One of nine sectors moved higher on Tuesday…XLP, XLB and XLU were
the strongest sectors…XLF was again the
weakest sector.
Breadth weakened… decliners led advancers…1.73
to 1 on the NYSE and 1.90 to 1 on the NASDAQ…
Tuesday – weakened, decliners
led
Monday – strengthened, mixed
Friday – weakened,
decliners led
Thursday – strengthened,
advancers led
Wednesday – weakened,
decliners led
LMCA
will replace VMED in the NDX 100 tomorrow Wednesday morning June 5.
NFLX will replace PRGO in the NDX 100
Thursday morning June 6.
SPY
down 79 cents at 163.56…volume 156.9 million shares
VIX
down .01 at 16.27…
TNX
up .03 at 21.37…
TLT
down -1.06 cents at
113.72...
XLF
down 18 cents at 19.68…volume 62.7 million shares
AAPL
down -1.41 at 449.31…volume 10.4 million shares
FB
down 33 cents at 23.52…volume 34.7 million shares
Technical Commentary:
DIA -0.44%, SPY -0.48%, QQQ -0.52% and IWM
-1.06%.
The opened slightly higher and traded up for the first hour when
selling pressure sent prices lower falling just below its 38.2% Fib retracement level for the
second straight day. The low of 162.73
was 7 cents above Monday’s support level before bouncing to close at 163.56. While Tuesday’s early bounce faded, because
support held we will continue to look for
a potential bounce move on Wednesday.
TSLA formed a potential bullish harami in its bull flag
pattern.
XLF, XLI and XLK
remain positive. Three sectors
positive, two neutral and four negative.
The current sector structure is neutral even though the four-week
plus (intermediate) term trend is still up.
When the market
is trending up Chart Signals looks
for support bounce and resistance breakout entries. When the market is trending down Chart signals looks for resistance pull
back and support break entries.
When the market is sideways in consolidation Chart Signals will look for support bounce,
diagonal breakouts and pull backs at resistance where price action
stays between support and resistance.
The current market condition is sideways with a potential support bounce
forming.
Trade what you see on the chart of your position. The intermediate term trend is up with short-term trend down. Traders should lock in profits when targets
are reached. Look
for potential entries on a bounce or break of support according
to your rules.
Chart Signals Strategy Guidelines
Technical setups for
short-term option trades be in and out by earnings release.
Over earnings release use earnings option strategies such as straddles, strangles, OTM calls
or puts.
After earnings look for
bullish setups in positive reaction stocks and bearish setups in negative
reaction stocks.
Earnings this Week: CIEN,
EPS Reaction Summary
EPS Gainers – GES, SPLK, PWRD, HPQ, NTAP, AZO,
MDT, CSCO, A, MCP, WCRX, NVDA, PCLN, GMCR, GRPN,
TSLA, EA, DVA, WFM, CTSH, DTV, LBTYA, AIG, ADP, CBOE, REGN, FB,
BZH, EXPD, GM, MDC, STX, V, YELP, ICE, JRCC, VIAB, CMCSA, DDD,
AVP, HLF, CERN, CVX, DHI, TWC, ANGI, AKAM, ALXN, ALTR, BIIB, COG,
CLF, CROX, DOW, ESI, FFIV, HOG, LRCX, LVS, MO, PHM, RCL, SIAL, XLNX, BA,
BRCM, GLW, HES, DAL, COH, DD, NFLX, ILMN, VECO, LCC, RF, ZION, TRV, LMT,
CAT, CHKP, HAL, HAS, CMG, GOOG, KMB, STI, MSFT, BTU, PEP, UNP, VZ, MAT,
AXP, JNJ, INTC, KO, C, APOL
EPS Losers – CPRT, COST,
TSL, CRM, GME, SHLD, DISH, XRAY, ATVI, RAX, MNST, Z,
LNKD, TPX, ZAGG, CTRX, GRMN, MRK, SWI, AMZN, BIDU,
CRUS, DECK, EXPE, HSY, KLAC, MXIM, QCOM, PTEN, ABC, MMM, AMGN, T,
JNPR, PNRA, VMW, GE, IBM, ISRG, MCD, MS, PM, UNH, SNDK, EBAY, BAC, USB,
GS, LLTC
The Market Forecast Green Line closed
below the Upper Zone and is pointed down. Defensive
posture.
