Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Silver Bulls Will Be Handsomely Rewarded - 21st Sep 20
Fed Will Not Hike Rates For Years. Gold Should Like It - 21st Sep 20
US Financial Market Forecasts and Elliott Wave Analysis Resources - 21st Sep 20
How to Avoid Currency Exchange Risk during COVID - 21st Sep 20
Crude Oil – A Slight Move Higher Has Not Reversed The Bearish Trend - 20th Sep 20
Do This Instead Of Trying To Find The “Next Amazon” - 20th Sep 20
5 Significant Benefits of the MT4 Trading Platform for Forex Traders - 20th Sep 20
A Warning of Economic Collapse - 20th Sep 20
The Connection Between Stocks and the Economy is not What Most Investors Think - 19th Sep 20
A Virus So Deadly, The Government Has to Test You to See If You Have It - 19th Sep 20
Will Lagarde and Mnuchin Push Gold Higher? - 19th Sep 20
RTX 3080 Mania, Ebay Scalpers Crazy Prices £62,000 Trollers Insane Bids for a £649 GPU! - 19th Sep 20
A Greater Economic Depression For The 21st Century - 19th Sep 20
The United Floor in Stocks - 19th Sep 20
Mobile Gaming Market Trends And The Expected Future Developments - 19th Sep 20
The S&P 500 appears ready to correct, and that is a good thing - 18th Sep 20
It’s Go Time for Gold Price! Next Stop $2,250 - 18th Sep 20
Forget AMD RDNA2 and Buy Nvidia RTX 3080 FE GPU's NOW Before Price - 18th Sep 20
Best Back to School / University Black Face Masks Quick and Easy from Amazon - 18th Sep 20
3 Types of Loans to Buy an Existing Business - 18th Sep 20
How to tell Budgie Gender, Male or Female Sex for Young and Mature Parakeets - 18th Sep 20
Fasten Your Seatbelts Stock Market Make Or Break – Big Trends Ahead - 17th Sep 20
Peak Financialism And Post-Capitalist Economics - 17th Sep 20
Challenges of Working from Home - 17th Sep 20
Sheffield Heading for Coronavirus Lockdown as Covid Deaths Pass 432 - 17th Sep 20
What Does this Valuable Gold Miners Indicator Say Now? - 16th Sep 20
President Trump and Crimes Against Humanity - 16th Sep 20
Slow Economic Recovery from CoronaVirus Unlikely to Impede Strong Demand for Metals - 16th Sep 20
Why the Knives Are Out for Trump’s Fed Critic Judy Shelton - 16th Sep 20
Operation Moonshot: Get Ready for Millions of New COVAIDS Positives in the UK! - 16th Sep 20
Stock Market Approaching Correction Objective - 15th Sep 20
Look at This Big Reminder of Dot.com Stock Market Mania - 15th Sep 20
Three Key Principles for Successful Disruption Investors - 15th Sep 20
Billionaire Hedge Fund Manager Warns of 10% Inflation - 15th Sep 20
Gold Price Reaches $2,000 Amid Dollar Depreciation - 15th Sep 20
GLD, IAU Big Gold ETF Buying MIA - 14th Sep 20
Why Bill Gates Is Betting Millions on Synthetic Biology - 14th Sep 20
Stock Market SPY Expectations For The Rest Of September - 14th Sep 20
Gold Price Gann Angle Update - 14th Sep 20
Stock Market Recovery from the Sharp Correction Goes On - 14th Sep 20
Is this the End of Capitalism? - 13th Sep 20
The Silver Big Prize - 13th Sep 20
U.S. Shares Plunged. Is Gold Next? - 13th Sep 20
Why Are 7,500 Oil Barrels Floating on this London Lake? - 13th Sep 20
Sheffield 432 Covid-19 Deaths, Last City Centre Shop Before Next Lockdown - 13th Sep 20
Biden or Trump Will Keep The Money Spigots Open - 13th Sep 20
Gold And Silver Up, Down, Sideways, Up - 13th Sep 20
Does the Stock Market Really "See" the Future? - 12th Sept 20
Basel III and Gold, Silver and Platinum - 12th Sept 20
Tech Stocks FANG Index Nearing Critical Support – Could Breakout At Any Moment - 12th Sept 20
The Tech Stocks Quantum AI EXPLOSION is Coming! - 12th Sept 20
AMD Zen 3 Ryzen 4000 Questions Answered on Cores, Prices, Benchmarks and Threadripper Launch - 12th Sept 20
The Inflation Mega-trend is Going Hyper! - 11th Sep 20
Gold / Silver Ratio: Slowly I Toined… - 11th Sep 20
Stock Market Correction or Reversal? The Jury Isn't Out! - 11th Sep 20
Crude Oil – The Bearish Outlook Remains - 11th Sep 20
Crude Oil Breaks Lower – Sparking Fears Of Another Sub $30 Price Collapse - 11th Sep 20
Inflation by Fiat - 10th Sep 20
Unemployment Rate Drops. Will It Drag Gold Down? - 10th Sep 20
How Does The Global Economy Recover After This Global Pandemic? - 10th Sep 20
The Best Mobile Casino - 10th Sep 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Great Day for Biotech Stocks

