Wednesday, June 3, 2015

Small Caps and Financials Lead Rally...Euro, Interest Rates Rise...Bonds Retreat...FB Continues Rally...

Six out of nine sectors moved higher on Wednesday…XLF, XLY and XLI were the strongest sectors and XLU was the weakest. 
 
Breadth weakened slightly as advancers led decliners 1.04 to 1 on the NYSE and strengthened 1.38 to 1 on the NASDAQ.

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


SPY up .56 at 211.92 on 87.7 million shares
VIX down .58 at 13.6…
TNX up 1.00 at 23.66…
TLT down 1.92 at 117.52…
XLF up .21 at 24.87 on 33.2 million shares

AAPL up .16 at 130.12 on 30.9 million shares
FB up 2.00 at 82.44 on 31.7 million shares


Technical Commentary:
SPY +0.26%, QQQ +0.30%, DIA +0.41%, IWM +1.00%.

The RUT – IWM led the broad market on Wednesday with gains in RVNC, SNCR, HRTX, STCK, GWRE, GIII, SPPI, HALO, LGND, MNKD, ESPR, GPI, CUZ, WETF, ACIW and COLM.

The SPX rose led by gains in financials C, BAC, WFC, JPM, SCHW, MS and GS.  SPX leaders included CHRW, FTR, URBN, EXPD, VIAB, PVH, BF/B, PCP, FB, AIG, GDX and HOT. 

The broad market up a little up trend continued today with the indexes making gains while remaining in consolidation.  QQQ and IWM are in a horizontal breakout setup, while SPY and DIA are in a bull flag pattern.

The Euro rose for the second straight day.

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 = 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 pointed down at 67.

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Setups
Horizontal Breakout: QQQ, BX, GOGO, JD, LC, MS (long term), SOHU, TPX, YOKU, CREE, AMZN, BIDU, CMCSA,
Diagonal Breakout: JCP, MBLY, QIHU, SFUN, SLCA, SPWR, SWI, TASR, BBY, JDSU, MTW, VJET, GRMN, STX,
Bull Flag: PANW, SWKS, BRCM, XLNX
At Support: DGLY,  
C- Pattern:   

Moves
New Highs:  AIG, AMBA, SCHW, GILD,  
H Breakout: IWM, C, GIMO, RCL, SINA, FB, GOOGL,       
D Breakout: IWM, ATI, FAS, EMC, LVS, XONE
Bull Flag Bounce: P, ANGI, AKAM, DTV, QCOM,     
Bounce: NCLH, TWTR, COST, ILMN,  
MACD Divergence Bounce: JASO, RAX, VRSN, MAR, WYNN,     
Gap Up: BAC, CCL, STI, LNKD 

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Watch List Stocks
Leading stocks > +2% on Wednesday:  SFUN, SINA, AMBA, GIMO, TPX, SEDG, AIG, SLCA, SCHW, MBLY, ZNGA
                                                       
Lagging stocks < -2.0% included: YNDX, CTRP, SUM, SWKS, DGLY, Z, UNG, YELP  


64 of 100 NDX stocks closed higher on Wednesday.

Leading NDX 100 stocks included: CHRW, EXPD, VIAB, FB, WYNN, TSCO, LMCA

Lagging NDX stocks included: CHTR, MU, NXPI, LBTYA, TRIP, INTC, AAL


NDX Stocks to Watch on Thursday
Moving Above 30 DMA = 12
CTRX, DLTR, EXPD, FAST, GRMN, ISRG, LMCA, SIRI, VIAB, VRSK, VRTX, WDC
  
Moving Below 30 DMA = 4
CTXS, INTC, KLAC, TXN

6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Neutral