Monday, April 10, 2017

IWM, SPY, QQQ and DIA Finish Just Positive, Seven Sectors Gain...Financials Weak...VIX Climbs...


Setups to Watch for Tuesday

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Technical Commentary

Light volume on Monday as many traders took time off or traded lighter positions headed into the Good Friday Easter three-day weekend.  Broad indexes inched higher.  

VIX moved higher as big money traders hedged causing implied volatility to rise on SPX options even as the indexes inched higher.  

Potential concerns would be geopolitical issues like Syria or North Korea and the three-day weekend.

Earnings start this week with JPM, WFC and C on the 13th.


The intermediate and long-term trends are still up.


IWM +0.22%, SPY +0.06%, QQQ +0.04%, DIA +0.00%,

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QQQ was slightly positive on Monday with weakness in CMCSA, NVDA, MSFT, INTC, MU, AAPL, REGN, INCY and ATVI contributing the largest NDX point declines.

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

Breadth strengthened as advancers led 2,007 to 978 on the NYSE and decliners led 1,454 to 1,366 on the NASDAQ.

Monday – strengthened, advancers led on the NYSE, +7 sectors
Friday – weakened, decliners led, +4
Thursday – strengthened, advancers led, +8
Wednesday – weakened, decliners led, +2
Tuesday – strengthened, advancers led on the NYSE, +6


SPY up .14 at 235.34 on 67.6 million shares, 18% below average volume,
VIX up 1.18 at 14.05
TLT up .56 at 121.27…on 5.3 million shares 31% below average volume

Oil futures were up .86 to close at 53.15 on Monday.


The SPY MFC green line is flat at 47, defensive with the SPY remaining above short-term support/resistance zone of 233.91 to 234.72Watch for a potential rise in the green line on Tuesday.

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



SPX and NDX Highlights

SPX up 2 points at 2,357.

SPX gainers WFM, HES, R, RIG, APA, HP, NBL, RI, KIM, JWN, AYI, TDG, MRO, DVA, MUR, OXY, CAT, GGP, CXO, KSS, FLR, LEN, RL, CMG, HOG, KSU, PRGO, M, CINF, RRC, ETN

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QQQ closes up .05 at 132.02.
   
NDX percentage gainers: TSLA, JBHT, JD, MAT, DISH, YHOO, STX, EXPE, ALXN, AMZN, AAL, BIDU and ADSK

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57 of 100 NDX stocks closed higher on Monday.

56 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 9
ADSK, BIDU, CSX, CTSH, DISH, ESRX, MAT, NFLX, TSCO

Moving Below 30 DMA = 2
MCHP, MXIM


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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: FB, MAR, AAPL, CCL, VIAB, CC, NFLX, LVS, NXPI, MCD, MSFT, HUN, PCLN, SPY, XLY, UNH, MNST, RCL, JNJ, WYNN, DIS, CHK, SWN, AVGO, EA, ATVI, KLAC, WIX,

Bull Flag Bounces include: AMZN, PCLN CLX, (3)


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One Day Pullback: SWKS, WDC,  

MACD Histogram Bullish Divergence: EA, AVGO, MMM, IBM, AMBA,

Divergence Bounces include: CF, PANW,

Horizontal Breakout Setups include: QQQ, ADBE, CBOE, KLAC, CTRP, MSFT, CERN, DIA, PANW, LUV, BA, COST, LRCX, TLT, LNG, EBAY, NRG, NUE, CSX, STI, UAL, IYR, XLU, AAL, HD, ATVI, ADP, X, PYPL, EXPE,

Horizontal Breakouts include: MOMO, TSLA, BABA, XLE, STX, EXPE,

New Highs include: ADBE, CC,

At Support Setups include: AMD, SOXL, FLEX, ALK, V, DAL, HAS, NTES, ROST, NVDA, PAYX,

Support Bounce: CTSH, MAT, PYPL,

Break of Support: MU, ADI,

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