Wednesday, March 5, 2014

SPY Squeaks Out New All-time High as Financials Surge...NDX, QQQ New Bull Market High...FB New All-time High...GOGO Goes...

Five of nine sectors moved higher on Wednesday…XLF, XLY and XLB were the strongest sectors…while XLE was the weakest sector.  

Breadth weakened as decliners led advancers 1.05 to 1 on the NYSE and 1.05 to 1 on the NASDAQ.

Wednesday – weakened, decliners led
Tuesday – strengthened, advancers led
Monday – weakened, decliners led
Friday – weakened, mixed
Thursday – strengthened, advancers led


SPY up .17 at 187.75 on 88.2 million shares, below average volume
VIX down .21 at 13.89…
TNX up .07 at 26.98…
TLT up .23 at 107.62...
XLF up .23 at 22.20 on 47.6 million shares

AAPL up 1.12 at 532.36 on 7.1 million shares, below average volume
FB up 2.77 at 71.57…on 74.5 million shares, above average volume


Technical Commentary: 
QQQ + 0.28%, SPY + 0.09%, IWM – 0.06%, DIA – 0.17%.

SPY new all-time high
NDX and QQQ new bull market high
After a wide range high day on Tuesday indexes trade in a narrow range pause day above Tuesday’s S1…Chart Signal’s Tuesday post read “Be aware that breakout days often retrace the breakout and strong wide range days are followed by a pullback the S1 level of the large white breakout candle.”

Financial sector XLF bull market new high close leading all sectors for the second straight day
XLB, XLF, XLI, XLK, XLV and XLY, six of nine sectors at new highs above short-term resistance

And it’s not just the indexes:
GOGO +12.21% breaks out and closes just above second horizontal resistance breakout after double bottom reversal, EPS on Mar 13 BMO
FB +4.13% makes new all-time high close at horizontal resistance breakout setup…
BAC +3.17% surges to a horizontal resistance breakout setup…
GME +3.75% at horizontal resistance breakout setup following inverse head & shoulders breakout

Look at the Chart Signals lists below for more great setups…

Trade with the trend of the chart you are trading and continue to move your protective stops.  Continue to follow your rules.


Short-term up trend Chart Targets:
SPY = 189.25, 190.55…
QQQ = 90.96, 92.25, 93.05
IWM = 120.64, 121.84…

Support Levels
SPY = 187.15, 183.75, 182.60
QQQ = 88.87, 87.35, 86.49
IWM = 118.71, 115.58

Q4 earnings season
The majority of earnings season is done, however there are still a few companies including CIEN, COST, JOY, QIHU, BIG, and FL that will report over the next few days…AZO neutral reaction

Q4 Earnings Reactions
Positive Reactions – DRYS, TSL, DDD, MNST, ROST, YOKU, CRM, SHLD, ANF, TGT, DLTR, LOW, HD, M, SCTY, ZU, PCLN, DISH, INTU, AEE, MDRX, ALEX, DTV, TSLA, GRMN, SWY, KRFT, AMAT, CTRP, NVDA, SPWR, TRIP, REGN, CBOE, MCO, ATVI, AKAM, EXPE, GMCR, NXPI, ONNN, ORLY, SCSS, SWI, TWX, DIS, YELP, AGNC, KORS, KEYW, IDXX, XYL, YUM, NOV, SPG, TSN, ZNGA, ALXN, BRCM, BX, CMG, GOOG, JDSU, MTW, PHM, RYL, UA, VIAB, V, BA, DOW, FB, LVS, QCOM, VLO, AKS, AAL, CHKP, EA, F, ILMN, LXK, CAT, RCL, JNPR, MSFT, KMB, PG, MXIM, SBUX, NFLX, FFIV, URI, UNP, EBAY, MCD, CREE, TXN, UTX, NUAN, XLNX, BHI, DAL, RF, MS, SLB, STI, AXP, SWKS, BAC, LLTC, WEN, MON, MU, STZ, APOL

Negative Reactions – CSIQ, HOV, MCP, SSYS, ADSK, CRM, FSLR, SINA, ESRX, GRPN, YNDX, KO, A, GNC, WTW, VFC, WFM, ANGI, CSCO, DISCA, NTAP, RAX, CI, LNKD, TPX, VRSN, ADP, CTSH, HUM, MDC, P, TSO, TWTR, ADM, BWLD, CERN, CHRW, DDD, SFLY, GILD, CVX, MA, MAT, PCAR, AMZN, MMM, CELG, CL, XOM, ESI, HOG, OSTK, POT, SHW, WHR, BA, CTXS, EMC, TSCO, CRUS, GLW, DD, F, VMW, YHOO, AAPL, STX, ZION, HON, KSU, SWK, STT, ALTR, ISRG, KLAC, KEY, JCI, LMT, WDC, ABT, BAX, ATI, COH, FCX, AMD, IBM, HAL, JNJ, TRV, VZ, GE, COF, INTC, UNH, C, GS, CSX, FAST, AA, FDO, BBBY, SCHN (102)

Reversal in progress – FSLR, RAX, ADSK, WFM, CSX, GS, COF, JNJ, IBM, ATI, JCI, KEY, STX, CRUS (14, 14%)

Reversal of Initial Reaction – UNH, WDC, DISCA, XOM, CTXS, DDD, SFLY, TPX, VZ, ABT, BAX, AAPL, CL, VRSN, CSCO, ADP, CTSH, HUM, P, TSO, ADM, CERN, GILD, PCAR, MMM, CELG, HOG, POT, SHW, EMC, GLW, DD, VMW, YHOO, ZION, HON, SWK, ALTR, ISRG, KLAC, LMT, HAL, FAST, FDO, AA (45, 45%)


The Market Forecast Green Line closed at 92.

____________________

Setups
H Breakout: C, CIEN, FAS, FSLR, GME, GOGO, RAX, SCSS, SFUN, STI, UAL, YOKU, ZION, ESRX, FB, GOOG, QCOM,
Diagonal Breakout: ANGI, NTES, AAPL, BIDU, CELG, WFM,
Bull Flag: SCTY,   
One Day:  
Potential Bullish Divergence: 
Gap Up
Gap Down:    
Bear Flag:   
At Support: JNPR, NTAP,  
C- Pattern:

Moves
New Highs: AAL, BX, GLW, SPY, CTSH, FB, TRIP, XLNX,
Gap Up: BAC,  
Gap Down:  
H Breakout: BAC, DRYS, GOGO, AMZN,
Diagonal Breakout:   
Breakout Test:
Bull Flag Bounce:
Bounce:  
MACD Divergence Bounce
Bear Flag
Support Break: DDD,

______________________


41 out of 100 NDX stocks closed higher on Wednesday.


Leading NDX 100 stocks included: FB, FAST, CTXS, AMZN, ESRX, GMCR, AMAT, ATVI, DISH, FFIV

Lagging NDX stocks included: MYL, VRSK, AKAM, EXPE, WFM, FISV, ALXN, MNST, BIIB, STX

Leading stocks > +2% on Wednesday included: GOGO, SFUN, DRYS, YOKU, UAL, ATI, GME, BAC, MS, CIEN, LNKD, NTES, BX

Lagging stocks < -2.0% included: CSIQ, DDD, SSYS, KKD, ESI, MTW, SCTY, BBRY, MCP

Stocks to Watch on Thursday
Holding Above 30 DMA= 84
ILMN, EQIX, FFIV, ISRG, MU, BIIB, MXIM, TSLA, NXPI, NFLX, ALTR, ALXN, REGN, GOGO, WYNN, FB, GMCR, ADBE, ORLY, DISH, EBAY, AKAM, AVGO, DTV, PCAR, AMGN, ATVI, CERN, EXPE, GILD, MNST, MSFT, MYL, NVDA, PCLN, SNKD, TRIP, XLNX, ADI, MAR,AMAT, CHKP, KLAC, TXN, CTSH, GRMN, HSIC, LINTA, LLTC, VIAB, KRFT, BIDU, MDLZ, LMCA, FOXA, FISV, LBTYA, DISCA, CTX, FAST, INTU, VOD, WDC, WFM, BBBY, CA, DLTR, ROST, SIAL, ADP, COST, TSCO, SPLS, CELG, YHOO, SBAC, AAPL, ADSK, BRCM, ESRX, PAYX, QCOM, STX, VRTX

Moving Above 30 DMA = 2
AMZN, SRCL

Moving Below 30 DMA = 2
INTC, SIRI

Staying Below 30 DMA
CTRX, VRSK, CMCSA, CSCO, SBUX, NTAP, CHTR, CHRW, SYMC, EXPD, VIP, MAT

Sixteen Week Intermediate Term Market Trend: Up
3-Day Short Term Market Trend: Up

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