The Euro, TNX interest rates and the VIX moved
lower on Monday. TLT bonds moved higher as did XLF financial
stocks, RUT and the SPY. The broad indexes were led by the RUT, small caps, which
gained +9.45,
+1.18%. Generally when small
caps lead it is bullish. Breakout setups and entries are the most common
pattern on charts today. The SPY closed
above horizontal resistance following the RUT which closed above
resistance on Friday.
Markets close early on Tuesday and are closed
Wednesday in celebration of July 4th.
Seven of nine sectors moved higher on Monday. XLU,
XLF, and XLK were the strongest sectors.
Breadth
weakened as
advancers led decliners 2.40 to 1 on
the NYSE and 1.77 to 1 on
the NASDAQ.
Exchange NYSE
NASDAQ
Advancers 2,141 1,607
Decliners 892 905
SPY gained $3.32 on
relatively heavy buying at 212.2 million shares closing above its 30 DMA for
the fourth consecutive day. The SPX moved
up +33.12 at 1,362.16.
The
Market Forecast green line is pointed up.
AAPL
up 8.52 at 592.52 on 14.3
million shares...
FB
down 32 cents at 30.77 on volume of 14.1
million shares...
GRPN
-1.12, -10.54%…
Chart Patterns
Breakout: SPY, X, ALXN, VECO, SHLD, SPG,
Breakout
Continuation: IWM, CTXS, FAS, MU, CIEN, COST, CL, ESRX, KMB, DIS, VMI, FMC, FISV,
LEN, URE, INTU, DE, LLTC, HSY, AMZN VMED, APOL, MOS, POT
Breakout
Setup: JDSU,
DIA, AKS, COP, ADP, ADSK, AKAM, CSTR, GMCR, AVGO, ZAGG, NFLX, COF, VRSN, SHW,
MNST, ADSK, TFM,
Technical Commentary:
The
SPY is in an up trend and the RUT is leading the broad market higher. Stocks provided the typical pull back on Monday that stayed above
Friday’s mid-range and is generally bullish.
Stay with the trend and watch for a potential pause or breakout on Tuesday.
Monday Highlights:
SPY
closes up +40 cents
The
Euro moved down 84 pips, closed at 1.2576
TNX
-0.79
VIX
dropped -0.28 at 16.80
XLF
up +9 cents at 14.72
47 of 100 NDX stocks closed higher on Monday…
Leading NDX 100stocks included SIRI, MNST, ALXN, CHRW, MU, NWSA,
PCLN, EXPE, ISRG, AMGN
Lagging NDX stocks included FAST, DLTR, NTAP, NVDA, LIFE, CHKP, PCAR,
FOSL, NUAN, BIDU
Leading stocks > +2% on Monday included PCX, TSL, VECO,
ZAGG, V, HLF, FAS, ESI, UAL
Losing stocks < -2.0% included GRPN, TPX, SOHU, CRUS,
CROX, SINA, TSLA, JNPR, CREE, LDK, UCO, FAZ, SWK, WDC, F, TBT, RVBD
Stocks to Watch on Tuesday
Holding
Above 30 DMA = 40
CRUS,
CIEN, ICE, GES, CSTR, BAC, DLR, HLF,
URE, LNKD, MOS, V, UAL, CHL, ESI, DE,
FAS, RCL, STI, AKS, JDSU, CREE, X, ANF, ATI, C, CLF, CRM, DHR, FCX, GLW, GS,
IBM, MCP, SLB, SMH, SWKS, TSL, VECO, ZAGG
Moving Above 30 DMA = 1
TLT
Moving Below 30 DMA = 5
INFA, SOHU, SWK, TBT, TSLA
Staying
Below 30 DMA
HUM, CMG, SINA, SWI, NTES, A, CDE, F, RVBD, GRPN,
FAZ, DECK, NKE, LDK, CREE, WDC, VMW,
ESI, TIF, UCO, ANR, JNPR, X, CROX, LVS, PCX,
TPX, ZION, COH
Four
Week Intermediate Term Market Trend:
Up
Short Term Market Trend: Up
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