Monday, April 7, 2014

Stocks Lose Ground...S&P 500 Down For The Year...Many Stocks Break Support Or Close At Support Level...

Only one of nine sectors moved higher on Friday…XLP, XLU and XLK were the strongest sectors…XLY was the weakest sector.    

Breadth weakened as decliners led advancers 2.69 to 1 on the NYSE and 3.26 to 1 on the NASDAQ.

Monday – weakened, decliners led
Friday – weakened, decliners led
Thursday – weakened, decliners led
Wednesday – weakened, advancers led
Tuesday – weakened slightly, advancers led


SPY down 2.06 at 184.34 on 140.6 million shares, above average volume
VIX up 1.61 at 15.57…
TNX down .31 at 26.95…
TLT up .65 at 109.11...
XLF down .34 at 21.83 on 58.9 million shares, average volume

AAPL down 8.35 at 523.47 on 10.3 million shares
FB up .20 at 56.95…on 108.3 million shares, above average volume


Technical Commentary: 
 IWM – 1.46%, SPY – 1.11%, DIA – 1.06%, QQQ – 0.95%.

Stocks sold off for the third consecutive day with SPY down -2.4% closing near short-term support and the DIA still in a bull flag pattern.  QQQ -4.35% and IWM -4.62% over the past three days made a lower low and are forming potential MACD bullish divergence patterns.

Check out list below for MACD bullish divergence setups.


AA reports after the close on Tuesday unofficially kicking off Q1 earnings season.  JPM and WFC report on Friday. 


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
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 – GME,


Negative Reactions – BBRY, MU


Reversal in progress –


Reversal of Initial Reaction –


The SPX Market Forecast green line is pointed down at 69.


____________________

Setups
H Breakout: UNG,  
Diagonal Breakout:  
Bull Flag: GRMN, MSFT, GLW, RCL,
One Day:  
Potential Bullish Divergence: QQQ, IWM, FB, FFIV, ADSK, AMZN, BIDU, CELG, CMCSA, GMCR, MNST, MU, NFLX, PCLN, ROST, TRIP, TSLA, WFM, WYNN, AAL, BX, CREE, GOGO, HOG, JDSU, KKD, MTW, NKE, SPWR, SWI, TSL, UBNT, CRM, CSIQ, DDD, LVS, P, QIHU, SCTY, SFUN, SOHU, SPLK, SSYS, TWTR, VRSN, XONE, YELP, YOKU
Gap Up
Gap Down:     
Bear Flag: 
At Support: AAPL, CMCSA, MNST, NTAP, ROST, SBUX, TSLA, TXN, WYNN, BX, C, CREE, ESI, GOGO, HOG, JDSU, JNPR, SPY, TSL, UBNT, X, ANGI, LVS, NTES,

C- Pattern:
  
Moves
New Highs:   
Gap Up:  
Gap Down: DDD, SSYS, YNDX,
H Breakout:
Diagonal Breakout:  
Breakout Test:
Bull Flag Bounce:  
Bounce: CELG, FFIV, IBM,
MACD Divergence Bounce
Bear Flag
Support Break: BIDU, ESRX, MU, SNDK, WFM, YHOO, BAC, CIEN, FAS, IWM, MTW, NKE, SCHW, SPWR, TPX, CRM, CSIQ, SCTY, SFUN,

______________________


21 of 100 NDX stocks closed higher on Monday.


Leading NDX 100 stocks included: ALXN, BIIB, KRFT, ILMN, CELG, INTC

Lagging NDX stocks included: LBTYA, MUL, DISH, SNDK, BIDU, MU, YHOO, ATVI, NTAP

Leading stocks > +2% on Monday included: GME, IBM

Lagging stocks < -2.0% included: GOGO, TSL, CIEN, SPWR, TPX, ESI, BX, PANW, MTW, FAS


Stocks to Watch on Tuesday
Holding Above 30 DMA= 20
MSFT, MAR, AMAT, KLAC, TXN, GRMN, KRFT, FAST, MAT, INTC, QCOM, STX, ADI, WDC, CSCO, MXIM, CHRW, ISRG, EXPD, SPLS

Moving Above 30 DMA = 1
SYMC

Moving Below 30 DMA = 8
BBBY, DTV, LINTA, LLTC, ROST, SNDK, MDLZ, DISH

Staying Below 30 DMA
AAPL, ALTR, AMGN, ATVI, AVGO, BRCM, CMCSA, CTSH, FISV, HSIC, NVDA, PAYX, PCAR,SIAL, XLNX, VIAB, DISCA, FOXA, NXPI, ADP, CHKP, 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, FEGN, PCLN, WYNN, LBTYA, SBAC, COST, BIDU, MNST, ORLY, SRCL, EQIX, NFLX, ILMN, CA, VRSK, ADSK, VOD, CELG, GILD, VRTX, SIRI, CTRX, NTAP, VIP, GOOG,


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


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