Three of nine sectors moved higher on Tuesday…XLF,
XLU and XLI were the strongest sectors…XLP was the
weakest sector.
Sector Posture – seven sectors are positive
Positive trend: XLB, XLE, XLF, XLK, XLP,
XLV, XLY
Neutral trend near
resistance: XLU
Neutral trend near
support: XLI
Breadth strengthened…as decliners led advancers 1.90 to 1 on the NYSE and 2.54 to 1 on the NASDAQ.
Tuesday – weakened, decliners led
Monday – strengthened,
advancers led
Friday – strengthened,
mixed
Thursday – weakened,
decliners led
Wednesday –
strengthened, advancers led
SPY down .37 at 197.23 on 111.3 million shares above average volume
VIX up .14 at 11.96…
TNX unchanged at 25.49…
TLT down .23 at 112.86...
XLF up .16 at 22.99 on 29.5 million shares
AAPL down 1.13 at 95.32 on 45.6 million shares
FB down .74 at 67.17…on 44.2 million shares
Technical Commentary:
DIA +0.05%,
SPY – 0.19%, QQQ –
0.34%, IWM – 0.99%.
This week has been positive for financial stocks C, JPM and GS all
higher today after positive earnings from all three Monday and today. Wednesday morning BAC, SCHW and USB report
earnings. As a result both XLF +0.16, +0.70% and FAS +1.86, +1.83% moved higher.
Stocks started slightly stronger, but reversed course after Fed
Chairwoman Janet Yellen began two days of congressional testimony. The DJIA +5.26 closed above 17,000 for just
the fourth time in history today.
The SPX, NDX and RUT all closed lower on the day.
JNJ -2.10 was lower on a negative earnings
reaction. GPRO +4.79, +13.00% after analyst
initiated coverage with an Outperform rating and a $60 price target.
After the close INTC +1.42, +4.48% report EPS of 55 cents vs. 52 cents estimate
and revenues of 13.8 billion vs. 13.71 estimate. Both QQQ and SPY were higher in after hours.
IBM +3.79, +2.01% and AAPL +1.48, +1.55% gained in after-hours
on news of a business partnership between the two giants.
Trade with the trend of
the chart you are trading and continue to move your profit protection
stops. Continue to follow
your rules.
Short-term up trend Chart
Targets:
SPY = 198.12, 199.06…
QQQ = 94.89, 96.31…
IWM = 116.46, 120.51…
Support Levels
SPY = 196. 59, 194.13,
193.11…
QQQ = 93.57, 91.73,
90.44…
IWM = 114.66, 113.16…
Earnings this week:
Monday – C,
Tuesday –
GS, INTC, JPM, JNJ, YHOO
Wednesday
– BAC, SCHW, USB, EBAY, LVS, SNDK,
SCSS, URI
Thursday –
BHI, BAX, BX, ESI, MAT, MS, OSTK, PM, AMD,
GOOGL, IBM, SLB, STX, SWKS
Friday –
GE, HON, JCI, KSU
Q2 Earnings Reactions
Positive Reactions – C,
GS, JPM, AA, STZ, APOL, BKS, KBH, MON, MU, NKE, SCHN,
Negative Reactions – JNJ,
FAST, FDO, CAMP, BBBY, GIS, CCL, WAG,
Reversal in progress – GIS,
Reversal of Initial
Reaction – BBBY, APOL, KBH, MON,
The SPY Market Forecast green line is in the upper zone at 83.
____________________
Setups
Horizontal Breakout: AAL, C, FAS, NTES, SPY, STI, BIDU, CMCSA, FB, MU,
Diagonal Breakout: ADBE,
AVGO, CELG, GMCR, TRIP,
Bull Flag:
BBRY, CREE, CTRP, DDD, ETFC, GME, MTW, SSYS, SUNE, TPX, TWTR, XONE, YELP, YOKU,
Z, CTSH, MAR, SBUX, TSLA, TXN, XLNX,
Potential Bullish
Divergence:
Gap Up: INTC,
Gap Down: YHOO,
Bear Flag: DAL,
At Support: AKAM,
C- Pattern:
Moves
New Highs: INTC, MSFT,
MU, STX, WDC,
H Breakout:
Diagonal Breakout:
Bull Flag Bounce:
GPRO, NKE, EXPE,
Gap Up: JPM,
Gap Down:
Breakout Test: AMZN,
Bounce: KKD,
MACD Divergence Bounce:
CTXS,
Bear Flag: GOGO,
Support Break:
C- Pattern:
______________________
37 of 100 NDX stocks
closed higher on Tuesday and three were unchanged.
Leading NDX 100 stocks included: CERN, MYL, SYMC, BBBY, VOD, MU, SPLS, CSCO,
CHRW, NTAP, FFIV, MSFT, BIDU, ATVI
Lagging NDX stocks included: ILMN, TSLA, BIIB, ALXN, VRTX, MAT, REGN, CELG,
AMGN, MNST, GMCR
Leading stocks > +2% on Tuesday
included: GPRO, CSIQ,
STI, KKD
Lagging stocks < -2.0% included:
GOGO, YOKU, SPLK, SCSS, VJET, YELP,
XONE, KNDI, UBNT, SCTY, ANR
Stocks to Watch on Wednesday
Holding Above 30 DMA= 62
MAR, CHRW,
SIAL, MU, SNDK, CHTR, AAPL, ADP, CELG, EQIX, NXPI, AVGO, ATVI, KRFT, ADSK,
NFLX, CSCO, ADBE, AMAT, INTU, MSFT, BIDU, CMCSA, BRCM, GOOG, EXPE, SBUX, ALTR,
TXN, KLAC, INTC, STX, WDC, ORLY, SRCL, LMCA, XLNX, SYMC, CTSH, DISH, DTV, VRTX,
FISV, GILD, SBAC, DLTR, MDLZ, NTAP, EBAY, REGN, VRSK, COST, PCAR, PAYX, AMZN,
DISCA, NVDA, CTRX, FB, LBTYA, YHOO, BBBY,
MYL, PCLN, SPLS
Moving Above 30 DMA = 3
CERN,
CTXS, VOD,
Moving Below 30 DMA = 12
AKAM,
ALXN, AMGN, BIIB, FOXA, GMCR, ILMN, LLTC, MAT, MNST, SIRI, TSLA
Staying Below 30 DMA
ADI, TRIP, VIP, FFIV, QCOM, ROST, VIAB, WYNN, GRMN, CA,
CTXS, FAST, HSIC, ISRG, LINTA, VOD, CHKP, MXIM, WFM, CERN, ESRX, EXPD, TSCO
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up,
RUT: Neutral
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