Breadth strengthened as
advancers led decliners 1.71 to 1 on the NYSE and on the
Nasdaq 2.24
to 1…
Exchange NYSE
NASDAQ
Advancers 1,896
1,720
Decliners 1,108 765
Wednesday
Highlights:
SPY gained 16 cents at 140.95 on 71 million shares. The SPY is still sitting at
horizontal resistance of 140.93 from May. Closed above its 30 DMA for the fifteenth
consecutive day…
VIX down - .22 at
14.63…
Euro
-31 pips
at 1.2290…
TNX
up +0.79 at 18.05…
TLT down -1.74 at 122.05…
XLF up .05 cents at 14.98…
AAPL down - .86 at 630.83…volume 9.1 million
FB up .82 cents at 21.20… volume 47.7 million
The Market Forecast green line is in upper zone.
Technical
Commentary:
Interest rates rose and
bonds dropped big as the VIX and the Euro drifted lower. XLF closed 5 cents higher and still above old
horizontal resistance now new support at 14.85.
The SOX is formed a piercing line
candle in a bull flag pattern.
Many stocks
had a strong bounce on Wednesday and many others are in classic bull flag
patterns listed below.
The SPY rallied to its second
highest close in this three and a half year old bull market. Its highest close of 141.11 was on
April 2 this year. Th
short-term rally is in its ninth day, with sellers still small in size and
buyers buying all that is being sold.
Short-term
support at
139.80 = SPY
1,387 = ES
2,700 = NQ
Chart Signals
looks for the ten week up trend
to continue and a potential SPY breakout this week. A bull flag bounce to T1 in the Euro could
set up the SPY breakout. However,
move stops under support and if the SPY does
break support protect
profits and then look to trade down.
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
Bull Flag: EXPE, ADSK, ALTR, BRCM, CHKP, ESRX, FFIV, FOSL, GMCR,
GOLD, GRMN, INTC, KLAC, LRCX, MRVL, MU, NVDA, NTAP, RIMM, AKS, ATI, CHL, CIEN, CLF,
CREE, CRM, CROX, FCX, JNPR, LVS, RAX, RCL, RVBD, SINA, SLB, SMH, SOHU, SWK, SWKS,
VECO, VMW, WDC, X
Bounce:
Wednesday: ADBE,
AKAM, ALXN, CERN, COST, EA, FAST, FSLR, HSIC, INTU, LIFE, XRAY, DECK, GES, HLF,
JDSU, SWI, TBT, ZION
Gap Up:
Wednesday: ANF
Gap Down:
Wednesday: DE
72 of 100 NDX
stocks closed higher on Wednesday…
Leading
NDX 100 stocks included: GMCR, FSLR, AKAM, SBUX,
FOSL, EA SYMA CERN, SHLD, SNDK, ADBE, NFLX, FFIV INTU, LINTA PCLN
Lagging
NDX stocks included: SPLS, DLTR, VOD, MU, CTSH, EBAY INTC, NVDA,
DTV WCRX, CTXS, RIMM, KFT
Leading
stocks > +2% on Wednesday included: ANF, JDSU, FB, NTES, CIEN, DECK, RVBD, TBT,
COH, SWI, GES, HLF, JNPR
Losing stocks < -2.0% included:
DE, GRPN, ANR, TSL, SWKS
Stocks to
Watch on Thursday…
Holding Above 30 DMA = 46
MOS,
CHL, SLB, WDC, UCO, TPX, SWK, GS, JNPR, RVBD, SWI, CIEN, CROX, DHR, HLF, IBM
SMH, SWKS, V, VECO, CRUS, X, CREE, A, C, DE, FAS, FCX, GES, JDSU, LNKD, NKE,
RCL, STI, TBT, TIF, VMW, ATI, BAC, CDE, CRM, SINA, SOHU, F, AKS, DECK, NTES,
ZION
Moving Above
30 DMA = 2
ANF, INFA
Moving Below 30
DMA = 1
DE
Staying Below 30 DMA
GRPN,
ICE, LNKD, TSLA, ANR, CLF, LVS, URE, DLR, TLT, ZAGG, COH, FAZ, CMG, ESI, UAL,
FB, CSTR, LDK, MCP, GLW, TSL, HUM
Ten Week Intermediate
Term Market Trend: Up
Short Term
Market Trend: Neutral
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