Monday, July 7, 2014

Stocks End Lower...RUT Off By 1.77%...AAPL Makes New High Amid Lows...GPRO Advances 5.72%...GTAT Gaps Down Ends Down 15.60%...VJET Down 11.87%...

Three of nine sectors moved higher on Monday…XLU, XLP and XLK were the strongest sectors…XLB was the weakest sector.

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 2.29 to 1 on the NYSE and 3.96 to 1 on the NASDAQ.

Monday – weakened, decliners led
Friday - Holiday
Thursday - strengthened, advancers led
Wednesday – weakened, decliners led
Tuesday – strengthened, advancers led
Monday – weakened, advancers led


SPY down .69 at 197.51 on 61.6 million shares
VIX up 1.01 at 11.33…
TNX down .31 at 26.17…
TLT up .81 at 111.49...
XLF down .10 at 22.94 on 24.7 million shares

AAPL up 1.94 at 95.97 on 56.3 million shares
FB down 1.00 at 65.29…on 28.7 million shares


Technical Commentary:
QQQ – 0.30%, SPY – 0.35%, DIA – 0.36%, IWM – 1.71%.

Stocks were hit with profit-taking on Monday following the three and a half day July 4 Holiday weekend as the DJIA closed above 17,000 for the second straight day.  AAPL led the NDX which help offset the impact of 87 stocks closing lower.

IWM -1.71% was hardest hit led by drops in ITMN, ISIS and ULTI.

AA kicks off the unofficial start of earnings season on Tuesday with WFC reporting on Friday.  Next week releases will be more numerous.


STZ is forming an earnings flag.

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 – AA, HTZ,
Wednesday –
Thursday – FDO,
Friday – FAST, WFC


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 95.

____________________

Setups
Horizontal Breakout: NKE, RCL, AKAM, AMZN, COST,  
Diagonal Breakout: FEYE, GOGO, SOHU, YNDX, FSLR,
Bull Flag: CRM, CTRP, DDD, IBM, IWM, JCP, JD, P, PANW, QIHU, SSYS, SUNE, TWTR, VJET, XONE, YELP, Z, SINA, ADSK, BIDU, FB, ILMN, MU, NFLX, TRIP, TSLA, GPRO, CSIQ, SCTY, SPLK, YOKU,  GRPN
Potential Bullish Divergence: 
Gap Up:  
Gap Down:
Bear Flag: 
At Support: UAL,
C- Pattern:

Moves
New Highs: AAPL,   
H Breakout: AAPL, CTSH,  
Diagonal Breakout:
Bull Flag Bounce: BBRY,
Gap Up:
Gap Down: GTAT, UNG,
Breakout Test:
Bounce
MACD Divergence Bounce:    
Bear Flag: HOG,  
Support Break: DAL, FSLR, JASO, MFRM, SPWR, TSL, UPL,

C- Pattern    

______________________

13 of 100 NDX stocks closed higher and one unchanged on Monday.


Leading NDX 100 stocks included: AAPL, PCLN

Lagging NDX stocks included: TSLA, ILMN, MU, NFLX, ISRG, MYL, AMGN, ALXN, CHKP, VRTX, PCAR, YHOO, ADSK

Leading stocks > +2% on Monday included: GPRO, BBRY

Lagging stocks < -2.0% included: GTAT, VJET, XONE, UPL, FEYE, P, TSL, Z, JASO, GOGO, DAL, SCTY

Stocks to Watch on Tuesday
Holding Above 30 DMA= 88
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, 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, ALXN, COST, PCAR, VIP, FAST, PAYX, SPLS

Moving Above 30 DMA = 0
                        

Moving Below 30 DMA = 2
ALXN, CHKP

Staying Below 30 DMA
MXIM, NVDA, WFM, BBBY CERN, DISCA, ROST, ESRX, EXPD, TSCO

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





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