Breadth was unchanged as
decliners led advancers 1.26 to 1 on the NYSE and strengthened slightly as decliners
led advancers 1.29
to 1 on the Nasdaq…
Exchange NYSE
NASDAQ
Advancers 1,298
1,065
Decliners 1,640 1,381
Tuesday
Highlights:
SPY moved down 43 cents…closed at 141.76…volume was 105.5 million shares…
VIX down +1.00 at 15.02…
Euro up +126 at 1.2469…
TNX down -.09 at 18.05…
TLT up +54 cents at 122.39…
XLF up +5 cents at 15.22…
AAPL down -9.09 at 656.06…volume 29
million shares after rising $47 over the past five trading day…
FB down -85 cents at 19.16… volume 70.5
million shares…
URBN +5.70, +18.72% on 21.7 million shares following
earnings on Monday
The Market Forecast green line is in upper zone.
Technical
Commentary:
The Euro rose over 100
pips overnight
creating a strong backdrop for stock futures to rise and move higher at
the open. At 10:40 am the SPY peaked
at 143.09, one cent shy of our Chart Signals
price target of 143.10 and then sold off to close at 141.76. At the same time the ES futures
hit 1,424.75 just 1 point below our Chart
Signals price target of 1,425.75.
Chart Targets:
SPY = 143.10 S&R Measuring
ES = 1,425.75 S&R Measuring
What do you
expect at a chart price target? Buyers to sell, exactly as Chart Signals teaches.
Pull backs are typical
market reactions
when price targets are achieved. Considering
both a breakout with a typical return move and the reaching of a price
target, a pull back to support seems likely.
Many charts including the SPY formed
bearish candles today. If a price target
was reached the position is closed.
If not, consider moving stops under low of the
bearish candle or other short-term support and if the price moves
lower protect profits.
Short-term
support at
140.92, 139.80
= SPY
1,403, 1,387 =
ES
2,743, 2,700 =
NQ
Setup Chart
Patterns
Bull Flag: EXPE, ALTR, ADSK, INTC, LRCX, MU, NVDA, RIMM, CLF,
JNPR, SMH, VECO, COH, SINA, SOHU, VMW, ADP, ALTR, AVGO, BBBY, BIDU, FAST, WYNN
Horizontal or
Diagonal Breakout: ADSK, BRCM,
CHKP, FFIV, FOSL, GOLD, NTAP, CIEN, CREE, CROX, FCX, LVS, RAX, RCL, RVBD, SLB,
SWK, SWKS, ZION, AMZN, BMC, CA, CTXS, MSFT, WFM
Bounce:
Tuesday – GMCR, ESRX, KLAC,
SNDK, ATI, X
Monday – GRMN
43 of 100 NDX
stocks closed higher on Tuesday…
Leading
NDX 100 stocks included: FSLR, GMCR, NFLX,
INFY, ADSK, NUAN, MRVL, SNDK, ESRX, NWSA
Lagging
NDX stocks included: BIDU, RIMM, WCRX, XRAY, DELL, SHLD, EXPE,
AAPL, PNRA, EBAY
Leading
stocks > +2% on Tuesday included: TSL, ANR, FCX, C, ATI, LNKD, ESI, INFA
Lagging
stocks < -2.0% included: FB, CLF, GRPN, COH
Stocks to
Watch on Wednesday…
Holding Above 30 DMA = 48
MOS,
SLB, WDC, UCO, TPX, SWK, GS, JNPR, RVBD, SWI, CIEN, CROX, DHR, HLF, IBM SMH,
SWKS, V, VECO, CRUS, X, CREE, C, FAS, FCX, GES, JDSU, NKE, RCL, STI, TBT, TIF, VMW,
ATI, BAC, CDE, CRM, SINA, SOHU, F, AKS, DECK, ZION, ANF, INFA, COH, ICE, LVS,
URE, GLW, DE
Moving Above
30 DMA = 3
ANR, LNKD, TSL
Moving Below 30
DMA = 0
Staying Below 30 DMA
COH, VECO, LNKD, TSLA, A, CHL, NTES, DE, GRPN, ANR, CLF,
DLR, TLT, ZAGG, FAZ, CMG, ESI, UAL, FB, CSTR, LDK, MCP, TSL, HUM
Eleven Week Intermediate
Term Market Trend: Up
Short Term Market Trend: Neutral
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