All nine sectors moved lower on Wednesday…XLY, XLP and XLB were the strongest sectors.
Breadth weakened on Wednesday as decliners led advancers…4.46 to 1 on the NYSE and 5.64 to 1 on the NASDAQ…
Exchange NYSE
NASDAQ
Advancers 1,216 1,032
Decliners 1,739 1,407
Decliners 1,739 1,407
SPY down -3.24 at 139.72...volume 263.1 million shares
VIX +1.50 at 19.08…
TNX -1.10 at 16.32…
TNX -1.10 at 16.32…
TLT up +2.21 at 124.00…
XLF down 54 cents at 15.61…volume 116.9 million shares
XLF down 54 cents at 15.61…volume 116.9 million shares
AAPL down -22.20
at 558.00…volume 28.3 million shares …
FB down 70 cents at`20.47…volume 33.4 million shares…
___________________
Technical
Commentary:
The Euro collapsed before the open dragging futures lower following comments regarding slowing growth in Germany and closed down 43 pips at 1.2770 below its six-week support of 1.2800. Eight week support is at 1.2750. TNX, interest rates fell and TLT, bonds jumped.
The Euro collapsed before the open dragging futures lower following comments regarding slowing growth in Germany and closed down 43 pips at 1.2770 below its six-week support of 1.2800. Eight week support is at 1.2750. TNX, interest rates fell and TLT, bonds jumped.
Coal stocks ACI,
ANR, BTU, CNX, JRCC and WLT were among the weakest stocks following Mitt Romney’s
loss in the presidential election.
XLF was down 54 cents and was the weakest sector and closed near its low.
The SPY opened down -1.30 and didn’t find support for two hours until
it hit 139.06, breaking below both
its 141 and 139.40 support levels. The
VIX moved higher and did confirm the
SPY movedown.
ES broke its
1,400 support level and fell to 1,384 before closing at 1,390. NQ fell to 2,599 and bounced closing at 2,613.
The Market Forecast Green Line turned down.
____________________
Chart Targets:
SPY = 143.70 short-term resistance
ES = 1,430.00 short-term resistance
ES = 1,430.00 short-term resistance
EUR/USD = 1.2876, 1.3020 short-term resistance
Short-term support at
1.2750, 1.2693 = Euro
1.2750, 1.2693 = Euro
138.60 = SPY
81.00, 79.44 =
SPXL
1,390, 1,380 = ES
2,599, 2,583 = NQ
1,390, 1,380 = ES
2,599, 2,583 = NQ
____________________
94 of 100 NDX
stocks closed lower on Wednesday…
Leading NDX 100 stocks included: NFLX,
NWSA, HSIC, WCRX, FFIV, SBUX
Lagging NDX stocks included: RIMM, APOL, GOLD, AMAT, NUAN, KLAC, LRCX, ALTR, SHLD, AAPL
Leading stocks > +2% on Wednesday included: CIEN, FAZ, CDE, JDSU
Lagging stocks < -2.0% included: ANR, FAS, MCP, UCO, HUM, BAC, GS, ESI, C, DECK, ZION, GRPN, WDC, CLF, ATI, STI, AKS, RVBD, TIF, SINA, SWKS, TBT, ANG, ZAGG, FB, GLW, F, X, SWK, CRUS, GES, INFA, VMW, LNKD, FCX, MOS, SMH, CMG, VECO, DE
Stocks to
Watch on Thursday…
Holding Above 30 DMA = 37
VMED, CMCSA, LINTA, SHLD, ISRG, ADBE, LRCX, MAT, YHOO, MYL, ORLY, PCAR, SRCL, SYMC, TXN, WYNN, CERN, CHRW, EXPD, EXPE, MXIM, NFLX, RIMM, AVGO, GMCR, INTU, KLAC, LLTC, XRAY, EA, PCLN, SBUX, MU, SPLS, XLNX, HSIC, STX
VMED, CMCSA, LINTA, SHLD, ISRG, ADBE, LRCX, MAT, YHOO, MYL, ORLY, PCAR, SRCL, SYMC, TXN, WYNN, CERN, CHRW, EXPD, EXPE, MXIM, NFLX, RIMM, AVGO, GMCR, INTU, KLAC, LLTC, XRAY, EA, PCLN, SBUX, MU, SPLS, XLNX, HSIC, STX
Moving Above
30 DMA = 1
NWSA
Moving Below 30 DMA = 20
ADSK, AKAM, AMAT, AMGN, ATVI, COST, EBAY, FISV, FLEX, GOLD, LIFE, MCHP, MSFT, NVDA, ORCL, PAYX, PNRA, SIRI, SNDK, WFM
Staying Below 30 DMA
FOSL, ADP, FAST, INTC, BIDU,
GILD, EXPD, CTSH, PCAR,
SIAL, VIAB, ALXN, CELG, ESRX, MNST, TXN, VRSN, BIIB, GOOG, MYL, CHKP, APOL, INFY,
ORLY, VRTX, AMZN, BMC, FFIV, GRMN, VOD, WCRX, DLTR, DTV, NUAN, QCOM, AAPL,
BRCM, CA, NTAP, CTXS, SYMC, CSCO, ALTR, BBBY, KLAC, ROST, DELL, MRVL, KRFT
Twelve Week
Intermediate Term Market Trend: Neutral
Short Term
Market Trend: Down
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