Breadth weakened on Wednesday as decliners led advancers …8.61 to 1 on the NYSE and 3.89 to 1 on the NASDAQ…
SPY down -1.86 at 135.93...volume 191.4 million shares
VIX +1.27 at 17.92…TNX unchanged at 15.89…
TLT up 12 cents at 126.73…
XLF down 27 cents at 15.15…volume 68.5 million shares
AAPL down 6.01 cents at 536.88…volume 17 million shares …
FB up 2.50 at`22.36…volume 229.4 million shares…
SPLS +0.29, +2.62% following EPS this morning…
NTAP +1.27, +7.54% gaps up after EPS in after-hours trading
DELL, AMAT, ADSK, SHLD, ROST, DLTR, INTU, MRVL, VIAB release earning on Thursday November 15.
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Technical Commentary:
Wednesday’s trading action highlighted how variables don’t always align in typical fashion. With the SPY down big the Euro traded to the upside all day and closed up 29 pips at 1.2732, above its late June resistance at 1.2693. TNX, interest rates were slightly unchanged and TLT, bonds moved just 12 cents higher.
FB +2.50, 12.59% jumped on large volume not withstanding Wednesday’s lock up expiration of 800 million shares.
XHB and individual housing stocks like TOL, LEN and PHM collapsed and continued Monday’s weakness.
XRT and individual retail stocks like HD, ROST, DDS, ORLY and AEO moved lower with the broad market.
XLF was down 27 cents.
The SPY opened higher and rallied for 90 minutes then sold off and formed a large black candle before closing down -1.86 just below 136.56, its 50% Fib retracement from its June 4 low. The VIX moved up and did confirm the SPY move down.
The Market Forecast Green Line is pointed down in the lower reversal zone and formed a bullish cluster.
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Chart Targets:
SPY = 140.67 short-term resistance ES = 1,397 short-term resistance
EUR/USD = 1.2876, 1.3020 short-term resistance
Short-term support at
1.2693, 1.2638 = Euro134.89 = SPY
74.83 = SPXL
1,342.50 = ES
2,513 = NQ
Setups:
Bull Flag: VMED, DDS, QCOM, RCL, WHR, F, AOL, LRCX, SMH, MCO, THC, HCA, TXN, CERN, EXPD, EXPE, CHRW, SBUX, CHL, V, PCAR, LLTC, CREE, JOE, ROVI, VAR, AAN, TER, ISIL, INGR, AVY, WHR, VMW, WDC, DV, CIEN, JDSU, HNT, AGQ, BTU
EPS Thursday: DELL, AMAT, ADSK, SHLD, ROST, DLTR, INTU, MRVL, VIAB
Potential MACD Divergence: DIA, QQQ, GOOG, CTSH
Moves:
Gap Up: ANF, CSCO, SPLSGap Down:
Bounce: FB, NFLX, KRO, TRIP
Bounce Pause: YHOO, LNKD
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Leading NDX 100 stocks included: CSCO, NTAP, SPLS, DELL, XLNX, FFIV, RIMM, KRFT, APOL, BRCM
Lagging NDX stocks included: GOLD, BIDU, VRTX, STX, MNST, FLEX, SIRI, MU, PNRA, SBUX
Leading stocks > +2% on Tuesday included: ANF, FB, FAZ, GRPN, GES, UCO
Lagging stocks < -2.0% included: TSL, AKS, LDK, MCP, FAS, ZAGG, UAL, X, URE, ANR, CSTR, NTES, LVS, BAC, CROX, MOS, C, SWK, VECO, F. SOHU, STI, SINA, CDE, DLR, FCX, HUM, TPX, WDC, ATI, CREE, CMG, VMW
Stocks to Watch on Thursday…
Holding Above 30 DMA = 18VMED, LRCX, YHOO, MYL, ORLY, TXN, CERN, EXPD, MXIM, NFLX, RIMM, GMCR, XRAY, PCLN, SBUX, QCOM, HSIC, GILD
Moving Above 30 DMA = 1
DELL, SPLS, XLNXMoving Below 30 DMA = 7
CHRW, EXPE, ISRG, LLTC, MU, PCAR, SIRI
Staying Below 30 DMA
EA, KLAC, LINTA, SHLD, SRCL, FLEX, STX, WYNN, ADBE, AVGO, CMCSA, INTU, MAT, NWSA, SYMC, ADSK, AKAM, AMAT, AMGN, ATVI, COST, EBAY, FISV, GOLD, LIFE, MCHP, MSFT, NVDA, ORCL, PAYX, PNRA, SNDK, WFM, FOSL, ADP, FAST, INTC, BIDU, 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, AAPL, BRCM, CA, NTAP, CTXS, SYMC, CSCO, ALTR, BBBY, KLAC, ROST, MRVL, KRFT
Six Week Intermediate Term Market Trend: Down
Short Term Market Trend: Down
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