Eight of nine sectors moved higher on Tuesday…XLV,
XLB and XLK were the strongest
sectors…XLU was the weakest sector.
Breadth strengthened as advancers led decliners 2.77 to 1 on the NYSE and 2.93 to
1 on the NASDAQ.
Wednesday – strengthened, advancers led
Tuesday – strengthened,
advancers led
Monday – weakened,
decliners led
Friday – weakened,
decliners led
Thursday – weakened,
decliners led
SPY up 1.99 at 187.09 on 98.8 million shares
VIX down 1.07 at 13.82…
TNX up .03 at 26.84…
TLT down .54 at 108.83...
XLF up .19 at 22.05 on 36.4 million shares
AAPL up 6.88 at 530.32 on 7.3 million shares
FB up 4.22 at 62.41…on 99.7
million shares, above average volume
Technical
Commentary:
QQQ + 1.71%,
IWM + 1.44%, DIA + 1.09%, SPY + 1.08%.
NDX led a broad based rally on
Wednesday with big point gains from FB, AAPL, MSFT, CELG, BIIB, GOOG, PCLN,
AMZN, CMCSA, BIDU, REGN, QCOM, ALXN, AMGN, EBAY, ESRX, FOXA and VRTX which
accounted for 44.7 points of the 62.21 point gain. FB +7.25% also led the SPX on Wednesday.
AA +0.47,
+3.75% gapped
higher following earnings after the close on Tuesday. The gain indicates that institutions are
willing to buy stocks that deliver good quarterly earnings and guidance.
Biotech
was hot with IBB +9.25, +4.10% helping XLV +2.14% as the leading sector.
JPM, WFC and FAST report earnings on Friday
morning.
Financials
finally rallied with strong gains from ETFC +6.01%,
SCHW, AXP, MS, AIG and BLK.
Trade with the trend of the chart
you are trading and continue
to move your protective stops. Continue to follow your rules.
Short-term
up trend Chart Targets:
SPY = 188.02, 189.25, 190.55…
QQQ = 88.04, 89.39, 90.96…
IWM = 116.23, 118.31, 120.25…
Support Levels
SPY = 186.03, 183.90, 183.63
QQQ = 86.40, 85.88,
84.37
IWM = 113.69, 111.35
Q1 Earnings Reactions
AA will reported today after the close, the traditional
unofficial start of Q1 earnings season.
Positive Reactions –
GME,
Negative Reactions – BBRY,
MU
Reversal in progress –
Reversal of Initial
Reaction –
The SPX Market Forecast
green line is pointed down at 51.
____________________
Setups
H Breakout: CTRP, FSLR, KKD, X, UNG, DTV, GRMN, INTC,
NTAP, TXN
Diagonal Breakout: CREE, ESI, JDSU, MTW, NKE, PANW, SWI,
SWKS, Z, ANGI, CRM, NTES, QIHU, SFUN, SOHU, ADBE, ADSK, AMZN, BIDU, CELG, COST,
NFLX, PCLN, SBUX, TRIP, TSLA, WFM, WYNN
Bull Flag:
One Day:
Potential Bullish
Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: JNPR, MFRM
C- Pattern:
Moves
New Highs:
Gap Up: TSL, LNKD, YOKU,
Gap Down:
H Breakout: ATI, IBM,
Diagonal Breakout: FB, EBAY, FFIV,
Breakout Test:
Bull Flag Bounce:
Bounce: BAC,
BX, C, CIEN, ETFC, FAS, GLW, GOGO, MS, RCL, SCHW, SPWR, STI, TPX, V, Z, XONE,
YNDX, AAPL, MSFT,
MACD Divergence Bounce: AAL, IWM, MTW, SPY, UAL, UBNT, CSIQ, DDD,
P, SCTY, SINA, SPLK, SSYS, VRSN, CMCSA, ESRX, GMCR, MNST, MU, YHOO,
Bear Flag:
Support Break:
______________________
87 of 100 NDX stocks
closed higher on Wednesday
and one was unchanged.
Leading NDX 100 stocks included: FB, VRTX, REGN,
CELG, ALXN, BIIB, MNST, BIDU, PCLN, AVGO, WYNN, LINTA, YHOO
Lagging NDX stocks included: ISRG, KRFT
Leading stocks > +2% on Wednesday
included: Z, PANW, GOGO, ETFC, YELP, SPLK, QIHU, P, YOKU, LNKD, CSIQ
Lagging stocks < -2.0% included: ESI, ANR,
Stocks to Watch on Thursday
Holding Above 30 DMA= 28
MSFT, MAR,
AMAT, KLAC, TXN, GRMN, KRFT, FAST, MAT, INTC, QCOM, STX, ADI, WDC, CSCO, MXIM,
CHRW, ISRG, EXPD, SPLS, SYMC, BRCM, DTV, LLTC, NVDA, SNDK, MDLZ, NXPI
Moving Above 30 DMA = 7
CHKP, LINTA, NTAP, PCAR, SIAL, XLNX,
FOXA
Moving Below 30 DMA = 0
Staying Below 30 DMA
BBBY, ROST, DISH, AAPL, ALTR, AMGN, ATVI, AVGO, CMCSA, CTSH, FISV, HSIC,
PAYX, VIAB, DISCA, ADP, EXPE, MU, SBUX, CHTR, TSCO, CTXS, INTU, AKAM, EBAY,
ESRX, FFIV, MYL, WFM, LMCA, TSLA,TRIP, ADBE, AMZN, BIIB, DLTR, GMCR, ALXN,
CERN, YHOO,FB, REGN, PCLN, WYNN, LBTYA, SBAC, COST, BIDU, MNST, ORLY, SRCL,
EQIX, NFLX, ILMN, CA, VRSK, ADSK, VOD, CELG, GILD, VRTX, SIRI, CTRX, VIP, GOOG
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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