All nine sectors moved higher on
Tuesday… XLV, XLK and XLY were
the strongest sectors…XLB was the
weakest sector.
Breadth strengthened advancers led decliners…2.86
to 1 on the NYSE and 1.58 to
1 on the NASDAQ…
Tuesday
– strengthened, advancers led
Monday – strengthened,
advancers led
Friday – strengthened,
advancers led
Thursday – closed 4th
of July
Tuesday – weakened,
decliners led
SPY
up 1.18…volume 118.9 million shares
VIX
down .43 at 14.35…
TNX
down .15 at 26.30…
TLT
up .11 at 107.40...
XLF
up .17 at 20.14…volume 74.9 million shares
AAPL up 7.30 at
422.35…volume 12.5 million shares
FB
up .77 at 25.48…volume 30.3 million shares
Technical Commentary:
IWM + 0.93%, SPY + 0.72%, QQQ + 0.61%, DIA
+ 0.51%.
Stocks were again led by the small cap Russell Index with IWM making another
all-time high close. Leadership by
small caps continues to be a positive technical factor. SPY closed at its June 18 resistance
level and is set up for a horizontal breakout.
XLB was the
strongest sector today with a gap up closing up .60 or 1.54%. It is nearing its diagonal breakout. XLI the second strongest sector was up
1.42% with a diagonal breakout.
XLF up .85% today is
nearing a horizontal breakout of mid-May.
TSLA 1.84, 1.51% closed at another new all-time high.
ISRG gapped
down sharply today 80.78 or 16.15% after
company announced late Monday second quarter sales likely to fall.
NFLX gained 14.28 or 6.13% and is near the high of mid-May and could possibly
have a second horizontal breakout tomorrow.
YELP reached an
all-time high today of 37.24 up 2.33 or 6.67%.
SWI +1.30, +3.10%, broke out of horizontal resistance of its W-pattern
bottom reversal pattern.
KLAC rose today
2.66 up 4.79% with a horizontal breakout. YHOO had a diagonal breakout and was up
today 1.15 or 4.51%. ALK bounced today with a diagonal
breakout up 3.98 or 7.66%.
The unofficial start of earnings season was Monday, July 8 with AA reporting earnings after the close.
Earnings of Interest
Monday – AA, ISRG
Wednesday – FAST, YUM
Friday – JPM, WFC
Chart Signals Strategy Guidelines
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.
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.
The Market Forecast Green Line is
below the Upper Zone and is pointed up.
____________________
Setups
H Breakout: AMAT, CTSH, GOOG, NFLX, NTAP, TXN, BAC, CIEN, FAS,
SOHU, Z,
Diagonal Breakout: AMGN, BIDU, MSFT, CLF, JCP, SINA, WLT,
Bull Flag: MU, GRPN, PWRD,
SPLK, SSYS, TBT,
Potential Bullish Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support:
Moves
New Highs: AMZN, BBBY,
CSCO, ESRX, PCLN, WDC, WFM, CMG, MFRM, TSLA, XONE, YELP,
Gap Up: CMCSA, MAT, SIRI,
Gap Down: ANGI,
H&D Breakout: ADBE, ADSK, ATVI, FAST, FB, YHOO, ALK, ATI,
GLW, LVS, RCL, SPY,
Breakout Test:
Bounce: SHLD,
MACD Divergence Bounce:
Bear Flag:
Support Break: QCOM,
______________________
77 of 100 Leading NDX stocks closed higher on Tuesday...and one was unchanged.
Leading NDX 100 stocks included:
NFLX, KLAC, YHOO, AMAT, SIRI, SHLD, FB, REGN, ATVI, EXPD, FAST, BIDU,
BBBY, MXIM
Lagging NDX stocks included:
ISRG, MU, CERN, DTV, CTRX, NWSA, MNST, VIAB, QCOM
Leading stocks > +2% on Tuesday included: YELP, MCP, AKS, MOS, ESI, DE, SWI, ATI,
HLF, CLF, DECK, FAS, SLB, TPX, ANR, CREE, ANR, CHL, GES, GS, JNPR
Lagging stocks < -2.0% included: TSL, LDK, JDSU, GRPN, SSYS, ZION, FAZ
Stocks to Watch on Wednesday
Holding Above 30 DMA= 70
SPLS, AVGO, CSCO, AMZN, DLTR,
ADBE, INTU, SBUX, BBBY, EXPE, MCHP, PCLN, SNDK, SRCL, VRTX, ALTR, CA, LINTA,
MAT, MNST, ORLY, PCAR, ROST, STX, VOD, VIAB, FB, LBTYA, KRFT, LMCA, CMCSA,
GOOG, HSIC, DISCA, VRSK, ADP, ALXN, CHKP, CTSH, DTV, EBAY, FOSL, NTAP, SYMC,
WFM, WDC, NFLX, BMC, CELG, ESRX, FISV, LLTC, XLNX, ADI, ATVI, BIIB, CHRW, COST,
CTXS, EXPD, GILD, LIFE, MYL, NUAN, PAYX, XRAY, TXN, DELL, SIAL, SIRI
Moving Above 30 DMA = 5
AKAM, AMAT, GRMN, KLAC, YHOO
Moving Below 30 DMA = 2
CERN, MU
Staying Below 30 DMA
ISRG, INTC, MSFT, NVDA, CTRX,
ORCL, WYNN, MDLZ, BIDU, GOLD, REGN, AAPL, FAST, FFIV, BRCM, SHLD, SBAC, QCOM,
EQIX, ADSK, AMGN, MXIM, NWSA
Four-Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
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