Six of nine sectors moved
higher on Tuesday…XLV,
XLF and XLY were
the strongest sectors.
Breadth weakened on Tuesday as advancers led decliners …1.26 to 1 on the NYSE and decliners led advancers 1.10 to 1 on the NASDAQ…
SPY up 6 cents at 139.19...volume down to 117.4 million shares
VIX -0.16 at 15.08…
TNX +0.45 at 16.56…
TNX +0.45 at 16.56…
TLT down -1.26 at 124.40…
XLF up 8 cents at 15.65…volume 40.5 million shares
XLF up 8 cents at 15.65…volume 40.5 million shares
AAPL down -4.82 at 560.91…volume 22.9 million shares …
FB up 18 cents at`23.10…volume 46.5 million shares…
__________________
Technical
Commentary:
The SPY paused on Tuesday following large gains
on Monday. Tuesday’s pullback stayed
above the S1 area of Monday’s range
including its gap, indicating buyers are willing to buy pause pullbacks. The
VIX moved down and did confirm the
SPY move up.
The ES and NQ futures also
bounced off of S1 and rallied.
When the SPY
turned negative just after 1 pm the Euro, TNX and XLF
stayed relatively strong and TLT and VIX remained relatively
weak suggesting the pullback would be temporary. The SPY bounced more than $1 from its
low closing up six
cents for the day.
Volume was lighter
across most issues and traders look to the Thanksgiving holiday weekend.
Weight of the
evidence suggests
recent support is the near-term low and this bounce is likely to continue.
The Euro closed up 4 pips
at 1.2812. TNX, interest rates rose
and TLT, bonds moved down -1.26 and confirmed its
shooting star candle.
XLF was up 8 cents BO setup.
SPY – S1 holds, BO
setup
AAPL – S1
holds, black candle
FB – S1 holds, BO
setup
FAS – gap holds
support, BO setup
AMZN - divergence bounce
continuation
EXPE - flag bounce continuation,
nearing BO setup
STX – spinning top, lower
low, IT support
VIAB – black candle,
holds DBO test
RIMM – black candle
gap
SWK – bounce continuation
nearing BO setup
URI – doji, DBO
setup
CRUS – S1 holds
YELP – black candle
gap
SWI – bounce continuation
RAX – divergence bounce
continuation
PHM - bounce
continuation off IT support
F – doji, flag
bounce continuation
XHB - bounce
continuation off IT support
XRT – holds
horizontal BO test
BO = breakout, DBO = diagonal breakout, CT = counter-trend, IT =
intermediate term
The Market Forecast Green Line is pointed
up in the lower reversal zone.
____________________
Chart Targets:
SPY = 139.37, 140.39 short-term resistance
ES = 1,386, 1,393 short-term resistance
ES = 1,386, 1,393 short-term resistance
EUR/USD = 1.2876, 1.3020 short-term resistance
Short-term support at
1.2659 = Euro
1.2659 = Euro
134.70 = SPY
73.26 = SPXL
1,342.50 = ES
2,513 = NQ
1,342.50 = ES
2,513 = NQ
Setups:
Bull Flag: QCOM, RCL, AOL, EXPD, JOE, ROVI, CIEN, JDSU, HNT, TRIP, PENN, FLO
Bull Flag: QCOM, RCL, AOL, EXPD, JOE, ROVI, CIEN, JDSU, HNT, TRIP, PENN, FLO
Diagonal Setup: MCO
Confirmed MACD Divergence: DIA, QQQ,
GOOG, CTSH, IBM
Moves:
Gap Up: DSW,
Gap Down: BBY,
HPQ, PDCO
Bounce: TXN, CELG, CHRW
Continuation: WHR, PCLN, EXPE, GILD, TSN,
LNKD, CERN, AVY, AGQ, F, DDS, SBUX, AAN,
SPY, DIA, QQQ, IWM, GOOG, V, VMED, PCAR, FL, THC, FB, SHLD, SIRO, BKD
Pause: ISIL, HCA, CREE, LLTC, TER, NTAP, VAR, WDC, BTU, CTSH, IBM,
INGR, SMH, DV, VMW, ADSK
____________________
55 of 100 NDX stocks closed higher and one unchanged on Tuesday…
Leading NDX 100 stocks included: SHLD,
BIIB, DLTR, SIRI, CELG, WFM, GMCR, LIFE, AMZN, BIDU
Lagging NDX stocks included: NUAN, APOL, SPLS, INTC, WCRX, INFY, STX, LINTA, CTXS, DELL
Leading stocks > +2% on Tuesday included: GRPN, MCP, ZAGG, MOS, AKS
Lagging stocks < -2.0% included: CLF, TSL, LDK, ANR, UCO, ESI, A, SINA, WDC, CROX, VECO
Stocks to
Watch on Wednesday…
Holding Above 30 DMA = 29
YHOO, MYL, ORLY, CERN, NFLX, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, SPLS, CSCO, NTAP, EXPE, GMCR, ISRG, VMED, ATVI, CHKP, EA, EXPD, LLTC, MXIM, PCAR, SYMC, TXN, XLNX
YHOO, MYL, ORLY, CERN, NFLX, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, SPLS, CSCO, NTAP, EXPE, GMCR, ISRG, VMED, ATVI, CHKP, EA, EXPD, LLTC, MXIM, PCAR, SYMC, TXN, XLNX
Moving Above
30 DMA = 8
AMGN, BIIB, CELG, COST, DLTR, EBAY, LIFE, SIAL
Moving Below 30 DMA = 0
Staying Below 30 DMA
DELL, LRCX, CHRW, MU, SIRI, KLAC,
LINTA, SHLD, SRCL, FLEX, STX, WYNN, ADBE, AVGO, CMCSA, INTU, MAT, NWSA, SYMC, ADSK,
AKAM, AMAT, FISV, GOLD, MCHP, MSFT, NVDA, ORCL, PAYX, PNRA, SNDK, WFM, FOSL, ADP,
FAST, INTC, BIDU, CTSH,
PCAR, VIAB, ALXN, ESRX, MNST, TXN, VRSN, GOOG, MYL, APOL, INFY, ORLY, VRTX, AMZN, BMC, FFIV, GRMN, VOD, WCRX, DTV,
NUAN, AAPL, BRCM, CA, CTXS, SYMC, ALTR, BBBY, KLAC, ROST, MRVL, KRFT
Six Week
Intermediate Term Market Trend: Down
Short Term
Market Trend: Up
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