The stock market indices had a very strong session today. The day started out with a pop to the upside, a quick pullback retest, and then they were off to test resistance. For the next several hours the Nasdaq 100 went sideways, and consolidated in coil patterns. The S&P 500 actually moved up in a rising channel, and at the end of the day exploded to the upside, tested secondary resistance, and close right there. These are very key levels near 5400 Nasdaq 100, and the 2349-50 area for the S&P 500, and that’s where they closed.

We’ll see tomorrow whether this was a significant day or not. It sure looks like it. If there’s a follow-through, there’s no question about it. They did complete a 5-wave decline in the S&P 500 over the last several sessions, and that could have been the reason for the pop.

Net on the day, the Dow was up 183.67 at 20,636.92, just a few points off the high. The S&P 500 was up 20.06 at 2349.01, pennies off the high. The Nasdaq 100 was up 45.61 at 5399.20 right on the high.

Advance-declines were 3 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on the Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, total volume of 2.7 billion shares traded. The Nasdaq traded 1.3 billion shares and had an almost 4 to 1 positive volume ratio.

TheTechTrader.com board was mostly green today. Priceline.com (PCLN) was up 31.84 to 1770.61, Alphabet Inc. (GOOG) up 13.61, 837.17, Apple Inc. (AAPL) up 75 cents to 141.80, Amazon.com, Inc. (AMZN) 17.32 to 901.99, and Netflix, Inc. (NFLX) 4.33 to 147.25. They just announced earnings on NFLX and it’s running after hours.

Baidu, Inc. (BIDU) gained 70 cents to 173.31, Facebook, Inc. (FB) climbed 2.03 to 141.42, but First Solar, Inc. (FSLR) closed nearly flat, down 8 cents to 27.34.

Tesla Motors, Inc. (TSLA) lost 2.56 to 301.44.

In addition, other stocks to the upside included Shopify Inc. (SHOP), up 1.07 to 71.70, NVIDIA Corporation (NVDA) up 3.74 to 99.23, bluebird bio, Inc. (BLUE) 2.05 to 88.25, and Clovis Oncology Inc. (CLVS) 1.21 to 57.38.

Checking TheTechTrader.com percent-gain leaderboard, Adesto Technologies Corporation (IOTS) bounced 80 cents, or 18%, to 5.25. Superconductor Technologies Inc. (SCON) popped 43 cents, or 26%, to 2.10, on 3.9 million shares traded.

Cleveland BioLabs, Inc. (CBLI), leading the way, exploded 3.19, or 205%, to 4.75, on 38.6 million shares traded, or 91,500% move volume than average, on positive drug news today.

Puma Biotechnology, Inc. (PBYI) ran 3.95, or 11%, to 39.60, on 1.1 million shares traded. Pulse Biosciences, Inc. (PLSE) thrust 2.34, or 10%, to 25.60.

Among other gainers, Yandex N.V. (YNDX) was up 1.52, or 7%, to 24.27, and Foundation Medicine, Inc. (FMI) gained 2.00 to 34.30.

Stepping back and reviewing the hourly chart patterns, the indices had a very strong morning, a quiet midday consolidation, and a strong afternoon.

Good Trading!

Harry

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