Eight of nine sectors
moved higher on Wednesday… XLV, XLP and XLY were the strongest sectors…XLU
was the weakest sector.
Breadth strengthened… decliners led advancers…1.44 to
1 on the NYSE and 2.02 to 1 on the NASDAQ.
Wednesday – strengthened, advancers led
Tuesday – strengthened,
decliners led
Monday – weakened,
decliners led
Friday – weakened, decliners led
Thursday – mixed,
advancers led
SPY up 1.50 at 199.51 on 107.1 million shares, above average volume
VIX down 1.66 at 13.27…
TNX up .34 at 25.69…
TLT down .73 at 114.72...
XLF up .12 at 23.45 on 35.8 million shares
AAPL down 1.19 at 101.45 on 60 million shares
FB up .20 at 78.49…on 30.6 million shares
Technical Commentary:
QQQ +
1.03%, DIA + 0.90%, SPY + 0.76%, IWM + 0.60%.
QQQ, DIA, SPY and IWM each formed a bullish engulfing candle as buyers returned after
three sell off days. Coincidently BABA +3.40, +3.90% closed higher at 90.57 as
traders bought aggressively after two pullback days.
The NDX +1.05% moved led by biotech’s GILD, BIIB, ALXN, VRTX, AMGN and CELG, and MSFT, AMZN, BIDU, GOOG, INTC, CSCO and MU. MU reports earnings after the close on Thursday.
Sectors XLB, XLP and XLV triggered bull flag
entry signals on Wednesday while XLF
and XLK bounce in their bull flag
setups. Look for potential entry signals
on Thursday.
Neutral sectors XLI and XLY bounced at support and have
setups for channel bounce entries. XLU is forming a potential MACD
divergence at support. Down trending XLE formed a bullish hammer after an
inverted hammer on Tuesday.
BBBY +4.79, +7.64% on a positive earnings reaction after the close
on Tuesday .
PAYX +1.36, +3.21% on a positive earnings reaction before the open
on Wednesday.
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 = 200.00, 201.37, 204.32...
QQQ = 99.75,
101.13…
IWM = 115.73, 117.06, 118.76...
Support Levels
SPY = 197.46, 196.24,
195.16...
QQQ = 98.87, 97.82,
96.94…
IWM = 112.89, 111.56,
109.86...
Earnings this Week: AZO, BBBY, BBRY, CCL, MU, NKE, PAYX
Q2 Earnings Reactions
Positive Reactions – BBBY,
PAYX, LULU, PANW, ULTA, MFRM, SPLK, AVGO, CRM, GPS, TFM,
FL, AMAT, CSIQ, GME, HPQ, PCLN, NTES, ROST, SINA, NVDA, MNST, ANR, FSLR, GTAT,
LNKD, SFUN, SSYS, SUNE, UBNT, YOKU, AKS, AMGN, CHRW, ESRX, HCA, HES,
LRCX, TSN, TWTR, WYNN, X, YNDX, CMG, BIIB, ISRG, SWI, UA, VRSN, AAPL, APD, CA, CHKP, CMCSA, CTXS,
DAL, DECK, DOW, FFIV, FB, FTI, GD, LXK, LMT, NBR, NDAQ, NOK, OSTK, ORLY, PETS,
RHI, STLD, SWK, TSCO, TXN, WHR, XRX,
ZION, BX, C, GOOGL, GS, HON, INTC, KSU, JPM, PM, SCSS, SWKS, URI, AA,
STZ, APOL, BKS, KBH, MON, MU, NKE, SCHN,
More than 10% - ULTA,
LULU, PANW, MFRM, SPLK, TWTR, CMG, BIDU, BIIB, ISRG, LNKD, OSTK, SWI, SFUN,
