Seven of nine sectors moved higher on Wednesday…XLE,
XLY and XLV were the strongest sectors…XLP was the weakest sector.
Breadth strengthened…advancers
led decliners…1.25 to 1 on the NYSE and 1.36 to 1 on
the NASDAQ…
Wednesday
– strengthened, advancers led
Tuesday – weakened,
decliners led
Monday – weakened,
decliners led
Friday – weakened,
advancers led
Thursday – strengthened
– advancers led
SPY
up .58 at 163.91…volume 107.3 million shares
VIX
down .28…at 16.49…
TNX
up .61 at 27.82…
TLT
down .86 at 105.27...
XLF
up .04 at 19.48…volume 51.3 million shares
AAPL
up 2.31 at 490.90…volume
10.9 million shares, inverted hammer, bull flag pattern
FB
up .91 at 40.55…volume 57.6 million shares, bullish
harami, bull flag pattern
Technical Commentary:
QQQ + 0.39%, SPY + 0.36%, DIA + 0.37%, IWM + 0.20%.
Stocks rose on Wednesday led by
the NDX +12.59 with over 8 points coming from six stocks GILD,
AAPL, FB, BIDU, QCOM and CELG.
MSFT weighed on the NDX.
The SPY formed a piercing line candle pattern as it
bounced up from its 50% Fib retracement level and is forming a MACD
histogram bullish divergence along with QQQ, IWM and DIA.
GILD +2.89% formed bullish engulfing candle after a one-day bull
flag pullback.
Many stocks are also forming MACD
bullish divergence setups while many other stocks formed bullish harmai or
inside day bounce in a bull flag pattern.
Short-term market posture continues defensive.
Support Levels
ES = 1,647, 1,629, 1,611
SPY = 165.15, 163.35, 161.55
Q2 Earnings Reactions
Positive Reactions – DSW, ADSK, ROST, GME, 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 – P, SHLD, PWRD, 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 turned
higher and is pointed up.
____________________
Setups
H Breakout: BIDU, CTSH, GILD, QCOM, TSLA, GMCR, KKD, LNKD,
Diagonal Breakout: BBBY, BRCM, CMCSA, INTC, SHLD, CMG, CRM,
ESI, TPX, UNG, YELP,
Bull Flag: AAPL, ADSK, AMGN, AVGO, FB, GRMN, MSFT, ROST, ANR,
CNX, GME, NTES, SSYS, SWKS
Potential Bullish Divergence: AMAT, ESRX, FAST, MNST, STX, TXN, YHOO, ALK, ATI,
BAC, CLF, FSLR, JCP, RAX, SWI,
Gap Up:
Gap Down:
Bear Flag:
At Support: PCLN, WDC, P
Moves
New Highs:
Gap Up:
Gap Down: RCL,
H&D Breakout: DTV, SOHU, Z,
Breakout Test:
Bounce: SOHU, Z, CREE, SWKS, ESI, GMCR, YOKU, LVS, SCSS,
SINA, NTES, AKAM, TBT,
MACD Divergence Bounce:
Bear Flag:
Support Break: TIF,
______________________
66 of 100 NDX stocks closed higher on Wednesday.
Leading NDX 100 stocks included: AVGO, GILD, BIDU, NFLX, FB,
CTSH, SNDK, ALXN, WDC, REGN, CELG
Lagging NDX stocks included:
NUAN, COST, GOLD, WFM, MSFT, KRFT, LINTA, AMAT, CERN, GRMN
Leading stocks > +2% on Wednesday included: CRUS, SOHU, Z, CREE, SWKS, ESI, GMCR,
BBRY, LVS, SCSS, DDD
Lagging stocks < -2.0% included: TIF,
CDE, JCP, HLF, AKS, RCL
Stocks to Watch on Thursday
Holding Above 30 DMA= 20
TSLA, GRMN, PCLN, VIAB, FB, NFLX,
AKAM, BIDU, QCOM, AAPL, WYNN, FOXA, DELL, GOLD, NVDA, ROST, ADSK, DLTR, MSFT,
AMGN,
Moving Above 30 DMA = 6
AVGO, BMC, CTSH, GILD, MYL, SYMC
Moving Below 30 DMA = 0
Staying Below 30 DMA
CA, CELG, CHKP, CHRW, CTXS, EXPD,
FISV, FOSL, INTU, ISRG, MU, NTAP, ORLY, SBUX, TXN, CTRX, VRSK, ADP, FFIV, NUAN,
VOD, YHOO, MDLZ, ATVI, WDC, SHLD, PAYX, SPLS, SIAL, HSIC, ALTR, ALXN, CSCO,
EBAY, KLAC, LIFE, LLTC, MCHP, MXIM, SIRI, SRCL, XLNX, XRAY, ADI, LMCA, BBBY,
CMCSA, ESRX, PCAR, WFM, DISCA, MNST, FAST, ADBE, COST, LBTYA,AMAT, AMZN, BIIB,
CERN, KRFT, GOOG, LINTA, REGN, DTV, SBAC, EXPE, VRTX, SNDK, EQIX, STX, BRCM,
MAT, INTC
Thirteen Week Intermediate Term Market Trend: Neutral
5-Day Short Term Market Trend: Down
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