Thursday, July 31, 2014

Stocks End Sharply Lower...DJIA Drops 317 Points...Biggest Drop Since February...Only 4 Out Of 100 NDX Stocks Gain...On The NYSE Decliners Led Advancers 10.28 To 1...

 All nine sectors moved lower on Thursday…however… XLU, XLP and XLY were the strongest sectors…XLE was the weakest sector.


Sector Posture – two sectors are positive 
Positive trend: XLK, XLV
Neutral trend near resistance:
Neutral trend near support: XLB, XLF, XLP, XLU, XLY

Negative trend: XLE, XLI

Breadth weakened as decliners led advancers 10.28 to 1 on the NYSE and 5.00 to 1 on the NASDAQ.

Thursday – weakened, decliners led
Wednesday – weakened, mixed
Tuesday – weakened, mixed
Monday – strengthened, decliners led
Friday – weakened, decliners led


SPY down 3.89 at 193.09 on 182.3 million shares, over double average volume
VIX up 3.62 at 16.95…
TNX up .02 at 25.56…
TLT down .34 at 113.98...
XLF down .47 at 22.41 on 50.2 million shares, near double average volume

AAPL down 2.55 at 95.60 on 56.6 million shares
FB down 2.03 at 72.65…on 43.8 million shares


Technical Commentary:

IWM – 2.28%, QQQ – 2.02%, SPY – 1.97%, DIA – 1.89%.


The Unemployment report for July will be out Friday morning 8:30 am.


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 – CMI, TSN, WYNN, JEC, HLF
TuesdayAET, AKS, DLR, GLW, HCA, MDC, UPS, YNDX, AMGN, AXP, BWLD, CHRW, ESRX, FISV, MAR, MRK, PFE, SLCA, TWTR, X, VRTX
WednesdayGRMN, HES, AEM, AKAM, CTRP, EQIX, KRFT, LRCX, MTW, WDC, WFM, YELP
ThursdayDDD, BZH, CL, COP, DTV, XOM, ESI, RYL, TEVA, TWC, EXPE, LNG, LNKD, MA, MCHP, SPWR, TSLA, TRLA
FridayCBOE, CVX, HLT, PG, BRK.A


Q2 Earnings Reactions
Positive Reactions – AKS, AMGN, CHRW, ESRX, HCA, HES, LRCX, TSN, TWTR, WYNN, X, YNDX, CMG, BIIB, ISRG, SWI, UA, VRSN, AAPL, APD, CA, CHKP, CMCSA, CTXS, DAL, DECK, DOW, FFIV, FB, FTI, GD, LXK, LMT, NBR, NDAQ, NOK, OSTK, ORLY, PETS, RHI, STLD, SWK, TSCO, TXN, WHR, XRX, ZION, BX, C, GOOGL, GS, HON, INTC, KSU, JPM, PM, SCSS, SWKS, URI, AA, STZ, APOL, BKS, KBH, MON, MU, NKE, SCHN,

Negative Reactions – AEM, AET, AKAM,  BWLD, BZH, CL, CMI, COP, DDD, ESI, GLW, GRMN, HLF, JEC, KRFT, LNG, MTW, RYL, SLCA, UPS, VRTX, XOM, ALK, ALXN, AMZN, ANGI, ATI, BA, CAT, CELG, DHI, DNKN, EA, ETFC, FCX, GM, HOG, ILMN, JNPR, KLAC, KMB, KO, LLTC, MCD, NFLX, P, PHM, QCOM, SBUX, STI, STO, T, TPX, TRIP, TRV, UTX, V, XLNX, AMD, BAC, BHI, JCI, JNJ, LVS, MAT, SLB, SNDK, STX, USB, YHOO, FAST, FDO, CAMP, BBBY, GIS, CCL, WAG,

Reversal in progress – GIS, WAG,


Reversal of Initial Reaction – BBBY, YHOO, APOL, KBH, MON,


The SPY Market Forecast green line is pointed down at 59.

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Setups
Horizontal Breakout: JCP,  
Diagonal Breakout:    
Bull Flag: NTES, QIHU, RCL, SFUN, Z, AAPL, BIDU, COST, FB, MAR, MSFT, WYNN,
Potential Bullish Divergence:   
Gap Up: LNKD, EXPE
Gap Down: GPRO, 
Bear Flag: 
At Support: AAL, BBY, P, STI, TSL, V, BAC, CMCSA, GOOG, MYL, STX, TXN,    
C- Pattern:

Moves
New Highs:   
H Breakout:     
Diagonal Breakout:     
Bull Flag Bounce
Gap Up:  
Gap Down: SPY, MTW, SWI, DDD, UPL, MU,   
Breakout Test:  
Bounce: UNG,        
MACD Divergence Bounce:      
Bear Flag
Support Break: C, FAS, GLD, IWM, JASO, SCSS, SPWR, CREE, HOG, MFRM, UBNT, YOKU, ADBE, ADSK, AMZN, ILMN,     
C- Pattern:
      

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4 of 100 NDX stocks closed higher on Thursday.

Leading NDX 100 stocks included: SPLS, DISCA, GRMN, BRCM

Lagging NDX stocks included: KRFT, MU, TRIP, CHTR, ADSK, ADBE, VRTX, VOD, NVDA, ILMN, QCOM

Leading stocks > +2% on Thursday included: GPRO, JDSU

Lagging stocks < -2.0% included: MTW, QIHU, GOGO, FAS, JASO, SUNE, CSIQ, SPWR, BX, BBRY, BBY, SCTY, RCL


Stocks to Watch on Friday
Holding Above 30 DMA= 41
CHRW, ADP, EQIX, INTU, MSFT, BIDU, INTC, STX, WDC, SYMC, DTV, FISV, GILD, SBAC, NTAP, EBAY, COST, DISCA, CTRX, FB, BBBY, CERN, AAPL, CELG, EXPE, REGN, AMGN, CTXS, FFIV, PCLN, WYNN, BIIB, CHKP, ISRG, CA, TSCO, YHOO, BRCM, SPLS, ESRX, WFM

Moving Above 30 DMA = 0
                                                       

Moving Below 30 DMA = 20
AKAM, ALXN, ATVI, CHTR, CMCSA, CSCO, CTSH, DLTR, GOOG, LMCA, MAR, ORLY, PAYX, SBUX, SIAL, SIRI, SRCL, TSLA, VOD, VRTX                                                             

Staying Below 30 DMA
ADBE, MDLZ, VRSK, EXPD, PCAR, MU, MYL, ADSK, AMZN, HSIC, KLAC, LINTA, AVGO, DISH, ILMN, QCOM, TRIP, ALTR, GMCR, KRFT, LLTC, NXPI, TXN, VIAB, XLNX, AMAT, NFLX, LBTYA, NVDA, VIP, SNDK, FOXA, MAT, MNST, ADI, ROST, GRMN, FAST, MXIM

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

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