SPX Grinds Higher...NKE Rallies Before Earnings...

Six of nine sectors moved higher on Monday…XLI, XLV and XLB were the strongest sectors while XLE was the weakest sector.  Oil futures rose .49 to close at 41.62. 

                         

Breadth weakened as advancers led decliners 1.01 to 1 on the NYSE and 1.04 to 1 on the NASDAQ.

Monday – weakened, advancers led

Friday – weakened, advancers led

Thursday - strengthened, advancers led

Wednesday – strengthened, advancers led

Tuesday – weakened, decliners led

SPY up .29 at 204.67 on 72.9 million shares, 37% below average volume

VIX down.23 at 13.79…

TNX up .52 at 19.23…

TLT down .99 at 129.06…on 5.5 million shares, 38% below average volume

XLF down .04 at 22.69…on 38.5 million shares, 43% below average volume

AAPL down .01 at 105.91 on 35.5 million shares, 3% below average volume

FB up .40 at 111.85 on 18.4 million shares, 40% below average volume

Technical Commentary:

QQQ +0.39%, DIA +0.18%, SPY +0.14%, IWM -0.24%.

The SPX inched to its highest close since Dec 30.  The VIX equaled its lowest close since Aug 18, 2015 when it closed at 13.79.

NDX +16.14 on Monday was led by point leaders GILD, MSFT, GOOG, BIIB, AMGN, QCOM, AMZN, CELG, FB and EBAY.  

NDX percentage gainers: INCY, PYPL, CTRP, MU, ILMN, GILD, CELG, EBAY, TSLA, TRIP and BIIB.

The DJIA was led by gains in NKE, PFE, WMT, BA, IBM, MRK, MSFT and CAT as 15 of 30 stocks moved higher.

NKE +1.73, +2.75% In front of earnings which will be released after the close on Tuesday. 

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:  ADBE, CMCSA, EA, EXPE, JD, NTES, DIS, MSFT, MAR, INTC, MNST, ROST, DD, DG, CAVM, DO, FSLR,

Bull Flag Bounces include: TRIP

Horizontal Breakout Setups include: ADSK, EBAY, STX, ULTA, WDC, GS, JPM, UTX, SCHW, DVN, RRC, QRVO, ATVI, ETFC, FTI, NFLX, XOM, CAT, CNX, CLF, DD, PG

Horizontal Breakouts include: PYPL, GILD, SNA

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Short-term Movers:

SPX gainers:  FDX, DVN, CHK, HOT CPGX, WYNN, FCX, R, MUR, MJN, HPE, RCL, LUK, BA, ORCL, TXT, RRC, EMR, HES, BHI, OI, AMG, NWSA, PNR, WHR, HAR, HPQ, NKE, COP, NSC, JEC, NEM, ADBE, FLR, DOV, NAVI, ROK  6

SPX losers:  MNK, CMG, FOSL, RIG, AGN, PRGO, LLY, MCK, CI, 4

NDX gainers:  TSLA, CTRP, CHTR, ADBE, FAST, NCLH, SRCL, SWKS, ADI, YHOO, NXPI, NVDA, DISCA, PYPL, SBAC, AMAT 4

NDX losers:  ENDP, BMRN, MYL, EXPE, MDLZ, AMZN 3

YTD:

SPX Leaders:  FCX, NEM, URBN, KORS, WYNN, RRC, SE, M, CTL, CMI (299, -1, > 10p 115)

SPX Losers: WMB, ESV, MPC, ADS, RCL, MNK, MCK, MS, CSRA, BAC

NDX Leaders: FAST, MAT, PCAR, PYPL, AMAT, CHTR, DISCK, FISV, CA, ROST (48, +0)

NDX Losers:  ENDP, INCY, VRTX, REGN, ALXN, BMRN, TRIP, ESRX, ILMN, MU,

DJI Leaders:  VZ, CAT, WMT, MMM, IBM, UNH, XOM, CVX, KO, PG (17, +0)

DJI Losers: GS, AXP, JPM, PFE, DIS, INTC, BA, V, DD, MSFT

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 97. 

56 of 100 NDX stocks closed higher and one was unchanged on Monday.

90 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 1

ILMN

Moving Below 30 DMA = 1

BMRN

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up