SPY Continues Up Trend, Reaches Breakout Setup...HMMM...We Heard This Before Today...Who Was That Masked Man?

Eight of nine sectors moved higher on Wednesday. XLI, XLK, and XLE were the strongest sectors.

Breadth was mixed as advancers led decliners 1.66 to 1 on the NYSE and 1.50 to 1 on the NASDAQ.

Exchange    NYSE   NASDAQ
Advancers    1,865    1,476
Decliners      1,123       980

SPY moved up $1.01 to 137.37 on 113.3 million shares, closing above its 30 DMA for the sixteenth consecutive day. The SPX moved up +9.11 at 1,372.78.

The Market Forecast green line is pointed up.

AAPL down 68 cents at 606.26 on 10.8 million shares...

FB up $1.02 at 29.11 on volume of 16.8 million shares...

GRPN -14 cents, -1.94% at 7.07…

Technical Commentary:

Following selling volume and profit taking that were light on Monday, SPY moved up on Tuesday and Wednesday and is now a horizontal breakout setup. Masked men that help us see the probable technical future are definitely better than a silver bullet. Once again trend has outperformed the noise of news. Now that price has moved to its previous high, watch for a potential horizontal break out to a higher high Thursday or Friday.  SOX semiconductors +3.55% confirmed the tech move on Wednesday.

Wednesday Highlights:

SPY closes up 1.01
The Euro moved down -12 pips, closed at 1.2281
TNX -0.22 at 14.79
VIX down -0.32 at 16.16
XLF down 7 cents at 14.69

82 of 100 NDX stocks closed higher on Wednesday…

KFT will be added to the NDX 100 the morning of July 23 replacing CTRP.

Leading NDX 100 stocks included FFIV, CHKP, CTRP, CTXS, NTAP, KLAC, NVDA, MXIM, LLTC, XLNX

Lagging NDX stocks included VMED, WFM, APOL, GOLD, WYNN, AKAM, SBUX, DLTR, BIIB, NFLX

Leading stocks > +2% on Wednesday included VMW, RVBD, JDSU, JNPR, CRM, SWK, CROX, CIEN, SWI, TIF, WDC, SWKS, FB, SMH, CRUS, CREE, VECO, COH, A, DHR, IBM, ATI, NTES, DECK, SINA, GES, UCO, NKE, INFA

Losing stocks < -2.0% included DLR, BAC, TSL, TSLA, UAL

Stocks to Watch on Thursday

HoldingAbove 30 DMA = 21
ICE, DLR, HLF, URE, MOS, V, CHL, FAS, STI, ANF, ATI, SLB, TSLA, TLT, WDC, LNKD, UCO, GS, TPX, ZION, CMG

Moving Above 30 DMA = 7

CREE, CRM, DECK, DHR, SWK, TIF, VMW

Moving Below 30 DMA = 2

BAC, C

Staying Below 30 DMA

DE, UAL, X, FB, FCX, VECO, AKS, CSTR, ESI, CIEN, GES, ZAGG, RCL, JDSU, LDK, MCP, SMH, CLF, CROX, CRUS, GLW, IBM, INFA, NTES, SWI, SWKS, TSL, A, C, CDE, SOHU, TBT, HUM, SINA, F, RVBD, GRPN, FAZ, NKE, LDK, ANR, JNPR, LVS, COH

Six Week Intermediate Term Market Trend:Up

Short Term Market Trend: Up