Four of nine sectors moved higher on Wednesday…XLU, XLE and XLI were the
strongest sectors…XLV was the weakest again. The sector change range was XLU +0.59% to XLV -0.29%.
Sector Posture
Positive trend: XLB, XLE, XLI, XLK, XLP,
XLV, XLY
Neutral trend near
resistance: XLF, XLU
Neutral trend near
support:
Both XLF and
XLU are very near breaking out
and moving from neutral to positive.
Breadth weakened…as advancers led decliners 1.08 to 1 on
the NYSE and decliners led advancers
1.56 to 1 on the NASDAQ.
Wednesday – weakened, mixed
Tuesday – strengthened,
advancers led
Monday – holiday
Friday – strengthened,
advancers led
Thursday – mixed,
advancers led
SPY down .14 at 191.38 on 66.7 million shares
VIX up .17 at 11.68…
TNX down .80 at 24.38…
TLT up 1.40 at 114.76...
XLF down .04 at 22.19 on 32.9 million shares
AAPL down 1.62 at 624.01 on 11.3 million shares
FB up .03 at 63.51…on 47.8 million shares, below average volume
Technical Commentary:
SPY -0.07%, DIA
-0.23%, QQQ -0.31%,
IWM -0.52%.
SPY, QQQ, IWM, DIA pause
after four day rally. Short-term traders
may want to move stop on short-term profitable trades under Wednesday’s potentially bearish
candles. Intermediate term traders may
look to sell calls or buy puts should pullback begin.
XLB new all-time high
close.
Euro continues pull back
following ECB comments on May 7.
QIHU +5.16, +5.73% gaps higher following
positive EPS reaction.
PANW +7.64, +10.99% gaps higher in
after-hours trading on positive EPS reaction.
JD +1.81, +7.88% in fourth day of
trading.
TWTR +3.26, +10.69% following Nomura
upgrade to Buy and PT of 43.
MU, SNDK, Z hit new
highs.
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 = 191.49, 192.85,
194.36…
QQQ = 91.36, 93.39…
IWM = 114.55, 115.02…
Support Levels
SPY = 190.42, 188.54,
188.01…
QQQ = 88.61, 87.85,
86.58…
IWM = 113.03, 112.02, 111.04…
Q1 Earnings Reactions
Positive Reactions – QIHU,
HPQ, GME, TSL, ADSK, AMAT, DDS, JCP, AAPL, AET, ALL, ALXN, ANGI, ANR, APA, ATVI, BA, BHI,
BIDU, BTU, BWLD, BX, C, CHRW, CNX, COG,
CTRP, CTRX, CTXS, DAL, DAVE, DECK, DHI, DNB, DO, DTV,
DV, EA, ENR, ETFC, FCX, FISV, FNMA,
FOXA, GE, GILD, GMCR, GME, GRMN, HAL, HAS, HOG, HUM, IBKR, INTC, JNJ, KO, LPNT, LRCX, LVLT, MA,
MAR, MGM, MNST, MRK, MS, NOK, NXPI, PBI, POT, PRU, RF, S, SCHW, SCTY, SNDK, SPWR, STI, SWK, SWKS, TKR, TMUS, TPX, TRIP, TRV,
TSO, TWX, UNP, URI, UTHR, VRSK, WFC, WLP, WYNN, XRX, YELP, YHOO, Z
Negative Reactions – DKS, ESI, SPLS, TJX,
ACI, ADM, AEIS, AIG, AKAM, AKS, ALTR, AMGN, AMZN, ARWR, ATI, BAC, BBRY, BIIB, BMY, BRCM, CAR, CBOE, CELG, CHKP, CLF, CLX, COF, CREE, CTSH, DDD, DIS, DISCA, DISH, DVA, EBAY, ESRX, EXPE, F, FAST,
FEYE, FFIV, FXCM, GOOG, GRPN, IBM, JAZZ, JCI, JDSU, JPM, K, KLAC, KMB, KRFT, LLTC, LLY, LNKD, LVS, LXK, MCP, MMM, MOS, MTW, MU, MXIM, NSC, NUE, NVDA, P, PCAR, PFE, PG, PNRA, PRGO, QCOM, REGN, SAVE, SEE, SFUN, SIRI,
SOHU, SSYS, STLD, STT, STX, SUNE, SWI, T, TSLA, TSN, TWTR, UA, UBNT, UNH, UPS,
V, VECO, VIAB, VMW, VRTX, VZ, WDC, WFM, XLNX, YNDX, YY, ZION, ZNGA,
Reversal in progress – AKAM, BRCM, CHKP,
CTSH, EXPE, GRPN, KMB, LLTC, LXK, MOS, NUE, STLD, SUNE, ZION
Reversal of Initial
Reaction – ADM, AIG, AKS, ARWR, ATI, BAC, BMY, CAR, CELG, COF, DDD, DIS, F, IBM, K,
KRFT, LLY, LVS, MMM, MU, NSC, NUE, NVDA, PG, SIRI, T, UPS, VZ, YNDX, ANGI, ANR, DECK, ETFC, RF, SCHW, SWK, INTC, YHOO
The SPY Market Forecast green line is in the upper zone at 94.
