The SPX formed a larger black candle on Tuesday closing down –10.30 at 1,314.16. The SPX pulled back to its 30 DMA before buyers rallied the index before the close.SPX black candle, above 30 DMA -0.78%
(click image to enlarge)
INDU large black candle, above 30 DMA, -0.95%
COMPQ black candle, above 30 DMA, -0.96%
RUT large black candle, close at 30 DMA, -1.39%
Breadth weakened as decliners led advancers 2.96 to 1 on the NYSE and 3.08 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 758 646
Decliners 2,244 1,994
Index Chg. Close Direction Confirmation
VIX +0.50 17.09 Up Yes – SPX
SOX -9.10 426.78 Down Yes – COMPQ
Leading stocks > +2% on Tuesday included UAL, GMCR, VMW, CMG
Losing stocks < -2.0% included RVBD, UCO, ARUN, ESI, VECO, SINA, PCX, SWN, SLW, CLF, ATW, NETL, CRUS, WLT, FCX, FWLT, SLB, IAG, SWKS, JDSU, JEC, CDE, LDK, HAS, X, CAT, ANF, TBT, GLW, DOW
Positives – AAPL, NFLX, Euro, VIX, TLT
Negatives – RUT, SPX, COMPQ, INDU, breadth and sectors weakened, AMZN, BIDU, GOOG
Interest rates TNX -0.70 moved down and bond ETF TLT moved up 97 cents. Financial stocks XLF was down 6 cents. The Euro moved up 36 pips to 1.4469 at 5 pm on Tuesday.
Stocks sold off this morning after an early negative reaction to AA earnings after the close on Monday. AA gapped down after the close and was down even further before the open this morning.
JPM reports before the open on Wednesday and GOOG reports after the close on Thursday. Look for selectivity and rotation to occur with positive earnings attracting big money buying and negative earnings attracting big money selling.
Most of bull flag setups from Monday continued their pull back on Tuesday. A small number of stocks bounced including: HUM, CMG, GMCR, UAL, VMW, DLR, UNP, ATI, MON, WHR, NFLX, AAPL, STX, SBUX, VRSN, NTAP
(click image to enlarge)
Bull Flag Setups – CDE, HAS, SINA, UCO, CAT, SLW, IAG, FCX, DHR, NTES, TIE, WLT, CLF, PCX, NETL, SOHU, F, DOW, DECK, JEC, FWLT, LVS, CF, TIF, ESI, ZION, NYX, NDAQ, SNDK, GS, SWN, AGU, POT, SLB, URE, SWK, VLO, ATW, ARUN
Monday night virtual trade updates:
7:34:04 am MDT Buy 50 IWM 82 Put @ 2.26, close 2.45, +8.4%, +$950.00
Since this is a counter trend trade will move stop to break evenSPX
Resistance: 1,321, 1,330, 1,344
Support: 1,311, 1,300, 1,288
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +1.60 – piercing line, inside day
AMZN -3.58 – black candle, bull flag
BIDU -4.97 – black candle, bull flag
GOOG -6.76 – black candle at support
NFLX +5.76 – bullish engulfing
QCOM -1.15 – black candleNDX 100 stocks stronger than the NDX include NFLX, STX, VRSN, NTAP, AKAM, SHLD, URBN, SBUX, DELL, TEVA, AMGN, AAPL, CHRW, EXPD and COST.
Stocks weaker than the NDX include FAST, BIDU, BRCM, JOYG, KLAC, MXIM, XLNX, QCOM, APOL, ILMN, ALTR, MU, AMAT, AMZN and NIHD.
Stocks to Watch on Wednesday
Holding Above 30 DMA
HUM, GMCR, CDE, HLF, SINA, UCO, CAT, CSTR, WDC, IAG, DHR, FCX, NTES, MCP, A, DE, WLT, ACN, F, SOHU, TSL, CMG, ANF, DECK, DLR, CF, CRM, LVS, TIF, V, FAS, NDAQ, NYX, ZION, SNDK, CIEN, GS, STI, TBT, IL, VMW
HUM, GMCR, CDE, HLF, SINA, UCO, CAT, CSTR, WDC, IAG, DHR, FCX, NTES, MCP, A, DE, WLT, ACN, F, SOHU, TSL, CMG, ANF, DECK, DLR, CF, CRM, LVS, TIF, V, FAS, NDAQ, NYX, ZION, SNDK, CIEN, GS, STI, TBT, IL, VMW
Moving Above 30 DMA = 1
UNP
Moving Below 30 DMA = 11
CHL, CLF, DOW, ESI, FWLT, HAS, JEC, NETL, PCX, SLW, SMH
Staying Below 30 DMA
AGU, AKS, POT, SLB, SWN, VECO, ATI, SWK, URE, VLO, ATW, MOS, ARUN, IPI, TLT, UNG, X, FAZ, AMD, ICE, CAM, RVBD, JNPR, BAC, GLW, JDSU, CRUS, SWKS, GES, MHS, LDK, NVDA, UAL
Short Term Market Trend: Down
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