AMZN inches to a new all-time closing high on Tuesday. Last
week’s flag bounces move to potential horizontal breakout setup.
SPY just 25 cents below all-time closing high on
May 15, formed potential hanging man.
QQQ closed 52 cents below all-time closing high on May
16
QQQ, SPY, DIA, IWM upward momentum slows near resistance on Tuesday.
Nine sectors were positive, led by financials XLF and healthcare XLV.
SPY up 0.53 at 240.05 on 48.3 million shares, 37% below average.
VIX falls -0.21 to 10.72.
Oil rises +0.45 to 51.49
TLT down .83
at 122.54…on 7.4 million shares
GS +1.68% and CAT +1.31% lead
the DJIA.
A +4.60% following earnings, ADM +3.71%, NUE +3.71% and RF +2.84% led the SPX.
MYL +2.46%, MNST
+2.25% and EBAY
+2.22% led the NDX.
Intermediate
and long term up trend intact. 3-day short term trend is up.
Up:
IWM, DIA, SPY, QQQ,
Down:
Uptrend
sectors: XLK,
XLY, XLRE, XLV, XLI, XLP, XLU
Breadth weakened as advancers led 1,740
to 1.171 on the NYSE and led 1,451 to 1,305 on the
NASDAQ.
The SPY MFC green
line is flat at 68,
and still lagging the SPY bounce. Be defensive
but take advantage of the short-term trend in ways that your rules allow. Be prepared to return to up trending on the
SPY.
Look for
a potential bounce in: HD, FB, TSLA, CC,
HUN, DDD, ANET, SHOP, TLT,
One Day
Pullback: WB, NVDA, JD, BABA, XLNX, MCD,
AAPL, XLY,
Bounces included: PYPL,
MU,
Break of
short-term support:
Potential
Breakouts include: AMAT, YHOO, BIDU, MCHP, EA, SWKS, QQQ, RACE,
NTES, MOMO, UNH, V, CSX, SBUX, KLAC, SPY, DIA, HAS, COST, JD, WB, AVGO, NVDA, RCL,
NFLX, WDC, EXPE, MSFT,
Breakouts:
MAR, GOOGL, ATVI, V,
New Highs SQ, AMZN, ADBE, MAR, LRCX, ATVI, V, WMT,
BBRY,
52 of 100 NDX stocks closed
higher on Tuesday.
63
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 4
CTAS, PAYX, SIRI, XRAY,
Moving Below 30 DMA = 2
DLTR, TXN,
The
intermediate and long-term trends are still up.
6-month Intermediate Term
Market Trend: Up
3-day Short Term Market
Trend: Up
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