Six of nine
sectors moved higher on Wednesday… XLU, XLF, and XLI were the strongest sectors.
Breadth strengthened on Wednesday as advancers led decliners …1.10 to 1 on the NYSE and decliners led advancers 1.30 to 1 on the NASDAQ…
SPY up 25 cents at 141.50...volume 147.2 million shares…
VIX down -0.66 at 16.46…
TNX down -0.17 at 15.91…
TNX down -0.17 at 15.91…
TLT down 6 cents at 125.32…
XLF up 19 cents at 15.85…volume 46.5 million shares
XLF up 19 cents at 15.85…volume 46.5 million shares
AAPL down 37.05 at 538.79…volume 37.3
million shares …
FB up 25 cents at`27.71…on volume of 58.9 million
shares…
__________________
Technical
Commentary:
The SPY
formed another spinning top above its 30 DMA. Support is
holding in its current bull
flag pattern. The VIX move down
did confirm the SPY move up
today.
The ES closed up
3.50 at 1,408.25 as the 1,400 support area held
again on Wednesday…NQ futures closed down 27.25 at 2,638.50.
Coal stocks ANR, ACI, WLT, BTU, CNX and
JRCC bounced as did hard drive storage stocks WDC and STX.
The weight of
the evidence continues to suggest the Nov 16 low is likely to hold and Wednesday’s price action
suggests the current pullback may be near its end, forming a higher low and
leading to a continuation to higher levels.
The Euro closed down 29 pips
at 1.3065 on Wednesday.
TNX, interest rates slipped
again and TLT, bonds moved down 6 cents. XLF jumped 19 cents tot 15.85.
SPY – spinning top,
bull flag, support at 30 DMA
AAPL – large black
candle, close below 30 dma
FB – spinning top
confirms bullish harami, bull flag, BO target 29.63
FAS – white candle
bounce in higher low bull flag
AMZN – white candle BO
setup, BO target 259.24
EXPE – bullish harami,
bull flag
STX – large white
candle continues counter trend bounce
VIAB – spinning top
confirms bullish harami, bull flag, close above 30 DMA
RIMM – bounce in bull
flag, BO setup
CRUS – black candle,
DBO setup
F – doji, bull
flag setup
PHM – large black
candle, close below 30 DMA
SWK – hammer
bounce at ST support and 30 DMA
SWI – black candle,
bull flag
RAX – hammer, bull
flag setup above 30 DMA
URI – white candle
high close, BO setup
YELP inverted
hammer, bull flag pull back under 30 DMA
XHB – large black
candle, DBO setup, close below 30 DMA
XRT – spinning top bounce
at 30 DMA
BO = breakout, DBO = diagonal breakout, CT = counter-trend, IT =
intermediate term, ST = short term
The Market Forecast Green Line is pointed
up above the lower reversal zone.
____________________
Chart Targets:
SPY = 143.52 short-term resistance
ES = 1,419.50…1,425 short-term resistance
ES = 1,419.50…1,425 short-term resistance
EUR/USD = 1.3140, 1.3172 short-term resistance
Short-term support at
1.2954, 1.2878 = Euro
1.2954, 1.2878 = Euro
140.69 = SPY
83.20 = SPXL
1,396 = ES
2,626 = NQ
1,396 = ES
2,626 = NQ
Setups:
Bull Flag: CRM, DECK, F, LVS, MCP, MOS, RAX, RCL, EXPE, EBAY, FFIV, ORCL, BIG, KAR, COH, CREE, GRPN, NKE, VMW, YELP, OSK
Bull Flag: CRM, DECK, F, LVS, MCP, MOS, RAX, RCL, EXPE, EBAY, FFIV, ORCL, BIG, KAR, COH, CREE, GRPN, NKE, VMW, YELP, OSK
Horizontal
Setup: ROVI, JNPR, SMH, URI, ULTA
Diagonal
Setup: CMG, CRUS, DE, IBM, STI, TER
Moves:
Gap Up: PXP, CIE, PAY, C
Gap
Down: TIBX, FCX
Breakout: BAC,
CHL
Bounce:
ANR, WDC, A, FAS, SWK, ADSK, AMZN, CTSH, EA, EXPD, PCAR, RIMM, TXN, DRI, IACI, PCS, TSCO, ACI, WLT, BTU, CNX,
JRCC
____________________
48 of 100 NDX
stocks closed higher on Wednesday…
Leading NDX 100 stocks included: STX,
CTSH, RIMM, FISV, MU, NTAP, CERN, FLEX, NUAN, ADSK
Lagging NDX stocks included: AAPL, SHLD, NFLX, ALTR, BIDU, ISRG, DLTR, CTXS, KLAC, ORLY
Leading stocks > +2% on Wednesday included: ANR, WDC, C, BAC, AKS, FAS, GRPN, MCP, TRIP
Lagging stocks < -2.0% included: FCX, PHM, LDK, CDE, CRUS, FAZ, ZAGG, SWI, CMG, CIEN
Stocks to
Watch on Thursday…
Holding Above 30 DMA = 66
YHOO, MYL, ORLY, CERN, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, NTAP, CSCO, EXPE, GMCR, VMED, ATVI, EA, EXPD, LLTC, MXIM, PCAR, TXN, XLNX, AMGN, BIIB, CELG, DLTR, EBAY, LIFE, SIAL, AMZN, FISV, ADSK, AVGO, CHRW, DELL, FFIV, MAT, MRVL, MU, ORCL, BRCM, INFY, SRCL, COST, KRFT, MNST, ADBE, ALXN, CMCSA, GOOG, GRMN, NWSA, SYMC, WYNN, AMAT, CTSH, PAYX, ADP, APOL, FOSL, INTU, KLAC, NFLX, VIAB
YHOO, MYL, ORLY, CERN, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, NTAP, CSCO, EXPE, GMCR, VMED, ATVI, EA, EXPD, LLTC, MXIM, PCAR, TXN, XLNX, AMGN, BIIB, CELG, DLTR, EBAY, LIFE, SIAL, AMZN, FISV, ADSK, AVGO, CHRW, DELL, FFIV, MAT, MRVL, MU, ORCL, BRCM, INFY, SRCL, COST, KRFT, MNST, ADBE, ALXN, CMCSA, GOOG, GRMN, NWSA, SYMC, WYNN, AMAT, CTSH, PAYX, ADP, APOL, FOSL, INTU, KLAC, NFLX, VIAB
Moving Above
30 DMA = 3
FLEX, NUAN, STX
Moving Below 30 DMA = 4
AAPL, ALTR, CHKP, NVDA
Staying Below 30 DMA
BBBY, BMC, SIRI, WCRX, SPLS, CTXS, LRCX, ISRG, WFM, LINTA,
SHLD, AKAM, GOLD, MCHP, MSFT, PNRA, SNDK, FAST, INTC, BIDU, ESRX, VRSN, VRTX,
VOD, DTV, CA, ROST
Fourteen Week
Intermediate Term Market Trend: Neutral
Short Term
Market Trend: Neutral
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