All nine sectors moved lower on
Wednesday…However XLK, XLB and XLF were
the strongest sectors…XLY was the
weakest sector.
Breadth weakened…decliners
led advancers…2.09 to 1 on the NYSE and 1.39 to 1 on the NASDAQ…
Wednesday
– weakened, decliners led
Tuesday – strengthened –
advancers led
Monday – strengthened –
advancers led
Friday – weakened –
decliners led
Thursday – strengthened
– advancers led
SPY
down .87…volume 79.7 million shares
VIX
up .73…at 13.04…
TNX
down .03 at 27.12…
TLT
up .16 at 105.15...
XLF
down .08 at 20.36…volume 30.3 million shares
AAPL
up 8.93 at 498.50…volume
26.9 million shares
FB
down .37 at 36.65…volume 48.3 million shares
Technical Commentary:
QQQ – 0.38%, IWM – 0.39%, SPY – 0.51%, DIA – 0.72%.
Broad stock indexes were weak on Wednesday as NDX stocks
were led lower by GOOG, CMCSA, AMZN and
GILD. AAPL and MSFT gave lift
but the large number of losers on the day took the NDX lower. While the SPY is still short-term neutral
price in nearing support and traders need to be ready
to trade down on a break of support.
CREE -22.35% and XONE -11.14% gapped lower following earning late Tuesday.
CSCO -2.53, -9.62% was down
in after-hours after releasing earnings.
Coal stocks WLT, JRCC, ANR, BTU, ACI, CLF, CNX and ETF KOL were higher running
counter to the broader market pullback.
GLD +0.99% rose as bonds
and interest closed near unchanged.
PWRD +5.89% made a bull
flag bounce.
With the majority of companies quarterly earnings
behind traders can now focus on the technical setup rather than avoiding setups
due to a pending earnings release.
Q2 Earnings Reactions
Positive Reactions – JRCC, RAX, SSYS, TMUS, SGMS, FWLT, MNST, GRPN, TSLA, AGU, BOFI,
FOSL, ADM, MGM, DSW, WPO, CNK, KORS, SATS, MGM, EAT, VIAB, YOKU,
AIG, CTRX, CHK, COP, LNKD, MELI, MYL, NUS, ZAGG, CMCSA, CTRP, GRMN, HES, MA,
MCHP, SODA, YELP, QCOR, FISV, BWLD, MTW, VRTX, WYNN, SWK, SBUX,
ALK, AMZN, CELG, CB, CLF, GILD, IP, MXIM, RCL, HSY, UA, UAL, V, FB,
BIDU, TRIP, COG, CTXS, ETFC, FFIV, AKAM, AAPL, EA, VMW, DAL, LCC, EMC, LLY,
MCO, AKS, FCX, BTU, UTX, HAS, TXN, GE, HON, SLB, STI, WHR, CHKP,
CMG, JCI, KEY, MS, OSTK, SWKS, UNP, UNH, BAC, IBM, SNDK, XLNX, CSX, GS, URI,
YHOO, C, WFC
Negative Reactions – CREE, MCP, GMCR, SCTY, SUNE, Z, CAR, CHRW, FSLR, LINTA,
ANR, CVX, CME, XOM, K, DTV, RVBD, X, COH, DISCA, ESRX, SOHU, DLR,
CERN, CRUS, DECK, DNKN, EXPE, KLAC, POT, PCP, SWI, TPX, EQIX, ABC, CROX,
ANGI, ATI, CAT, WDC, PNRA, STX, NSC, USNA, TRV, MCD, MO, NFLX, ZION, BHI,
AMD, GOOG, ISRG, MSFT, EBAY, INTC, MAT, SCSS, USB, AXP, KO, MOS
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
in the upper zone.
____________________
Setups
H Breakout: ADSK, NFLX, WDC, WYNN, ANR, C, GLW, WLT,
Diagonal Breakout: ESRX, INTC, FIVE, PWRD, STI,
Bull
Flag: AMGN, AMZN, CELG, CMCSA, COST, FAST, FB, GILD, NTAP, PCLN, SBUX, TSLA,
TXN, XLNX, ATI, CLF, CMG, CNX, CRM, ESI, GRPN, KKD, RAX, TSLA, YELP,
Potential Bullish Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: GOOG, MNST,
WFM, UAL,
Moves
New Highs:
Gap Up:
Gap Down: ROST, CREE,
H&D Breakout: AMAT, NVDA, BAC, NTES, RCL,
Breakout Test:
Bounce:
MACD Divergence Bounce:
Bear Flag:
Support Break: BBBY, SCTY, TPX,
______________________
19 of 100 NDX stocks closed higher on Wednesday and two were unchanged.
Leading NDX 100 stocks included: NVDA, GOLD, AAPL, NFLX, VRTX,
WYNN
Lagging NDX stocks included:
TSLA, CMCSA, BIDU, AVGO, ALTR, MNST, EQIX, CHKP, ROST, LBTYA, WFM, BBBY,
COST
Leading stocks > +2% on Wednesday included: ANR, CDE, CLF, HLF
Lagging stocks < -2.0% included: CREE,
LDK, TSLA, JDSU, CRUS, TPX, SWI, CIEN, ZAGG, LNKD, UAL, NKE, ESI, SSYS
Stocks to Watch on Thursday
Holding Above 30 DMA= 62
TSLA, SPLS, CSCO, GRMN, INTU, MCHP,
PCLN, SRCL, ALTR, CA, ORLY, VOD, VIAB,
FB, LMCA, HSIC, VRSK, ADP, ALXN, CHKP, CTSH, NTAP, SYMC, NFLX, BMC, CELG, FISV,
LLTC, XLNX, ADI, ATVI, CTXS, EXPD, LIFE, MYL, PAYX, XRAY, TXN, SIAL, SIRI,
AKAM, YHOO, AMGN, BIDU, FFIV, MDLZ, CTRX, QCOM, AAPL, SBUX, MXIM, WYNN, FOXA,
NUAN, DELL, MU, FOSL, ADSK, GOLD, WDC, KLAC, EBAY
Moving Above 30 DMA = 1
NVDA
Moving Below 30 DMA = 11
AVGO, BBBY, CMCSA, DLTR, ESRX, GILD, PCAR, ROST, WFM, DISCA,
VRSK
Staying Below 30 DMA
MNST, FAST, ADBE,
COST, LBTYA, AMAT, AMZN, BIIB, CERN, CHRW, KRFT, GOOG, LINTA, REGN, SHLD, DTV,
SBAC, EXPE, VRTX, EQIX, SNDK, STX, MSFT, BRCM, MAT, ISRG, INTC
Eight-Week Intermediate Term Market Trend: Up
10-Day Short Term Market Trend: Neutral
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