All nine sectors moved higher on Tuesday… XLI, XLF and XLY were the strongest sectors…XLE
was the weakest sector.
Breadth weakened…advancers led decliners…1.96
to 1 on the NYSE and 1.96 to 1 on the NASDAQ…
Tuesday
– weakened, advancers led
Monday – strengthened,
advancers led
Friday - mixed
Thursday - mixed
Wednesday –
strengthened, advancers led
SPY
up 1.23 at 168.87…volume 102.4 million shares
VIX
down -1.10 14.53…
TNX
up 0.62 at 29.59…
TLT
down .72 at
102.38...
XLF
up .23 at 23.26…volume 36 million shares
AAPL
down -11.53 at 494.64…volume
26.4 million shares
FB
down .44 at 43.60…volume 54.4 million
shares, bull flag
Technical Commentary:
IWM +0.98%, DIA +0.88%, SPY +0.74%, QQQ
+0.49%
IWM small caps led the
broad indexes combined for the second straight day and QQQ moved to a
new high close even with weakness in AAPL which fell after announcing
the latest iPhone editions 5s and 5c.
Breakout Chart Targets:
QQQ = 78.70, 79.58
IWM = 106.10, 107.51
SPY = 169.93, 171.56
MSFT, QCOM, SBUX, CSCO, CMCSA, BIDU, EBAY and NFLX were the point leaders that lifted
the NDX to a new high close even with AAPL and FB weighing
to the downside.
Breakouts and new highs on Tuesday
from AVGO, CELG, DLTR, FAST, GRMN, INTU, MYL, NFLX, NTAP, PCLN, SBUX, TXN,
VRSK, WYNN and XLNX joined Monday’s list AKAM, ALTR, CTSH, EXPD, MU,
NUAN, NVDA, QCOM, SHLD, XRAY and YHOO that also moved higher today. A large number of NDX stocks are making new
highs and are being joined by coincidence and lagging stocks making moves to
the upside.
NFLX +6.43%, 313.06 powered to a new all-time high close today officially
recovering all of its 2011 – 2012 drop from its high of 304.79 to a 2012 low of
52.18 just over a year ago.
TSLA +3.53% bounced in its bull flag gained just when some
thought TSLA was finally ready to
fall after forming a four-day flag pattern.
Airline stocks UAL +7.32%, DAL +4.00%
and LCC +3.72% were soaring for
the second straight day.
SCTY +22.39% sizzles after deal with Direct Energy to provide solar electricity directly to
businesses.
FIVE +17.18% gapped higher following a positive earnings
reaction.
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 = 1,647, 1,629, 1,611
SPY = 165.15, 163.35, 161.55
Q2 Earnings Reactions
Positive Reactions – 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 is
pointed up.
____________________
Setups
H Breakout: ANR, ATI, CRM, F, GLW, GRPN, JNPR, SINA,
Diagonal Breakout: NTES, YOKU,
Bull Flag: DDD, LNKD, SSYS
Potential Bullish Divergence:
Gap Up:
Gap Down:
Bear Flag: STI
At Support: TLT
Moves
New Highs: NFLX, MU, QCOM, QIHU, YELP, WYNN, CIEN, SPLK, CRM, YELP, AKAM,
ALTR, CTSH, EXPD, NUAN, NVDA, XRAY, AVGO, CELG, DLTR, FAST, GRMN, INTU, MYL,
NTAP, PCLN, SBUX, TXN, VRSK, XLNX
Gap Up: FIVE, GS, LVS, RCL
Gap Down:
H&D Breakout: RAX, ALK, BAC, C, CLF, CMG, FAS, FSLR, SWI
Breakout Test:
Bounce: MSFT, CREE, Z, TSLA, FSLR, KKD, P, PWRD, SINA, TBT, UAL,
MACD Divergence Bounce:
Bear Flag:
Support Break: GLD, MFRM,
______________________
79 of 100 NDX stocks closed higher on Tuesday.
Leading NDX 100 stocks included: SHLD, NFLX, MYL, MU, TSLA, BIDU,
CHKP, WYNN, AMAT, XRAY
Lagging NDX stocks included:
GOLD, GMCR, AAPL, ISRG, KRFT, FB, VOD, BBBY, VRTX, DISCA
Leading stocks > +2% on Tuesday included: SCTY, FIVE, UAL, ALK, CREE, FSLR, FAS,
GS, KKD, ANGI, SINA, SWI, RAX, CIEN, PWRD, Z, ATI, RCL, CLF, LVS, YELP, NTES, C
Lagging stocks < -2.0% included: BBRY,
XONE, MFRM, GMCR, TPX
Stocks to Watch on Wednesday
Holding Above 30 DMA= 70
TSLA, GRMN, PCLN, FB, VIAB, NFLX,
QCOM, AAPL, WYNN, DELL, NVDA, GMCR, ADSK, AMGN, AVGO, CTSH, GILD, SBAC, VOD,
NUAN, SHLD, AKAM, ALTR, BIIB, CELG, EXPD, MU, MXIM, NTAP, ROST, YHOO REGN,
VRSK, FOXA, ADBE, ADP, ALXN, CHRW, DLTR, INTC, INTU, KLAC, SNDK, TXN, AMZN,
BRCM, FAST, GOOG, LINTA, LMCA, SIRI, VRTX, WFM, XRAY, WDC, CHTR, EBAY, EXPE,
FISV, BIDU, COST, EQIX, FFIV, MAT, MYL, PAYX, PCAR, SBUX, STX
Moving Above 30 DMA = 12
ADI, AMAT, CA, CERN, CHKP, DTV, ESRX, HSIC, LLTC, MSFT,
ORLY, SIAL
Moving Below 30 DMA = 3
CTXS, GOLD, KRFT
Staying Below 30 DMA
CTRX, ATVI, LBTYA, SYMC, FOSL, ISRG,
MDLZ, SPLS, CSCO, MCHP SRCL, BBBY, CMCSA, DISCA, MNST
Thirteen Week Intermediate Term Market Trend: Neutral, NDX = Up
5-Day Short Term Market Trend: Up
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