All nine sectors moved
lower on Tuesday…XLV, XLE, XLP were the strongest
sectors while XLB was the weakest sector.
Breadth weakened as decliners led advancers 3.92 to 1 on the NYSE and
3.41 to 1 on the NASDAQ.
Tuesday – weakened, decliners led
Monday – mixed, mixed
Friday – weakened,
decliners led
Thursday – weakened, advancers led
Wednesday – mixed,
advancers led
SPY down 2.55 at 193.91 on 146 million shares, below average volume
VIX up 2.30 at 22.44…
TNX down .89 at 21.25…
TLT up 1.67 at 121.78…on
9.9 million shares
XLF down .29 at 22.63…on
52.9 million shares
AAPL down 1.81 at 113.40 on 50.1
million shares
FB down 2.59 at 92.96 on 36.7 million
shares
Technical Commentary:
IWM -1.52%, QQQ -1.50%, SPY -1.30%, DIA
-1.15%.
Stock futures moved lower overnight with some citing global economic
growth concerns, currency prices and falling commodity prices. After a lower open the SPX sold off to
a low at 1,929. Buyers took
control during the last hour and the SPX rose 13 points to close at 1,942. The SPX range was 32.17 points. The last horizontal support low on Sep 4 is
1,899.
On Sep 8, the last time the SPX was at 1,929 the VIX
high was 26.25. Today with a 1,929 SPX
the VIX high was just 23.76. This indicates that notwithstanding
the market is still volatile the VIX or fear level in the market is
falling at similar price levels.
Ultimately for the market to go higher the SPX will need to break
through horizontal resistance and stay above and today’s lower VIX reading
continues to indicate that the short-term uptrend since Aug 25 is still intact.
GPRO +1.04, +3.22% rose as business comments from the CEO gave
some buyers the drive to snap the stock up as it lowest price levels since the
first week of trading. Citi analysts
reaffirmed its 90 price target on Monday.
CCL -2.89, -5.49% sank after reporting record earnings
this morning. RCL and NCLH also
moved lower in sympathy.
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 down at 42.
__________________
Setups
Horizontal Breakout: CYBR, RPD
Bull Flag: IWM, QQQ, BBY, CRM, DAL, EXPE, CCL, NCLH, SINA,
UA, GLW, LC, LNKD, UAL, YNDX, Z, AVGO, CMCSA, COST, EA, GOOGL, JD, PCLN, SWKS
At Support: BABA, BAC, SOHU, TPX, BBRY, CREE, EMC, FOGO, LOCO, SPWR, UPL,
VJET, ZNGA, CELG, MYL
Moves
D Breakout: VXX, W
MACD Divergence Bounce:
GPRO, MFRM,
Bounce: SSYS, GILD
Gap Down: SPY, HOG, LVS, MS, AA, ATI, CAR, LRCX, MAR, NTAP, ROST, WYNN
Support Break: AXTA, FAS, JCP, CIEN, FEYE, GLNG, SCSS, VIAV, VSLR, BIDU,
STX, TXN, WDC
______________________
Watch List Stocks
Leading stocks > +2% on Tuesday: VXX, FIT, GPRO, SSYS, MFRM
Lagging stocks < -2.0% included: X, SUNE, YOKU, SVXY, CCL, MBLY, RCL, SUM,
ETSY, AXTA, FAS, NCLH, SHAK, SPLS, BABA, RUN PANW, SWKS, LVS, SINA, SEDG, MS,
TBT, PYPL, SCHW, HOG, SLCA, UPL, ESI, SFUN, YNDX, GLNG, XONE, FEYE, CSIQ, AA,
SPWR, HABT, ATI, UAL, YELP, DGLY, CAR, VSLR, ZNGA, GLW, HPQ, CIEN, FOGO, VIAV,
SWI, KWEB, CREE, TAN, BBRY, GIMO, RAX, LOCO, TWTR
8 of 100
NDX stocks closed higher on Tuesday.
Leading NDX 100 stocks included: DLTR, ADBE
Lagging NDX stocks included: VIP, SPLS, WDC, STX, AAL, NXPI, WYNN, NTAP,
LRCX, ILMN
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 14
AAL, ADI, CHRW, EA, FISV, GOOG, JD,
LBTYA, LMCA, NTAP, NXPI, SWKS, VIP, XLNX
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market Trend: Down
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