MARCUSACTIONTRADING

The stock market indices had an extremely negative session, gapping down at the opening, stair-stepping their way lower most of the day, consolidating most of the afternoon until late in the day, cracking to the lows for the day.

Net on the day, the Dow was down 332.78 at 17,662.91. The S&P 500 was down 35.27 at 2044.16. The Nasdaq 100 was down 83.91 at 4329.08. They all closed at the lows for the day.

Advance-declines were nearly 3 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume was 7 to 1 negative on New York, with total volume of 3.6 billion shares. Nasdaq traded over 1.87 billion shares, and had a 5 to 1 negative volume ratio.

TheTechTrader.com board was red, and there were no point-plus gainers today. Priceline.comIncorporated (PCLN) was down 25.91 to 1191.09, Google Inc. (GOOG) down 13.84 to 555.01, Apple Inc. (AAPL) down 2.63 to 124.51, Amazon.comInc. (AMZN) down 9.05 to 369.51, and Netflix, Inc. (NFLX) 10.57 to 435.06.

Other losers of note included Cyber-Ark Software Ltd. (CYBR) down 3.09 to 54.70, Facebook, Inc. (FB) down 1.89 to 77.55, FireEye, Inc. (FEYE) down 1.83 to 41.43, NXP Semiconductors NV (NXPI) 1.17 to 97.55, and Royal Gold, Inc. (RGLD) 1.95 to 58.83.

Solars were down, with First Solar, Inc. (FSLR) falling 1.20 to 59.86, and JinkoSolar Holding Co. (JKS) gaving back 1.35 to 22.11.

Twitter, Inc. (TWTR) lost 1.75 to 45.84, and VASCO Data Security International (VDSI) shed 1.46 to 21.54 in a very weak cyber-security group.

Checking the TheTechTrader.com percent-gain leaderboard, Geron Corporation (GERN) gained 44 cents to 4.10, or 12%, on 25 million shares.

ACADIA Pharmaceuticals Inc. (ACAD) ran 6.95 to 45.88, or 18%, on 8.2 million shares. Urban Outfitters Inc. (URBN) closed up 4.55 to 44.06, or 12%, on 10.7 million shares, on strong earnings.

The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) ran 1.70 to 16.16, or 12%, on 7.6 million shares, reaching as high as 17.42. The Direxion Daily Russia Bear 3X ETF (RUSS) climbed 1.61 to 14.83, or 12%, on 2.3 million shares.

Among other gainers, Hyperion Therapeutics, Inc. (HPTX) was up 3.08 to 32.94, Otonomy, Inc. (OTIC) up 2.71 to 39.48, XO Group Inc. (XOXO) up 1.30 to 16.73, and Seattle Genetics, Inc. (SGEN) 2.23 to 37.16.

The ProShares Ultra VIX Short-Term Fut ETF (UVXY) popped 1.08 to 18.92.

Stepping back and reviewing the hourly chart patterns, after going down and then going sharply lower, the indices bounced midmorning, only to pull back into midday at slightly lower lows, and then tried to consolidate in what looks like bear flags. By midafternoon they headed lower again, but held support all afternoon until the last ten minutes when they cracked.  

It was an extremely negative day on Wall Street, and the tops are definitely in, as 5-wave declines have occurred, and the Mcclellan oscillator are starting to get quite oversold. They closed the day at minus 176 after being down 193 at the low. They're pretty oversold. Not as deep as we've seen before in the minus 250-300 range but oversold enough to trigger some kind of rally, perhaps tomorrow.