Two of nine sectors moved higher on Tuesday…XLU,
XLV and XLY were the strongest sectors…XLE was the
weakest sector and had risen more than 9% over the past twenty six trading
sessions before today.
Sector Posture – eight sectors are positive
Positive trend: XLB, XLE, XLF, XLK, XLP, XLU,
XLV, XLY
Neutral trend near
resistance:
Neutral trend near
support: XLI
Breadth weakened…as decliners led advancers 1.67 to 1 on the NYSE and 2.43 to 1 on the NASDAQ.
Tuesday – weakened, decliners led
Monday – weakened,
decliners led
Friday – strengthened,
advancers led
Thursday – mixed
Wednesday –
strengthened, advancers led
SPY down 1.18 at 194.70 on 96.2 million shares
VIX up 1.05 at 12.13…
TNX down 0.37 at 25.86…
TLT up 1.13 at 112.58...
XLF down .15 at 22.88 on 19.4 million shares
AAPL down .55 at 90.28 on 23.7 million shares
FB up .35 at 65.72…on 30.3 million shares
Technical Commentary:
QQQ -0.10%, SPY
-0.60%, DIA -0.62%, IWM
-1.07%.
The SPX sold off sharply during the
last three hours of trading to its lowest level in four days. Selling brought the SPX to 1,949, which is the mid-section or S1
level of last Wednesday’s large white candle. While the selloff was not linked to any
specific event, some suggest that it was profit taking following the recent
six-day rally.
VRTX +26.92,
+40.41% gapped
higher after positive Phase 3 trials of it cystic fibrosis treatment.
MU +1.24,
+3.97% gained after
better than expected earnings and revenue.
CCL -1.18,
-2.99% bet earnings
estimates and raised guidance but still fell and closed below its 30 DMA.
WAG -1.25,
-1.70% on a
negative earnings reaction after missing estimates.
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 = 196.05, 197.87, 198.99 …
QQQ = 93.02, 94.31,
94.89…
IWM = 117.48, 118.48, 120.30…
Support Levels
SPY = 193.11, 191.96,
190.88…
QQQ = 91.73, 90.44…
IWM = 114.66, 113.62…
EARNINGS this week:
Monday – MU
Tuesday –
CCL, WAG
Wednesday
– APOL, BKS, BBBY, GIS, MON
Thursday –
ESI, LEN, NKE, SCHN
Friday –
KBH, FINL
Q1 Earnings Reactions
Positive Reactions – MU,
ADBE, BBRY, FDX, RHT, YGE, ULTA, CIEN, BIG, PANW, GLNG,
QIHU, AAPL, ADSK, AET, ALL, ALXN, AMAT, ANGI, ANR, APA, ATVI, BA, BHI,
BIDU, BTU, BWLD,
BX, C, CHRW, CNX, COG, CTRP, CTRX, CTXS, DAL, DAVE, DDS, DECK, DHI, DNB, DO, DTV, DV, EA, ENR, ETFC, FCX, FISV, FNMA, FOXA, GE, GILD, GMCR, GME, GOGO, GRMN, HAL, HAS, HOG, HPQ, HUM, IBKR, INTC, JCP, JNJ,
KO, LPNT, LRCX, LVLT, MA, MAR, MGM, MNST, MRK, MS, NOK, NTAP,NXPI, PBI, PCLN,
POT, PRU, RF, S, SCHW, SCTY,
SNDK, SPWR, STI, SWK, SWKS, TKR, TMUS, TPX, TRIP, TRV, TSL, TSO, TWX, UNP, URI,
UTHR, VRSK, WFC, WLP, WYNN, XRX, YELP, YHOO, Z
Negative Reactions – CCL, WAG, ORCL, LULU, KKD, SPLK, ACI, ADM, AEIS, AIG, AKAM, AKS, ALTR, AMGN, AMZN, ARWR, ATI, BAC, BBRY, BIIB, BMY, BRCM, CAR, CBOE, CELG, CHKP, CLF, CLX, COF, CREE, CTSH, DDD, DIS, DISCA, DISH, DKS, DVA, EBAY, ESI, ESRX, EXPE, F, FAST, FEYE, FFIV, FXCM, GOOG, GRPN, IBM, JAZZ, JCI, JDSU, JPM, K, KLAC, KMB,
KRFT, LLTC, LLY, LNKD, LVS, LXK, MCP, MMM, MOS, MTW, MU, MXIM, NKE,NSC, NUE, NVDA, P, PCAR, PFE, PG, PNRA, PRGO, QCOM,
REGN, SAVE, SEE, SFUN, SIRI, SOHU, SPLS, SSYS, STLD, STT, STX, SUNE, SWI, T, TJX, TSLA, TSN, TWTR, UA, UBNT, UNH, UPS, V, VECO, VIAB, VMW, VRTX, VZ, WDC, WFM, XLNX, YNDX, YY, ZION, ZNGA,
Reversal in progress – AEIS, AMGN, BRCM,
CHKP, CTSH, EXPE, FEYE, GRPN, KLAC, KMB, LLTC, LXK, MOS, NUE, PCAR, STLD, WDC, ZION
Reversal of Initial
Reaction – ADM, AIG, AKAM, AKS, ARWR, ATI, BAC, BMY, BRCM, CAR, CELG, COF, DDD, DIS,
DISCA, DVA, ESRX, F, FFIV, IBM, JCI, K, KRFT, LLY, LNKD, LVS, MMM, MU, NKE, NSC,
NUE, NVDA, PG, PRGO, QCOM, SAVE, SIRI, SOHU, STX, SUNE, T, UPS, VIAB, VMW, VZ,
YNDX, YY, ANR,
BTU, COG, YHOO
The SPY Market Forecast green line is rising in the upper zone at 93.
