The stock market indices had a very volatile session, first starting off with a little bit of a dip, then a strong rally to test Monday’s highs, and when they were unable to take those out they came down in a strong midday decline, but snapped back early afternoon. However, that failed to take hold, but it was just a retest. The indices then had a 5-wave decline into the close, finishing near the session lows, just bouncing right off them into the close.

Net on the day, the Dow was down 48.90 at 17,780.83, 140 points off the high. The S&P 500 was down 3.45 at 2085.45. The Nasdaq 100 was down 8.68 at 4404.73.

Advance-declines were 27 to 11 on the New York Stock Exchange, and 16 to 11 on the Nasdaq 100. Up/down volume was 19 to 11 negative on New York, total volume of over 3 billion shares traded. The Nasdaq traded 1 2/3 billion shares and had a 5 to 3 positive volume ratio.

TheTechTrader.com board was mixed. Leading the way to the upside, Priceline Inc. (PCLN) was up 17.05 to 1360.10, Google Inc. (GOOG) up 1.52 to 697.46, but Apple Inc. (AAPL) was down 36 cents to 95.55, Amazon.com Inc. (AMZN) down 5.22 to 710.60, Netflix, Inc. (NFLX) down 98 cents to 90.01.

Baidu, Inc. (BIDU) dropped 58 cents to 162.22, Facebook, Inc. (FB) closed down 47 cents to 113.31, and First Solar, Inc. (FSLR) fell 29 cents to 48.62.

Tesla Motors, Inc. (TSLA) got whacked 22.95 to 196.66, after they announced the potential takeover of their sister company SolarCity Corporation (SCTY).

The only other point plus gainers on our board included Bristol-Myers Squibb Company (BMY) up 1.06 to 72.31, and Shutterstock, Inc. (SSTK) up 1.13 to 46.02.

On the downside, Inovio Pharmaceuticals, Inc. (INO) was down 1.06 to 10.20, and ACADIA Pharmaceuticals Inc. (ACAD) down 1.49 to 33.50.

Checking the TheTechTrader.com percent-gain leaderboard, SkyPeople Fruit Juice, Inc. (SPU) gained 89 cents to 2.68, or 50%, on 3.6 million shares. Nymox Pharmaceutical Corporation (NYMX) bounced 82 cents to 3.15, or 35%, on 4 million shares. Aspen Aerogels, Inc. (ASPN) dropped 94 cents to 5.00, or 23%, on nearly a million shares. Cemtrex Inc. (CETX) advanced 50 cents to 3.58, or 16%, on 2.7 million shares. Unisys Corporation (UIS) ran 80 cents to 8.30, or 11%, On 2.7 million shares. GOL Linhas AÃreas Inteligentes S.A. (GOL) bounced 73 cents to 8.88, or 9%.

Among other gainers, the Direxion Daily Russia Bear 3X ETF (RUSS) was up 1.02 to 15.03, Direxion Daily Gold Miners Bull 3X ETF (NUGT) up 6.23 to 99.94, Winnebago Industries, Inc. (WGO) up 1.34 to 22.95, and La-Z-Boy Incorporated (LZB) up 1.67 to 27.35.

Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, up sharply in the morning, but down sharply midday, rallied back nicely, but could do about a 50% retracement, and fell into the close, finishing near the session lows.

It was a bad day midday, but it’s ahead of Brexit that we’re concerned about.

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.