Only
one of
nine sectors moved higher on Tuesday…XLB, XLK and XLI were the strongest sectors…while
XLF was the weakest sector.
Breadth weakened…decliners led
advancers…1.16 to
1 on the NYSE and 1.22 to
1 on the NASDAQ.
Tuesday – weakened, decliners led
Monday – strengthened,
advancers led
Friday – strengthened,
advancers led
Thursday – strengthened, decliners
led
Wednesday – weakened, decliners led
SPY down .57 at 178.65 volume 86.7 million shares
VIX up .18 at 16.21…
TNX down .34 at 28.43…
TLT up .46 at 103.29...
XLF down .14 at 21.12 volume
26.9 million shares
AAPL down 2.51 at 554.99 volume 8.1 million shares
FB up 1.05 at 54.86…volume 78.4 million shares
Technical
Commentary:
SPY – 0.32%,
QQQ – 0.20% IWM –
0.14%, DIA – 0.08%.
Trading
volume shifted from the Dec Z3 contracts to the Mar H4 on Friday.
Stocks
finished the session on Tuesday down with investors taking a wait and see stance
the day before the Fed decides on whether to taper its bond buying strategy. The S&P 500 fell 5.54 points while
the DJIA was down 9.31 points.
Some
gainers in today’s session were TSL with a bounce moving to the up side and
breaking diagonal resistance, gaining 1.18
or 9.57% on 7.2 million shares. AVGO continued its bounce from
yesterday and gained another 3.46 or 6.91% and finished the session with another
new high. Volume was 8.7 million
shares. RAX gained 2.32 or 6.66% on 4.3 million shares and is close to
breaking through diagonal resistance. GOGO
bounced from a bull flag gaining 1.83
or 6.45% on 3.6 million shares. The next test will be a horizontal resistance
at 35.77.
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.”
Short-term
up trend 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
neutral
Support Levels
ES = 1,797, 1,783, 1,774
SPY = 179.93, 177.98
QQQ = 84.78, 84.11
IWM = 110.88, 110.37, 108.85
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 is pointed down and below 80.
____________________
Setups
H Breakout: FB, WFM,
GS, AA, GLW, GRPN, MFRM, SCSS, SFUN, SWKS, TPX,
Diagonal Breakout: SNDK,
SYMC, XLNX, RAX, YELP, Z,
Bull Flag: AAPL, ADSK, BIDU, CELG, DTV, QCOM, UNG,
Potential Bullish
Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support: AMGN,
GRMN,
C- Pattern:
Moves
New Highs: WDC, V, A, BX, V,
Gap Up: MMM,
Gap Down:
H Breakout: GMCR, NUAN, STX,
Diagonal Breakout: SPLK, TSL,
Breakout Test:
Bounce: ANGI, CRM, GOGO, MCP, VECO,
MACD Divergence
Bounce:
Bear Flag:
Support Break:
______________________
49 out of 100 NDX
stocks closed higher and one was unchanged on Tuesday.
Leading NDX 100 stocks included: AVGO, STX, NUAN,
NFLX, WFM, SYMC, FB, ATVI, WDC
Lagging NDX stocks included: REGN, GILD, ISRG,
LBTYA, CTXS, SPLS, CELG, PCLN, LMCA, AMGN
Leading stocks > +2% on Tuesday
included: TSL, RAX, ANGI, GOGO, MCP, SFUN, YELP, SWI, VECO, GRPN,
SPWR, SWKS, V, CRM, A, SPLK
Lagging stocks < -2.0% included: JCP, UAL, ALK
Stocks to Watch on Wednesday
Holding Above 30 DMA= 48
CTSH,
AAPL, FISV, INTU, WDC, GOOG, AMZN, LLTC, MU, EXPE, NFLX, ADSK, ESRX, ALXN,
PCLN, MDLZ, MNST, YHOO, QCOM, SIAL, CELG, BIIB, CMCSA, LBTYA, GMCR, DTV, STX,
BIDU, BRCM, FB, WYNN, AVGO, INTC, EQIX, TSLA, ORLY, ADBE, AKAM, EBAY, VIAB,
VRSK, CA, CHKP, FFIV, LINTA, PCAR, VOD
Moving Above 30 DMA = 5
FAST, SNDK, SYMC, VRTX, XLNX
Moving Below 30 DMA = 4
CTXS, GILD, PAYX, CHTR
Staying Below 30 DMA
MAT, XRAY, ADP, GRMN, MSFT, SPLS, TXN, KRFT, ATVI, BBBY,HSIC, MCHP, MYL, NTAP, NVDA, CERN,
SRCL, ADI, 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: Neutral
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