____________________
Setups
Horizontal Breakout: AAL,
DDD, FAS, FSLR, GOGO, P, SCSS, STI, TLT, UBNT,
Diagonal Breakout: TPX,
TSL,
Bull Flag:
AIG, ANGI, ATI, CREE, CRM, FEYE, GME, GTAT, IWM, JASO, JDSU, LNKD, MS, PANW, RAX,
SCHW, SPWR, SPY, SUNE, SWKS, UPL, VRSN, ZION,
One Day Pullback: BBRY, CSIQ, DDD, FAS, RCL, SCTY, SSYS, TWTR,
YELP, YNDX,
Potential Bullish
Divergence: DAL, UAL,
Gap Up:
Gap Down:
Bear Flag:
At Support: BX, CIEN,
CSIQ, JCP,
C- Pattern:
Moves
New Highs: MU, NTES, XONE,
H Breakout:
Diagonal Breakout:
Bull Flag Bounce: MU,
JD, QIHU,
Gap Up:
Gap Down:
Breakout Test: GLW,
Bounce: SFUN, UNG,
MACD Divergence Bounce:
Bear Flag: HOG,
Support Break: UNG,
C- Pattern:
______________________
25 of 100 NDX stocks
closed higher on Tuesday and one was unchanged.
Leading NDX 100 stocks included: VRTX, MU, BIDU, MUL, INTU, COST, SBUX, INTC,
SYMC, TRIP
Lagging NDX stocks included: BRCM, MNST, NXPI, VIP, EXPE,TSLA, ROST, ALXN,
VOD, NVDA
Leading stocks > +2% on
Tuesday included: SINA, QIHU,
JD
Lagging stocks < -2.0% included:
ANR, TSL, WLT, CSIQ, GOGO, SUNE, JASO, FEYE, ANGI, UAL, DDD, GTAT, SCTY,
YNDX, BBRY, AAL, TWTR, CTRP, YELP, SWKS, SPWR, FSLR, FAS, ESI, TBT
Stocks to Watch on Wednesday
Holding Above 30 DMA= 70
MAR, CHRW,
SIAL, MU, SNDK, CHTR, AAPL, CTXS, ADP, CELG, EQIX, NXPI, AVGO, ATVI, KRFT,
CMGR, CTRX, ILMN, ADSK, NFLX, CSCO, ADBE, AMAT, HSIC, INTU, MSFT, MXIM, BIDU,
CMCSA, FFIV, TRIP, BRCM GOOG, SIRI,
AKAM, AMGN, BIIB, EXPE, FB, LLTC, SBUX, VIAB, ALTR, CERN, DISCA, DLTR, NTAP,
REGN, TSLA, TXN, ADI, AMZN, GRMN, KLAC, NVDA, INTC, MYL, STX, VIP, WDC, ORLY, SRCL, FAST, ISRG, LMCA, CHKP,
MNST, XLNX, PAYX, PCAR, SYMC, CA, CTSH, DISH, DTV, MAT, QCOM, LINTA
Moving Above 30 DMA =
3
COST,
FFIV, VRTX
Moving Below 30 DMA = 1
MXIM
Staying Below 30 DMA
ALXN, GILD,
NVDA, QCOM, VIAB, PCLN, WFM, FOXA, BBBY, CA, CERN, ROST, YHOO, DISCA, REGN,
ESRX, VRSK, EXPD, MDLZ, TSCO, SBAC, LBTYA, WYNN, SPLS, VOD, EBAY
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Down
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