The SPX rose to its 1,170 resistance as interest rates rose and Financials XLF led all sectors in front of INTC earnings after the close on Tuesday…
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Exchange NYSE NASDAQAdvancers 1,670 1,531
Decliners 1,300 1,096
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Index Direction ConfirmationVIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Tuesday included GMCR, DECK, CRM, FFIV, UAL, ATW, VMW, AGU, RVBD, FAS, BAC, IPI, WFMI, MOS, TBT, GS, USD, AIV, URE, STI, SNDK, ZION, WHR, HSY, CMG, PCLN, ICE, NFLX, HANS, NETL, UNG, NTRI, LVS, SKX, GES, RMBS, DLR, AMD, SPG, LXK, GR, NDAQ
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Losing stocks included FAZ, GME, ESI, CREE, UNP, X, WMT, CLF, TLT, BUCY, AKS, CHL, DE, PCP, CAT, TIE, FLS, ATI, UCO, SINA, FDX, VOD, TSL, AMX, MA, HAS, SWN
Interest rates rose, bonds moved down, the EURO rose, the SOX rose and the VIX closed fractionally lower -0.03 at 18.93.
Financial stocks XLF, FAS, MS, USB, BAC, RF, GS, CME, JPM, AXP, ZION, C, WFC, ICE, SPG, NYX and STI had nice support bounce moves on Tuesday as interest rose and bonds moved lower. Most of these stocks are setting up for a resistance breakout.
Six of nine sectors moved higher led by Financials XLF +1.12%, Technology XLK +0.60%, and Materials +0.26%. Advancers led decliners 1.28 to 1 on the NYSE.
The SPX trading range increased 10 points to 16.87 on Tuesday and the SPY volume rose from 102 million shares to 181.9 million shares.
After the Close INTC reported 52 cents vs. 50 cents consensus and raised guidance for Q4. CSX reported 1.08 vs. consensus of 1.04. FAST reported 51 cents vs. 50 cents consensus. LLTC reported 59 cents missing consensus of 61 cents.
As a bellwether company INTC earnings set a positive tone for the beginning of the Q3 earnings season. Each company will be trading on its own report whether it beats estimates a gives a strong Q4 guidance, however, a good INTC report is a significant first step to what could be a strong earnings season.
Wednesday Earnings: JPM
Thursday Earnings: AMD, GOOG
Friday Earnings: GE
Tech stocks that were swept lower in the analyst down grade effect including EQIX, CTXS, CRM, FFIV, RVBD, VMW, ALAM and NTAP all rose on Tuesday.
SPX
Resistance: 1,170, 1,182
Support: 1,148, 1,130, 1,115
Enter bullish trades with a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Wait to take bearish entry signals for a bounce down from resistance or a close below of the low of the high day.
The VIX fell -0.03 to 18.93.
The short term 3 day trend is up.
The three-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch. Trade with the trend of the chart and follow your rules.
AAPL +3.18 – white candle did not confirm potential shooting star
QCOM +0.61 – white candle
GOOG +2.55 – spinning top did not confirm potential shooting star
BIDU -0.12 – hammer
NDX 100 stocks stronger than the NDX include: WCRX, SBUX, AKAM, CTXS, ADSK, CHKP, INTU, AMZN, STX, ALTR, LOGI, FLIR, CTSH, NVDA and ILMN.
Stocks weaker than the NDX: ERTS, FAST, EXPE, IACI, VRTX, FSLR, COST, ISRG, CTAS, PPDI, DISH, ESRX, PCAR, JOYG and CHRW.
Stocks to Watch on Wednesday
Holding Above 30 DMA
HLF, PCLN, AGU, MCD, LVS, NFLX, CMG, TSL, FCX, SINA, VOD, AIV, DE, DHR, DOW, PCP, SWK, UNP, URE, WLT, WMT, A, HAS, IPI, JEC, LXK, CAT, ICE, FAS, FLS, MHS, ATW, STI, ACN, AMX, GES, RMBS, ZION, NDAQ, UAL, USD, MA, NETL, ESI, GME, HSY, CHL, FDX, NTRI, AMD, TIE, V, ATI, BA, DECK, GR, UCO, USO, WHR, AKS, BYI, CLF, GS, SPG, HANS, MOS, SNDK, SWN, UPS, VECO, SKX, CSTR, CREE, POT
Moving Above 30 DMA = 3
BAC, RVBD, TBT
Moving Below 30 DMA = 1
CRUS, X
Staying Below 30 DMA
FFIV, TLT, NYX, PNC, DLR, VMW, WFMI, NTES, CRM, GMCR, FAZ, UNG
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
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