Tuesday, July 9, 2013

IWM All-time High Leads Market Higher...TSLA, YELP All-time Highs...SWI Reversal Breakout...

All nine sectors moved higher on Tuesday… XLV, XLK and XLY were the strongest sectors…XLB was the weakest sector.

Breadth strengthened advancers led decliners…2.86 to 1 on the NYSE and 1.58 to 1 on the NASDAQ…

Tuesday – strengthened, advancers led
Monday – strengthened, advancers led
Friday – strengthened, advancers led
Thursday – closed 4th of July
Tuesday – weakened, decliners led


SPY up 1.18…volume 118.9 million shares
VIX down .43 at 14.35…
TNX down .15 at 26.30…
TLT up .11 at 107.40...
XLF up .17 at 20.14…volume 74.9 million shares

AAPL up 7.30 at 422.35volume 12.5 million shares
FB up .77 at 25.48volume 30.3 million shares


Technical Commentary:
IWM + 0.93%, SPY + 0.72%, QQQ + 0.61%, DIA + 0.51%.

Stocks were again led by the small cap Russell Index with IWM making another all-time high close.  Leadership by small caps continues to be a positive technical factor.  SPY closed at its June 18 resistance level and is set up for a horizontal breakout. 

XLB was the strongest sector today with a gap up closing up .60 or 1.54%.  It is nearing its diagonal breakout.  XLI the second strongest sector was up 1.42% with a diagonal breakout
XLF up .85% today is nearing a horizontal breakout of mid-May.

TSLA 1.84, 1.51% closed at another new all-time high.

ISRG gapped down sharply today 80.78 or 16.15% after company announced late Monday second quarter sales likely to fall.

NFLX gained 14.28 or 6.13% and is near the high of mid-May and could possibly have a second horizontal breakout tomorrow.

YELP reached an all-time high today of 37.24 up 2.33 or 6.67%.

SWI +1.30, +3.10%, broke out of horizontal resistance of its W-pattern bottom reversal pattern.

KLAC rose today 2.66 up 4.79% with a horizontal breakout.  YHOO had a diagonal breakout and was up today 1.15 or 4.51%.  ALK bounced today with a diagonal breakout up 3.98 or 7.66%.


The unofficial start of earnings season was Monday, July 8 with AA reporting earnings after the close.

Earnings of Interest
Monday – AA, ISRG
Wednesday – FAST, YUM
Friday – JPM, WFC


Chart Signals Strategy Guidelines
When the market is trending up Chart Signals looks for support bounce and resistance breakout entries. 

When the market is trending down Chart signals looks for resistance pull back and support break entries. 

When the market is sideways in consolidation Chart Signals will look for support bounce, diagonal breakouts and pull backs at resistance where price action stays between support and resistance

Technical setups for short-term option trades be in and out by earnings release.
Over earnings release use earnings option strategies such as straddles, strangles, OTM calls or puts.
After earnings look for bullish setups in positive reaction stocks and bearish setups in negative reaction stocks.


The Market Forecast Green Line is below the Upper Zone and is pointed up. 

____________________

Setups
H Breakout: AMAT, CTSH, GOOG, NFLX, NTAP, TXN, BAC, CIEN, FAS, SOHU, Z,

Diagonal Breakout: AMGN, BIDU, MSFT, CLF, JCP, SINA, WLT,

Bull Flag:  MU, GRPN, PWRD, SPLK, SSYS, TBT,

Potential Bullish Divergence:  

Gap Up:

Gap Down: 

Bear Flag:   

At Support:  



Moves
New Highs:  AMZN, BBBY, CSCO, ESRX, PCLN, WDC, WFM, CMG, MFRM, TSLA, XONE, YELP,

Gap Up:  CMCSA, MAT, SIRI,

Gap Down:  ANGI,   

H&D Breakout: ADBE, ADSK, ATVI, FAST, FB, YHOO, ALK, ATI, GLW, LVS, RCL, SPY,

Breakout Test:  

Bounce:  SHLD,  

MACD Divergence Bounce:  

Bear Flag:  

Support Break:  QCOM,

______________________


77 of 100 Leading NDX stocks closed higher on Tuesday...and one was unchanged.


Leading NDX 100 stocks included:  NFLX, KLAC, YHOO, AMAT, SIRI, SHLD, FB, REGN, ATVI, EXPD, FAST, BIDU, BBBY, MXIM

Lagging NDX stocks included:  ISRG, MU, CERN, DTV, CTRX, NWSA, MNST, VIAB, QCOM

Leading stocks > +2% on Tuesday included: YELP, MCP, AKS, MOS, ESI, DE, SWI, ATI, HLF, CLF, DECK, FAS, SLB, TPX, ANR, CREE, ANR, CHL, GES, GS, JNPR

Lagging stocks < -2.0% included:  TSL, LDK, JDSU, GRPN, SSYS, ZION, FAZ

Stocks to Watch on Wednesday
Holding Above 30 DMA= 70
SPLS, AVGO, CSCO, AMZN, DLTR, ADBE, INTU, SBUX, BBBY, EXPE, MCHP, PCLN, SNDK, SRCL, VRTX, ALTR, CA, LINTA, MAT, MNST, ORLY, PCAR, ROST, STX, VOD, VIAB, FB, LBTYA, KRFT, LMCA, CMCSA, GOOG, HSIC, DISCA, VRSK, ADP, ALXN, CHKP, CTSH, DTV, EBAY, FOSL, NTAP, SYMC, WFM, WDC, NFLX, BMC, CELG, ESRX, FISV, LLTC, XLNX, ADI, ATVI, BIIB, CHRW, COST, CTXS, EXPD, GILD, LIFE, MYL, NUAN, PAYX, XRAY, TXN, DELL, SIAL, SIRI

Moving Above 30 DMA = 5
AKAM, AMAT, GRMN, KLAC, YHOO

Moving Below 30 DMA = 2
CERN, MU

Staying Below 30 DMA
ISRG, INTC, MSFT, NVDA, CTRX, ORCL, WYNN, MDLZ, BIDU, GOLD, REGN, AAPL, FAST, FFIV, BRCM, SHLD, SBAC, QCOM, EQIX, ADSK, AMGN, MXIM, NWSA

Four-Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up

No comments: