The SPY continued to pause prior to the start of earnings season
with the release of AA earnings after the close. AA met EPS and exceeded on revenues and
the stock rose 10 cents in after-hours trading on 4 million shares.
Two of nine sectors moved higher on Tuesday… XLB, XLV and XLP were the strongest sectors. XLI was
the weakest sector.
Breadth strengthened on Tuesday as decliners led advancers…1.01 to 1 on the NYSE and
1.12 to
1 on the NASDAQ…Breadth strengthens as advancers increase and or
decliners decrease. Breadth weakens as
advancers decrease and or decliners increase.
Tuesday – strengthened, decliners
led
Monday – weakened, decliners led
Friday – strengthened,
advancers led
Thursday – weakened,
advancers led
Wednesday –
strengthened, advancers led
The SPY pulled back to
gap support and traded in a tight 93 cent range. Though the SPY has moved sideways for five days, the Jan 2
gap support continues to hold. At
resistance traders should watch closely for prices to rollover and
be prepared to protect profits, while at the same time be
prepared to continue with the uptrend if a breakout of resistance occurs.
SPY down 42 cents at 145.55...volume 121.1 million
shares…
VIX down .17 at 13.62…
TNX down .32 at 18.71…
TNX down .32 at 18.71…
TLT up 78 cents at 119.23…
XLF down 5 cents at 16.96…volume 41.8 million shares
XLF down 5 cents at 16.96…volume 41.8 million shares
AAPL up 1.14 at 525.31…volume 16.4 million
shares …
FB down 36 cents at`29.06…on volume of 45.8 million shares…
__________________
Technical Commentary:
The SPY formed a
potential hammer candle pattern after pulling back to gap support. IWM pulled back just 6 cents
on Tuesday, formed a
dragonfly doji and continues to lead the broad index ETFs. FOSL, GILD and LIFE, broke through
resistance on Tuesday and gave fresh entry signals.
Trade what you see on the
chart of your position. If it is
breaking out of resistance take the trade or stay with the uptrend according to
your rules. If the stock begins to
rollover protect your profits.
The Euro dropped 35 pips to close at 1.3080 on Tuesday.
Disk storage stocks WDC -2.14% and STX -0.28% forming bull flag patterns.
Coal stocks ANR, ACI, BTU, CNX, JRCC and WLT all pulled back on
Tuesday. Chinese solar stocks TSL and LDK continued their multi-week
uptrend, after spending 2012 in a strong down trend.
The Market
Forecast Green Line is pointed up
in the upper reversal zone.
____________________
Setups
Breakout: CTRP, CTXS,
JOY, SPY, BRCM, RCL, ACI, BTU, JRCC, NKE, MCP, EBAY
Bull Flag: IWM, ADBE, ADSK, QCOM, ROST, FFIV, CRM, CIEN,
GLW, IBM, JNPR, DECK, FSLR, GMCR, CTSH, SBAC, STX, WDC, ADI, EXPD, PCAR, TXN,
COST, ZION, YELP, LMCA
Moves
Breakout: FOSL, GILD, LIFE, FB, NFLX, AMZN, CERN, WLT,
TRIP, WAG, EQIX, GOOG, SNDK, ANR
Bounce: VIAB, NUAN, CRUS
____________________
37 of 100 NDX stocks closed
higher and one was
unchanged on Tuesday…
Leading NDX 100 stocks included: CELG, DISCA,
FOSL, VRTX, CHKP, SIRI, LIFE, NUAN, YHOO, MNST
Lagging NDX stocks included: SHLD, REGN, DELL,
KLAC, DLTR, NTAP, NVDA, ALTR, WDC, XLNX
Leading stocks> +2% on Tuesday included: TSL, LDK, HLF, COH, TIF, LVS
Lagging stocks < -2.0% included: MCP,
AKS, SWKS, DECK, CIEN, RVBD, ATI, SOHU, ANR, X, ESI, WDC, JNPR, JDSU, NFLX,
ZION
Stocks to Watch on Wednesday…
Holding Above 30 DMA = 80
YHOO, SBUX, CSCO, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, ADBE, GOOG, GRMN, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, AKAM, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, EXPE, LINTA, MU, MXIM, MYL, NVDA, SRCL, SYMC, VRTX, WYNN, XRAY, PRGO, FB, ALXN, CA, CELG, CERN, GILD, HSIC, INTU, LIFE, PCLN, QCOM, MDLZ, CTRX, ROST, SPLS, VOD
YHOO, SBUX, CSCO, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, ADBE, GOOG, GRMN, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, AKAM, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK, ADP, AMZN, BRCM, CMCSA, DTV, EBAY, EXPE, LINTA, MU, MXIM, MYL, NVDA, SRCL, SYMC, VRTX, WYNN, XRAY, PRGO, FB, ALXN, CA, CELG, CERN, GILD, HSIC, INTU, LIFE, PCLN, QCOM, MDLZ, CTRX, ROST, SPLS, VOD
Moving Above 30 DMA =1
BMC
Moving Below 30 DMA = 6
AMGN, ATVI, ESRX, NTAP,
REGN, SHLD
Staying Below 30 DMA
ORLY, PAYX, WFM, MNST, MSFT, AAPL, BIIB, MAT, DLTR, BBBY, ISRG, AVGO, GOLD
Seventeen Week
Intermediate Term Market Trend: Neutral
at Resistance
Short Term Market Trend: Neutral
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