Breadth weakened on Monday as decliners lead
advancers 1.50 to 1 on the NYSE and 1.43 to 1 on the NASDAQ…
Exchange NYSE NASDAQ
Advancers 1,190 1,006
Decliners 1,785 1,448
Exchange NYSE NASDAQ
Advancers 1,190 1,006
Decliners 1,785 1,448
VIX up 1.90 at 16.28…
Euro down 53 pips at 1.2759
TNX up 22 cents at 16.83…
TLT up 30 cents at 124.33…
XLF down 13 cents at 15.55…
Gold down 10.60 at 1727…
Oil up 1
cent at 96.30…
AAPL down 17.70 at 662.74…volume 17.4 million shares …
FB down 17 cents at 18.81… volume 24.8 million
shares…
The Market Forecast green line is in the upper
zone.
YTD At a Glance
Monday YTD
SPY
-0.57%
+15.45%
AAPL
-2.60%
+64.34%
EXPE
-2.51%
+83.10%
STX -2.39%
+85.53%
EBAY -1.44%
+60.01%
Technical Commentary: The SPY began a return move and test of Thursday’s breakout forming the first day of a potential a bull flag price pattern as we discussed to watch for in Friday’s post. The selloff accelerated as the Euro turned lower.
Technical Commentary: The SPY began a return move and test of Thursday’s breakout forming the first day of a potential a bull flag price pattern as we discussed to watch for in Friday’s post. The selloff accelerated as the Euro turned lower.
Monday’s price action was an exit signal
for some short-term trading rules and the first day of a potential up trending
bull flag setup. The SPY, Euro and many individual stocks traded above last week’s
horizontal resistance which now represents a potential support level.
Last week’s breakouts indicate that
higher prices are likely on the way.
New Chart Targets:
SPY = 144.92 1.61 Fib, 146.05 S&R Measuring
ES = 1,443.50
1.61 Fib, 1,455.00 S&R Measuring
Eur/Usd = 1.3095 1.60 Fib, 1.3345 S&R Measuring.
Short-term support at
143.09, 140.22, 139.80 =
SPY
1,424.75, 1,403, 1,395 =
ES
2,802.50, 2,750, 2,743 =
NQ
Stocks SCHN, X, FCX, CNX, C, BAC, STI, ZION and JDSU which had bounce or breakout signals on Thursday or Friday, either paused, pulled back slightly or had modest moves higher on Monday.
Stocks SCHN, X, FCX, CNX, C, BAC, STI, ZION and JDSU which had bounce or breakout signals on Thursday or Friday, either paused, pulled back slightly or had modest moves higher on Monday.
Stocks ANR, BTU, AKS,
MCP, WLT, ACI, JRCC, KOL and CLF are setting up potential
reversal patterns and gave intra-day entry signals and then closed below
their breakout entry signals.
79 of 100 NDX stocks closed lower on Monday…
Leading NDX 100 stocks included: GMCR, ORLY, FSLR, EXPD, PNRA, COST, GILD, KLAC, KFT
Lagging NDX stocks included: APOL, INTC, FFIV, SPLS, AVGO, GRMN, FLEX, MRVL, AAPL, EXPE
Leading stocks > +2% on Monday included: FAZ
Lagging stocks < -2.0% included: TSLA, SOHU, SWKS, LDK, CRUS, ZAGG, CIEN, HUM, JNPR, BAC, SINA, NTES, FAS, LVS
Stocks to Watch on Tuesday…
Holding Above 30 DMA = 48
UCO, TPX, GS, RVBD, SWI, CROX, CRUS, SWKS, CREE, C, FAS, FCX, JDSU, NKE, RCL, STI, TIF, BAC, CDE, CRM, SINA, SOHU, F, ZION, ANF, INFA, ICE, LVS, LNKD, HUM, URE, COH, GLW, CSTR, MOS, UAL, CMG, DE, DHR, ESI, IBM, SWK, TBT, VMW, AKS, ANR, ATI, VECO
Moving Above 30 DMA = 0
Moving Below 30 DMA = 5
A, JNPR, SLB, TSLA, V
Staying Below 30 DMA
DECK, SMH, WDC, CIEN, TSL, X, GES, HLF, CHL, NTES, GRPN, CLF, DLR, ZAGG, FAZ, FB, LDK, MCP
Fourteen Week Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
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