SPY, XLE, XLU Make New High Close...Steel Stocks Gain...AMBA Surges Following Resistance Breakout...

Eight of nine sectors moved higher on Wednesday…XLI, XLU and XLP were the strongest sectors while XLE was the weakest sector.  Oil futures rose .1.10 to close at 51.53, its highest close since July, 2015

Breadth strengthened as advancers led 2,033 to 969 on the NYSE and led 1,661 to 928 on the NASDAQ.

Wednesday – strengthened, advancers led, +8

Tuesday – weakened, advancers led on the NYES, +5

Monday – strengthened, advancers led, +8

Friday – weakened, advancers led on NYSE, +3

Thursday – weakened slightly, advancers led, +7

SPY up .69 at 212.37 on 66.1 million shares, 15% below average volume

VIX up .03 at 14.08

TLT up .71 at 133.27…on 5.3 million shares, 22% below average volume

Technical Commentary:

IWM +0.74%, DIA +0.38%, SPY +0.33%, QQQ +0.17%,

SPY rose on Wednesday, to another all-time closing high (dividend adjusted).  DIA closed just 6 cents below its high on April 20.  On the NYSE 247 stocks made new highs.

Tuesday’s shooting star on the SPY did not confirm on Wednesday and the short-term trend continues up.  Be alert and follow your trading rules.

AMBA +7.16%, +3.47 which had a positive earnings reaction on Friday, broke through its March 1 horizontal resistance on Tuesday, soared today.  AMBA is up 22% in the last four days including its earnings gap on Friday and closed today at 51.94, a five-month high.

Steel stocks gained after a Credit Suisse upgrade on AKS +16.81% due to rising steel prices.  X +11.11% and STLD +4.50% rose as did SCHN and NUE.

Technical analysis based trades should be closed before earnings.

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

XLF, AMAT, CSCO, BIDU, NFLX, MAT, XLNX, AXP, BAC, C, MS, ADP, WMB, TSCO,

Bull Flag Bounces include: FAS, GOOG, MLM, ORLY,

Horizontal Breakout Setups include: SWKS, CRC, HTZ, CIE, PCAR, AKAM, ADSK, AMD, NBR, AAPL, VOD, STI, JPM, SCTY, ESV, BBBY, MOS, FTNT, WM, KHC, COST, UTX, EA, WRK, FLIR,

Horizontal Breakout include: CHK, XLB, STLD, SCHN, AKS, NUE, LNG, YELP, GLPI, EPE, SDRL, CBL, EQIX, WYNN

New Highs include: IWM, DIA, SPY, XLI, CTXS, PTEN, WWAV, CNP, XEC, ULTA, RES, HP, SPN, FMC, RSPP, CERN, X, NUE, FISV, RDC, HP, TXN, CLR, CRZO,

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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 SPY MFC green line pointed up at 95, bullish.

57 of 100 NDX stocks closed higher on Wednesday.

82 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 5

ADP, CTSH, FOXA, MAR, YHOO

Moving Below 30 DMA = 2                                                                         

CTRP, TSCO

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up