SPY Forms Doji, SPX Hammer, Buyers Appear at Short-term Support, Stocks Rise...

Six of nine sectors moved higher on Wednesday…XLE, XLB and XLI were the strongest sectors while XLY was the weakest sector.  Oil rose 3.04 cents at 32.75.

                         

Breadth strengthened as advancers led decliners 1.77 to 1 on the NYSE and decliners led 1.05 to 1 on the NASDAQ.

Wednesday – strengthened, advancers led on the NYSE

Tuesday – weakened, decliners led

Monday – weakened, decliners led

Friday – strengthened, advancers led

Thursday- strengthened, advancers led

SPY up 1.14 at 190.16 on 205.0 million shares, 34% above average volume

VIX down 0.30 at 21.65…

TNX up 0.17  at 18.81…

TLT down 1.07 at 127.95…on 123.4 million shares, 110% above average volume

XLF up 0.02 at 21.05…on 69.9 million shares, 22% above average volume

AAPL up 1.87 at 96.38 on 45.9 million shares, 14% below average volume

FB down 1.92 at 112.69 on 56.9 million shares, 63% above average volume

Technical Commentary:

DIA +1.01%, SPY +0.60%, IWM +0.13%, QQQ -0.48%.

The DJIA led the broad indices on Wednesday with large gains in MMM, BA, XOM, CVX, CAT, DD, DIS, AAPL and IBM.  

Oil rose on Wednesday to 32.75 and is down just 0.97 from last Friday’s close.

The NDX fell 21 points led by GOOG, AMZN, MSFT, MDLZ, FB, YHOO, and TSLA.

The SPX/SPY opened higher, sold off and rallied in the last two hours to close higher and form a dragonfly doji.

YTD:

SPX Leaders:  KORS, SWN, NEM, COG, M, SE, MAT, EQT, RRC, EXC (132)

SPX Losers: ESV, URI, FCX, CHK, BWA, OI, MRO, ADS, AA, RCL

NDX Leaders:  MAT, VIAB, FB, DISCK, FISV, XLNX, DLTR, KHC, CMCSA, ROST  (15)

NDX Losers: INCY, BMRN, NCLH, TSLA, TRIP, JD, VRTX, MU, ALXN, EXPE

DJI Leaders:  VZ, WMT, MCD, PG, JNJ, MMM, XOM

DJI Losers: AXP, BA, GS, CSCO, INTC, JPM, DD, UTX, DIS, IBM

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 39.

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Setups

Horizontal Breakout: RTN, JNJ, M, MNK, KSS, BA,

Diagonal Breakout: MU,

Bull Flag: SPY, QQQ, LLTC, XLNX, MXIM, LRCX, MCHP, ADI, CTSH, NVDA, MSFT, SWKS, GRMN, TXN, FINL, FAST, RTN, SERV, WMT, FB, ROST, VZ, COH, MCD, SBUX, AVGO, DPS, WYNN, DG, NKE

One Day: FL, DLTR

At Support: NFLX, AKAM, QCOM, MON, MS, NSC, QRVO

Moves

H Breakout: MMM, URBN,
Support Break: AMZN, BABA,   

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49 of 100 NDX stocks closed higher on Wednesday.

24 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 6

CHTR, CMCSA, DISCA, FAST, INTU, KLAC

Moving Below 30 DMA = 3

GOOG, TMUS, VOD

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Neutral