The Euro fell after Spain
formalized its request for a financial bailout for its banks. Fear over EU
seemed to inspire another round of overnight selling that extended into
Monday. Interest rates, financial stocks, the broad indexes and oil moved
lower. The dollar, gold and bonds moved higher. VIX
volatility also jumped.
All nine sectors moved lower on Monday. Defensive sectors XLU,
XLP, and XLV were the strongest sectors.
Breadth
weakened as
decliners led advancers 3.41 to 1 on the NYSE and 2.86 to 1 on the NASDAQ.
Exchange NYSE
NASDAQ
Advancers 685 652
Decliners 2,337 1,868
SPY moved down $2.14 on 146.3 million shares closing below its 30 DMA. The SPX lost +21.30 at 1,313.72.
The
Market Forecast green line is pointed down.
AAPL
down -11.33 at 570.76 on 10.9 million shares...
FB
down 99 cents at 32.06 on volume of 24.3 million shares...
GRPN
-0.51, -4.90%…
Monday’s
selloff failed to produce potential flag entries and led to another day in the
bull flag pattern for many stocks and ETFs in Friday’s list. Continue to Watch for the higher low and bounce for potential
entry.
Daily
Bull Flags: MNST, DLTR, ALXN, ULTA, CSTR, COST,
CIEN, AVGO, MLNX, ROST, URE, NFLX, INFA, CRUS, ICE, FAS, IWM, AAPL, SXCI, ORLY, ALGN, PCLN,
JDSU, VRSN, EXPE, C, PNRA, MCHP, SPY, DIA, QQQ
Flag Bounce:
GOLD
C
Pattern Continuation: CSTR, SRCL
C
Pattern Pullback: SIAL, FISV, SHLD, V, TSLA, AKAM, MSFT, CMG, ISRG, CTXS, AVGO, AAPL
C
Pattern Reversal: SAVE, FAS, SBUX, DKS, SWKS, INTU, SWI
C
Pattern Entry: VMI
C
Pattern Setup: CRM, ORLY, HIBB, ODFL, PIR, A, DHR, FMC
Break of Support:
QCOM, MRVL, BIDU, VECO
Support Bounce: VMW, ZAGG, GOOG
At Support:
TPX, MRVL, EXPD, F, ALTR, LVS, RVBD, MCP, TFM, CROX
Breakout
Setup: VMED
Technical Commentary:
SPY
fell on moderate volume of 146.3 million shares and appears to have been buyers
stepping aside at the bid in the face of a sell off in the Euro. Volume was lower than last Thursday and
Breadth was stronger. This is the time
to exercise patience and wait for signals according to your rules.
Monday Highlights:
SPY
closes down $2.14
The
Euro moved down 65 pips, closed at 1.2503
TNX
-0.64
VIX
jumped +2.27 at
20.38
XLF
closed -29 cents at 14.04
6 of 100 NDX stocks closed higher on Monday…
Leading NDX 100stocks included TEVA, GOLD, VOD, VMED, MNST, BIIB,
DLTR
Lagging NDX stocks included RIMM, BRCM, FOSL, FSLR, LRCX, SIRI, SPLS,
ALTR, QCOM, EXPE
Leading stocks > +2% on Monday included FAZ, ESI
Losing stocks < -2.0% included VECO, MCP, PCX, FAS, NTES,
SWKS, GRPN, CREE, LDK, AKS, SWI, TSL, SINA, C, VMW, RVBD, CLF, BAC, ANR, JDSU,
LVS, CRUS, STI, TPX, LNKD, A, COH, SMH, GLW, ANF, FB, V, RCL, JNPR, TBT, WDC,
GS, UAL, SLB, CIEN, FCX, SOHU, CRM, ATI, X, TSLA
Stocks to Watch on Tuesday
Holding
Above 30 DMA = 19
TLT,
CRUS, CIEN, ICE, GES, CSTR, HUM, BAC, DLR, HLF, URE, LNKD, MOS, TSL, TSLA, V, CMG, UAL, CHL
Moving Above 30 DMA = 1
ESI
Moving Below 30 DMA = 12
C, DE, FAS, INFA, JDSU, MCP, RCL, SINA, SMH, STI,
SWI, SWKS
Staying
Below 30 DMA
NTES, A, CDE, CLF, DHR, F, FCX, GLW, GS, IBM, RVBD,
SLB, VECO, GRPN, FAZ, DECK, NKE, ZAGG,
CRM, LDK, CREE, WDC, ANF, ATI, VMW, ESI, TIF, UCO, AKS, ANR, JNPR, X, SOHU,
CROX, LVS, PCX, SWK, TPX, ZION, TBT, COH
Five
Week Intermediate Term Market Trend:
Neutral
Short Term
Market Trend: Down
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