Five of nine sectors moved higher on Wednesday…XLV,
XLP and XLY were the strongest sectors…XLU was the
weakest sector again.
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 1.70 to 1 on the NYSE and 1.25 to 1 on the NASDAQ.
Wednesday – weakened, decliners led
Tuesday – strengthened,
advancers led
Monday – weakened,
advancers led
Friday – strengthened,
advancers led
Thursday - mixed
SPY up .20 at 197.23 on 52.4 million shares
VIX down .33 at 10.82…
TNX up .65 at 26.28…
TLT down 1.20 at 111.08...
XLF down .02 at 22.86 on 17.6 million shares
AAPL down .04 at 93.48 on 28.4 million shares
FB down 1.61 at 66.45…on 41.8 million shares
Technical Commentary:
QQQ +
0.17%, DIA + 0.12%, SPY + 0.10%, IWM – 0.39%.
QQQ, DIA and SPY inched to new highs on Wednesday. Volume dropped significantly in all three
broad market ETFs as traders begin to wind down headed into the July 4
holiday weekend. IWM declared a
.4593 per share dividend and was down 46 cents, essentially flat for
the day.
The VIX closed near its bull market
lows of mid-June.
STZ +2.07,
+2.34% gapped
higher on a positive earnings reaction.
Biotech stocks VRTX, GILD, BIIB,
CELG and
REGN were NDX leaders again on Tuesday.
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 = 120.67, 121.76…
Support Levels
SPY = 196. 59, 194.13,
193.11…
QQQ = 93.57, 91.73, 90.44…
IWM = 116.65, 116.05,
114.66…
EARNINGS this week:
Monday –
Tuesday –
CAMP, PAYX
Wednesday
– STZ,
Thursday –
ESI
Friday –
Q2 Earnings Reactions
Positive Reactions – STZ,
APOL, BKS, KBH, MON, MU, NKE, SCHN,
Negative Reactions – CAMP,
BBBY, GIS, CCL, WAG,
Reversal in progress –
Reversal of Initial
Reaction –
The SPY Market Forecast green line is rising in the upper zone at 92.
____________________
Setups
Horizontal Breakout: ANGI,
BAC, BX, CREE, MS, QIHU, SCHW, SOHU, TPX, UBNT, V, WLT, ADSK, AKAM, AMZN, GMCR,
GRMN, NTAP, TXN,
Diagonal Breakout: SWKS,
TSL, UPL, AAPL,
Bull Flag:
AAL, DDD, FEYE, FSLR, GPRO, NKE, PANW, SCSS, SPWR, SSYS, VJET, XONE, YNDX, Z, ADBE,
CTXS, FB, MSFT, TRIP, TSLA,
Potential Bullish
Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: DAL, UNG,
C- Pattern:
Moves
New Highs: QQQ, SPY, DIA, ATI, BBRY, GTAT, MTW, P, SCTY, AKS,
AVGO, CELG, CMCSA, GILD, MAR, SNDK, STX, WDC,
H Breakout: SFUN, X, YELP,
IBM, QCOM,
Diagonal Breakout: ETFC,
Bull Flag Bounce: RCL,
Gap Up: JCP, RAX,
Gap Down: TLT,
Breakout Test: CRM, CSIQ,
FAS, JD, LNKD, LVS, EXPE, ILMN,
Bounce: ANGI, BAC, BX, C,
MACD Divergence Bounce:
Bear Flag: UAL,
Support Break: HOG,
C- Pattern:
______________________
56 of 100 NDX stocks
closed higher and one unchanged on Wednesday.
Leading NDX 100 stocks included: VRTX, GILD, LMCA, BIIB, CELG, REGN, WDC, YHOO,
NTAP, XLNX
Lagging NDX stocks included: TSLA, FB, PAYX, NFLX, ILMN, GMCR, FISV, NXPI,
TRIP
Leading stocks > +2% on Wednesday included: RAX, SFUN,
X, JCP, GTAT, YELP, ETFC
Lagging stocks < -2.0% included:
GPRO, VJET, UAL, DAL, FEYE, AAL, XONE
Stocks to Watch on Thursday
Holding Above 30 DMA= 83
MAR, CHRW,
SIAL, MU, SNDK, CHTR, AAPL, ADP, CELG, EQIX, NXPI, AVGO, ATVI, KRFT, GMCR,
CTRX, ILMN, ADSK, NFLX, CSCO, ADBE, AMAT, INTU, MSFT, BIDU, CMCSA, TRIP BRCM,
GOOG, SIRI, AKAM, AMGN, BIIB, EXPE, LLTC, SBUX, FB, ALTR, TXN, TSLA, AMZN,
GRMN, KLAC, ADI, INTC, MYL, STX, WDC, ORLY, SRCL, ISRG, LMCA, CHKP, XLNX, SYMC, CTSH,
DTV, MAT, DISH, LINTA, VRTX, FISV, GILD, SBAC, WYNN, FFIV, VOD, VIAB, DLTR, LBTYA, MDLZ, MNST, NTAP, YHOO, CA, CTXS, EBAY, FOXA,
HSIC, PCLN, QCOM, REGN, VRSK
Moving Above 30 DMA = 4
ALXN,
COST, PCAR, VIP
Moving Below 30 DMA = 1
PAYX
Staying Below 30 DMA
FAST,
MXIM, NVDA, WFM, BBBY CERN, DISCA, ROST, ESRX, EXPD, TSCO, SPLS
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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