____________________
Setups
H Breakout: GLD, PWRD, TBT, CSCO, MSFT, MU, WDC,
Diagonal Breakout: ANGI, ATI, BBRY, FAS, FIVE, FSLR, LVS, NFLX, SCSS, SINA,
SOHU, UAL, AAPL, AKAM, BIDU, BRCM, DTV, GOOG, NTAP, ORCL, QCOM, ROST, SBUX, YHOO
Bull Flag: TSLA,
CREE, GMCR, JCP, XLNX, SPY, BAC, C,
CNX, DDD, GLW, GRPN, GS, JNPR, NTES, STI, TIF, VECO, XONE, ZION, COST, ESRX,
MAT, MYL, NVDA, SIRI, SNDK, WFM, WYNN,
Potential Bullish Divergence: NUAN,
Gap Up:
Gap Down:
Bear Flag:
At Support: ALK, ANR, BBRY, CMG, P, SCTY, SPLK, SSYS, SWI, TLT, TPX,
UNG, WLT, YELP, Z, ATVI, BBBY, CELG, EBAY, FAST, FB, FFIV, GILD, GRMN, PCLN, SHLD,
Moves
New Highs: MRK, INTC,
AMAT, MNST, STX,
Gap Up: MNST, TXN,
Gap Down:
H&D Breakout:
Breakout Test:
Bounce: CLF, ADBE, CMCSA,
MACD Divergence Bounce:
Bear Flag: ADSK,
Support Break: CRM, LNKD, RAX, RCL, AMGN,
______________________
29 of 100 NDX stocks closed higher
and one was unchanged on Tuesday…
Leading NDX 100 stocks included: MNST, SPLS, ADBE, STX, VOD, TXN,
ALTR, AVGO, CMCSA, NUAN
Lagging NDX stocks included:
BIIB, ALXN, AKAM, CELG, SHLD, EXPE, GOLD, FFIV, SYMC, WFM
Leading stocks > +2% on Tuesday included: CLF, TSLA, FAZ, TSL
Lagging stocks < -2.0% included: CRM, SWI, SSYS, CDE, SOHU, HLF, MCP, ICE,
YELP, VECO, FAS, URE
Stocks to Watch on Wednesday
Holding Above 30 DMA= 49
YHOO, MSFT, LIFE, INTC, DTV, SBUX,
WFM, WDC, AMAT, NVDA, SIAL, SIRI, STX, CA, ESRX, ORLY, PCAR, XLNX, CERN, AAPL,
FOSL, KLAC, LINTA, CHKP, ORCL, ADI, EXPD, LLTC, PCLN, KRFT, MU, NTAP, SPLS, ALTR,
BIDU, HSIC, KRFT, SNDK, AVGO, CSCO, FAST, ISRG, AMZN, CTSH, GOLD, DELL, COST,
MCHP, NWSA,
Moving Above 30 DMA = 3
ADBE, MNST, TXN
Moving Below 30 DMA = 14
ADP, AKAM, BIIB, BMC, DISCA, DLTR, FFIV, GOOG, MYL, PAYX,
SRCL, VRTX, WYNN, XRAY
Staying Below 30 DMA
BRCM, CELG, GILD, ALXN, ATVI,
BBBY, CTXS, EBAY, GRMN, REGN, VIAB, LBTYA, ROST, VMED, FISV, MAT, PRGO, MDLZ,
CHRW, CMCSA, SHLD, SBAC, QCOM, VOD, EQIX, VRSK, ADSK, AMGN, EXPE, SYMC, FB, MXIM,
CTRX, NUAN
Five Month Intermediate Term Market Trend: Up
Short Term Market Trend:
Down
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