Six of nine sectors moved higher on Wednesday…
XLV, XLE and XLB were
the strongest sectors…XLI was the weakest sector.
Sector Posture – seven sectors are positive
Positive trend: XLB, XLE, XLF, XLK, XLP,
XLV, XLY
Neutral trend near
resistance: XLI, XLU
Neutral trend near
support:
Breadth weakened as advancers led decliners 1.37 to 1 on
the NYSE and 1.01 to 1 on the NASDAQ where decliners led advancers.
Wednesday – weakened, mixed
Tuesday – strengthened,
advancers led
Monday – weakened,
decliners led
Friday – strengthened,
advancers led
Thursday – weakened,
decliners led
SPY up .44 at 198.64 on 65.5 million shares, below average volume
VIX down .72 at 11.52…
TNX down .02 at 24.64…
TLT down .15 at 115.18...
XLF up .05 at 22.97 on 14.3 million shares
AAPL up 2.47 at 97.19 on 92.8 million shares, double average volume
FB up 2.02 at 71.29…on 77.5 million shares, close to double average volume
Technical Commentary:
QQQ + 0.64%,
SPY + 0.22%, IWM
+ 0.12%, DIA – 0.11%.
QQQ hit a new bull-market high on strength in earning reactions and
anticipation of earnings after the close on BIIB +33.92,
+11.17%, FB, ISRG +69.47, +17.71%,
GILD and AAPL +2.47, +2.61%.
(click image to enlarge)
FB +3.93,
+5.51% in
after-hours following +2.92% before the
close. FB expected move +/-4.407,
CELG +/-3.028 reports BMO on Thursday.
ILMN +1.85% and ORLY +4.36% also gained in after-hours.
XLNX -14.31%
and
LLTC -5.73% lost on earning reactions on
Tuesday after the close.
(click image to enlarge)
The SPY made a new all-time high and broke out of
horizontal resistance and its ascending triangle on positive earning reactions
on ISRG, BIIB, RHI +7.26%, APD +4.42%, DAL +3.90%,
FTI +3.13% and
DOW +3.04%.
In
after-hours TRIP -11.86, -11.05% down on improved earnings that were below
estimates. This is larger than the
options pricing expected move of +/-6.662. QCOM, ANGI and CRUS were also lower
in after-hours following earnings.
DIA lost ground today following a
negative earning reaction on BA -2.34% and continued weakness following negative earning reactions
on Tuesday in KO, MCD and UTX.
Trade with the trend of
the chart you are trading and continue to move your profit protection
stops. Continue to follow
your rules.
Short-term up trend Chart
Targets:
SPY = 198.12, 199.06…
QQQ = 96.31, 97.52, 98.28
IWM = 116.46, 119.09…
Support Levels
SPY = 196. 59, 194.13,
193.11…
QQQ = 93.57, 91.73,
90.44…
IWM = 114.66, 113.16…
Earnings this week:
Monday – HAL, HAS, PETS, STI, CMG, NFLX, STLD, TXN, ZION
Tuesday – ATI, MO, KO, CMCSA, DD, HOG, KMB, LXK, LMT, MCD, BTU, RF, STT, TRV, UTX, VZ, AAPL, BRCM, EA,
HTZ, ISRG, JNPR,
LLTC, MSFT, NBR,
VMW, XLNX
Wednesday – APD,
BIIB, BA, CHKP, DAL, DOW, FTI, GD, NSC, RHI, WHR, ANGI, T, CA, CRUS, CTXS, ETFC, FFIV, FB, FCX,
GILD, ILMN, NXPI, ORLY, QCOM, TSCO, TRIP
Thursday – MMM,
ALK, ALXN, BMY, CAT, CELG, CNX, DNKN, F, GM, DHI, JBLU, LLY, LUV, NOK, NUE,
OSTK, POT, PHM, SIAL, NDAQ, UA, UNP, UAL, AMZN, BIDU, DECK, KLAC, MXIM, P,
SBAC, SWI, SBUX, SRCL, TPX, V,
Friday – MCO,
SWK, STO, WLB, XRX
Q2 Earnings Reactions
Positive Reactions – CMG,
BIIB, ISRG, AAPL, APD, CHKP, CMCSA, DAL, DOW, FTI, GD, LXK, LMT, NBR, PETS, RHI,
STLD, TXN, WHR, ZION, BX, C, GOOGL, GS, HON, INTC, KSU, JPM, PM, SCSS,
SWKS, URI, AA, STZ, APOL, BKS, KBH, MON, MU, NKE, SCHN,
Negative Reactions – ATI,
BA, EA, HAS, HOG, JNPR, KMB, KO, LLTC, MCD, NFLX, STI, TRV, UTX, XLNX, AMD, BAC, BHI, JCI,
JNJ, LVS, MAT, SLB, SNDK, STX, USB, YHOO, FAST, FDO, CAMP, BBBY,
GIS, CCL, WAG,
Reversal in progress – GIS,
YHOO,
Reversal of Initial
Reaction – BBBY, APOL, KBH, MON,
The SPY Market Forecast green line is in the upper zone at 86.
