BIDU +47.12, +10.83% and MICC +4.96, +6.79% led NDX 100 on Wednesday after reporting strong earnings. The SPX, INDU and COMPQ were just below even for the day while the RUT was just above even. Advancers and decliners were nearly even on both the NYSE and NASDAQ. While eight sectors were lower they were only moderately lower while the leading positive sector for the day was Financials.
In addition to the positive technical evidence we shared last night each of the major indexes are near a 10 DMA breakout. A down sloping 10 DMA, a second 10 DMA breakout within three weeks combined with a MACD bullish divergence at a major support level (875) led to a strong rally in July when almost no one expected it. Who is expecting a strong rally now?
Look at these Charts…
(click image to enlarge)
Guidance:
The SPX stayed above support on Wednesday. Technical evidence is increasing for a support bounce continuation. Stay prepared however for a break of support.
The short term trend is neutral.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Growing bullish technical evidence suggests it would be wise to prepare for a potential support bounce similar to the bounces in July and November of last year. See the above charts.
There are a few up trending stocks. If you have not yet been stopped out of your up trending positions, continue to raise your stops.
AAPL -1.07
QCOM -0.48
GOOG -1.99
BIDU +47.12
NDX 100 stocks stronger than the NDX include: BIDU, MICC, JBHT, CELG, NVDA, EXPE, FWLT, RIMM, BRCM, DELL, ADBE, FLEX, MXIM, COST, MCHP, STX, SBUX, PPDI, AMAT, XLNX, LLTC, BIIB, PCLN, ATVI, ALTR, ORLY, INTU, IACI, INTC, SYMC, ADSK, HSIC, FISV, MRVL and APOL.
Stocks to Watch on Thursday
Holding Above 30 DMA
ALGT, CBST, ZION, FAZ, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA
Moving Above 30 DMA = 1
AGU
Moving Below 30 DMA = 1
VPRT
Staying Below 30 DMA
CEDC, VAR, CREE, K, MYGN, TDG, WFC, WHR, WMT, GR, ESI, SNDK, DECK, HANS, JEC, MA, BYI, ACN, FLS, UNG, BUCY, DE, DOW, FAS, HLF, SYNA, UNP, UYG, X, ATW, CAM, HDB, MHS, MOS, PCP, URE, GS, HEAT, CAT, FCX, BAC, DHR, AGU, FUQI, ICE, IPI, SWN, USO, WLT, BKC, WAB, USD, PWRD, AMD, AMX, CGA, GES, MON, POT, TSL, BDX, WCG, SPG, GME, MELI, PCLN
Intermediate Term Market Trend: Neutral = 3 months, Up = 10 month
Short Term Market Trend: Neutral
Guidance:
The SPX stayed above support on Wednesday. Technical evidence is increasing for a support bounce continuation. Stay prepared however for a break of support.
The short term trend is neutral.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Growing bullish technical evidence suggests it would be wise to prepare for a potential support bounce similar to the bounces in July and November of last year. See the above charts.
There are a few up trending stocks. If you have not yet been stopped out of your up trending positions, continue to raise your stops.
AAPL -1.07
QCOM -0.48
GOOG -1.99
BIDU +47.12
NDX 100 stocks stronger than the NDX include: BIDU, MICC, JBHT, CELG, NVDA, EXPE, FWLT, RIMM, BRCM, DELL, ADBE, FLEX, MXIM, COST, MCHP, STX, SBUX, PPDI, AMAT, XLNX, LLTC, BIIB, PCLN, ATVI, ALTR, ORLY, INTU, IACI, INTC, SYMC, ADSK, HSIC, FISV, MRVL and APOL.
Stocks to Watch on Thursday
Holding Above 30 DMA
ALGT, CBST, ZION, FAZ, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA
Moving Above 30 DMA = 1
AGU
Moving Below 30 DMA = 1
VPRT
Staying Below 30 DMA
CEDC, VAR, CREE, K, MYGN, TDG, WFC, WHR, WMT, GR, ESI, SNDK, DECK, HANS, JEC, MA, BYI, ACN, FLS, UNG, BUCY, DE, DOW, FAS, HLF, SYNA, UNP, UYG, X, ATW, CAM, HDB, MHS, MOS, PCP, URE, GS, HEAT, CAT, FCX, BAC, DHR, AGU, FUQI, ICE, IPI, SWN, USO, WLT, BKC, WAB, USD, PWRD, AMD, AMX, CGA, GES, MON, POT, TSL, BDX, WCG, SPG, GME, MELI, PCLN
Intermediate Term Market Trend: Neutral = 3 months, Up = 10 month
Short Term Market Trend: Neutral
1 comment:
good evening, Dave-
I wanted to stop in and say hi and let you know how much we appreciate you!
Lane
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