Wednesday, March 23, 2016

SPY Falls on Light Volume Moving Towards Three-day Weekend...Markets Closed Friday...

Two of nine sectors moved higher on WednesdayXLU, XLP and XLK were the strongest sectors while XLE was the weakest sector.  Oil futures fell 


Breadth weakened as decliners led advancers led 2.85 to 1 on the NYSE and 3.75 to 1 on the NASDAQ.

Wednesday – weakened, decliners led
Tuesday – weakened, decliners led
Monday – weakened, advancers led
Friday – weakened, advancers led
Thursday - strengthened, advancers led


SPY down 1.35 at 203.21 on 81.0 million shares, 29% below average volume
VIX up .77 at 14.94…
TNX down .60 at 18.75…
TLT up 1.45 at 129.49…on 10.6 million shares, 22% above average volume
XLF down .17 at 22.45…on 45.4 million shares, 31% below average volume

AAPL down .59 at 106.13 on 25.7 million shares, 29% below average volume
FB up .29 at 112.54 on 18.5 million shares, 37% below average volume

Technical Commentary:
DIA -0.51%, SPY -0.66%, QQQ -0.82%, IWM -2.14%.

SPY, DIA and IWM long with sector ETFs XLB, XLE, XLF, XLI, XLK, XLP, XLU and XLY are in bull flag price patterns pulling back this week after a strong rise over the past five weeks.  Thursday is the last day of trading before the holiday weekend which begins with Good Friday. 

The Healthcare Sector XLV paused after three strong day up an pulled back to Tuesday’s S1 level.



NDX -35.06 on Wednesday was led lower by point losers GILD, CSCO, QCOM, VRTX, INTC, TSLA, CMCSA, AMGN, REGN, BIDU, CELG, BIIB, MSFT, MU and GOOG.  AMZN, COST, FB and NVDA were point leaders on the upside.

The DJIA was led by selloffs in NKE, CAT, CVX, IBM, BA, CSCO, INTC, DIS and PFE as 21 of 30 stocks moved lower.



Trade what you see, not…


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

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include:  FDX, OI, LUK, STX, FCX, NCLH, ADBE, VIAB, R, JBHT, BA, RRC, FTI, CAT, CNX, CLF, WYNN, CMCSA, EXPE, JD, NTES, DIS, MSFT, MAR, INTC, MNST, ROST, DD, DG, CAVM, DO, FSLR, TRIP, GS, UTX, NFLX

Bull Flag Bounces include: EA,


Horizontal Breakout Setups include: WDC, UHS, SCHW, NWSA, NTAP,
ADSK, EBAY, ULTA, JPM, ATVI, ETFC, XOM, PG, AMGN, QRVO

Horizontal Breakouts include: THC, ZTS, STT,


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Short-term Movers:
SPX gainers:  POM, FDX, THC, MNK, TXT, WYNN, EMR, APD, OI, LUK, ZTS, BXLT, STT, R, CBG, ADBE, JBHT, IRM, UHS, FLIR, BA, SCHW  3
SPX losers:  RIG, MRO, NEM, HP, SWN, ESV, WMB, RRC, COG, NRG, KMI, CHK, FSLR, CMG, NOV, APC, GME, COP, DO, FCX, HST, AA, NFX 4

NDX gainers:  INCY, WDC, ADBE, SRCL, CTRP, NVDA, AMGN 3
NDX losers:  ENDP, TRIP, EXPE, MDLZ, JD, ESRX, WFM, PCLN, NTES, DLTR 3


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 at 96.9. 


17 of 100 NDX stocks closed higher and one was unchanged on Wednesday.

85 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0


Moving Below 30 DMA = 8
BIIB, CELG, MU, MYL, TMUS, TRIP, VRTX, XLNX


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

1 comment:

Gary said...

Happy Easter to you and your family Dave!!