Six of nine sectors moved higher on Tuesday…XLY,
XLU and XLV were the
strongest sectors while XLB was the weakest sector.
(click image to enlarge)
Breadth strengthened as advancers led decliners led 1.31 to 1 on the NYSE and decliners led
advancers 1.03 to 1 on the NASDAQ.
Tuesday – strengthened, advancers led on NYSE
Monday – weakened, decliners led
Friday – mixed, mixed
Thursday – mixed, decliners led
Wednesday – weakened, decliners led
SPY up .48 at 208.56 on 75.8 million shares
VIX down 1.23 at 15.29…
TNX down .20 at 23.22…
TLT up .35 at 118.68…on
6.7 million shares
XLF up .11 at 24.57…on
33.4 million shares
AAPL down 3.80 at 116.77 on 59.1
million shares, 23% above average volume
FB up 1.42 at 107.91 on 25 million
shares, 9% below average volume
Technical Commentary:
IWM +0.30%, SPY +0.23%, DIA +0.20%, QQQ
–0.26%,
The SPX opened lower and finished higher on
Tuesday. SPY, QQQ, DIA and IWM
are each in a bull flag price pattern. Sector ETFs XLB, XLE, XLF, XLI, XLK, XLV and
XLY are also in a bull flag price pattern. Time to look for a bounce and potential reentry.
QQQ was lower on Tuesday led by
declines in MSFT, AAPL, AVGO, QCOM, TSLA, CSCO and AMGN. Semiconductors stocks AVGO, QCOM,
BRCM, INTC, ADI, MU, NVDA, SNDK and TXN were also lower.
Stocks in a bull
flag price
pattern include: SPY, FB, FAS, CTRP…
(click image to enlarge)
QRVO, BABA, STI, SUM…
(click image to enlarge)
MAR, YHOO, SOHU, HPQ, CCL, UBNT, ILMN,
NFLX, QIHU, KWEB, FSLR, CIEN, AAPL, ADBE, BIDU, COST, EBAY, ESRX, GOOGL, MSFT, BAC,
C, ETFC, GLW, JBL, JUNO, MS, SCHW, TPX, UAL, VLO, VRSN .
MNST, SBUX, PYPL, V, TSO, ULTA and GILD were bull flag
bounces.
(click image to enlarge)
Trade with the trend of
the chart you are trading and
continue to move your profit protection stops. Continue to follow your rules.
The SPX Market Forecast is at 90.
Short-term Chart Targets:
SPY =...212.08…
QQQ = 114.11, 118.17…
IWM = 121.23…
Support Levels
SPY = 208.17
QQQ = 113.39
IWM = 115.42
__________________
Setups
Horizontal Breakout: JBLU, V
Bull Flag: SPY, QQQ, DIA, IWM, XLB, XLE, XLF, XLI,
XLK, XLV, XLY, AAPL, ADBE, BIDU, COST, EBAY, ESRX, FB,
GOOGL, ILMN, MAR, MSFT, NFLX, YHOO, BABA, BAC, C, CCL, CIEN, CTRP, ETFC, FAS, FSLR,
GLW, HPQ, JBL, JUNO, KWEB, MS, QIHU, QRVO, SCHW, SOHU, STI, SUM, TPX, UAL, UBNT,
VRSN
Moves
New Highs: LNKD, AMZN,
GRMN, MNST
H Breakout: PLAY, GRMN,
TRIP
Bull Flag Bounce: MNST, SBUX, PYPL, V, ULTA, GILD
Gap Up: RAX,
Gap Down: SWKS, XONE
______________________
53 of 100
NDX stocks closed higher on Tuesday and one
was unchanged.
70
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 4
ROST, VOD
Moving Below 30 DMA = 6
AVGO, BRCM, CSCO, EA, TSLA, WYNN
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market Trend: Down
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