Monday, December 14, 2015

Hammer Time, Hammer Time on SPX, SPY, DIA, QQQ and Many More...Buyers Create Support...FOMC Announcement Wednesday...

Eight of nine sectors moved higher on MondayXLP, XLK and XLV were the strongest sectors while XLB was the weakest sector

Breadth strengthened as decliners led advancers 2.80 to 1 on the NYSE and 1.73 to 1 on the NASDAQ.

Monday – strengthened, decliners led
Friday – weakened, decliners led
Thursday – mixed, mixed
Wednesday – mixed, decliners led
Tuesday – strengthened, decliners led


SPY up 1.02 at 202.92 on 181.6 million shares
VIX down 1.66 at 22.73…
TNX up .86 at 22.25…
TLT up 1.92 at 123.76…on 12.3 million shares
XLF up .05 at 23.50…on 58.2 million shares

AAPL down .70 at 112.48 on 64.7 million shares
FB up 2.54 at 104.66 on 24.7 million shares

Technical Commentary:
QQQ +0.76%, DIA +0.68%, SPY +0.51%, IWM -0.71%.

Oil fell to a new seven-year low at 34.53 and bounce to close at 36.27 up 91 cents.

The SPX fell to its Oct 14 support area of 1,990 and formed an inverse head and shoulders on the intra-day chart.  On the daily chart the SPX formed a hammer and bullish harami.  VIX confirmed the SPX reversal and formed a dark cloud cover candle pattern.

SPY +1.02, +0.51% sold off to 199.95 where buyers provided support and reversed the short-term down trend, forming a hammer and bullish harami

The NDX was led by gains in MSFT, AMZN, FB, GOOG, AMGN, CSCO, GILD, MDLZ, INTC and ADBE.

Chart Formations:
MSFT – bull flag setup
AMZN – bull flag setup
FB – support bounce move
GOOG, GOOGL – support bounce move
AMGN – support bounce setup
CSCO – MACD histogram divergence setup
GILD – MACD histogram divergence setup
MDLZ – support bounce setup
INTC – support bounce setup

ADBE – horizontal breakout move

30 DMA Breakout Setups – ADP, ADSK, AMGN, AMZN, EA, ESRX, FAST, FB, HSIC, NXPI, PAYX, PCLN, PYPL, TSLA, WBA, WYNN,

FOMC meeting starts tomorrow  with the announcement Wedneday afternoon to raise or not raise.   

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 MFC green line is down at 27. 

Short-term Chart Targets:
SPY =...204.18
QQQ = 111.84, 112.81
IWM = 113.60…
                   
Support Levels
SPY = 201.65, 198.94
QQQ = 109.48
IWM = 111.54

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Setups
Horizontal Breakout: TSL, MYL, ALXN, ISRG,
Diagonal Breakout: AMBA, AA, GOOGL, FB,
Bull Flag: ATVI, NVDA, MSFT, AMZN, AMAT, MNST, AVGO, JD, NFLX, LRCX, NTES, VRSN, YELP, PANW, SONC, CSIQ, CRUS, W, DAL, ULTA, LC, PLAY, BABA
At Support: STX, ILMN, SCHW, ETFC 

Moves
New Highs: MAT, ADBE
H Breakout: ADBE, SEDG, NCLH
Bull Flag Bounce: DLTR, ROST, VRSK, CSIQ, FSLR, ULTA
Gap Up: MAT, SEDG, TSL,
Gap Down: SWKS
Support Break: QRVO

______________________


59 of 100 NDX stocks closed higher on Monday.

30 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 6
CA, COST, GOOG, LVNTA, MSFT, SNDK

Moving Below 30 DMA = 2
STX, SWKS

6-month Intermediate Term Market Trend: Neutral
3-day Short Term Market Trend: Down

1 comment:

Cheryl said...

Dave:Thanks much for this blog and posting so consistently. You are appreciated.
Gratefully,
Robert
CANI_212