Thursday, March 23, 2017

Morning Rally Fades Thursday Afternoon...IWM Leads with Gain...MU Soars After-hours on EPS...


Technical Commentary

After a morning rally all four indexes and their respective ETFs sold off in the afternoon going into the close finishing slightly lower, except for IWM which finished up for the day.  IWM, DIA, SPY and QQQ each made a higher high and higher low.

Wednesday's flags setups still valid, look for a potential bounce on Friday.
 
The intermediate and long-term trends are still up.


IWM +0.58%, DIA -0.05%, SPY -0.11%, QQQ -0.25%,

                 (click image to enlarge)


Up Trend: XLK, XLP, XLU, XLV
Sideways: XLB, XLF, XLRE, XLI, XLY,
Down Trend: XLE

Breadth strengthened as advancers led 1,939 to 1,034 on the NYSE and led 1,820 to 1,024 on the NASDAQ.

Thursday – strengthened, advancers led, +4 sectors
Wednesday – strengthened, advancers led on the NYSE, +7
Tuesday – weakened, decliners led, +1
Monday – weakened, decliners led, +4
Friday – strengthened, advancers led, +6


SPY down .25 at 234.03 on 100.4 million shares, 25% above average volume,
VIX up .31 at 13.12
TLT down .17 at 120.45…on 6.7 million shares 21% below average volume

Oil futures were down .49 to close at 47.67 on Thursday.

The SPY MFC green line is pointed down at 66, be defensive until SPY moves above short-term support/resistance at 234.72.

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



SPX and NDX Highlights

SPX down 2 points at 2,346.

SPX gainers PVH, TRIP, COG, NKE, AAL, SWN, FOSL, HBAN, CHK, KORS, SLG, DD, WDC, DOW, KIM, RRC, MU, GGP, CSRA, MNK, VFC, CTXS, REG, CCI, HCN, HPE, SPG, RL, ADSK, CTAS, STI, BXP, FRT

                  (click image to enlarge)

QQQ closes down .33 at 130.36.

NDX percentage gainers: TRIP, AAL, JD, WDC, MU, LVNTA, CTXS, ADSK, CTAS, ENDP and YHOO

                  (click image to enlarge)

42 of 100 NDX stocks closed higher on Thursday.

55 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 2
ADSK, WDC

Moving Below 30 DMA = 3
ADI, QCOM, VRTX


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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: ADBE, AMAT, ATVI, AVGO, EA, EXPE, FB, FISV, HOLX, KLAC, LRCX, MXIM, NFLX, NTES, NVDA, NXPI, PAYX, PCLN, SWKS, SYMC, TSLA, TXN, ULTA, HD, JNJ, UNH, CLX, FLEX, DIS, MMM, SOXL, UTX, WIX, LVS, MNST, NRG,

Bull Flag Bounces include: CTRP, HAS, YHOO, BABA, (4)


                  (click image to enlarge)

One Day Pullback:

MACD Histogram Bullish Divergence: X, STX, BA, IBM, PANW,

Horizontal Breakout Setups include: PYPL, MCD, AMD, EBAY, INTC, GDXJ, XLU, TLT,

Horizontal Breakouts include:

New Highs include: MAR, CCL, RCL, WYNN,

At Support Setups include: ADI, ADP, AMZN, GLW, CMCSA, V, ROST, NUE, AA, LUV, CF, RF, CSX, AMBA, GS, ZION, STI,

Support Bounce: IWM, WDC, ALK, LNG, AAL, DAL, UAL,

Break of Support:


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Earnings

This week:
Monday
Tuesday – GIS, LEN, FDX, NKE
Wednesday – CTAS,
Thursday – ACN, PVH, CAG, MU
Friday


Earnings Reports
Positive earnings reactions
PVH +7.70, +8.48%
CTAS +1.58, +1.27%

Negative earnings reactions
ACN -5.72, -4.52%

After-hours reports
MU +2.72, +10.28%


2016 Q4 EPS (since Mar 7)
EPS Positive Reactions
PVH, CTAS, FDX, TIF, ADBE, ORCL, ULTA, SIG, HRB

EPS Negative Reactions
ACN, NKE, LEN, GIS, URBN,



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