All nine sectors moved
lower on Tuesday…XLU, XLY and XLP were the strongest sectors and XLE
was the weakest.
Breadth weakened as decliners led advancers 3.67 to 1 on
the NYSE and 3.02 to 1 on the NASDAQ.
Tuesday – weakened, decliners led
Monday – Memorial Day
Friday – weakened, decliners led
Friday – weakened, decliners led
Thursday – strengthened,
advancers led
Wednesday – mixed, mixed
Tuesday – weakened,
decliners led
SPY down 2.29 at 210.70 on 124.3 million shares, 42% above average
volume
VIX up 1.93 at 14.06…
TNX down .78 at 21.37…
TLT up 2.06 at 122.46…
XLF down .28 at 24.58 on 44.5 million shares, 69% above average volume
AAPL down 2.92 at 129.62 on 70.6
million shares, 43% above average volume
FB down 1.21 at 79.33
on 16.3 million shares, 34%
below average volume
Technical Commentary:
QQQ -1.15%, SPY
-1.08%, DIA -1.04%, IWM
-0.96%.
The SPX
sold off 1% on Tuesday from Friday’s all-time weekly high close of 2,126.06. The SPX/SPY
are in a bull flag pattern
along with QQQ, IWM and DIA.
XLF, XLK, XLP, XLV and XLY are also in bull flag patterns.
CMCM setup
bull flag at 33.66, old high potential 9.37%, flagpole potential 21.66%
FL setup bull flag at 64.09,
old high potential 5.29%, flagpole potential 8.08%
NCLH setup
bull flag at 55.26, old high potential 4.21%, flagpole potential 8.96%
GIMO setup
bull flag at 31.83, old high potential 2.45%, flagpole potential 9.83%
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 Chart Targets:
SPY = 212.91, 213.91...
QQQ = 110.38, 111.16…
IWM = 124.04, 125.47…
Support Levels
SPY = 208.62, 206.76...
QQQ = 108.76, 106.80, 105.55…
IWM = 122.52, 120.87, 120.24...
The SPX Market Forecast is at 82.
___________________
Setups
Horizontal Breakout: CRM,
FEYE, GOGO, GPRO, JCP, JD, SFUN, SINA, TSL, VSLR, INTC, LRCX, SBUX, AXP, JD,
NVO, NXPI, ZTS
Diagonal Breakout: STX
Bull Flag: QQQ, AIG, ESRX, ADBE, BX, CCL, MS, NCLH,
RCL, SCHW, STI, V, ZNGA, BRCM, AKAM, BMY, BURL, CMCM, CTSH, CVS, DATA, EA, FAS,
FL, HCA, INTU, MCK, MNK, NKE, , SABR, SCI, SEE, SKX, SNE, TTWO, UNH, VMC, ADM,
BG, COG, JNPR, NEM, PRE, QLIK, VOD, GIMO, GLUU, HPQ
Bear Flag: ATHM
Moves
New Highs: AMBA,
ASHR, PANW, GT
H Breakout: FEYE
______________________
Watch List Stocks
Leading stocks > +2% on Tuesday:
AMBA, VXX, SFUN
Lagging stocks < -2.0% included: FSLR, GOGO, YOKU, HPQ, SVXY, ATI, GLNG,
VSLR, CTRP, DAL, SPWR, ZNGA, FAS, SWI, X, CIEN, UNG, JNPR, UPL, EXPE, SINA,
SCTY, YELP
7 of 100
NDX stocks closed higher and two were
unchanged on Tuesday.
Leading NDX 100 stocks included: CHTR, MYL, CMCSA, LBTYA, WFM, ILMN
Lagging NDX stocks included: LVNTA, ALXN, TRIP, AMGN, AAL, TSCO, ADSK
NDX Stocks to Watch on Wednesday
Moving Above 30 DMA = 1
CMCSA
Moving Below 30 DMA = 16
ADP, ALXN, AMGN, BBBY,
BIDU, CHKP, CSCO, GOOG, KLAC, LVNTA, MAR, PCAR, SIRI, SYMC, VRSK, WBA
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Down
