Two of nine sectors moved higher on Thursday…
XLK, XLP and XLV were the strongest sectors…XLB was the weakest sector.
Breadth weakened…decliners
led advancers…2.14 to
1 on the NYSE and 1.82 to 1 on
the NASDAQ.
Thursday
– weakened, decliners led
Wednesday – weakened,
mixed
Tuesday – weakened,
advancers led
Monday – strengthened,
advancers led
Friday - mixed
SPY
down .45 at 168.95…volume 83.2 million shares
VIX
up .47 14.29…
TNX
down .13 at 29.07…
TLT
down .14 at
103.15...
XLF
down .14 at 20.14…volume 34.3 million shares
AAPL
up 4.98 at 472.69…volume
14.4 million shares
FB
down .29 at 44.75…volume 68 million shares
Technical Commentary:
QQQ – 0.06%, DIA - 0.08%, SPY – 0.27%, IWM – 0.73%.
Stocks paused and pulled back on Thursday with QQQ and DIA
closing just below even while SPY closed at the middle of Wednesday’s range and
IWM closed below Wednesday’s low.
QQQ, XLB, XLE and XLI are above August resistance at highs this week while IWM, XLK, XLV and
XLY are just below August resistance.
Many stocks like FB, GRPN and AKAM have more than retraced
100% of August’s pullback like QQQ and have risen to new
highs.
The NDX -4.29 received lift from AAPL, QCOM and AMGN while
INTC, GOOG, BIDU, CMCSA, PCLN, BIIB and FB created downside pressure. In the end the breadth of 72 declining
stocks left the index slightly lower on Thursday.
FB 44.75 closed below 45 after making a new intra-day high
of 45.62. FB closed above 45 for
the time on Wednesday.
P +12.11%, YOKU +5.12%, ANGI +2.42%
and UNG +2.25% led on Thursday.
Breakout Chart Targets:
QQQ = 78.70, 79.58
IWM = 106.10, 107.51
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 = 1,647, 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: AMGN, COST, EBAY, ESRX, FFIV, GILD, ROST, WFM,
YHOO, NTES, RCL, SOHU, UNG, YOKU, Z,
Diagonal Breakout: AMAT, MNST, STI, ZION,
Bull Flag: ATVI, INTC, NUAN, TXN, ANR, BBRY, DDD, ESI, F, SCSS,
WLT, YNDX,
Potential Bullish Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: XONE,
Moves
New Highs: AKAM, MYL, NTAP, SBUX, GRPN, RAX,
Gap Up: DNKN, P,
Gap Down: GLD,
H&D Breakout:
Breakout Test:
Bounce:
MACD Divergence Bounce:
Bear Flag:
Support Break: SYMC,
______________________
26 of 100 NDX stocks closed higher on Thursday…and two were unchanged.
Leading NDX 100 stocks included: SHLD, VRTX, MYL, CTXS, YHOO,
AMGN, AAPL, QCOM
Lagging NDX stocks included:
GOLD, SIRI, NUAN, NFLX, WDC, BIDU, MU, EXPE, SBAC, LMCA, GMCR, ATVI,
FFIV, XRAY, CTSH
Leading stocks > +2% on Thursday included: HLF
Lagging stocks < -2.0% included: XONE,
CLF, SSYS, AKS, CDE, MCP, ANR, DDD, LDK, GES, UAL, Z, TSL, GLW, LNKD, ATI, CROX
Stocks to Watch on Friday
Holding Above 30 DMA= 84
TSLA, GRMN, PCLN, VIAB, FB, NFLX,
QCOM, WYNN, DELL, NVDA, GMCR, ADSK, AMGN, AVGO, CTSH, GILD, VOD, SBAC, NUAN,
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, VRTX, WFM, XRAY, LMCA, EBAY, EXPE, FISV, CHTR,
BIDU, COST, FFIV, MYL, PAYX, PCAR, SBUX, STX, EQIX, AMAT, CA, CERN, CHKP, DTV,
ESRX, HSIC, LLTC, MSFT, ORLY, SIAL, ADI, CMCSA, CTXS, MDLZ, LBTYA
Moving Above 30 DMA = 0
Moving Below 30 DMA = 4
ATVI, MAT, SRCL, WDC
Staying Below 30 DMA
AAPL, GOLD, KRFT, CTRX, SYMC,
FOSL, ISRG, SPLS, CSCO, MCHP, BBBY, DISCA, MNST
Thirteen Week Intermediate Term Market Trend: Neutral, NDX = Up
5-Day Short Term Market Trend: Up
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