SSYS, SUNE, UA, VRSN, X
Negative Reactions –
AZO, ADBE, KKD, CIEN, BBY, QIHU, TSL, ADSK, CREE, GOGO, JASO, JDSU, JWN, M,
RAX, YOKU, SCTY, YELP, CTSH, MYL, AEM, AET, AKAM, BWLD,
BZH, CL, CMI, COP, DDD, ESI, GLW, GRMN, HLF, JEC, KRFT, LNG, MTW, RYL, SLCA,
UPL, UPS, VRTX, XOM, ALK,
ALXN, AMZN, ANGI, ATI, BA, CAT, CELG, DHI, DNKN, EA, ETFC, FCX, GM, HOG, ILMN,
JNPR, KLAC, KMB, KO, LLTC, MCD, NFLX, P, PHM, QCOM, SBUX, STI, STO, T, TPX,
TRIP, TRV, UTX, V, XLNX, AMD, BAC, BHI, JCI, JNJ, LVS, MAT, SLB, SNDK, STX,
USB, YHOO, FAST, FDO, CAMP, BBBY, GIS, CCL, WAG,
More than -10% - AMD,
ANGI, BWLD, CAMP, DHI, HLF, MXIM, P, SNDK, XLNX,
Reversal in progress – AMZN, ATI, FAST, GIS,
GRMN, ILMN, KO, KRFT, LLTC, P, RYL, SNDK, STX, XLNX
Reversal of Initial
Reaction – KKD, AET, AKAM, ALXN, BA, BAC, BBY, BBBY, BZH, CELG, DNKN, EA, ETFC,
FDO, GOGO, JNJ, JWN, KLAC, KO, LNG, M, NFLX, RAX, SLCA, STI, TPX, TRV, TSL,
UPL, USB, VRTX, YELP, YHOO, APOL, KBH, MON,
The SPY Market Forecast green line is at 81.
____________________
Setups
Horizontal Breakout: FB,
GOGO, MBLY, TWTR, AAPL, ADSK, NTAP
Diagonal Breakout: FEYE,
IBM, SPLK, SWI
Bull Flag: SNDK, BBY, C, ETFC, CSIQ, LOCO, MS, RCL, SCHW,
STI, X, NXPI, TXN, XLNX, TSL
Potential Bullish
Divergence: CAR, Z, GRMN, WDC, CRM, HPQ
Moves
New Highs: GPRO, AMBA,
BAC, SWKS
H Breakout: ZU, CELG,
GILD
Bull Flag Bounce: AVGO, YHOO, SSYS, PAYX, ADSK
Gap Up: BBBY
MACD Divergence Bounce:
UA, AMZN, NFLX, SBUX
______________________
89 of 100 NDX stocks
closed higher on Wednesday and one was
unchanged.
Leading NDX 100 stocks included: BBBY, VRTX, ALXN, BIIB, CELG, MU, PAYX, BIDU,
GILD, LINTA
Lagging NDX stocks included: MAT, AAPL, CHTR, CTRX, MYL, ATVI, DISCA
Leading stocks > +2% on Wednesday
included: GPRO, ZU,
SUNE, SCTY, YNDX, UBNT, SWKS, UA, LNKD, SPLK, JCP, SPWR, AAL, LOCO, UPL, CSIQ
Lagging stocks < -2.0% included:
X
Stocks to Watch on Thursday
Holding Above 30 DMA= 35
NTAP,
COST, CERN, AMGN, CTXS, MSFT, MNST, ROST, MAR, PAY, FISV, AVGO, KLAC, ALTR, BRCM,
TXN, NXPI, SNDK, GMCR, DTV, VRTX, SPLS, DLTR, QCOM, INTU, AAPL, LBTYA, ADSK, FB,
GILD, GOOG, REGN, XLNX, SIAL, CELG
Moving Above 30 DMA =
12
ADP, AKAM, ALXN, BBBY, BIDU, BIIB, CHKP, CSCO, FAST, INTC, MU,
YHOO
Moving Below 30 DMA = 0
Staying Below 30 DMA
CHTR, CMCSA, FFIV, LLTC, WFM, AMAT, CA, CHRW, ESRX, EXPD, ISRG, LMCA,
MXIM, MYL, SBAC, SYMC, TRIP, VIAB, VRSK, DISH, EQIX, ILMN, MDLZ, NVDA, ORLY,
SIRI, CTRX, EXPE, KRFT, ADBE, AMZN, ATVI, FOXA, LINTA, NFLX, STX, TSLA, VIP,
HSIC, EBAY, SBUX, SRCL, TSCO, DISCA, MAT, ADI, VOD, WDC, GRMN, PCLN, PCAR,
CTSH, WYNN
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Neutral
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