SPY
continued its support bounce in a big way on Tuesday. Semiconductor stocks bounced as CRUS led our watch list stocks. The
Euro fell to a one year low and
TNX interest rates pulled back -0.14. Financial stocks rose and bonds pulled back slightly. The SPX closed at 1,332.42 above its 1,300 support area.
All nine sectors moved higher on Tuesday. XLB, XLE, and XLF were the strongest sectors.
Breadth
strengthened as
advancers led decliners 3.77 to 1 on
the NYSE and 2.31 to 1 on
the NASDAQ.
Exchange
NYSE NASDAQ
Advancers 2,394 1,755
Decliners 635 757
SPY moved
up $1.60 on
152.8 million shares…
AAPL
was up +9.98 at 572.27
on 13.6 million shares...
VRTX -7.05,
-10.87% fell after releasing corrected
cystic fibrosis data
FB -3.07 at
28.84 on 78 million shares a new low.....
GRPN -26 cents,
-2.16% in bull flag following
reversal pattern…
C Pattern Continuation: SWKS, AVGO, A, SIAL, WFM, SRCL,
ZAGG, DLTR, SHLD, ALXN, V,
C Pattern Entry: CMG, CSTR, COST, FAST,
DHR, TSLA
C Pattern Setup: FISV, SBUX, CRM, GOOG,
AAPL, INTU, CTXS, CMCSA, MSFT
Breakout: CRUS, SWI, BBBY,
Breakout Setup: MNST, ROST
Bounce: VECO, NWSA, CROX, ALTR, BMC, ORLY, CERN,
Daily/Weekly Bull Flags: WCRX, VRSN, CTXS,
GRPN, BIIB
MACD Histogram Bullish Divergence: RVBD, CIEN, MCP, SOHU, VMW, TPX, JDSU, MOS, INFA, F,
BIDU, NFLX, QCOM, NVDA, VMED, PNRA, MSFT, MRVL, MCHP, INFY, GOLD, EXPD, CTRP,
CHKP, CELG, ADBE, AKAM
Technical Commentary:
The
SPY continued its support bounce following the Memorial Day weekend. It appeared last week that buyers were
stronger than sellers buy just did not want to commit more aggressive buying
before the three-day weekend. The weight
of the evidence which suggested bounce continuation as more likely was right
once again.
Tuesday Highlights:
SPY
closes up $1.60
The
Euro fell 11 pips, closed 1.2503
TNX
-0.14
VIX
moved lower -0.73, below 25 at 21.03
XLF
closed up 20 cents
82 of 100 NDX stocks closed higher on Tuesday…
Leading NDX 100
stocks included CTRP, AVGO, NTAP, BRCM, BIDU, NUAN, EBAY, MU, NVDA, COST
Lagging NDX stocks included
VRTX, STX, ATVI, TEVA, NFLX, FSLR, FFIV, ALXN, CELG, GOLD
Leading stocks > +2% on Tuesday included CRUS, TSLA, NTES, PCX, SINA, SWKS, CMG,
TSL, CIEN, CLF, BAC, FAS, AKS, SOHU, JDSU, CROX, MCP, VECO, ANR, X, A, URE,
SLB, RVBD, CSTR, FCX, ATI, LVS, F, C, MOS, GLW
Losing stocks < -2.0% included LDK, FB, FAZ, WDC, ZAGG,
GRPN
Stocks to Watch on Wednesday
Holding
Above 30 DMA = 12
TLT,
CRUS, SWI, VECO, FAZ, GRPN, ZAGG, UAL, V, A, DECK, SWKS
Moving Above 30 DMA = 6
CMG,
CSTR, DHR, NKE, NTES, TSLA
Moving Below 30 DMA = 0
Staying
Below 30 DMA
CRM,
LDK, LNKD, CHL, URE, CREE, TSL, STI, WDC, DLR, ANF, ATI, DE, GLW, IBM, SLB, VMW,
ESI, FAS, FCX, SMH, TIF, UCO, AKS, ANR, JNPR, X, HLF, SOHU, HUM, CROX, LVS,
CIEN, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, ZION, INFA, BAC, TBT, F, JDSU, C, GS,
COH, MOS, ICE, SINA, GES, CDE
Eight
Week Intermediate Term Market Trend:
Down
Short Term Market Trend: Up
1 comment:
Nice post
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