Two
of nine sectors moved higher on Thursday…XLY, XLI and XLV were the strongest sectors…while
XLF was the weakest sector.
Breadth was mixed…decliners led advancers…1.92 to 1 on
the NYSE and 1.18 to 1 on
the NASDAQ.
Thursday – mixed, decliners led
Wednesday – weakened,
decliners led
Tuesday – strengthened
slightly, decliners led
Monday – weakened,
decliners led
Friday – weakened,
advancers led
SPY down .79 at 178.94 volume 106.9 million shares
VIX up .38 at 15.08…
TNX up .21 at 28.62…
TLT down .29 at 102.43...
XLF down .20 at 21.10 volume
36.7 million shares
AAPL up 2.90 at 567.90 volume 15.9 million shares
FB down .28 at 48.34…volume 43.8 million shares
Technical
Commentary:
IWM +
0.07%, QQQ – 0.13%, DIA – 0.40%, SPY – 0.44%.
Stocks opened
lower after release of economic data that the US economy had expanded by 3.6%
for 3Q but that the revised gain appeared would have little impact as it was fueled
by a huge buildup in inventories.
AAPL succeeded in hitting a 52 week high to close up 2.90 on volume of 15.9 million. JCP fell .81
or 8.39% on large volume of 69.8 million
shares. JCP continues to slide in
after-hours trading down 3.84%.
Those
investors in MFRM are going to sleep easy tonight after yesterday’s earnings
report. MFRM gapped up 4.66 to gain 13.61%
by the close of the day. Volume was 1.2
million and is near its horizontal resistance.
YOKU closed up 1.68 or 5.61%
and is at horizontal resistance. Volume
was 5.7 million shares.
AVGO bounced on Thursday and broke
horizontal resistance to close at a new high of 47.59 gaining 3.09 or 6.94%
on volume of 4.5 million shares.
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…Friday’s
high 181.75
QQQ = 85.14, 85.77…touched
on Friday
IWM = 114.39, 116.10…Friday’s
high over 114
Short-term SPY posture is
down in bull flag pattern.
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 – 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 moved below 80.
____________________
Setups
H
Breakout: BRCM, WYNN, CIEN, YNDX,
Diagonal Breakout: BA, A, ANGI, P,
Bull Flag: AMZN, DTV, NFLX, GS, ALK, BX, FAS, GS, RCL, SPY,
Potential Bullish Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: WFM, CSCO,
C- Pattern:
Moves
New Highs: YHOO, LVS, SWKS,
Gap Up: CELG, MFRM,
Gap Down:
H Breakout: JNPR, SOHU, UNG, YOKU,
Diagonal Breakout:
Breakout Test:
Bounce: GILD, GRMN, INTC, MAT, NTAP, SPLK,
MACD Divergence Bounce:
Bear Flag:
Support Break: ATVI, COST,
______________________
39 out of 100 NDX
stocks closed higher on Thursday.
Leading NDX 100 stocks included: AVGO, EQIX, CELG,
INTC, WYNN, YHOO, NTAP, SPLS, BRCM
Lagging NDX stocks included: ATVI, VIP, GOLD,
MSFT, CTXS, SHLD, PAYX, ADBE,
CHTR, COST
Leading stocks > +2% on Thursday
included: MFRM, YOKU, WLT, TWTR, UNG, SOHU, LNKD, SCTY, ANR, JNPR
Lagging stocks < -2.0% included: JCP, TSL, GOGO, FIVE, BBRY, ESI, QIHU,
XONE, KKD, DDD, UAL
Stocks to Watch on
Thursday
Holding Above 30 DMA= 45
CTSH, VOD,
MSFT, AAPL, HSIC, 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, NVDA, BIDU, BRCM,
WYNN, FB
Moving Above 30 DMA = 4
AVGO, GRMN, INTC, EQIX
Moving Below 30 DMA = 11
ADBE, AKAM, ATVI, COST, FFIV, HSIC,
LINTA, PAYX, VRTX, XRAY, VRSK
Staying Below 30 DMA
BBBY,
CERN, EBAY, KLAC, SBUX, ADI, LMCA, TSLA, PCAR, SHLD, SIRI, SRCL, DISCA, REGN,
CHTR, FOSL, ISRG, NUAN, ROST, SYMC, AMGN, DLTR, GOLD, SNDK, SBAC, CHRW, FOXA,
SPLS, CSCO, VIAB, AMAT, VIP, WFM, CTRX, KRFT, EXPD, FAST, MXIM, ORLY, ALTR, XLNX
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Down
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