S&P 500 Takes Step Back From Record High...GPRO Surges Up 8.12%...Making New Record Highs Today...GPRO, MFRM, NKE, UAL, BRCM, FB, MAR, MSFT, & YHOO...

Three of nine sectors moved higher on Monday…XLK, XLF and XLV were the strongest sectors…XLE was the weakest sector. 

Breadth weakened as decliners led advancers led 1.63 to 1 on the NYSE and 1.26 to 1 on the NASDAQ where advancers led decliners.

Monday - mixed

Friday – strengthened, advancers led

Thursday – weakened, decliners led

Wednesday – weakened, decliners led

Tuesday – weakened, decliners led

Monday – holiday

SPY down .52 at 200.59 on 64.1 million shares, below average volume

VIX up .57 at 12.66…

TNX up .08 at 24.69…

TLT up .05 at 115.78...

XLF up .01 at 23.47 on 21.7 million shares

AAPL down .61 at 98.36 on 46.2 million shares

FB up .63 at 77.89…on 28.1 million shares

Technical Commentary:

QQQ + 0.19%, IWM + 0.15%, DIA – 0.11%, SPY - 0.26%.

Traders continue to follow your entry rules.

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 = 200.00, 201.37, 204.32...

QQQ = 99.75, 101.13…

IWM = 115.73, 117.06, 118.76...

Support Levels

SPY = 197.59, 196.24, 195.16...

QQQ = 99.08, 97.99, 97.51…

IWM = 115.51, 114.31, 113.49...

Earnings Next Week: KKD, PANW,

Q2 Earnings Reactions

Positive Reactions – MFRM, SPLK, AVGO, CRM, GPS, TFM, FL, AMAT, CSIQ, GME, HPQ, PCLN, NTES, ROST, SINA, NVDA, MNST, ANR, FSLR, GTAT, LNKD, SFUN, SSYS, SUNE, UBNT, YOKU, 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,

More than 10% - MFRM, SPLK, TWTR, CMG, BIDU, BIIB, ISRG, LNKD, OSTK, SWI, SFUN, SSYS, SUNE, UA, VRSN, X

Negative Reactions – CIEN, BBY, QIHU, TSL,  ADSK, CREE, GOGO, JASO, JDSU, JWN, M, RAX, YOKU, SCTY, YELP, CTSH, MYL, AEM, AET, AKAM,  BWLD, BZH, CL, CMI, COP, DDD, ESI, GLW, GRMN, HLF, JEC, KRFT, LNG, MTW, RYL, SLCA, UPL, 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,

More than -10% - AMD, ANGI, BWLD, CAMP, DHI, HLF, MXIM, P, SNDK, XLNX,

Reversal in progress – AET, AKAM, ALXN, AMZN, ATI, EA, GIS, GRMN, ILMN, KO, KRFT, LNG, P, RYL, STX, TPX, VRTX,

Reversal of Initial Reaction – BBY, TSL, BBBY, BZH, BBBY, CELG, DNKN, ETFC, KLAC, NFLX, RAX, SLCA, UPL, YELP, YHOO, APOL, KBH, MON,

The SPY Market Forecast green line is at 92.

____________________

Setups

Horizontal Breakout: CRM, FAS, GOGO, MS, SCHW, SCSS, SCTY, SPWR, SWI, SWKS, TPX, UBNT, ESI, YNDX, ADBE, AKAM, CMCSA, NFLX,

Diagonal Breakout: GTAT, SUNE, V, JNPR, MU, MYL,

Bull Flag: BBRY, C, CTRP, HPQ, JCP, BIDU, EXPE, XLNX,

Potential Bullish Divergence: 

Gap Up:

Gap Down:

Bear Flag:   

At Support: Z, CREE,

C- Pattern: 

Moves

New Highs: GPRO, MFRM, NKE, UAL, BRCM, FB, MAR, MSFT, YHOO,

H Breakout: JASO, KKD, YOKU, GOOG, INTC, SNDK,  

D Breakout: GOGO,

Bull Flag Bounce:

Gap Up: BAC, FEYE, JDSU, RAX, TWTR, YHOO,

Gap Down:

Bounce: AIG, ETFC, IWM, P, UNG, VJET, XONE, GRMN, PCLN,   

MACD Divergence Bounce: EMC, SINA,  

C- Pattern: 

Support Break:       

______________________

44 of 100 NDX stocks closed higher on Monday.

Leading NDX 100 stocks included: YHOO, MYL, TSLA, MSFT, CTXS, GILD, SNDK, AMGN, ALTR, TRIP

Lagging NDX stocks included: DISCA, VIP, TSCO, SPLS, WFM, GMCR

Leading stocks > +2% on Monday included: GPRO, RAX, JDSU, FEYE, JASO, GOGO, SCTY, TWTR, KKD, ETFC, YOKU, BAC

Lagging stocks < -2.0% included: Z, SFUN, KNDI, GME, CAR, BBRY

Stocks to Watch on Tuesday

Holding Above 30 DMA= 79

INTC, SYMC, GILD, SBAC, NTAP, COST, FB, BBBY, CERN, EXPE, REGN, AMGN, CTXS, FFIV, ISRG, YHOO, ESRX, TSLA, FOXA, MSFT, NFLX, ADP, CTRX, MNST, NVDA, ROST, WFM, ATVI, CHKP, MAR, PAYX, EQIX, CELG, FISV, SIAL, SIRI, VRSK, AKAM, AVGO, DISH, HSIC, KLAC, LMCA, ORLY, STX, VIP, ALTR, AMAT, BRCM, TXN, ADBE, ILMN, LINTA, TSCO, FAST, NXPI, SNDK, GMCR, AMZN, CMCSA, DTV, KRFT, VRTX, MXIM, SPLS, LLTC, XLNX, BIDU, CA, CHTR, DLTR, GOOG, CHRW, EXPD, MU, QCOM, TRIP, INTU, SBUX

Moving Above 30 DMA = 4

ADSK, EBAY, MYL, SRCL                                                     

Moving Below 30 DMA = 4

AAPL, ALXN, DISCA, MAT                                                                                             

Staying Below 30 DMA

ADI, VOD, BIIB, WDC, LBTYA, GRMN, PCLN, PCAR, CTH, WYNN, CSCO, MDLZ, VIAB

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Up/Neutral