Seven of nine sectors moved higher on
Tuesday…XLK, XLF and XLI were
the strongest sectors…XLU was the
weakest sector.
Breadth strengthened…advancers
led decliners…1.45 to 1 on the NYSE and 1.07 to 1 on
the NASDAQ…
Tuesday
– strengthened – advancers led
Monday – strengthened –
advancers led
Friday – weakened –
decliners led
Thursday – strengthened
– advancers led
Wednesday –
strengthened, decliners led
SPY
up .50…volume 80.8 million shares
VIX
down .50…at 12.31…
TNX
up 1.10 at 27.15…
TLT
down 1.54 at 104.99...
XLF
up .10 at 20.44…volume 30.4 million shares
AAPL
up 22.21 at 489.57…volume
13.4 million shares, broke out of horizontal resistance
FB
down 1.20 at 37.02…volume 65.3 million shares, broke
below its 6 day trading range
Technical Commentary:
QQQ + 0.56%, SPY + 0.30%, DIA + 0.27%,
IWM – 0.13%.
The NDX and the 100 ETF QQQ led the broad market on the strength of AAPL’s 18.5 NDX points and
QCOM, BIDU, MU, EBAY and BIIB added just over 5 NDX points while
MSFT, FB, CELG, AMZN and GOOG shaved over 8 points off the NDX. Airline stocks were slammed after news that
the DOJ will block the LCC and American merger. Coal and steel stocks also moved lower
on Tuesday. TBT jumped as TLT bonds
gapped lower and TNX gapped higher.
MU +1.14, +8.24 on 84.4 million
shares was the percentage leader on
NDX.
RCL +1.34, bounced in its
bull flag rising to horizontal resistance.
SWI +2.01, +5.23% broke through the
resistance of the bottom of its bearish earnings
gap on increased volume as buyers returned.
CREE -11.92, crated in
after-hours following inline EPS but missed revenues and lower guidance or next
quarter. Look for a gap lower on Wednesday morning. XONE -11.77 also
in after-hours trading.
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, SNDK, WDC, YHOO, ANR, CIEN, DDD, F, GLW,
GME, LVS, MFRM, SCSS,
Diagonal Breakout: INTC, ROST, WFM, BAC, CMG, FIVE, SPY, VECO,
Bull
Flag: AMGN, AMZN, BBBY, CELG, COST, CTSH, FAST, FB, GILD, PCLN, ATI, ESI, PWRD,
TSLA, YELP,
Potential Bullish Divergence:
Gap Up:
Gap Down: CREE, XONE
Bear Flag:
At Support: GOOG,
Moves
New Highs: CREE, LNKD, SINA, TIF, XONE,
Gap Up: TBT,
Gap Down: TLT,
H&D Breakout: ATVI, BIDU, MU, NUAN, QCOM, P,
Breakout Test:
Bounce: BRCM, EBAY, C, GS, JNPR, RCL,
MACD Divergence Bounce:
Bear Flag:
Support Break: ALK,
______________________
58 of 100 Leading NDX stocks closed higher on Tuesday.
Leading NDX 100 stocks included: MU, AAPL, BIDU, BIIB, SNDK,
FOSL, ADSK, BRCM, NUAN, ATVI, EBAY, DLTR, QCOM, VOD, KLAC
Lagging NDX stocks included:
FB, CELG, EQIX, MNST, TSLA, MSFT, GRMN, CHRW, LINTA, AMZN
Leading stocks > +2% on Tuesday included: SWI, RVBD, CRUS, RCL, CIEN, SINA, TBT,
JNPR, SLB, SWKS
Lagging stocks < -2.0% included: UAL,
SOHU, LDK, ESI, ZAGG, URE, TSL, AKS, HLF, X, FCX, GRPN
Stocks to Watch on Wednesday
Holding Above 30 DMA= 69
TSLA, SPLS, CSCO, GRMN, INTU,
BBBY, MCHP, PCLN, SRCL, ALTR, CA, ORLY, ROST, VOD, VIAB, FB, LMCA, CMCSA, HSIC,
VRSK, ADP, ALXN, CHKP, CTSH, NTAP, SYMC, WFM, NFLX, BMC, CELG, FISV, LLTC,
XLNX, ADI, ATVI, CTXS, EXPD, GILD, LIFE, MYL, PAYX, XRAY, TXN, SIAL, SIRI,
AKAM, YHOO, AMGN, BIDU, FFIV, MDLZ, CTRX, QCOM, AAPL, SBUX, MXIM, WYNN, MNST,
FOXA, NUAN, DELL, MU, FOSL, ADSK, GOLD, WDC, AVGO, KLAC, PCAR
Moving Above 30 DMA = 4
DISCA, DLTR, EBAY, ESRX
Moving Below 30 DMA = 1
MNST
Staying Below 30 DMA
FAST, NVDA, 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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