S&P 500 Longest Winning Streak Since December 2010 Snapped With Today's Slight Down In Stocks...

Three of nine sectors moved higher on Monday… XLK, XLF, and XLY were the strongest sectors.

Breadth weakened  as decliners led advancers 1.67 to 1 on the NYSE and decliners also leading advancers on Nasdaq 1.27 to 1…

Exchange      NYSE    NASDAQ

Advancers     1,114       1,068

Decliners       1,866       1,363

Mondays Highlights:

SPY - .07 at 140.77 on 79.3 million shares… sitting at horizontal resistance from May.  Closed above its 30 DMA for the thirteenth consecutive …

VIX down -1.04 at 13.70…

Euro moved down -44 pips…

TNX up .05 cents at 16.54…

TLT down .21 cents…

XLF up 1 cent at 14.95…

AAPL up +8.30 at 630….

FB down - .20 cents at 21.60…

The Market Forecast green line is pointed up.

Technical Commentary:

The Euro is in a bull flag pattern with a bullish hammer on Friday.  XLF broke out of horizontal resistance on Monday and stayed above resistance all week even though the Euro pulled back.  The SPY is holding just below horizontal resistance poised to break out to the upside.  The SOX made a new near term high every day this past week which generally bodes well for tech stocks.

Chart Signals looks for the ten week up trend to continue and look for a potential SPY breakout this week.  A bull flag bounce to T1 in the Euro could set up the SPY breakout.

Chart Target Insight: 

SPY = 141.66 Fib extension 161.8, 143.10 S&R Measuring

ES = 1,411 Fib extension 161.8, 1,425.75 S&R Measuring

Setup Chart Patterns

Horizontal or Diagonal Breakout: ANR, ATI, CHL, CLF, CRM, DECK, F, FB, FCX, GES, GRPN, IBM, JDSU, MOS, SINA, STI, SWK, SWKS, VMW, ZION, SPY, DIA, QQQ

                        Monday:  DHR, HLF, ISRG

Gap Up:        Monday:  CRM, GOOG, SHLD

Gap Down:   Monday:  VECO

 

           

Bull Flag: HLF, TPX, UCO, SOHU, LNKD, LVS, NTES, CROX, C, URE, SWI, RCL, GS, DHR, IWM

Pennant: BAC, CIEN, FAS, JNPR, RVBD, X

Pennant Breakout:  Monday: TSLA

HLF had a diagonal breakout closing up +2.03 at 52.62… up 4.01% volume was 2.2 million…

DHR had both a diagonal and horizontal breakout…closing at 53.93 up +.45 cents…volume was 3.3 million…

ISRG had a horizontal breakout…up +9.73 at 508.31…up 1.95%...

TSLA had a small pennant breakout and a diagonal breakout…up +1.23 or +4.11%... closing at 31.17…volume was light at 870,000…

CRM gapped up gaining +5.31 or 3.80%...closing at 145.15…volume was double the average volume at 4.4 million…

GOOG gapped up and closed up +18.01 or 2.81%...volume was high at 3.2 million…

SHLD gapped up after making a higher low…closed up +2.94 or +5.72%...volume was double average at 1.6 million…

VECO gapped down closing down - 1.96 or 5.19%... closing at 35.81…volume was slightly higher than average at 985,000…

Earnings Reaction Week August 6

Stocks Up

CREE, CTSH, SOHU, ESRX, FOSL, SIRI

Stable

EXPD, LINTA, NUAN, NWSA, NVDA

Stocks Down

PCLN, MNST

28 of 100 NDX stocks closed higher on Monday…

Leading NDX 100 stocks included: SHLD, EBAY, GOOG, ISRG, VRSN, AAPL, FIXV, NVDA, BBBY, SBUX, SIRI, ROST, CHRW

Lagging NDX stocks included:  FSLR, RIMM, AVGO, NTAP, CHKP, MNST, NUAN, WYNN, EA, GOLD, FFIV, LIFE, WCRX, INTU SNDK, AMAT

Leading stocks > +2% on Monday included: TSLA, HLF, CRM, UAL COH

Losing stocks < -2.0% on Friday included:  MCP, AKS, VECO, TSL, ANR, INFA, X, FCX, CLF

Stocks to Watch on Tuesday…

Holding Above 30 DMA = 48

MOS, CHL, SLB, WDC, UCO, TPX, SWK, GS, JNPR, RVBD, SWI, CIEN, CROX, CRUS, DHR, HLF, IBM SMH, SWKS, V, VECO, X, CREE, A, C, DE, FAS, FCX, GES, JDSU, LNKD, NKE, RCL, STI, TBT, TIF, ATI, BAC, CDE, CRM, SINA, SOHU, F, ZION, AKS, CLF, DECK, INFA

Moving Above 30 DMA = 3

ANR, ICE, LVS

Moving Below 30 DMA = 0

Staying Below 30 DMA

NTES, URE, DLR, TLT, ANF, ZAGG, COH, FAZ, TSLA, CMG, ESI, UAL, FB, CSTR, LDK, MCP, GLW, TSL, HUM, GRPN

Ten Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up