The stock market indices had a sloppy down day today. The day started out with a move down, and then a strong rally on the Nasdaq 100 took the S&P 500 up as well when Apple Inc. (AAPL) rallied, but they failed at triple-quadruple top near 5374 on the Nasdaq 100 as the S&P 500 got nowhere near their recent high, and as a result of that negative divergences backed off. They retested the lows, bounced around, formed wedges, and then in the afternoon, they broke those wedges to the downside, and made slightly lower lows before a late rally brought them back.

Net on the day, the Dow was down 29.58 at 20,924.76. The S&P 500 was down 6.93 at 2368.38. The Nasdaq 100 was down 9.03 at 5351.28.

Advance-declines were 2 1/2 to 1 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq. Up/down volume was more than 3 to 1 negative on New York, total volume of 3.4 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 4 to 3 negative volume ratio.

TheTechTrader.com board was narrowly mixed. Priceline.com (PCLN) was up 6.25 to 1736.46, Alphabet Inc. (GOOG) up 4.13 to 831.91, Apple Inc. (AAPL) up 18 cents to 139.52, but Amazon.com, Inc. (AMZN) was down 59 cents and Netflix, Inc. (NFLX) was down 63 cents to 141.31.

Baidu, Inc. (BIDU) gained 27 cents to 173.57, Facebook, Inc. (FB) fell 25 cents to 137.17, and First Solar, Inc. (FSLR) dropped 73 cents to 32.60.

Tesla Motors, Inc. (TSLA) lost 2.64 to 248.57.

Other stocks point-plus gainers to the upside included Aerie Pharmaceuticals, Inc. (AERI), up 1.25 to 49.95, reaching over 50 for the first time, Foundation Medicine, Inc. (FMI) up 2.90 to 34.20, and NVIDIA Corporation (NVDA) 1.07 to 98.74.

On the downside, Supernus Pharmaceuticals, Inc. (SUPN) got smacked 3.35 to 26.40 on nearly 3 million shares traded on a court decision. United States Steel Corp. (X) was down 1.34 to 36.14, and XPO Logistics, Inc. (XPO) down 1.14 to 50.67.

Biotech’s had a tough day as Trump and Price talked about controlling drug prices. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 2.55 to 48.84, Clovis Oncology Inc (CLVS) lost 1.14 to 60.06, bluebird bio, Inc. (BLUE) gave back 1.20 to 82.30.

Checking TheTechTrader.com percent-gain leaderboard, MoSys, Inc. (MOSY) bounced 59 cents, or 27%, to 2.74, on 3.4 million shares traded. MeetMe, Inc. (MEET), on earnings and an acquisition, ran 82 cents, or 16%, to 5.98, on 16.2 million shares traded.

Aurinia Pharmaceuticals Inc. (AUPH) climbed 1.74, or 32 1/2%, to 7.10, on 49 million shares traded.

Momo Inc. (MOMO) popped 3.39, or 13%, to 30.00, on 22 million shares traded. LGI Homes, Inc. (LGIH) exploded 3.70, or 13%, to 32.71, on 3 million shares traded. Applied Optoelectronics, Inc. (AAOI) closed up 3.08, or 6%, to 54.54, on 1.9 million shares traded. Puma Biotechnology, Inc. (PBYI) climbed 1.95, or 6%, to 35.60, on 1.5 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were down early, ran sharply back up midmorning, and went back down by midday, only to bounce on wedges, and then rolled back down sharply about fifteen minutes before the close, and snapped back into the close.

It was a very mixed day that tested support, tested trendlines, and tested moving averages. It’s a critical time for the indices.

Good Trading!

Harry

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