QQQ Bounces as AAPL, FB, AMZN, NVDA Gain...AMD Soars on EPS Reaction...

Up Trend: XLI, XLB, XLY, XLK, XLP

Sideways: XLU, XLF. XLRE, XLV

Down Trend: XLE

Breadth weakened as decliners led 1,535 to 1,442 on the NYSE and led 1,435 to 1,420 on the NASDAQ.

Wednesday – weakened, decliners led, +4 sectors

Tuesday – strengthened, advancers led, +5

Monday – weakened, decliners led, +1

Friday – weakened, decliners led, +2 sectors

Thursday – weakened, decliners led, +6

Oil futures were up .75 to close at 53.55 on Wednesday.  

SPY up .09 at 227.62 on 79.1 million shares, 9% above average volume,

VIX down .18 at 11.81

TLT down 1.00 at 119.10…on 10.9 million shares, 27% above average volume

Technical Commentary

QQQ +0.69%, DIA +0.14%, SPY +0.04%, IWM -0.06%,

QQQ leads on strength in AAPL which accounts for 34 NDX points on Wednesday. 

AAPL and AMD soar on positive earnings reaction. 

FOMC leaves rates unchanged.

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SPX up .68 points at 2,279 forming bull flag on Wednesday.

SPX  gainers AVY, AAPL, AGN, NVDA, ANTM, WAT, AMG, URI, MU, NSC, AET, LRCX, TSN, IVZ, AMAT, FB, FBHS, AVGO, HCA, LNC, MTD, XRX, PCAR, NOV, LYB

QQQ closes up .86 at 125.43, near last week’s all-time high.

   

NDX point leaders: AAPL, FB, AMZN, NVDA, AMGN, AVGO, BIIB, CELG, AMAT, CHTR, TMUS, CSX, MU and TXN

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Earnings

This week:

Monday – AMG

Tuesday – AAPL, ABC, AET, AMD, DHR, EA, HCA, LLY, MA, NDAQ, NUE, PCAR, S, UAA, X, XOM

Wednesday – FB, SYMC, CRUS, NXPI, QRVO, ADP, BAX, CAVM,

Thursday – AMZN, V, CME, CMG, HIG, EL, FEYE, FTNT, HBI, R, SIRI, VOD, SKYW,

Friday – CLX, HSY, PSX, WETF,

Earnings Reports

Positive earnings reactions

AMD +1.69, +16.30%

AVY +6.63, +9.08%

AAPL +7.40, +6.10%

Negative earnings reactions

PBI -2.78, -17.46%

D -4.43, -5.81%

ADP -5.74, -5.68%

After-hours reports

AAPL +0.17, +0.13%

2016 Q4 EPS

EPS Positive Reactions

AMD, AAPL, AVY, TMO, DHR, COH, NDAQ, ABC, SPG, LLY, AET, HCA, AMG, MXIM, VMW, WYNN, MSFT, KLAC, INTC, GD, ETFC, CMCSA, URI, RCL, LUV, EBAY, WDC, STX, LOGI, ROK, BA, HBAN, ISRG, NSC, ATI, GLW, RMD, DHI, DD, MB, BABA, CA, YHOO, SWKS, KSU, PG, CFG, COL, IBM, CHKP, NFLX, UNP, FAST, WFC, SNX, MSM, CUDA, GPN, MU, CAG, NKE, KMX, CCL, JBL

EPS Negative Reactions

PBI, D, ADP, UAA, UPS, MA, NUE, XOM, JNPR, SBUX, PYPL, GOOGL, JBLU, F, CAT, WHR, FFIV, LVS, CTXS, QCOM, MUR, FCX, STLD, CA, FCX, HES, STT, AKS, VZ, JNJ, LMT, MMM, TRV, HAL, MCD, GE, NTRS, CSX, C, CMA, MS, UNH, AYI, CMC, STZ, SCHN, RHT, BBBY, FINL, AGN, FDX, GIS, ADBE

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Trade with the trend of the chart you are trading and continue to move your profit protection stops.  Continue to follow your rules.

Follow your rules and look for potential re-entry if you were stopped out of any profitable trades.

Remember breakouts typically test about 70% of the time.

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

Bull Flag Setups include: SPY, DIA, XLI, XLB, XLY, XLP

WDC, CSX, MSFT, ADSK, YHOO, KLAC, TSLA, MAR, DISCA, SWKS, JD, ADBE, TXN, FAST, ADI, NCLH, PCLN, CHKP,

BA, AXP, IBM, V, CAT, CSCO, JPM,

ETFC, ATI, BABA, WB, LNG, WFC, PNC, HAL, DE, GD, RCL, CCL, VALE, STI, SCHW, CFG, HBAN, MS, BAC, FAS, RF, SQ,

                   (click image to enlarge)

One Day Pullback: VIAB, EA, IWM,

Bull Flag Bounces include: FB, EBAY, QQQ, SOXL, XLK, TMUS, NVDA, LRCX, AMAT, AVGO, AMZN, PCAR, CHTR, DD, UNH, LUV, CF, SHOP,

                  (click image to enlarge)

At Support Setups include: COST, CHK, C, GM, ALK, GOOGL, MT, STLD, X, AKS, FTI, BHI, TRV, CLF, UTX, XLNX, MMM, ZION, KEY, MGM, GS, HES, TLT, INTC,

Support Bounce:

Horizontal Breakout Setups include: FB, AMD, NFLX, QQQ, SOXL, XLK, TMUS, AMAT, PCAR, SYMC, SHOP, UNH, MCD, CMA, ROST, HIG, NTES, PG, ICE, NRG, FCAU, CC,

                  (click image to enlarge)

Horizontal Breakouts include: AMD, AAPL, NVDA,

New Highs include: AAPL, AMD, DIS, ATVI, MU, MXIM, USB, CMCSA, STX,

Break of Support: ADP, UPS, PAYX, SBUX, FISV, NUE, APA, XOM, AAL, DAL,

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The SPY MFC green line is pointed down at 78 defensive. 

45 of 100 NDX stocks closed higher and two were unchanged on Wednesday.

63 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

DISH, SHPG

Moving Below 30 DMA = 6

COST, GOOG, NXPI, SBAC, VRSK, XLNX

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down