Only two sectors moved
higher on Tuesday…as seven moved lower…the
strongest sectors were XLU, XLE and XLP…the
weakest sector was XLB.
Breadth strengthened as decliners led
advancers 1.67 to 1 on the NYSE and
2.32 to 1 on
the NASDAQ.
Tuesday – weakened, decliners led
Monday – strengthened,
advancer led
Friday – strengthened,
decliners led
Thursday – weakened,
decliners led
Wednesday –
strengthened, mixed
SPY down 1.90 at 208.67 on 125.9 million shares
VIX up 1.48 at 13.71…
TNX down 1.01 at 21.37…
TLT up 1.95 at 124.75…
XLF down .23 at 25.21…
AAPL down 6.23 at 113.49 on 97
million shares, above average volume
FB down .53 at 93.62 on 22.4 million
shares
Technical Commentary:
QQQ -1.28%, DIA -1.18%, SPY -0.90%, IWM -0.86%.
Futures traded lower
overnight after China devalued the Yuan and stocks continued to fall after
the open until late afternoon when the broad indexes rallied in the final hour. The broad indexes gave back most of Monday’s
gains closing near Friday’s open. Broad
indexes are back near short-term horizontal support. SPY, DIA and IWM each formed a spinning top.
Short-term traders
should be defensive and be prepared for a potential break of support by the broad indices. VIX closed at 13.71 near last Thursday’s
close. If the SPX breaks support
the VIX is likely to rise to the mid to high teens.
On the NYSE there were 1,158 advancers. Stocks including AMZN, SKX and FL
closed higher.
Trade with the trend of
the chart you are trading and
continue to move your profit protection stops. Continue to follow your rules.
Earnings week of Aug
10
VSLR, CYBR, CREE, FOGO, JASO, RAX, XONE, BABA, JUNO, JCP, SINA,
VJET, YY, W, NTES
Q1 Earnings Reaction
Positive Reactions – CAR, CTRP, HLF, KBR, MGM, MNST, NUS,
NVDA, PCLN, VMC, ZU, EXPE, CCE, MOH, YRCW, WAGE, COLM, RCL, WETF, TPX, WU, AEE, FE, PKI, TUC,
AMGN, VLO, UHS, WDC, AEL, ALGT, EEFT, GILD, JBLU, SHOP, SKX, X, SSNC, BWLD,
PODD, SVU, NUVA, SCTY, ULTI, WYNN, CTRP, FISV, SLCA, SPWR, NCLH, AMZN, P, MXIM, JNPR, V, SBUX,
LUV, QLIK, SNDK, TXN, UA, WHR, GM, VRSN, CHKP, FFIV, FTNT, LVS, PKG, TMO, TSCO,
VMW, ACE, APH, OC, BA, CHKP, IPG, CLI, CMG, LVS, MANH, TRV, VMW, LAD, HOG, WWW,
ZION, HAS, HAL, GOOG, HTZ, HON, GE, NFLX, SCHW, EBAY, C, USB, DAL, BAC,
WFC, JPM, NKE, AA
More than 10% - FSLR, HLF, NUS, NVDA, ZU, EXPE, CCE, MOH, YRCW,
WAGE, COLM, SHOP, SKX, X, SSYS, BWLD, SVU, P, FTNT, SNDK, GOOG, GOOGL, HTZ,
NFLX
Negative Reactions – AIG, ALL, AXTA, DIS, ETSY, GMCR,
GOGO, HABT, NCLH, JD, SEDG, TSLA, UBNT, Z, LNKD, FEYE, OCN, ESI, FB, MAR, SSYS,
TWTR, YNDX, YELP, BIDU, BIIB, TRIP, STT, AAL, FSL, KLAC, MCD, UNP, SAVE,
CELG, CA, CMCSA, ETFC, CAT, DOW, FCX, MMM, OSTK, IBM, KO, QCOM, AXP, AAPL,
IBKR, ILMN, XLNX, VZ, BEAV, BHI, LLTC, MSFT, YHOO, EXAS, STI, UNH, MAT,
KEY, YUM, FAST, CUDA, MU
More than -10% - ALL, ETSY, FIT, GMCR, HABT, SEDG, SUNE, LNKD, OCN, ESI, WFM,
TWTR, YELP, BIDU, BIIB, TRIP, GIMO, SCSS, BEAV, SWI, CUDA, MU
Reversal in progress –
LAD,
Reversal of Initial
Reaction – HTZ, HON,
GE, AA,
Short-term Chart Targets:
SPY = 211.45, 212.55...
QQQ = 113.17, 114.39…
IWM = 123.71, 125.09…
Support Levels
SPY = 206.80...
QQQ = 110.62, 109.78…
IWM = 121.01, 120.27...
The SPX Market Forecast is turned down at 51 defensive.
__________________
Setups
Horizontal Breakout: DAL, SLCA, MTW, VJET, ADBE, ADSK,
Diagonal Breakout: BBY,
ESRX,
Bull Flag: EXPE, EA, NFLX, PCLN, SHOP
Bear Flag: FEYE, RPD, SWKS, TASR, TWTR, ASNA, BBY, DDD, GIMO, GLNG,
GOGO, SSYS, UPL,
At Support: BABA, C, QQQ, SPWR, FB, MU, WYNN
Moves
Bull Flag Bounce: AAL, DXCM
Bounce: SBUX, SHOP
Gap Up: VXX, GOOGL
Gap Down: AIG, FAS, LVS, MS, RCL, SCHW, SVXY, BIDU Bear Flag: AAPL, BIDU, YHOO, SCSS, XONE,
Support Break: CIEN, GPRO, JD, LVS, SCTY, GLW, KWEB, LOCO, RAX,
______________________
Watch List Stocks
Leading stocks > +2% on Tuesday: ETSY, SHOP, VXX, SLCA
Lagging stocks < -2.0% included: SUNE, X, GPRO, CTRP, JD, CYBR, YOKU, SINA,
NTES, SCTY, SVXY, AMBA, SPWR, LVS, CSIQ, BABA, FSLR, CIEN, NCLH, RUN , ETFC,
QIHU, BX, MS, SHAK, TSL, Z, ZION, FAS, SOHU, SWKS, RPD, AXTA, SPLK
10 of 100
NDX stocks closed higher on Tuesday.
Leading NDX 100 stocks included: GOOG, AAL
Lagging NDX stocks included: SYMC, JD, AAPL, BIDU, MU, WYNN, SNDK, GMCR,
NXPI, YHOO
NDX Stocks to Watch on
Wednesday
Moving Above 30 DMA = 0
Moving Below 30 DMA = 14
GILD, INTC, INTU, KLAC,
LLTC, MNST, MU, NTAP, WYNN, ADI, LBTYA, CHTR, DISH, WBA
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Down
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