All nine sectors moved
higher on Tuesday… XLI, XLF, XLV
were the strongest sectors while XLU was the weakest sector.
Breadth strengthened as advancers
led decliners 2.31 to
1 on the NYSE and 2.21 to 1
on the NASDAQ.
Tuesday – strengthened, advancers led
Monday – weakened,
decliners led
Friday – weakened
slightly, advancers led
Thursday – strengthened,
advancers led
Wednesday – weakened,
decliners led
SPY up
2.45 at 198.46 on 113.7 million shares, below average volume
VIX down 1.71 at 22.54…
TNX up 1.01 at 22.81…
TLT down 2.33 at 119.25…on
11.8 million shares
XLF up .33 at 23.40…on 33.3 million shares
AAPL up .97 at 116.28 on 43.2
million shares, below average volume
FB up .59 at 92.90 on 18.8 million
shares, below average volume
Technical Commentary:
IWM +1.13%, QQQ +1.18%, SPY +1.25%, DIA
+1.43%.
So much for the notion
that all buyers are waiting until the FOMC announcement on Thursday. Is it possible that traders are making trading
decisions on factors other than the Fed announcement? That seems obvious because buyers pushed the
SPY to its highest close since Aug 28.
With the horizontal resistance and higher lows that have formed on the SPX/SPY,
the now forming ascending triangle suggests that the market is more likely to
move higher in the near future. If the SPY
breaks out of 200 resistance expect the VIX
to drop to sub 20 very quickly and options buying to become more
attractive. Traders that have been
willing to sell high volatility over the past two weeks are on the verge of
cashing in on a volatility drop.
NDX breaks out and closes above short-term resistance at 4,352 as buyers
took MSFT, GOOG, GILD, PCLN, INTC and CSCO higher. As of Tuesday’s close, 46 of the NDX 100
closed above their 30 DMA. Thirty-six of the NDX 100 are above their short-term resistance formed
since the Aug 24 low.
FB, GILD, SBUX and SWKS have
broken out of resistance. AVGO, INTC, NTAP and PCLN have also
recently broken out.
AAPL, AMZN, CELG, ESRX,
GOOGL, LRCX, MAR, MSFT, ROST, SNDK, TRIP and TSLA are breakout setups at
their short-term horizontal resistance.
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 =...199.84...
QQQ = 105.61, 106.93…
IWM = 115.70, 116.42…
Support Levels
SPY = 194.25, 192.59...
QQQ = 103.59, 100.63…
IWM = 113.66, 111.60...
The SPX Market Forecast is pointed up at 36.
__________________
Setups
Horizontal Breakout: IWM, SPY, DAL, ETSY, MS, NCLH, STI, ANGI, IBM,
RAX, SWI, AKAM, AVGO, EA, ESRX, GOOGL, INTC, MAR, MSFT, SBUX, TSLA, XLNX,
Diagonal Breakout: AIG, CCL,
PYPL, SPLK, V, CELG
Moves
New Highs: RCL,
H Breakout: QQQ, CRM, EXPE, NKE, SVXY, SWKS, TSL, UA, VRSN,
CAR, GLW, LC, Z, BRCM, COST, GILD, LRCX, NTAP, PCLN, SWKS,
D Breakout: FAS, SHOP, TRIP,
Bull Flag Bounce: BAC,
BX, C, CTRP, ETFC, LVS, SCHW, TPX, ZION, AA, CIEN, CREE, CSIQ, JNPR, CMCSA, JD,
MACD Divergence Bounce:
AMBA, W, SCSS, WYNN,
Bounce: BABA, HOG, SLCA, ATI, BBRY, DAVE, MTW, SPWR, UPL, ADSK, NFLX
Support Break: CYBR, SONC, TLT, VXX,
______________________
Watch List Stocks
Leading stocks > +2% on Tuesday: SVXY, AMBA, SUNE, FAS, TBT, BABA,
ETFC, FIT, SEDG, TSL, EXPE, UA, SWKS, MS, SLCA, BAC, RCL, RUN, YOKU, GPRO,
PANW, BX, C, Z, UPL, DACE, KNDI, MTW, ATI, VIAV, ESI, CAR, SPWR, VSLR, AA,
CREE, GLW, CIEN, CSIQ, FOGO
Lagging stocks < -2.0% included: VXX, SONC, OCN, DGLY
92 of 100
NDX stocks closed higher on Tuesday.
Leading NDX 100 stocks included: VIP, NFLX, NTAP, TRIP, JD, WYNN, PCLN, AVGO,
SWKS, YHOO
Lagging NDX stocks included: GMCR,VOD, MY
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA =
11
CA, CELG, COST, FISV, GILD, GOOG, SIRI, LMCA, EA, LVNTA, KHC
Moving Below 30 DMA = 0
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market Trend: Neutral/Up
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