Six
of nine sectors moved higher on Wednesday…XLK, XLI and XLY were the three strongest sectors for the second day in a row…while XLE was the weakest sector.
Breadth was near
unchanged…advancers led decliners…1.67 to 1 on the NYSE and 2.38 to 1 on the NASDAQ where advancers
led decliners.
Wednesday – unchanged, advancers
led
Tuesday – strengthened,
advancers led
Monday – weakened, mixed
Friday – weakened
slightly, advancers led
Thursday – strengthened,
advancers led
SPY up .44 at 181.12…volume 58.4 million shares
VIX up .17 at 12.98…
TNX up .40 at 27.36…
TLT down .18 at 104.42...
XLF up .06 at 21.56 volume
16 million shares, pause
AAPL up 15.56 at 545.96…volume 13 million shares, horizontal breakout
FB up .60 at 46.49…volume 45 million shares, divergence bounce
Technical
Commentary:
IWM + 0.56%,
QQQ + 0.70%, SPY +
0.24%, DIA +0.22%.
QQQ and IWM led Wednesday’s rally as a four
index ETFs hit a new closing high again.
New highs indicate that big money is still expecting this bull market to
move higher as money continues rotating into the growth segment of the
market. Volume did lighten as expected going into Wednesday
afternoon ahead of the Thanksgiving Holiday on Thursday. Friday is a half day of trading.
AAPL, AMZN, FB, GOOG, NFLX, PCLN and
QCOM each had strong
gains for the second straight day on Wednesday for the first time in many
trading sessions. All but AAPL and FB
made a new high close. AAPL is
nearing a one year high.
Chart Signals is grateful for all of the amazing blessings we enjoy in
America and we hope that you and your family will have a great and safe
Thanksgiving Holiday.
Social
media stocks continued higher led by moves in Z, ANGI, LNKD, TWTR, YOKU,
SINA and FB.
Solar
stocks SCTY and FSLR bounced after recent pullbacks.
MU +0.86,
+4.23% hit another
new high giving long traders nice gains on recent trades.
Albert Einstein: “Insanity: doing the same thing over and over
again expecting different results.”
Remember it is big money
that creates and sustains the trend. As Granville once wrote,
“technical analysis is the art of tracking the market, following the
footsteps of the ‘smart money’ crowd.
The ‘smart money crowd’ is no mysterious ‘THEY.’ It is simply a collection of people who are reading the market correctly,
seeing through the maze, unconfused by this hall of mirrors.”
New short term chart targets:
Chart Targets:
SPY = 182.06, 183.02…
QQQ = 85.14, 85.77…
IWM = 112.83, 114.39…
Short-term SPY posture is
up.
Support Levels
ES = 1,774, 1,736
SPY = 177.64, 174.76
QQQ = 83.48, 82.77,
81.37
IWM = 107.93
Q3 Earnings Reactions
Positive Reactions – SPLK, MRVL, GMCR,
JCP, LZB, JKS, BRCD, TSN, YOKU, SINA, NTAP, SLXP,
PCLN, NVDA, GRPN, AWAY, PRU, TPX, TSO, CTSH, FSLR, TRMB, MDVN, NATI,
SPR, ONNN, EXPE, CRR, HAR, GTI, ATML, THOR, TRN, FLT, MCHP, ITT, DICSA, ANR,
SWKS, FB, CMCSA, GILD, DWA, LVLT, EA, SEE, SPW, TFX, JCI, X, XRAY, XYL, JLL,
PBI, ALR, HUN, ACT, DECK, AMZN, MSFT, FLS, AVY, ALXN, WOOF, COG, BA, CLGX, ESI,
EQIX, WLL, TSCO, RRD, PHM, RCL, ALXN, APOL, BCR, NDAQ, NSC, WHR, ILMN, NUS,
GNTX, LXK, DD, VFC, CMG, GOOG, BHI, GE, KSU, MS, SLB, STI, LVS, VZ, SNDK, NUE,
BTU, AXP, KEY, STLD, URI, USB, INTC, JNJ, SCHW, COST, AA
Negative Reactions – ROST, GME, BBY,
CPB, JEC, TSL, CRM, CSCO, RAX, MNST, QCOM, SCTY, IPGP,
AIG, BRKR, HME, NEM, XLS, Z, NIHD, AVP, WTW, ROVI, GRMN, JDSU, OSK, CNW,
ITRI, CTRX, KRFT, GRMN, MYL, DLR, XCO, WU, LNKD, IACI, MSM, INGR, HTS,
VRTX, AAPL, PMCS, MWV, SOHU, AGNC, AGCO, PCL, GT, CMI, VSH, ALSN, ROP,
EW, MRK, RYN, RMD, NCR, KBR, FSL,
ESRX, EMN, FIO, SIRI, CAM, TKR, SYMC, CVA, CDNS, AKAM, XRX, CRI, ORLY,
CAT, NFLX, COH, ZION, WAT, EMC, UTX, TXN, HON, ISRG, GS,
UNP, UNH, EBAY, IBM, XLNX, SCSS, SWK, MU, FAST
The Market Forecast Green Line is above
80.
____________________
Check out these Charts:
(click image to enlarge)
______________________
69 out of 100 NDX
stocks closed higher on Wednesday and one was unchanged.
Leading NDX 100 stocks included: TSLA, GMCR, MU,
AAPL, NUAN, NFLX, CHKP, MNST, WDC, BIIB
Lagging NDX stocks included: ADI, SHLD, EQIX,
CELG, AMAT, CHTR, MYL, REGN, KLAC, DLTR
Leading stocks > +2% on
Wednesday included: SCTY, JCP, NTES, XONE, DDD
Lagging stocks < -2.0% included:
Stocks to Watch on Friday
Holding Above 30 DMA= 60
CTSH, VOD,
ADBE, SBUX, MSFT, XRAY, AAPL, HSIC, FISV, INTU, LINTA, PAYX, WDC, CHKP, GOOG,
ADP, AMZN, MAT, DISCA, CA, COST, LLTC, TXN, MCHP, MU, EXPE, NFLX, ADSK, ESRX,
ALXN, GILD, MYL, PCLN, MDLZ, MNST, SHLD, YHOO,
QCOM, NTAP, SRCL, SIAL, CELG, BIIB, GRMN, CERN, CMCSA, CTXS, LBTYA,
GMCR, BBBY, DTV, STX, REGN, CHTR, NVDA,
WYNN, LMCA, BIDU, KLAC, PCAR
Moving Above 30 DMA =
1
VRTX
Moving Below 30 DMA = 2
ADI, FOSL
Staying Below 30 DMA
ATVI,
ISRG, NUAN, INTC, ROST, SYMC, AMGN, DLTR, GOLD, SNDK, SBAC, CHRW, BRCM, SIRI, EQIX, FOXA, EBAY,
SPLS, AVGO, CSCO, VIAB, AMAT, VIP, WFM, CTRX, KRFT, VRSK, TSLA, EXPD, FAST, FB, MXIM, AKAM, ORLY,
FFIV, ALTR, XLNX
Sixteen Week
Intermediate Term Market Trend: Up
5-Day Short Term Market
Trend: Up
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