Seven of nine sectors moved higher on Tuesday… XLV, XLK and XLE were the
strongest sectors…XLU was the weakest sector.
Sector Posture – seven sectors are positive
Positive trend: XLB, XLE, XLF, XLK, XLP,
XLV, XLY
Neutral trend near
resistance: XLI, XLU
Neutral trend near
support:
Breadth strengthened
as advancers led decliners 2.20 to 1 on
the NYSE and 2.03 to 1 on the NASDAQ.
Tuesday – strengthened, advancers led
Monday – weakened,
decliners led
Friday – strengthened,
advancers led
Thursday – weakened,
decliners led
Wednesday –
strengthened, advancers led
SPY up .86 at 198.20 on 67.6 million shares, below average volume
VIX down .57 at 12.24…
TNX down .08 at 24.66…
TLT up .24 at 115.33...
XLF up .07 at 22.92 on 13.1 million shares
AAPL up .78 at 94.72 on 54.9 million shares
FB down .13 at 69.27…on 40.3 million shares
Technical Commentary:
IWM +0.84%,
QQQ +0.64%, SPY +0.44%, DIA +0.33%.
QQQ made another new high close as
it broke through horizontal resistance while SPY matched its all-time closing
high reached on July 3. DIA closed
within 15 cents of its
all-time closing high on July 16, notwithstanding negative earning
reactions from TRV, KO, UTX and MCD on Tuesday. IWM closed below its high of the day but
led the four broad ETFs.
(click image to enlarge)
CMG, WAT, GCI and IR were SPX leaders on
Tuesday following positive earning reactions while APA was up on
news of a new stake from JANA Partners.
CMG +69.87, +11.84% gapped higher and blew away the expected move of
about $35 after 3.50 eps vs. 3.09 est. and revenue of $1.05 billion vs. $989.2
million.
AAPL -.57, -0.60% reported after-hours 1.28 eps vs. 1.23 est. revenue $37.4 billion
vs. $38.0 billion est. After-hours
trading was mildly volatile but closed
only slightly lower.
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 = 96.31, 97.52, 98.28
IWM = 116.46, 119.09…
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 – HAL, HAS, PETS, STI, CMG, NFLX, STLD, TXN, ZION
Tuesday – ATI, MO, KO, CMCSA, DD, HOG, KMB, LXK, LMT, MCD, BTU, RF, STT, TRV, UTX, VZ, AAPL,
BRCM, EA, HTZ, ISRG, JNPR, LLTC, MSFT, NBR, VMW, XLNX
Wednesday – ANGI, T, BIIB, BA, CA, CHKP,
CRUS, CTXS, DAL, DOW, ETFC, FFIV, FB, FCX, GD, GILD, ILMN, NSC, NXPI, ORLY,
QCOM, TSCO, TRIP, WHR
Thursday – MMM, ALK, ALXN, AMZN, BIDU,
BMY, CAT, CELG, CNX, DECK, DNKN, F, GM, DHI, JBLU, KLAC, LLY, MXIM, NOK, NUE,
OSTK, P, POT, PHM, SBAC, SIAL, SWI, LUV, SBUX, SRCL, TPX, NDAQ, UA, UNP, UAL,
V,
Friday – MCO, SWK, STO, WLB, XRX
Q2 Earnings Reactions
Positive Reactions – CMG,
CMCSA, LXK, LMT, PETS, STLD, TXN, ZION, BX, C, GOOGL, GS, HON, INTC, KSU, JPM,
PM, SCSS, SWKS, URI, AA, STZ, APOL, BKS, KBH, MON, MU,
NKE, SCHN,
Negative Reactions – ATI,
HAS, HOG, KMB, KO, MCD, NFLX, STI, TRV, UTX, AMD, BAC, BHI, JCI, JNJ, LVS, MAT, SLB,
SNDK, STX, USB, YHOO, 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 84.
____________________
Setups
Horizontal Breakout: SPY,
BBY, C, CSIQ, FEYE, GOGO, GPRO, IBM, JD, JDSU, MS, SCHW, SFUN, AVGO, BRCM, CMCSA,
CTSH, GOOG, INTC, NTAP, TXN, WYNN,
Diagonal Breakout: NKE,
Z, ADBE, ADSK, COST, PCLN, TSLA,
Bull Flag:
SCSS, SUNE, STX,
Potential Bullish
Divergence: JASO,
Gap Up: ISRG, BRCM, MSFT,
Gap Down: JNPR, LLTC,
XLNX,
Bear Flag: BAC, SNDK,
At Support: VJET,
XONE, YELP, YOKU,
C- Pattern:
Moves
New Highs: SPY, GME, NTES,
TLT,
H Breakout: QIHU,
RCL, SCTY, LNKD, EBAY, MAR, MU, QCOM,
Diagonal Breakout: FAS,
IWM, CTSH, GMCR,
Bull Flag Bounce: BBY,
IBM, MS, UAL, V, CMCSA, INTC, SBUX, WDC,
Gap Up: CMG, LMT, SBUX,
Gap Down: NFLX, HOG, KMB,
KO, MCD, TRV,
Breakout Test:
Bounce: ANGI, CIEN,
CREE, FSLR, GTAT, LVS, PANW, UBNT, EXPE, PCLN, WYNN,
MACD Divergence Bounce:
Bear Flag:
Support Break: STI, DDD,
NFLX,
C- Pattern:
______________________
72 of 100 NDX stocks
closed higher on Tuesday.
Leading NDX 100 stocks included: ALXN, FFIV, WYNN, QCOM, CTSH, INTC, EXPE,
NTAP, AMGN, MAR
Lagging NDX stocks included: NFLX, ORLY, AMAT, SPLS, MAT, DISH, LBTYA,
DISCA, ALTR, TSLA
Leading stocks > +2% on
Tuesday included: CMG, HLF,
QIHU, GPRO, SFUN, GME, BBY, FEYE, NTES, UAL, RCL, ANGI, CIEN, GTAT, UBNT, LVS,
LNKD, PANW
Lagging stocks < -2.0% included:
KNDI, ATI, STI, HOG, DDD, UNG,
Stocks to Watch on Wednesday
Holding Above 30 DMA= 64
CHRW,
SIAL, MU, CHTR, ADP, EQIX, ATVI, CSCO, ADBE, INTU, MSFT, BIDU, CMCSA, BRCM,
GOOG, SBUX, KLAC, INTC, STX, WDC, LMCA, XLNX, SYMC, DTV, DISH, VRTX, FISV,
GILD, SBAC, NTAP, MDLZ, EBAY, VRSK, COST, PCAR, PAYX, AMZN, DISCA, FB, CTRX,
BBBY, MYL, CERN, SIRI, VIAB, AAPL, ADSK, ALTR, AVGO, CELG, CTSH, EXPD, EXPE,
LLTC, SPLS, TXN, REGN, KRFT, ILMN, NXPI, MAR, ALXN,
AMGN, QCOM
Moving Above 30 DMA =
7
CTXS,
FFIV, GMCR, LINTA, PCLN, VOD, WYNN
Moving Below 30 DMA = 3
AMAT,
NFLX, SRCL
Staying Below 30 DMA
DLTR, HSIC, ORLY, LBTYA, NVDA, VIP, SNDK,
YHOO, AKAM, BIIB, MAT, MNST, TSLA, FOXA, ADI, TRIP, ROST, GRMN, CA, FAST, ISRG,
CHKP, MXIM, WFM, ESRX, TSCO
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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