SPY Rallies From Low Closes At Support...

The SPY opened lower on Wednesday and fell to 134.49 by 10:30 am EDT on approximately 52 million shares, then buyers took control and the SPY rose 2.12 to 136.61 on approximately 98 million shares before pulling back 87 cents to close at 135.74.  The SPY formed a spinning top, a neutral candle pattern, in the area of its 136 support.  The price action again suggested an intra-day reversal.  

Two of nine sectors moved higher on Wednesday.  XLU, XLK, and XLY were the strongest sectors.

Breadth weakened as decliners led advancers 2.12 to 1 on the NYSE and 1.82 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ

Advancers         967             881

Decliners        2,044          1,610

SPY moved down 81 cents on 220.7 million shares…

 AAPL was up 1.00 to 569.18 on 17.2 million shares…

MNST +8.09, +12.54% after-hours earnings

PCLN -28.07, -3.90% after-hours earnings

Technical Commentary:

Many stocks along with the SPY and QQQ bounced from intra-day lows or paused on Wednesday.  There were also several Hammer Bounces.  Check out Wednesday’s Fag Setups.

Flag Bounce – CHL, CRUS

Flag Setup – FIRE, BGC, CATM, KORS, LULU, GRMN, URE, DLR, NKE, LNKD, TSL, SWI, STI, ROST, ORLY, BIIB, VRSN, DLTR, STX, WCRX, AMZN, CTXS, EXPE

Hammer Bounce – LRCX, WDC, CHKP, EBAY, GILD, INTU, X, AAPL, STX, NFLX, FFIV, NUAN, ADSK, SHLD, XLNX, ZAGG, ORLY

Hammer – ZION, AKAM, MAT, MXIM, AMAT, INTC, LIFE, XRAY

Hammer Pause - AMZN, SWI, ALXN, VOD, BA, CERN, DDD, MRVL, ISRG, SWK, BRCM, FAST, FISV, GWR, BAC, DLTR,

Bounce Pause - VECO, GOOG, BIIB, UAL, ADM, AMGN, ADP, ADBE, KLAC, PAYX, SPLS, FLEX, PNRA

33 of 100 NDX stocks closed higher on Wednesday…

Leading NDX 100 stocks included GILD, FSLR, NFLX, MU, SIRI, SNDK, LRCX, CHKP, EBAY

Lagging NDX stocks included VRTX, TEVA, WYNN, CERN, BIDU, EA, ESRX, MCHP, SRCL,

Leading stocks > +2% on Wednesday included TPX, TSL, HLF, FAZ, WDC, CRM

Losing stocks < -2.0% included PCX, FAS, HUM, C, GRPN, RCL, MOS, STI, CIEN

Stocks to Watch on Thursday

Holding Above 30 DMA = 11

TLT, URE, CHL, LNKD, CRUS, CREE, SWI, TSL, VECO, FAZ, UAL

Moving Above 30 DMA = 0

Moving Below 30 DMA = 1

DLR

Staying Below 30 DMA

STI, NTES, NKE, ATI, ANF, AGI, ZAGG, CRM, FCX, IBM, SLB, CMG, DHR, ESI, FAS, FCX, SMH, SWKS, TIF, UCO, V, AKS, ANR, JNPR, X, HLF, SOHO, DECK, HUM, WDC, CROX, LVS, FAZ, CIEN, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, X, ZION, INFA, BAC, A, TBT, F, JDSU, C, GS, TSLA, COH, GRPN, MOS, ICE, SINA, GES, CDE, LDK

Six Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Down