172.81. Facebook, Inc. (FB) jumped 20 cents to 105.93 but First Solar, Inc. (FSLR) gave back another 2.31 to 66.87. Microsoft Corporation (MSFT) gained 62 cents to 51.65.

Targa Resources Corp. (TRGP), one of our swing trades, had a very tough session. After a very big run up, profit taking set in, and it closed down 2.98 to 27.05. Shutterstock, Inc. (SSTK) was down 1.89 to 35.51, NewLink Genetics Corporation (NLNK) down 1.35 to 17.54, Mobileye N.V. (MBLY) 2.28 to 33.60, Juno Therapeutics Inc. (JUNO) 3.15 to 40.03, Intrexon Corporation (XON) 2.43 to 36.47, Intra-Cellular Therapies, Inc. (ITCI) 2.10 to 29.47, and Canadian Solar Inc. (CSIQ) 1.37 to 21.36.

The Direxion Daily Gold Miners Bull 3X ETF (NUGT) opened at a high of 70.22, but after a rough day, it closed at the session lows at 57.47, down 9.40.

To the updside, Editas Medicine Inc. (EDIT) was up 2.88 to 41.99, after exploding to 43.94 earlier in the day. This stock was 12.00 just a month ago.

The Direxion Daily Energy Bear 3X ETF (ERY) ran 2.85 to 25.42, the Direxion Daily Gold Miners Bear 3X ETF (DUST) gained 48 cents to 3.97.

Checking the TheTechTrader.com percent-gain leaderboard, Centrus Energy Corp. (LEU) was the big winner today after signing new sales contracts, up 1.75 to 3.27, or 115%, on 15 million shares traded. American Midstream Partners, LP (AMID) gained 1.08 to 6.79, or 19%.

Omeros Corporation (OMER) closed just a nickel from the high for the day, up 2.08 to 15.07, or 16%, on 2.5 million on drug news. Urban Outfitters Inc. (URBN) advanced 4.53 to 32.69, or 16%, on 11.5 million shares on positive earnings.

Among other gainers, the Direxion Daily S&P Biotech Bear 3X ETF (LABD) jumped 8.54 to 60.30.

The ProShares UltraShort Bloomberg Crude Oil (SCO) ran 10.85 to 135.56, the VelocityShares 3x Inverse Crude Oil ETN (DWTI) exploded 21.68 to 173.99, or 14%, on 2 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply early, then had a five-wave advance by midafternoon, but couldn’t take out resistance, and rolled over into the close. It was a nasty finish, and right now the indices are precariously close to trendline and lateral price support. Any further damage here and we could get a decent sell off.

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.

Harry Boxer Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.