Tuesday, July 7, 2015

EU to Greece Propose Reforms by Weekend...Stocks Rally After Early Selloff...NKE, EA, GME New Highs...WYNN Reversal Breakout...

Eight of nine sectors moved higher on TuesdayXLU, XLP and XLF were the strongest sectors and XLB was the weakest sector.
 
Breadth strengthened as advancers led decliners 1.47 to 1 on the NYSE and decliners led 1.41 to 1 on the NASDAQ.

Tuesday – strengthened, advancers led on NYSE
Monday – weakened, decliners led
Friday – Independence Day Holiday
Thursday – weakened, mixed
Wednesday – strengthened, advancers led


SPY up 1.30 at 208.02 on 173.8 million shares, 60% above average volume
VIX down .92 at 16.09…
TNX down .47 at 22.31…
TLT up 1.11 at 119.26…
XLF up .05 at 24.59 on 51.2 million shares, 60% above average volume

AAPL down .31 at 125.69 on 46.9 million shares, 22% above average volume
FB down .33 at 87.22 on 33.1 million shares, 49% above average volume

Technical Commentary:
SPY +0.63%, DIA +0.54%, QQQ +0.25%, IWM +0.11%.

After the close the EU gave Greece an ultimatum to create a plan of economic reforms by this weekend.

Sellers were in control from the open until shortly before noon ET when buyers took control and the SPX rose nearly 40 points from 2,044 to 2,083. 

Check the breakout moves and setups on NKE, EA, GME, JCP, WYNN, GPRO, MBLY and ADSK.
                   (click image to enlarge)

The NDX was led by gains in WYNN, ADSK, COST, EA, AAL, WBA, DISCA, CA and STX.

Q2 earnings season starts tomorrow with AA earnings after the close.

Chinese ADRs continue to collapse as QIHU, KNDI, SOHU, YOKU, KWEB, SINA, YY, SFUN and JD have each fallen 15% or more in value in less than a month.




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 = 208.02, 209.16, 209.96...
QQQ = 108.01, 108.86, 109.66
IWM = 124.51, 125.63…

Support Levels
SPY = 205.76, 204.22...
QQQ = 106.55, 105.75…
IWM = 122.82, 121.53...


The SPX Market Forecast turned up and is at 24.

___________________

Setups
Horizontal Breakout: SPY, QQQ, MBLY, RCL, SUNE, SVXY, UA, ADSK, CELG, COST, ILMN, ROST
Diagonal Breakout: IWM, AMBA, BAC, C, CIEN, CRM, CTRP, CYBR, ETFC, EXPE, FAS, FEYE, GIMO, KKD, MS, OCN, SHOP, SPLK, STI, SWKS, TASR, W, ZION, ESRX, FB,
Bull Flag: AIG, ASNA, ADBE, CMCSA, GILD, TRIP, TSLA,
Potential Bullish Divergence: BABA, PANW, SCHW, AVGO, INTC, LRCX
At Support: BABA, Z

Moves
New Highs: EA, GME, NKE, TPX,
H Breakout: EA, GME, JCP, NKE, TLT, WYNN
D Breakout: AXTA, NCLH, SONC, SUNE, UBNT, WBA  
Bull Flag Bounce: CCL, MNST,
MACD Divergence Bounce: RCL, SCTY, SOHU,
Bounce: GPRO, VSLR, COST
Gap Down: KWEB, QIHU, SINA, TSL, YY,
C- Pattern:  ESPR, OPK, IPXL, BURL, RSPP

______________________

Watch List Stocks
Leading stocks > +2% on Tuesday: UBNT, VSLR, SVXY, JCP, FIT, SUNE, GME, SCTY, SONC, GPRO, AXTA, NCLH, RCL
                                                       
Lagging stocks < -2.0% included: JASO, SHAK, QIHU, KNDI, SOHU, YOKU, SEDG, TSL, VXX, KWEB, SINA, GOGO, YY, JD, JUNO, HABT, SFUN, YELP, NTES, LC, FOGO, PANW, CYBR, ZION


68 of 100 NDX stocks closed higher on Tuesday.

Leading NDX 100 stocks included: WYNN, ADSK, COST, EA, AAL, WBA, DISCA, CA, STX

Lagging NDX stocks included: TSLA, NVDA, LBTYA, LRCX, VRTX, AVGO, YHOO


NDX Stocks to Watch on Wednesday
Moving Above 30 DMA = 9
CA, CHRW, CHTR, COST, DISCA, ESRX, FAST, REGN, WBA
  
Moving Below 30 DMA = 1
CTXS

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Neutral

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