Broad Rally as QQQ, SPY, DIA, IWM Gap Higher in Flag Bounce, Breakout, All Sectors, 93% of SPX Stocks Rise...

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All nine sectors moved higher on Monday…XLE, XLY and XLB were the strongest sectors while XLP was the weakest sector.  Oil futures rose 1.60 to close at 33.35. 

                         

Breadth strengthened as advancers led decliners 3.52 to 1 on the NYSE and 2.30 to 1 on the NASDAQ.

Monday – strengthened, advancers led

Friday – mixed, advancers led on NASDAQ

Thursday- weakened, decliners led on NASDAQ

Wednesday – mixed, advancers led

Tuesday – strengthened, advancers led

SPY up 2.78 at 194.78 on 102.5 million shares, 39% below average volume

VIX down 1.21 at 19.32…

TNX up .181 at 17.66…

TLT down .06 at 130.94…on 5.0 million shares, 54% below average volume

XLF up .33 at 21.31…on 42.2 million shares, 44% below average volume

AAPL up .83 at 96.87 on 34.1 million shares, 38% below average volume

FB up 2.59 at 107.16 on 35.6 million shares, 21% below average volume

Technical Commentary:

QQQ +1.62%, SPY +1.45%, DIA +1.37%, IWM +1.11%.

QQQ, SPY, DIA and IWM all gapped higher in a bull flag bounce and closed above a short-term horizontal breakout in a strong broad rally with all sectors rising, oil moving higher, 90% of the NDX 100 stocks rising and 93% or 465 SPX stocks closing higher.

All sectors rose, TLT bonds fell and TNX interest rates rose.

The NDX +67.18 and QQQ +1.65 were led by point gainers AMZN, MSFT, FB, INTC, QCOM, GILD, ADBE, GOOG, TSLA, BIDU, YHOO, BIIB, FOXA, ATVI, NXPI and SBUX.  An impressive 90 NDX stocks rose while forty-one of those gained 2.00% or more.

Twenty-nine of 30 Dow stocks rose on Monday led by gains in UTX, UNH, CAT, CVX, INTC, V, BA, PFE, AXP, MSFT, WMT, NKE and DIS.

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Bull Flag Bounces include:  PCAR, AKAM, MAR, TXN, ADI, MXIM, AVGO, MSFT, FCX, CVX, GE, ATI, VRSN, N

Bull Flag Setups include:  WFM, EXPE, MU, PG, QRVO, TRIP

Horizontal Breakouts include: SPY, QQQ, DIA, FB, YHOO, AMZN, NVDA, UTX, AA, URI, EA, DO, ATVI, KORS, ADBE

Horizontal Breakout Setups include: MAT, FCX, MSFT, CMCSA, AAL, CTXS, CTRP, LRCX, JD, AXP, DD, DIS, JNJ, JPM, VZ, CNX, CSRA, EBAY, PYPL, IWM, XLE, XLB, XLK, CHK, OI, FDX, RCL,

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Short-term Movers:

SPX gainers:  CHK, FCX, FOSL, DO, WMB, KMI, GRMN, AA, ADS, WYNN, UAL, OI, SPLS, GPS, HP, DAL, URI, NAVI JNPR, HPQ, HAL, LUV, LNC, HPE, WHR, CF, QRVO, CNX, UNM, SLG, HES, HOG, HCN, PNR, KORS, IBM, NRG, HCP, KSS, NBL, MOS, TSS, NWL, FTI, CMG

SPX losers:  SWN, PRGO, RRC, DVN, NEM, DUK, AIG, K, IFF, O, APC, DNB

NDX gainers:  NVDA, PCLN, TSLA, LBTYA, AMAT, YHOO, QCOM, NTAP, CTRP, JD, VIAB, WD, ADSK, ATVI, NCLH, BMRN, MYL, SWS, FOXA, BBBY, BIDU, AMZN, MU, ADBE

NDX losers:  CERN, ULTA, GILD

Stocks below support should generally be traded bearishly until a reversal pattern forms.

YTD:

SPX Leaders:  NEM, KORS, FOSL, COG, ADT, SE, TSN, KMI, MAT, CTL (181, +31)

SPX Losers: CHK, ESV, MRO, WMB, DVN, MPC, VRTX, WRK, URI, RIG

NDX Leaders:  MAT, FAST, PCAR, FISV, DLTR, HSIC, XLNX, AKAM, CA, CMCSA (25, +6)

NDX Losers:  INCY, VRTX, REGN, TRIP, TSLA, BMRN, NCLH, ALXN, WDC, MU

DJI Leaders:  VZ, WMT, XOM, MMM, PG, UNH, KO, JNJ

DJI Losers: AXP, BA, GS, INTC, JPM, DD, DIS, AAPL, HD, PFE 

Remember:  “It’s a market of stocks, not just a stock market.”

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 pointed up at 53. 

90 of 100 NDX stocks closed higher on Monday.

65 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 13

AAPL, AMZN, BIIB, BMRN, CELG, COST, DISCA, EA, GOOGL, JD, SBUX, SWKS, WBA, WDC  

Moving Below 30 DMA = 1

AMGN,

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up