Wednesday, April 2, 2014

SPX, SPY, DIA Another New All-time High Close...TSLA, ISRG Surge...MU Reports Thursday...Q1 EPS Starts Next Week...

Eight of nine sectors moved higher on Wednesday…XLB, XLY and XLI were the strongest sectors…XLU was the weakest sector.    

Breadth weakened as advancers led decliners 1.35 to 1 on the NYSE and 1.28 to 1 on the NASDAQ.

Wednesday – weakened, advancers led
Tuesday – weakened slightly, advancers led
Monday – strengthened, advancers led
Friday – strengthened, advancers led
Thursday - mixed


SPY up .63 at 188.88 on 78.6 million shares
VIX down .01 at 13.09…
TNX up .44 at 28.03…
TLT down .62 at 107.27...
XLF up .05 at 22.43 on 36.2 million shares

AAPL up .91 at 542.55 on 6.4 million shares
FB up .10 at 62.72…on 66.1 million shares, average volume


Technical Commentary: 
IWM +0.45%, SPY +0.33%, QQQ +0.26%, DIA +0.25%.

The IWM led the broad indexes on Wednesday as moves in MNKD, GTAT, GLOG, BKS, HTGC, VPRT, SNSS, IRBT, XCO, NXTM, AREX, MDSO, FRAN, BGC, AMCC, SFY, OSIS, MGI, CRK, FANG, ROSE, ACTG, AXE, LXRX and SN help lift the index.  The VIX fell to its lowest close since Jan 22. 

Interest rates TNX rose to its highest close since Jan 22, as bonds fell and gold rose.  The Euro dropped 29 pips.

The SPY rose to a new all-time closing high continuing its rise since its MACD bullish divergence bounce entry on Monday. 

The NDX 100 climbed just 7.59 poinnts with CMCSA, TSLA, ISRG, AAPL, PCLN and FOXA contributing 6.4 NDX points.  EBAY, CSCO, INTC and MSFT weighed -2.2 NDX points on the index.

While many bounce entries occurred on Monday and Tuesday…continue to look for an opportunity to enter bounce and breakout trades according to your rules.

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 = 189.25, 190.55…
QQQ = 89.39, 90.96, 92.25
IWM = 118.31, 120.25…

Support Levels
SPY = 187.34, 183.90, 183.63
QQQ = 86.40, 85.88
IWM = 113.69, 111.35


Q1 Earnings Reactions
MU will report earnings Thursday, April 3 after the close.  AA will report Tuesday April 8 after the close, the traditional unofficial start of Q1 earnings season.

Positive Reactions –


Negative Reactions – BBRY,


Reversal in progress –


Reversal of Initial Reaction –


The Market Forecast green line is pointed up and is at 66.
____________________

Setups
H Breakout:  AAL, ATI, CTRP, FAS, FSLR, HOG, JNPR, SCSS, STI, ANGI, CRM, BIDU, CMCSA, CTSH, GILD,
Diagonal Breakout:  BX, CIEN, ESI, GOGO, IBM, IWM, MTW, SWI, SWKS, X, ROST,
Bull Flag:  TLT, GRMN,  
One Day: LVS, SNDK,
Potential Bullish Divergence: SPWR, CERN, COST, ANR, COST, GMCR,
Gap Up
Gap Down:     
Bear Flag: CREE, ETFC, GLD, KKD, NKE, SWI, TBT, TSL, UBNT, V, P, SCTY, SFUN, SINA, SOHU, SSYS, WLT, XONE, YOKU, ADBE, ADSK, AKAM, AMZN, EBAY, ESRX, FB, FFIV, GOOG, MNST, NFLX, TRIP, WYNN,
At Support: PANW, SPLK, UNG,  
C- Pattern: TSLA, CMCSA, MNST, PCLN, WYNN, CIEN, GOGO, JNPR, SWI, CRM, CSIQ, LVS,  

Moves
New Highs: GLW, GME, RCL, SPY, MSFT, QCOM, SNDK, STX, WDC, CELG, MSFT, QCOM, STX, TXN, WDC,
Gap Up:  
Gap Down:
H Breakout: SPWR, ZION,  
Diagonal Breakout:  
Breakout Test:
Bull Flag Bounce: MFRM, SCHW, GRMN,
Bounce:
MACD Divergence Bounce: NTAP,
Bear Flag: NTES, QIHU, RAX, TWTR, VRSN, YELP,
Support Break:

______________________


61 of 100 NDX stocks closed higher and one unchanged on Wednesday.


Leading NDX 100 stocks included: TSLA, ISRG, SPLS, SIRI, MYL, GRMN, CMCSA, FOXA, CHRW, LINTA

Lagging NDX stocks included: AKAM, MNST, SBAC, LLTC, EBAY, ADSK, BRCM, SNDK, ALTR, SYMC

Leading stocks > +2% on Wednesday included: GOGO, SPWR, ANGI, WLT

Lagging stocks < -2.0% included: YELP, NTES, SPLK, QIHU, TWTR, LNKD, VRSN, SOHU


Stocks to Watch on Thursday
Holding Above 30 DMA= 49
AVGO, PCAR, ATVI, MSFT, MAR, XLNX, AMAT, KLAC, TXN, GRMN, LLTC, KRFT, FAST, MAT, ADI, BRCM, INTC, QCOM, SNDK, STX, WDC, AAPL, CSCO, NXPI, DISH, MDLZ, PAYX, ROST, BBBY, MXIM, ALTR, CHKP, CHRW, DTV, HSIC, ISRG, ADP, AMGN, CTSH, DISCA, EXPD, EXPE, FOXA, LINTA, MU, NVDA, SBUX, SIAL, TSC0

Moving Above 30 DMA = 5
CHTR, CMCSA, FISV, SPLS, VIAB,

Moving Below 30 DMA = 0


Staying Below 30 DMA
CTXS, INTU, AKAM, EBAY, ESRX, FFIV, MYL, WFM, LMCA, TSLA, TRIP, ADBE, AMZN, BIIB, DLTR, SYMC, GMCR, ALXN, CERN, YHOO, FB, REGN, GOOG, PCLN, WYNN, LBTYA, SBAC, COST, BIDU, MNST, ORLY, SRCL, EQIX, NFLX, ILMN, CA, VRSK, ADSK, VOD, CELG, GILD, VRTX, SIRI, CTRX, NTAP, VIP


Sixteen Week Intermediate Term Market Trend: Up
3-Day Short Term Market Trend: Up

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