Two
of
nine sectors moved higher on Tuesday…XLB, XLY and XLK were the strongest sectors…while
XLU was the weakest sector.
Breadth weakened…decliners led advancers…1.48 to 1 on
the NYSE and 1.89 to 1 on
the NASDAQ.
Tuesday – weakened, decliners led
Monday - mixed
Friday – strengthened,
advancers led
Thursday – mixed,
decliners led
Wednesday – weakened,
decliners led
SPY down .65 at 180.75 volume 74.4 million shares
VIX up .42 at 13.91…
TNX down .60 at 27.97…
TLT up .74 at 103.90...
XLF down .08 at 21.40 volume
30.8 million shares
AAPL down .88 at 565.43 volume 9.4 million shares, bull
flag pattern
FB up 1.40 at 50.24…volume 68.3 million shares, reversal breakout on increased
volume
Technical
Commentary:
QQQ -0.07%,
DIA -0.32%, SPY -0.36%, IWM -0.91%.
Stocks back
on Tuesday from Monday’s new high in the SPY and QQQ. Weakness in MSFT, GILD, SBUX and MDLZ
weighed on the NDX while moves to the upside in FB, BIDU, GOOG, AMZN
and YHOO balanced the NDX to only a slightly lower close.
Buyers
were strong in gold as GLD +2.10, +1.75%
gapped higher and broke through the horizontal resistance of a basing pattern.
TWTR 51.99, +2.85, +5.80% broke through horizontal resistance and made
a new high close on 25.8 million shares its third highest volume day.
AVGO, MFRM, SPLK, MRVL and JKS are currently
forming an earnings flag while GMCR has bounced in its earnings flag and
is now a horizontal resistance breakout setup.
After
three weeks of selling, buyers took control in solar stocks led by YGE, TSL
CSIQ, JKS, SPWR and SCTY.
Finish 2013 strong by following
your rules and begin to look for positive changes to make in 2014.
Albert Einstein: “Insanity: doing the same thing over and over
again expecting different results.”
Remember it is big money
that creates and sustains the trend. As Granville 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.”
New short term chart targets:
Chart Targets:
SPY = 182.06, 183.02…Monday’s
high 181.67 within 39 cents of horizontal resistance
QQQ = 86.69, 85.77…exceeded
on Friday
IWM = 113.10, 114.39…
Short-term SPY posture is
pull back at resistance.
Support Levels
ES = 1,797, 1,783, 1,774
SPY = 179.93, 177.98
QQQ = 84.11
IWM = 111.62, 110.88
Q3 Earnings Reactions
Positive Reactions – AVGO, MFRM, SPLK,
MRVL, GMCR, JCP, LZB, JKS, BRCD, TSN, YOKU, SINA,
NTAP, SLXP, PCLN, NVDA, GRPN, AWAY, PRU, TPX, TSO, CTSH, FSLR,
TRMB, MDVN, NATI, SPR, ONNN, EXPE, CRR, HAR, GTI, ATML, THOR, TRN, FLT, MCHP,
ITT, DICSA, ANR, SWKS, FB, CMCSA, GILD, DWA, LVLT, EA, SEE, SPW, TFX, JCI, X,
XRAY, XYL, JLL, PBI, ALR, HUN, ACT, DECK, AMZN, MSFT, FLS, AVY, ALXN, WOOF,
COG, BA, CLGX, ESI, EQIX, WLL, TSCO, RRD, PHM, RCL, ALXN, APOL, BCR, NDAQ, NSC,
WHR, ILMN, NUS, GNTX, LXK, DD, VFC, CMG, GOOG, BHI, GE, KSU, MS, SLB, STI, LVS,
VZ, SNDK, NUE, BTU, AXP, KEY, STLD, URI, USB, INTC, JNJ, SCHW, COST, AA
Negative Reactions – ROST, GME, BBY,
CPB, JEC, TSL, CRM, CSCO, RAX, MNST, QCOM, SCTY, IPGP,
AIG, BRKR, HME, NEM, XLS, Z, NIHD, AVP, WTW, ROVI, GRMN, JDSU, OSK, CNW,
ITRI, CTRX, KRFT, GRMN, MYL, DLR, XCO, WU, LNKD, IACI, MSM, INGR, HTS,
VRTX, AAPL, PMCS, MWV, SOHU, AGNC, AGCO, PCL, GT, CMI, VSH, ALSN, ROP,
EW, MRK, RYN, RMD, NCR, KBR, FSL,
ESRX, EMN, FIO, SIRI, CAM, TKR, SYMC, CVA, CDNS, AKAM, XRX, CRI, ORLY,
CAT, NFLX, COH, ZION, WAT, EMC, UTX, TXN, HON, ISRG, GS,
UNP, UNH, EBAY, IBM, XLNX, SCSS, SWK, MU, FAST
The Market Forecast Green Line closed above 80.
