The SPY continues to trade in a narrow neutral short-term range of the
past five days below its 30 DMA. Trading appears to be waiting range awaiting
clarity on the Greek elections this weekend.
After a trade reaches a target, Chart Signals begins to look for re-entry. After reaching a horizontal resistance
target, a typical entry would be the breakout.
Eight of nine sectors moved lower on Wednesday.
Defensive sectors XLU, XLV,
and XLP were the strongest sectors.
Breadth
weakened as
decliners led advancers 2.16 to 1 on the NYSE and 2.31 to 1 on the NASDAQ.
Exchange NYSE
NASDAQ
Advancers 955 747
Decliners 2,064 1,727
SPY moved down 85 cents on 172 million shares closing below its 30 DMA and
forming a black spinning top. The SPX closed
down -9.30 at
1,314.88 below resistance at
1,335.
The
Market Forecast green line is pointed up.
AAPL
was down -4.00 at 572.16 on 10.5 million shares...
FB
-13 cents at 27.27 on 17.1 million shares...
GRPN
-35 cents, -3.52%…
C
Pattern Continuation: SRCL, SWKS, AVGO, FISV, AAPL, CSTR
C
Pattern Pullback: INTU, SIAL
C
Pattern Reversal:
C
Pattern Entry:
C
Pattern Setup: QCOM, AKAM, ORLY, CMG, MSFT, SBUX, GOOG, SHLD, V, DHR, A, CTXS,
VMW, ZAGG, TSLA, CRM,
Breakout:
VRSN, ROST, VMED
Breakout
Continuation: MNST, MCHP, DLTR
Breakout
Setup: AVGO, CSTR, RVBD, C, JDSU, EXPD, ALXN, SPY, DIA, QQQ, IWM, AAPL, ICE, CHKP, FAS,
VECO, URE, CRUS, WFM, MOS, F, BIDU, PNRA, LVS
Bounce:
GOLD
Daily/Weekly
Bull Flags: COST, INFA, MCP, SOHU
MACD
Histogram Bullish Divergence Confirmed: ALTR, TPX, NFLX, MRVL, CROX
Technical Commentary:
The
Euro rallied but TNX, XLF and SPY fell.
The VIX and bonds moved higher.
XLY and XRT moved lower after May retail sales reported a -0.2% decline.
Tuesday Highlights:
SPY
closes down 85 cents
The
Euro moved up 52 pips, closed at 1.2555
TNX
-0.62
VIX
rose +2.18, below 25 at
24.27
XLF
closed -4 cents at 14.04
14 of 100 NDX stocks closed higher on Wednesday…
Leading NDX 100stocks included STX, DELL, VRSN, GOLD, CELG, RIMM,
BMC, AVGO, AMGN, GMCR
Lagging NDX stocks included FSLR, VMED, EA, SHLD, CHKP, SBUX, PNRA,
FOSL, EXPE, NVDA
Leading stocks > +2% on Wednesday included UAL, SWKS
Losing stocks < -2.0% included PCX, LDK, TSL, DECK, NKE,
TPX, GRPN, JDSU, COH, VECO, TIF, CLF, CRM, NTES, ATI, VMW, MOS, CRUS, RCL, SWI
Stocks to Watch on Thursday
HoldingAbove 30 DMA = 11
TLT,
FAZ, CRUS, SWKS, CIEN, ICE, CDE, GES, CSTR, HUM, BAC
Moving Above 30 DMA =1
DLR
Moving Below 30 DMA = 5
F, GLW, MOS, NTES, TSL
Staying
Below 30 DMA
CMG, DECK, NKE, RVBD, UAL, VECO, SINA, SWI, A, DHR, GRPN, TSLA, V, ZAGG, CRM, LDK,
LNKD, CHL, URE, CREE, STI, WDC, ANF, ATI, DE, IBM, SLB, VMW, ESI, FAS, FCX,
SMH, TIF, UCO, AKS, ANR, JNPR, X, HLF, SOHU, CROX, LVS, PCX, RCL, CLF, MCP,
SWK, TPX, ZION, INFA, TBT, JDSU, C, GS, COH
Eight
Week Intermediate Term Market Trend:
Down
Short Term
Market Trend: Neutral
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