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Stock Market Excellent Consolidation Day

Stock-Markets / Stock Market 2017 May 24, 2017 - 11:27 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a very excellent consolidation day, ending with gains on the day. The day started out with a pop to the upside, then a quick pullback, but the S&P 500 went to new highs, and the Nasdaq 100 failed to do so. When that happened, they pulled back midday. They tried to rally in the afternoon, unable to take out the highs. They pulled back at the end of the day, but then a quick, ten-minute snapback ensued that put them in the plus column.


Net on the day, the Dow was up 43.08 at 20,937.91. The S&P 500 was up 4.40 at 2398.42. The Nasdaq 100 was up 3.94 at 5703.35.

Advance-declines were 17 to 11 positive on the New York Stock Exchange, and 14 to 13 positive on the Nasdaq. Up/down volume was 18 to 13 positive on New York, total volume of 3.1 billion shares traded. The Nasdaq traded 2 billion shares and had a 85 to 80 negative volume ratio.

TheTechTrader.com board was mostly green. Priceline.com (PCLN) was down 48 cents to 1827.94, Apple Inc. (AAPL) down 19 cents to 153.80, and Alphabet Inc. (GOOG) was up 6.96 to 948.82, Amazon.com, Inc. (AMZN) up 87 cents to 971.54, and Netflix, Inc. (NFLX) up 79 cents to 157.95.

It was really a narrow day for a lot of stocks.

Baidu, Inc. (BIDU) gained 11 cents to 191.80, Facebook, Inc. (FB) dropped 17 cents to 148.07, and First Solar, Inc. (FSLR) closed flat at 36.47.

Tesla Motors, Inc. (TSLA) lost 6.49 to 303.86.

The only other stock to the upside on our board today was Bluebird bio, Inc. (BLUE), up 1.40 to 80.35.

On the downside, the Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 9 cents to 47.29, NVIDIA Corporation (NVDA) lost 1.87 to 137.03, and Mazor Robotics Ltd. (MZOR) gave back 2.30 to 40.02.

Checking TheTechTrader.com percent-gain leaderboard, on positive earnings and development progress, Cleveland BioLabs, Inc. (CBLI) popped 59 cents, or 16.6%, to 4.14. Sangamo Therapeutics, Inc. (SGMO) bounced 75 cents, or 10%, to 10.07, on 1.9 million shares traded.

GlycoMimetics, Inc. (GLYC) climbed 2.24, or 20%, to 13.25, on 12.5 million shares traded, reaching as high as 14.30 at one point. Bunge Limited (BG) had a very interesting day, spiking 16.6% on takeover rumors, running up to 82.40, before pulling back slightly and closing up 11.63, to 81.70, on 9 million shares traded. Puma Biotechnology, Inc. (PBYI) snapped back 5.20, or 10%, to 57.80, on 5.6 million shares traded.

The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) ran 7.41, or 11%, to 77.70, on 2.9 million shares traded.

Among other gainers, Endo International plc (ENDP) was up 1.04 to 12.88, Take-Two Interactive Software Inc. (TTWO), on earnings, up 3.79 to 72.83, and AveXis, Inc. (AVXS) 3.77 to 72.83.

The VelocityShares 3x Inv Natural Gas ETN (DGAZ) thrust 1.40 to 19.57.

Stepping back and reviewing the hourly chart patterns, the indices gapped at the opening, pulled back in rising wedges, rolled over late morning, but failed to take out secondary support. They backed and filled the rest of the day, and finished positive on the session.

Good Trading!

Harry

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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.

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