The stock market indices had a very strong gap up at the opening today, they reached resistance, and then they came down pretty hard the rest of the session to finish negative on the day and near the session lows going away.

Net on the day, the Dow was down 29.65 at 18,169.68, but was 85 points higher at one point in the day. The S&P 500 was down 6.39 at 2133.04, 14 points off the high. The Nasdaq 100 was down 24.15 at 4836.45, nearly 50 points off the high. So you can see how that nasty reversal affected the market.

Advance-declines were 21 to 8 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume of over 4.1 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was nearly all red. Priceline.com (PCLN) was down 6.14 to 1463.02, Alphabet Inc. (GOOG) down 3.72 to 795.35, Apple Inc. (AAPL) down 1.11 to 114.51, Amazon.com, Inc. (AMZN) 4.23 to 818.36, and Netflix, Inc. (NFLX) 50 cents to 1236.47.

Baidu, Inc. (BIDU) closed up 2.34 to 175.16, but Facebook, Inc. (FB) lost 1.35 to 129.69, and First Solar, Inc. (FSLR) dropped just 5 cents to 41.06.

Tesla Motors, Inc. (TSLA) jumped 1.77 to 204.01.

To the downside, Acacia Communications, Inc. (ACIA) got hammered 13.87 to 73.66, down from 128.00 in just in the last few weeks. That’s incredible.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.44 to 30.63, reaching as high as 33.68 at one point before the negative reversal as well. Biotech’s remain under pressure. They include such stocks as Puma Biotechnology, Inc. (PBYI), which was down 2.45 to 39.55, and many others in the biotech sector.

Gigamon Inc. (GIMO) gave back 2.62 to 47.38, however, it was 4 points higher in afterhours, on earnings.

Checking TheTechTrader.com percent-gain leaderboard, Bovie Medical Corporation (BVX) gained 89 cents, or 19%, to 5.54, on earnings. Ocwen Financial Corp. (OCN) bounced 60 cents, or 17%, to 4.12, on 14.75 million shares traded, on earnings.

Neogenomics Inc. (NEO) popped 1.04, or 15%, to 8.17, on 1.6 million shares traded.

TTM Technologies Inc. (TTMI) delivered on earnings, up 2.28, or 20%, to 13.64, on 6 million shares traded. Shutterfly, Inc. (SFLY) had a big day on a better than expected earnings report, up 5.14, or 12%, to 47.21, on 2.6 million shares traded. MINDBODY, Inc. (MB) ran 2.15, or 12%, to 20.05, on 1.8 million shares traded. LeMaitre Vascular, Inc. (LMAT) closed up 2.15, or 11%, to 21.11. Blucora, Inc. (BCOR), on earnings, advanced 1.10, or 10%, to 12.50, on a million shares traded.

F5 Networks, Inc. (FFIV) had a fantastic day on an upgrade, 11.45, or 10%, to 130.99, on 5 million shares traded.

Stepping back and reviewing the hourly chart patterns, after gapping up, the indices had 5-wave declines pretty much for the rest of the session, closing near the lows for the day going away. Most importantly, support was taken out on the Nasdaq 100, and the S&P 500 is hanging on by a thread.

Good Trading!

Harry

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