Wednesday, August 16, 2017

FCX Leads SPX...UTX Leads DJIA...MU Leads NDX as Rally Inches Higher...VIX Continues Slide...



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After the close Review of Wednesday’s action…

© 2017

DIA and SPY bull flag bounce.
QQQ horizontal resistance breakout setup.
IWM above sideways channel support.

Eight sectors were higher led by materials XLB +0.98% and discretionary XLY +0.51%.

SPY up .43 at 246.94 on 56.7 million shares, average.  Up on higher volume.
VIX down .30 at 11.74.
Oil down .94 to 46.77
TLT up .46 at 125.71…on 5.2 million shares, 22% below avg.  Up on lower volume. 

UTX +2.38% and HD +1.39% led the DJIA, 18 advancers.
FCX +5.73%, AAP +5.09% and AA +4.61% led the SPX.
MU +3.40%, ORLY +2.85%, ROST +2.53%, and MELI +2.47% led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is up.

Up: SPY, QQQ, DIA, IWM
Down:

Breadth strengthened on Wednesday as advancers led 1,752 to 1,148 on the NYSE and led 1,591 to 1,236 on the NASDAQ.

The SPY MFC green line is at 62, defensive.

Uptrend sectorsXLK, XLU,
Neutral sectors: XLP, XLF, XLY, XLRE, XLV, XLB, XLI
Down trend sectors: XLE

Intermediate-term trending stocks:  PYPL, ADBE, NVDA, FB, JD, ATVI, EA, BA, MCD, V, CCL, RCL, ALGN, ANET, SQ, MOMO, CC, BZUN, AABA, TTWO, PGR, TRU, LYV, ALL, TAL, BABA, A, EDU, SHOP, EXPE, MAR,


68 of 100 NDX stocks closed higher on Wednesday.

50 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
FAST, MU, MXIM, TSCO

Moving Below 30 DMA = 1
JD,


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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3 comments:

Scott Avery said...

I see you switched XLE to down trending. I times like these I like to find sectors, stocks that are down trending to do bear call spreads. They aren't always easy to find but can do well in large down days like we had 3 days ago. As I look through some XLE stocks I see APC, EOG, HAL, PXD, SLB, and XOM in downtrends that might work for that.

J. A. Bruhn said...

Some of the breakouts you showed seem to be on low volume. Is this a concern?
Thanks for the great video.

Unknown said...

IWM seems to be setting up for a MACD divergence trade to the upside. NFLX bounce off support. Thoughts?