SPY Drops as Euro Collapses over Spain, Greece Worries...AAPL Moves Up...

The Euro collapsed 137 pips to 1.2366, a new one year low as worries continue over Spain and Greece.  TNX interest rates dropped to a new all-time low at 16.25.  Financial stocks dropped -33 cents and bonds hit a new high.  The SPX closed at 1,313.32 above its 1,300 support area and the short-term trend of the last six days shifted to neutral .

All nine sectors moved lower on Wednesday. XLV, XLU, and XLK were the strongest sectors.

Breadth weakened as decliners led advancers 6.61 to 1 on the NYSE and 3.73 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ

Advancers          397             536

Decliners         2,625          2,004

SPY moved down $1.94 on 162.3 million shares…

AAPL was up +6.90 at 579.17 on 18.9 million shares as Apple 3G product received a network license for sales in China...

FB -0.65 at 28.19 on 57.2 million shares a new low.....

GRPN -69 cents, -5.85% in bull flag following reversal pattern…

C Pattern Continuation: WFM, SRCL, DLTR, ALXN

C Pattern Pull back: SWKS, AVGO, A, SIAL, CMG, COST

C Pattern Entry: AAPL

C Pattern Setup: FISV, SBUX, CRM, GOOG, INTU, CTXS, CMCSA, MSFT, ZAGG, SHLD, V, CSTR, FAST, DHR, TSLA

Breakout: CRUS, BBBY

Breakout Setup: MNST, ROST, SWI

Bounce: VECO, CERN

Bear Flag Bounce: CROX, ALTR, BMC, ORLY, VRSN, BIIB

Daily/Weekly Bull Flags: WCRX, GRPN

MACD Histogram Bullish Divergence: CTXS, RVBD, CIEN, MCP, SOHU, VMW, TPX, JDSU, MOS, INFA, F, BIDU, NFLX, QCOM, NVDA, VMED, PNRA, MSFT, MRVL, MCHP, INFY, GOLD, EXPD, CTRP, CHKP, CELG, ADBE, AKAM

Technical Commentary:

The SPY sold off and shifted from a short-term up trend to a neutral sideways trend.  Euro worries created a selling mood on Wall Street.  Even though the Euro made a new low the SPY closed above 131 and above its low on May 18.

Tuesday Highlights: 

SPY closes down $1.94

The Euro fell 137 pips, closed 1.2366

TNX -1.06

VIX jumped +3.11, below 25 at 24.14

XLF closed down 33 cents

13 of 100 NDX stocks closed higher on Wednesday…

Leading NDX 100 stocks included VRTX, TEVA, AAPL, MNST, ISRG, DLTR, AMGN, EXPE, CELG, FOSL

Lagging NDX stocks included SHLD, RIMM, FSLR, EBAY, APOL, AVGO, ALTR, CTSH, GMCR, WCRX

Leading stocks > +2% on Wednesday included FAZ, LDK, TLT

Losing stocks < -2.0% included PCX, ZAGG, UCO, ANR, FAS, GRPN, ATI, ANF, TBT, X, URE, CROX, SWKS, AKS, TSL, SLB, DECK, TSLA, RVBD, SWI, C, CIEN, MCP, CREE, SINA, TPX, GS, INFA, CRM, CRUS, SWK, BAC, MOS, LVS, CLF, RCL, WDC, DLR, ESI, GES, FCX, DHR, ZION, V, ICE, FB, CSTR, STI, COH, NKE

Stocks to Watch on Thursday

Holding Above 30 DMA = 11

TLT, CRUS, SWI, VECO, FAZ, UAL, V, A, SWKS, CMG, NTES

Moving Above 30 DMA = 0

Moving Below 30 DMA = 7

CSTR, DECK, DHR, GRPN, NKE, TSLA, ZAGG

Staying Below 30 DMA

CRM, LDK, LNKD, CHL, URE, CREE, TSL, STI, WDC, DLR, ANF, ATI, DE, GLW, IBM, SLB, VMW, ESI, FAS, FCX, SMH, TIF, UCO, AKS, ANR, JNPR, X, HLF, SOHU, HUM, CROX, LVS, CIEN, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, ZION, INFA, BAC, TBT, F, JDSU, C, GS, COH, MOS, ICE, SINA, GES, CDE

Eight Week Intermediate Term Market Trend: Down

Short Term Market Trend: Neutral