All nine sectors moved lower on
Thursday…However XLE, XLB and XLI were
the strongest sectors…XLY was the
weakest sector.
Breadth weakened…decliners
led advancers…5.83 to 1 on the NYSE and 4.30 to 1 on the NASDAQ…
Thursday
– weakened, decliners led
Wednesday – weakened,
decliners led
Tuesday – strengthened –
advancers led
Monday – strengthened –
advancers led
Friday – weakened –
decliners led
SPY
down 2.36…volume 152.9 million shares
VIX
up 1.69…at 14.73…
TNX
up .43 at 27.55…
TLT
down 1.42 at 103.73...
XLF
down .30 at 20.06…volume 62 million shares
AAPL
down.59 at 497.91…volume
17.5 million shares
FB
down .09 at 36.56…volume 56.5 million shares
Technical Commentary:
SPY – 1.40%, DIA – 1.44%, QQQ –1.69%, IWM – 1.86%.
On Wednesday the DIA closed just below its short-term
horizontal support. Overnight stock futures
traded lower and the SPY, QQQ and IWM gapped down on the open. Stocks
seemed to find the low after about 45 minutes and traded in a range for the
balance of the day. Each broad index created
a break of support entry on Wednesday. Short
term trend is down. Six week intermediate term trend is neutral.
Notwithstanding many individual
stocks broke support today, many stocks like AAPL, BIDU, CA, CTXS, FB, FFIV,
FISV, FOSL, FOXA, GOLD, MYL, PAYX, PCLN, QCOM, SYMC, TSLA, VIAB and WYNN
are still in strong up trends and many forming bull flag price patterns.
CSCO and WMT gapped lower after reporting EPS while NTAP gapped down but filled its gap by the end of the
day.
Q2 Earnings Reactions
Positive Reactions – JRCC, RAX, SSYS, TMUS, SGMS, FWLT, MNST, GRPN, TSLA, AGU, BOFI,
FOSL, ADM, MGM, DSW, WPO, CNK, KORS, SATS, MGM, EAT, VIAB, YOKU,
AIG, CTRX, CHK, COP, LNKD, MELI, MYL, NUS, ZAGG, CMCSA, CTRP, GRMN, HES, MA,
MCHP, SODA, YELP, QCOR, FISV, BWLD, MTW, VRTX, WYNN, SWK, SBUX,
ALK, AMZN, CELG, CB, CLF, GILD, IP, MXIM, RCL, HSY, UA, UAL, V, FB,
BIDU, TRIP, COG, CTXS, ETFC, FFIV, AKAM, AAPL, EA, VMW, DAL, LCC, EMC, LLY,
MCO, AKS, FCX, BTU, UTX, HAS, TXN, GE, HON, SLB, STI, WHR, CHKP,
CMG, JCI, KEY, MS, OSTK, SWKS, UNP, UNH, BAC, IBM, SNDK, XLNX, CSX, GS, URI,
YHOO, C, WFC
Negative Reactions – CREE, MCP, GMCR, SCTY, SUNE, Z, CAR, CHRW, FSLR, LINTA,
ANR, CVX, CME, XOM, K, DTV, RVBD, X, COH, DISCA, ESRX, SOHU, DLR,
CERN, CRUS, DECK, DNKN, EXPE, KLAC, POT, PCP, SWI, TPX, EQIX, ABC, CROX,
ANGI, ATI, CAT, WDC, PNRA, STX, NSC, USNA, TRV, MCD, MO, NFLX, ZION, BHI,
AMD, GOOG, ISRG, MSFT, EBAY, INTC, MAT, SCSS, USB, AXP, KO, MOS
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 closed below the upper zone and is pointed down.
____________________
Setups
H Breakout: WLT,
Diagonal Breakout:
Bull
Flag: AMGN, BBBY, DELL, FB, MYL, PCLN, QCOM,
SIRI, TSLA, ATI, CLF, CNX, ESI, KKD, RAX, SINA, TSLA, Z,
Potential Bullish Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: CMCSA, DTV, MAT, SHLD, CMG, SOHU,
Moves
New Highs:
Gap Up: TBT,
Gap Down: ADBE, AMZN, CELG, COST, CSCO, CTSH, EBAY, ESRX,
FAST, FIVE, GILD, GOOG, GRMN, MNST, MU, ROST, SBUX, SNDK, STX, TXN, XLNX, YHOO,
BAC, C, CIEN, DDD, F, FAS, GLW, GMCR, GRPN, GS, JNPR, LNKD, SPLK, SPY, SSYS, TIF,
TLT, TPX, YELP,
H&D Breakout:
Breakout Test:
Bounce: JCP, NTES,
MACD Divergence Bounce:
Bear Flag:
Support Break:
______________________
Only 4 of 100 NDX stocks closed higher on Thursday and one was unchanged.
Leading NDX 100 stocks included: GOLD
Lagging NDX stocks included:
CSCO, MU, STX, WDC, FFIV, EQIX, CERN, MXIM, SNDK, MNST, DLTR, YHOO,
ALXN, AVGO
Leading stocks > +2% on Thursday included: CDE, FAZ, NTES, ANR, TBT, DE, ZAGG
Lagging stocks < -2.0% included: MCP,
TSL, YELP, CIEN, JDSU, CREE, FAS, GMCR, GRPN, URE, JNPE, ESI, TPX, SSYS, SINA
Stocks to Watch on Friday
Holding Above 30 DMA= 39
TSLA, SPLS, GRMN, PCLN, CA, ORLY,
VOD, VIAB, FB, HSIC, CHKP, NTAP, SYMC, NFLX, BMC, FISV, ATVI, CTXS, MYL, PAYX,
TXN, SIAL, AKAM, BIDU, FFIV, MDLZ, CTRX, QCOM, AAPL, SBUX, WYNN, FOXA, NUAN,
DELL, MU, FOSL, ADSK, GOLD, NVDA
Moving Above 30 DMA = 0
ADP, ALTR, ALXN, AMGN, CELG, CSCO, CTSH, EBAY, EXPD, INTU,
KLAC, LIFE, LLTC, MCHP, MXIM, SIRI, SRCL, XLNX, XRAY, YHOO, ADI, WDC, LMCA
Moving Below 30 DMA = 23
ADP, ALTR, ALXN, AMGN, CELG, CSCO, CTSH, EBAY, EXPD, INTU,
KLAC, LIFE, LLTC, MCHP, MXIM, SIRI, SRCL, XLNX, XRAY, YHOO, ADI, WDC, LMCA
Staying Below 30 DMA
AVGO, BBBY, CMCSA, DLTR, ESRX,
GILD, PCAR, ROST, WFM, DISCA, VRSK, MNST, FAST, ADBE, COST, LBTYA, AMAT, AMZN,
BIIB, CERN, CHRW, KRFT, GOOG, LINTA, SHLD, REGN, DTV, SBAC, EXPE, VRTX, SNDK, EQIX,
STX, MSFT, BRCM, MAT, ISRG, INTC
Six-Week Intermediate Term Market Trend: Neutral
10-Day Short Term Market Trend: Down
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