It looks like turn-around Tuesday for the stock market indices today as the markets reversed yesterday, gains for losses, and pretty decent ones, too, but they did come back. The day started out with a gap down, but then a really sharp rally got them to their highs very quickly, within the first thirty minutes. At that point, they came down in a sharp, 3-wave decline, and reached their session lows by midday. An early afternoon rally back got to resistance and backed off late afternoon, and then surged into the close to reach the morning highs, but were unable to get through, and in the last five minutes they backed off.

Net on the day, the Dow was down 113.64 at 20,523.28. The S&P 500 was down 6.82 at 2342.18. The Nasdaq 100 was down 7.54 at 5391.66.

Advance-declines were about 15 to 14 negative on the New York Stock Exchange, and 15 1/2 to 12 1/2 on the Nasdaq. Up/down volume was 19 to 12 negative on New York, total volume of 3.2 billion shares traded. The Nasdaq traded 1.55 billion shares and had a flat volume ratio.

TheTechTrader.com board was narrowly mixed today. There were several point-plus losers. Priceline.com (PCLN) was down 7.30 to 1763.31, Alphabet Inc. (GOOG) down just 35 cents to 836.82, Apple Inc. (AAPL) down 63 to 141.20, Netflix, Inc. (NFLX) 3.89 to 143.36, however, Amazon.com, Inc. (AMZN) was the only point-plus gainers on the mainboard, up 1.79 to 903.78.

Baidu, Inc. (BIDU) gained 1.16 to 174.47, Facebook, Inc. (FB) dropped 46 cents to 140.96, and First Solar, Inc. (FSLR) gave back 45 cents to 26.89. Microsoft Corporation (MSFT) closed nearly flat, down 9 cents to 65.39 and Intel Corporation (INTC) popped 28 cents to 35.76.

Tesla Motors, Inc. (TSLA) lost 1.19 to 300.25.

On the downside, biotech’s had a bad day. Clovis Oncology Inc (CLVS) was down 1.25 to 56.13, Editas Medicine Inc. (EDIT) down 1.37 to 19.42, Esperion Therapeutics, Inc. (ESPR) 1.65 to 37.31, Kite Pharma, Inc. (KITE) 2.47 to 79.63, and bluebird bio, Inc. (BLUE) 4.65 to 83.60.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.76 to 44.53.

Checking TheTechTrader.com percent-gain leaderboard, Interpace Diagnostics Group, Inc. (IDXG), on a secondary announcement, exploded 61 cents, or 28%, to 2.76, on 56.7 million shares traded, reaching as high as 4.45 at one point in the morning. XOMA Corporation (XOMA) bounced 91 cents, or 14%, to 7.41, on 1.2 million shares traded.

GNC Holdings, Inc. (GNC) ran 1.79, or 25%, to 9.03, on 26.6 million shares traded. Titan International, Inc. (TWI) climbed 1.24, or 14%, to 9.94, on 1.4 million shares traded.

Akari Therapeutics, Plc (AKTX) popped 1.66, or 12%, to 14.97. Core-Mark Holding Company, Inc. (CORE) close up 4.11, or 13%, to 34.87. Stratasys Ltd. (SSYS), which we day traded today, bounced 2.47, or 12%, to 23.77. That was a key breakaway day.

Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, up sharply in the first half hour, a strong 3-wave decline tested and held support, before the afternoon rally brought them back to lower loses, but they still closed negative on the day.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 7-Day Trial to his Real-Time Technical Trading Diary.

(c) 2017 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.