____________________
Setups
H
Breakout: A, BX, CNX, CREE, CRM, GLW, GS, JNPR, NTES, RCL, SCSS, SINA, SPY, SSYS,
SWI, YOKU, ESRX, FFIV, GMCR, GRMN, MAT, NTAP, SNDK,
Diagonal Breakout: SCTY,
Bull Flag: GOGO, MFRM, NKE, SFUN, SOHU, SPLK, UAL, YNDX, AAPL, AMZN, CTSH,
GILD, QCOM,
Potential Bullish Divergence: ESI, FSLR, RAX, SPWR,
Gap Up:
Gap Down:
Bear Flag:
At Support: F, FIVE, KKD, SIRI,
C- Pattern:
Moves
New Highs: TWTR, UNG, VRSN, ADSK, BIDU, CELG, DTV, GOOG, MNST, MU, WDC,
WYNN, YHOO
Gap Up: GLD, GRPN, TLT,
Gap Down: SBUX,
H Breakout: DDD, YELP, Z, BRCM, FB,
Diagonal Breakout:
Breakout Test: STX,
Bounce: SSYS, VECO, XONE, NFLX, PCLN, TSLA,
MACD Divergence Bounce: P, AKAM, AMAT,
Bear Flag:
Support Break: FSLR,
______________________
50 out of 100 NDX
stocks closed higher and one was unchanged on Tuesday.
Leading NDX 100 stocks included: BIDU, GOLD, YHOO,
FB, CHTR, NVDA, BRCM, NFLX, GMCR, HSIC
Lagging NDX stocks included: GILD, SBUX, MYL,
SIRI, MDLZ, SHLD, AVGO, MSFT, CERN, ALTR
Leading stocks > +2% on Tuesday
included: SINA, DDD, TWTR, TSL, GRPN, BBRY, P, JCP, SPWR, YOKU, SSYS,
SCTY, YELP, SFUN, BX, CNX, QIHU, XONE
Lagging stocks < -2.0% included: ANR, FIVE WLT ATI
Stocks to Watch on Wednesday
Holding Above 30 DMA= 62
CTSH, VOD,
MSFT, AAPL, FISV, INTU, WDC, CHKP, GOOG, ADP, AMZN, MAT, CA, LLTC, TXN, MCHP,
MU, EXPE, NFLX, ADSK, ESRX, ALXN, GILD, MYL, PCLN, MDLZ, MNST, YHOO, QCOM,
NTAP, SIAL, CELG, BIIB, CMCSA, CTXS, LBTYA, GMCR, DTV, STX, BIDU, BRCM, WYNN,
FB, AVGO, GRMN, INTC, EQIX, ATVI, BBBY, EBAY, FFIV, HSIC, PAYX, PCAR, SPLS,
XRAY, VIAB, VRSK, KRFT, SNDK, TSLA, VRSK
Moving Above 30 DMA =
4
CHTR, FAST, NVDA, ORLY
Moving Below 30 DMA = 0
Staying Below 30 DMA
ADI, CERN,
LINTA, SRCL, ADBE, AKAM, COST, KLAC, SBUX, LMCA, SHLD, SIRI, DISCA,
REGN, FOSL, ISRG, NUAN, ROST, SYMC, AMGN, DLTR, GOLD, SBAC, CHRW, FOXA, CSCO, AMAT,
VIP, WFM, CTRX,EXPD, MXIM, ALTR, XLNX
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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