____________________
Setups
Horizontal Breakout: CTRP,
DAL, FAS, GLW, QIHU, RCL, TPX, TWTR, BAC, LNKD, SPLK, YELP, SINA, CTSH, EXPE, MU,
MYL, SBUX, TSLA,
Diagonal Breakout: AAL,
AIG, CSIQ, NKE, LVS, MFRM, VJET, YNDX, PCLN, WFM, WYNN,
Bull Flag:
SWKS,
Potential Bullish
Divergence:
Gap Up: FB, ILMN, ORLY,
Gap Down: TRIP, QCOM,
ANGI, CRUS,
Bear Flag:
At Support: ATI, MTW,
VRSN, NFLX,
C- Pattern:
Moves
New Highs: SPY, BX, BIDU,
GILD, MAR,
H Breakout: DAL, GME,
MS, SFUN, UAL, AAPL, EBAY, ILMN, NTAP, TRIP,
Diagonal Breakout:
Bull Flag Bounce:
Gap Up: CELG,
Gap Down: JNPR, XLNX,
LLTC,
Breakout Test:
Bounce: AAL, HOG,
MACD Divergence Bounce:
ARWR
Bear Flag:
Support Break:
C- Pattern:
______________________
56 of 100 NDX stocks
closed higher on Wednesday and one was unchanged.
Leading NDX 100 stocks included: ISRG, BIIB, YHOO, TRIP, ALXN, CERN, FB, CELG,
AAPL, ILMN, CHKP, REGN, TSLA, SPLS
Lagging NDX stocks included: XLNX, LLTC, ADI, ALTR, MXIM, AMAT, NXPI, KRFT,
AVGO, NVDA, FOXA, TXN
Leading stocks > +2% on Wednesday
included: SFUN, DAL,
UAL, AAL, LNKD,
Lagging stocks < -2.0% included:
KNDI, ATI, SUNE, GPRO, JD, JDSU, FEYE,
VRSN, JNPR, ANGI, CIEN, CREE, ANR
Stocks to Watch on Thursday
Holding Above 30 DMA= 63
CHRW, SIAL,
MU, CHTR, ADP, EQIX, ATVI, CSCO, ADBE, INTU, MSFT, BIDU, CMCSA, BRCM, GOOG,
SBUX, KLAC, INTC, STX, WDC, LMCA, SYMC, DISH, DTV, VRTX, FISV, GILD, SBAC,
MDLZ, NTAP, EBAY, VRSK, COST, PCAR, PAYX, AMZN, DISCA, CTRX, FB, BBBY, MYL,
CERN, SIRI, AAPL, ADSK, AVGO, CELG, CTSH, EXPD, EXPE, ILMN, MAR, REGN, SPLS,
ALXN, AMGN, QCOM, CTXS, FFIV, LINTA, PCLN, VOD, WYNN
Moving Above 30 DMA = 5
BIIB,
CHKP, DLTR, ISRG, TRIP
Moving Below 30 DMA = 8
ALTR,
GMCR, KRFT, LLTC, NXPI, TXN, VIAB, XLNX
Staying Below 30 DMA
AMAT, NFLX, SRCL, HSIC, LBTYA, ORLY,
NVDA, VIP, SNDK, YHOO, AKAM, FOXA, MAT, MNST, TSLA, ADI, ROST, GRMN, CA, FAST,
MXIM, WFM, ESRX, TSCO
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Up
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