Stock Market Finished Positive Just Under Key Resistance

By: Harry_Boxer

The stock market had somewhat of a turnaround Tuesday today, but the indices suffered some early losses, held support, and rallied back in a choppy, but in a steady up-channel. Although key overhead resistance at 5440 Nasdaq 100 and 2360 S&P 500 were repeatedly tested, they were not taken out. They did close near there those numbers, so we’ll have to see what happens tomorrow.

Net on the day, the Dow was up 39.03 at 20,689.24. The S&P 500 was up 1.32 at 2360.16, after being down as much as 10.00 earlier in the day. The Nasdaq 100 was up 8.21 at 5440.41, about 25 points off its low.

Advance-declines were flat on the New York Stock Exchange, and 500 issues lower on the Nasdaq. Up/down volume was 8 to 7 positive on New York. The Nasdaq had a 20 to 21 negative volume ratio. So, it was pretty much a wash.

TheTechTrader.com board had narrowly mixed day. Priceline.com (PCLN) was down 6.61 to 1767.38, Alphabet Inc. (GOOG) down 3.98 to 834.57, Netflix, Inc. (NFLX) 1.42 to 1456.50, however, Apple Inc. (AAPL) reached a new all-time high, up 1.07 to 144.77, Amazon.com, Inc. (AMZN), also reaching a new all-time high, bounced 15.32 to 906.83, a high of 908.54.

Baidu, Inc. (BIDU) popped 20 cents to 175.20, First Solar, Inc. (FSLR) gained 49 cents to 26.82, but Facebook, Inc. (FB) dropped 55 cents to 141.73.

Tesla Motors, Inc. (TSLA) jumped 5.18 to 303.70.

On the downside, Kate Spade & Company (KATE) was down 3.34 to 19.46, Kite Pharma, Inc. (KITE) down 2.32 to 75.90, NVIDIA Corporation (NVDA) 7.60 to 100.78, and NovoCure Limited (NVCR) 1.05 to 10.05.

Checking TheTechTrader.com percent-gain leaderboard, Benitec Biopharma Limited (BNTC) climbed 1.04, or 34%, to 4.10, on 19 million shares traded. Cyclacel Pharmaceuticals, Inc. (CYCC) managed to get 1.75, or 27%, or 8.17, on 25 million shares traded.

Conns Inc. (CONN) snapped back 2.45, or 29%, to 10.90 on 6.6 million shares traded. Paratek Pharmaceuticals, Inc. (PRTK) advanced 4.25, or 23%, to 22.85, on 9 million shares traded. Mesoblast Limited (MESO) thrust 1.44, or 16%, to 10.38.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) eked out 2.73, or l14%, to 22.50, on 11 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were choppy in the morning, they ran up and were choppy midday, ran up again and pulled back late in the session, and in the last 40 minutes, or so, they rallied into the close to close positive, finishing near the highs for the day, just under key resistance.

Good Trading!

Harry

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