Three of nine sectors moved higher on Tuesday…XLI,
XLY and XLE were the strongest sectors…XLF
was the weakest sector.
Breadth strengthened…advancers led
decliners…1.20 to
1 on the NYSE and
1.24 to 1 on the NASDAQ.
Tuesday – strengthened, advancers led
Monday – mixed,
decliners led
Friday – weakened,
decliners led
Thursday – weakened, decliners led
Wednesday – strengthened, advancers
led
SPY down .24 at 169.53…volume 101 million shares
VIX down .23 at 14.08…
TNX down .61 at 26.53…
TLT up 1.14 at 106.83...
XLF down .12 at 20.01…volume 40.2 million shares
AAPL down 1.54 at 489.10…volume 12.9 million shares
FB up 1.26 at 48.45…volume 136.3 million shares
Technical
Commentary:
DIA – 0.42%, SPY
– 0.24%, QQQ 0.00%, IWM + 0.33%.
SPY and DIA remained in a bull
flag set up closing slightly down while QQQ was unchanged but still also
in a bull flag set up. IWM had a
slight bounce closing up .35 or .33%.
Many
stocks that had been in a bull flag set up had a bounce today including AMAT
which gapped up 1.45 or 9.09%. AMAT had double the average daily
volume with 88.8 million shares.
FB continued to climb today gapping up 1.26 or 2.67% again closing at an all-time
high with volume of 136.5 million shares.
Breakout Chart Targets:
QQQ = 78.70, 79.58
IWM = 110.91
SPY = 169.93, 171.56
Remember it is big money
that creates and sustains the trend. As Granville once
wrote, “technical analysis is the art of tracking the market, following
the footsteps of the ‘smart money’ crowd.
The ‘smart money crowd’ is no mysterious ‘THEY.’ It is simply a collection of people who are
reading the market correctly, seeing through the maze, unconfused by this hall
of mirrors.”
Short-term market posture
is up.
Support Levels
ES = 1,660
SPY = 167.30
Q2 Earnings Reactions
Positive Reactions –
ULTA, FIVE, CIEN, SPLK, CRM, GES, DSW, ADSK,
ROST, GME, JRCC, RAX, SSYS, TMUS, SGMS, FWLT, MNST, GRPN, TSLA,
AGU, BOFI, FOSL, ADM, MGM, 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 closed below 80 and is pointed down.
____________________
Setups
H Breakout: ANGI, YNDX,
Diagonal Breakout: AAPL,
Bull Flag: ADBE, ADSK,
AKAM, AMGN, BRCM, CELG, CMCSA, COST, DTV, FAST, GILD, GOOG, INTC, MAT, MU, MYL,
NTAP, NVDA, SHLD, SIRI, TXN, XLNX, ANR, ATI, CLF, CNX, CRM, DNKN, FAS, FSLR, GRPN,
GS, JNPR, RAX, SCSS, SCTY, SOHU, SPLK, SPY, TPX, YELP, YOKU,
Potential Bullish
Divergence: MFRM, XONE,
Gap Up:
Gap Down:
Bear Flag:
At Support: ESRX, SYMC, BAC,
TBT,
Moves
New Highs: BIDU, FB, WYNN,
YHOO, LVS,
Gap Up: FB, AMAT,
Gap Down: FFIV, RCL, UNG,
H&D Breakout: TLT,
Breakout Test:
Bounce: BBBY, GRMN, SBUX,
SNDK, STX, WDC, ESI, FIVE, GLW, GME, LNKD, TIF,
MACD Divergence
Bounce:
Bear Flag:
Support Break: JCP, SWI,
______________________
48 of 100 NDX stocks
closed higher on Tuesday…and two were unchanged.
Leading NDX 100 stocks included: AMAT, YHOO, FB, WDC,
VOD, STX, SBUX, MCHP, NFLX, AVGO, NUAN, GRMN, SNDK
Lagging NDX stocks included: CTXS, DTV, FFIV, ESRX, ISRG, KRFT, CHTR,
BRCM, VRTX, SRCL, CHKP, GOLD
Leading stocks > +2% on Tuesday
included: TSL, DDD, LNKD, SSYS, YELP, ESI, UAL, LVS
Lagging stocks < -2.0% included: JCP, BBRY, CDE, SWI, VMW, TBT
Stocks to Watch on Wednesday
Holding Above 30 DMA= 80
TSLA,
GRMN, PCLN, VIAB, FB, NFLX, QCOM, WYNN, DELL, NVDA, ADSK, AMGN, AVGO, CTSH,
GILD, VOD, SBAC, SHLD, AKAM, ALTR, BIIB, CELG, EXPD, MU, MXIM, NTAP, ROST,
YHOO, REGN, VRSK, FOXA, ADBE, ADP, ALXN, CHRW, DLTR, INTC, INTU, KLAC, SNDK,
XLNX,TXN, AMZN, BRCM, FAST, GOOG, LINTA, SIRI, WFM, XRAY, LMCA, EBAY, EXPE,
FISV, CHTR, BIDU, COST, MYL, PAYX, PCAR, SBUX, STX, AMAT, CA, CERN, DTV, HSIC,
LLTC, SIAL, ADI, CMCSA, MDLZ, LBTYA, MAT, MCHP, BBBY, EQIX, DISCA, FOSL, AAPL,
Moving Above 30 DMA = 0
Moving Below 30 DMA = 8
ATVI, CHKP, CTXS, FFIV, MSFT, ORLY,
SRCL, KRFT
Staying Below 30 DMA
CSCO, NUAN, GMCR, GOLD,
ESRX, VRTX, WDC, CTRX, SYMC, ISRG, SPLS, MNST
Thirteen Week Intermediate
Term Market Trend: Up
5-Day Short Term Market
Trend: Neutral
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