Stock-Markets / BioTech Sep 15, 2016 - 09:54 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices rebounded smartly in the morning, but got up to overhead resistance, particularly on the Nasdaq 100, which failed several times trying to get through 4770. At that point, the S&P 500 was trailing badly. They then went into an afternoon decline, and orderly retraced channel, 5-wave decline on the S&P 500, and then dropped right back to the 2120 level it reached twice in three days. This was the third test. That was successful. It bounced a few points off that level. It was not exactly a rip-roaring rally, but, nevertheless, support held for now, with the S&P 500 having a triple bottom, and the Nasdaq 100 having a right-handed, extended V-pattern, or rising wedge. No question with overhead resistance at 4770, or thereabouts on the Nasdaq 100, as well as for starters 2140-5 zone on the S&P 500 is going to be critical going forward.


Net on the day, the Dow was down 3.98 at 18,034.77. The S&P 500 was down 1.25 at 2125.77, 16 points off its high. The Nasdaq 100 had a strong day, up 23.22 at 4746.06, but gave back 23 points.

Advance-declines were slightly negative by 150 issues on the New York Stock Exchange, but only by 35 issues on the Nasdaq 100. Up/down volume was 2 to 1 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 10 7 positive volume ratio.

TheTechTrader.com board was mostly green. Priceline.com (PCLN) was up 13.43 to 1429.38, Google Inc. (GOOG) up 2.80 to 762.49, Apple Inc. (AAPL) up 3.82 to 111.77, Amazon.com Inc. (AMZN) just 8 cents to 761.09, and Netflix, Inc. (NFLX) 92 cents to 97.01.

Baidu, Inc. (BIDU) popped 28 cents to 182.18, Facebook, Inc. (FB) gained just 56 cents to 127.77, but First Solar, Inc. (FSLR) was down 1.39 to 35.03, reaching a 2-year low.

Tesla Motors, Inc. (TSLA) gained just 36 cents to 196.41.

Ambarella Inc. (AMBA) was up 1.28 to 67.11, CoLucid Pharmaceuticals, Inc. (CLCD) up 1.05 to 23.28, Gigamon Inc. (GIMO) 3.15 to 48.27, Xencor, Inc. (XNCR), one of our swing trades, 1.54 to 23.39.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 2.99 to 44.21.

On the downside, Acacia Communications, Inc. (ACIA) was down 1.24 to 105.06, and Twilio, Inc. (TWLO) down 85 cents to 53.12.

Checking TheTechTrader.com percent-gain leaderboard, Inotek Pharmaceuticals Corporation (ITEK) bounced 90 cents, or 13%, to 8.02, on 1.7 million shares traded.

Biostar Pharmaceuticals, Inc. (BSPM) ran 1.34, or 65%, to 3.39, on 12.2 million shares traded.

Sarepta Therapeutics, Inc. (SRPT) had a spectacular day, up 6.85, or 27%, to 32.45, on 16 million shares traded. bluebird bio, Inc. (BLUE) advanced 4.61, or 8%, to 62.89, on 1.5 million shares traded.

The VelocityShares 3x Inverse Crude Oil ETN (DWTI) closed up 6.61, or 8%, to 90.10, on 5 million shares traded. The ProShares UltraShort Bloomberg Crude Oil (SCO) jumped 4.97, or 5%, to 97.55.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, stalled by midday, and then came down in the afternoon to test the lows on S&P 500, making higher lows on the Nasdaq 100. At least for now.

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

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules