Six Days in April...IWM, QQQ Lead as NFLX Gaps Up, MU New High as FB, TSLA, WYNN, ILMN Rise...

Seven of nine sectors moved higher on Tuesday…XLV, XLY and XLF were the strongest sectors…XLE was the weakest sector again.   

Breadth strengthened as advancers led decliners 2.76 to 1 on the NYSE and 2.60 to 1 on the NASDAQ.

Tuesday – strengthened, advancers led

Monday – strengthened, advancers led

Friday - Holiday

Thursday – weakened, advancers led

Wednesday – strengthened, advancers led

SPY up .85 at 187.89 on 85.6 million shares, lower than average volume

VIX down .06 at 13.19…

TNX up .05 at 27.26…

TLT up .37 at 110.33...

XLF up .15 at 21.99 on 26.8 million shares

AAPL up .53 at 531.70 on 7.2 million shares

FB up 1.79 at 63.03…on 60.3 million share.

Technical Commentary: 

IWM + 1.03%, QQQ + 0.79%, DIA + 0.47%, SPY + 0.45%.

Six days SPX gains +3.52% and is now +1.69% since Dec 31. IWM led the broad index ETFs for two of three days which is a positive sign that this is a broad based rally.  Institutions buying small caps is a positive. 

The NDX +28.85 was led by 16.5 NDX points from FB, CMCSA, BIIB, GILD, GOOG, TSLA, AMGN, NFLX, WYNN and CELG.

SPX leaders included AGN, NFLX, HOG, WYNN, GNW, PRGO, VRTX, DRI and MU.  SPX losers included PNR, LMT, QEP, KMB, OMC ATI and ZION.

NFLX +24.41, +7.00% and HOG +4.33, +6.41% both gapped higher on positive earning reactions. 

In after-hours trading AMGN, T, CREE, VMW are down on negative earning reactions while GILD and SWKS gapped higher.  Watch for gaps on these six stocks Tuesday morning.

Charts are poised for a horizontal resistance breakout with earning reports increasing on Tuesday through Thursday.

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 = 187.17, 189.70…

QQQ = 86.90, 87.88…

IWM = 113.84, 115.25…

Support Levels

SPY = 183.37, 181.38

QQQ = 85.09, 84.16, 83.15, 82.03

IWM = 110.12, 108.91, 106.99

Earnings This Week:

Monday: NFLX, HAL, HAS, KMB, STI, ZION

Tuesday: AMGN, GILD, MCD, TRV, UTX, AKS, ATI, T, ACI, CREE, HOG, JNPR, LXK, RF, SPG, SWKS, VMW, XRX

Wednesday: AAPL, BIIB, CTXS, FFIV, FB, NXPI, ORLY, QCOM, TSCO, XLNX, BA, PG, ANGI, BA, CLF, DAL, ETFC, DAVE, JCI, NSC,

Thursday: ALXN, ALTR, AMZN, BIDU, BRCM, CELG, KLAC, MXIM, MSFT, SIRI, SRCL, WYNN, MMM, LLY, V, VZ, AET, CNX, DECK, FCX, ESI, LVS, NUE, P, BTU, POT, RCL, LUV, SWK, SPWR, NDAQ, UA, UPS, YNDX

Friday:

Q1 Earnings Reactions

Positive Reactions – NFLX, HOG, RF, XRX, HAL, HAS, STI, BHI, BX, C, GE, GME, IBKR, INTC, JNJ, KO, MS, SCHW, SNDK, UNP, URI, WFC, YHOO

Negative Reactions – LXK, KMB, ZION, AKS, ATI, ACI, BAC, BBRY, FAST, GOOG, IBM, JPM, LLTC, MU, STLD, UNH

Reversal in progress – IBM, LLTC

Reversal of Initial Reaction – MU

The SPY Market Forecast green line is pointed up at 48.

____________________

Setups

H Breakout: FAS, GLW, IWM, JDSU, JNPR, KKD, MFRM, MS, MTW, NKE, PANW, SCHW, STI, SWKS, ANGI, BAC, CIEN, ESI, P, QIHU, SOHU, SWI, YELP, YOKU, AAPL, ADBE, ADSK, CELG, COST, EBAY, FFIV, GILD, GRMN, MNST, PCLN, STX, TRIP,  

Diagonal Breakout: C, CTRP, FSLR, GME, RCL, BBRY, BX, DDD, GOGO, LVS, GMCR, MSFT, SBUX,

Bull Flag: ATI, INTC,   

One Day:  

Potential Bullish Divergence:

Gap Up: GILD, SWKS

Gap Down: AMGN, T, CREE, VMW,

Bear Flag: 

At Support: GLD, X, ANR, RAX, WLT, ESRX, NTAP, ROST,

C- Pattern:   

Moves

New Highs: UPL, Z, SNDK,      

Gap Up: HOG, CSIQ, CMCSA, FB, MU, NFLX,      

Gap Down: ZION,

H Breakout: CREE, ETFC, SPY, UAL, CRM, LVS, SCTY, SFUN, SSYS, UBNT, VRSN, BIDU, TSLA,   

Diagonal Breakout: AAL, TSL, TXN,  

Breakout Test:

Bull Flag Bounce:   

Bounce: SPWR, WFM, WYNN,  

MACD Divergence Bounce:

Bear Flag: 

Support Break:   

______________________

75 of 100 NDX stocks closed higher on Tuesday.

Leading NDX 100 stocks included: NFLX, TSLA, WYNN, ILMN, VRTX, MU, REGN, MYL, FB, BIIB, ISRG, CHTR

Lagging NDX stocks included: VIP, KRFT, SYMC, DISH

Leading stocks > +2% on Tuesday included: HOG, UAL, PANW, GME, ETFC, UPL, FSLR, SWKS, RCL

Lagging stocks < -2.0% included: ATI, ZION

Stocks to Watch on Tuesday

Holding Above 30 DMA= 34

MAR, GRMN, KRFT, FAST, INTC, QCOM, STX, WDC, CSCO, CHRW, SPLS, NVDA, SYMC, LINTA, MSFT, COST, EXPD, MDLZ, SIAL, YHOO, ADI, FISV, MU, NXPI, SNDK, VIP, AAPL, BIDU, CHKP, CMCSA, FFIV, FOXA, ORLY, SBAC

Moving Above 30 DMA = 11

AVGO, CELG, CHTR, DTV, EXPE, FB, GILD, MXIM, REGN, TSLA, TXN

Moving Below 30 DMA = 0

Staying Below 30 DMA

ISRG, AMAT, BRCM, KLAC, NTAP, LLTC, MAT, PCAR, XLNX, BBBY, ALTR, AMGN, ATVI, CTSH, PAYX, ROST, DISH, HSIC, SBUX, VIAB, DISCA, TSCO, ADP, CTXS, INTU, AKAM, EBAY, ESRX, TRIP, AMZN, BIIB, DLTR, MYL, WFM, LMCA, GMCR, ADBE, ALXN, CERN, PCLN, WYNN, LBTYA, MNST, NFLX, ILMN, SRCL, EQIX, CA, VRSK, ADSK, VOD, VRTX, SIRI, CTRX, GOOG

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Up