____________________
Setups
Horizontal Breakout:
AAL, CRM, CTRP, GLW, JDSU, JNPR, LNKD, MS, YELP, LVS,
NTES, AKAM, AMZN, CMCSA,
CTSH, ESRX, FB, GRMN, NFLX, STX, WYNN, XLNX,
Diagonal Breakout: ATI,
GOGO, SCHW, STI, SCTY, GILD, MSFT, TSLA, TXN,
Bull Flag: BX, C, GME,
JCP, NKE, P, RCL, SCSS, TSL, GMCR, MNST, TRIP
Potential Bullish
Divergence: HOG, IBM, EBAY,
Gap Up: PANW,
Gap Down:
Bear Flag: FSLR,
ZION, ANGI, CSIQ,
At Support: MTW,
COST, ROST,
C- Pattern:
Moves
New Highs: MU, Z, DAL,
SNDK, JD, KKD, PCLN,
Gap Up: QIHU
Gap Down: DDD
H Breakout: SFUN,
SPWR, TLT, UNG, INTC, NTAP,
Diagonal Breakout: GOGO,
Breakout Test: FAS, IWM,
TPX, V, VRSN, BAC, SWI, ADBE, ADSK, BIDU, QCOM, YHOO
Bull Flag Bounce: RAX,
UAL,
Bounce:
MACD Divergence Bounce:
UPL, TWTR,
Bear Flag: X,
Support Break: TBT,
______________________
35 of 100 NDX stocks
closed higher on Wednesday.
Leading NDX 100 stocks included: MU, BRCM, FOXA, WYNN, MYL, PCLN, NVDA, CERN,
CHRW, DISCA
Lagging NDX stocks included: EBAY, VRTX, GMCR, WFM, SYMC, BIDU, ISRG, TSCO,
CA, BBBY
Leading stocks > +2% on
Wednesday included: TWTR, JD, QIHU,
SFUN, UAL, TSL, UNG, GME, UPL, SPWR, JDSU, DAL, CSIQ
Lagging stocks < -2.0% included:
DDD, WLT, SCSS, CTRP, YNDX, TPX, ANR, X,
TBT, SCTY
Stocks to Watch on Thursday
Holding Above 30 DMA= 83
MAR, CHRW,
EXPD, SIAL, MDLZ, MU, SNDK, CHTR, GILD, AAPL, CTXS, DTV, ADP, FISV, EQIX, CELG,
VRSK, NXPI, AVGO, LBTYA, SBAC, QCOM, ATVI, KRFT, FOXA, ALXN, MNST, SYMC, CTRX,
GMCR, ILMN, ADSK, NFLX, CSCO, ADBE, AMAT, HSIC, INTU, MSFT, MXIM, BIDU, CMCSA,
FFIV, TRIP, BRCM, GOOG, SIRI, AKAM, AMGN, ESRX, EXPE, LLTC, MAT, SBUX, VRTX,
VIAB, FB, ALTR, BIIB, CERN, CHKP,
DISCA, DLTR, NTAP, PCLN, REGN, TSLA, TXN, WYNN, ADI, AMZN, CTSH, GRMN, KLAC,
NVDA, PAYX, INTC, LINTA, MYL, PCAR, STX,
WDC, VIP
Moving Above 30 DMA = 0
Moving Below 30 DMA = 2
DISH,
YHOO
Staying Below 30 DMA
COST, ORLY, ROST, SPLS, SRCL, VOD, LMCA,
FAST, ISRG, XLNX, BBBY, TSCO, EBAY, WFM, CA
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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