Two out of nine
sectors moved higher on Wednesday…XLU, XLP and XLV were the strongest sectors
while XLE was the
weakest.
Breadth weakened…decliners
led advancers…2.26 to 1 on the NYSE and 2.83 to 1 on the
NASDAQ.
Wednesday – weakened, decliners led
Tuesday – strengthened,
advancers led
Monday – strengthened,
advancers led
Friday – weakened, mixed
Thursday – strengthened,
advancers led
SPY down .86 at 193.21 on 151.5 million shares, above average volume
VIX up 1.79 at 17.87…
TNX up .21 at 22.29…
TLT up .13 at 120.67...
XLF down .13 at 22.74 on 46.2 million shares
AAPL up .60 at 103.07 on 68.1 million shares
FB down .29 at 78.40…on 41.8 million shares
Technical Commentary:
QQQ -0.52%, SPY
-0.71%, DIA -0.86%, IWM
-1.43%.
After the three day
rally in which SPY gained 4.19%, profit-taking took over and SPY -0.71% pulled
back and formed a dark cloud cover. From Wednesday’s low today was just a 17% retracement. Wednesday’s high occurred at the mid-section of consolidation from Oct 1 to
9 and the 30 DMA. This could be a
one-day pause in the short-term uptrend or could turn into a bull flag pull
back. Either way traders must stay
prepared and follow their rules.
Earnings continued today
with positive reactions from SWK, GD and
EMC and negative reactions from XRX,
DOW and BA.
After the close positive
earning reaction from TSCO +7.20,
+11.75%, ORLY +6.14, +3.90% and NXPI
+1.12, +1.75%. Negative earning reactions
from YELP -9.23,
-13.14%, LRCX -2.36, -3.28% and
T -0.50, -1.45%.
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 Chart Targets:
SPY = 194.27, 197.62...
QQQ = 97.10, 98.76…
IWM = 112.15, 114.51…
Support Levels
SPY = 191.48, 190.45...
QQQ = 95.32, 94.47…
IWM = 109.22, 107.00...
Earnings this week:
Monday: AAPL, CMG, HAL,
HAS, ILMN, IBM, BTU,
STLD, TXN, ZION,
Tuesday: ATI, APOL, EAT, BRCM,
CNI, KO, CREE, ETFC, HOG,
ISRG, KMB, LXK, LMT,
MCD, TRV, UTX, VZ, VMW, YHOO
Wednesday:
T, BA,
DOW, EMC,
EQIX, GD, LRCX, NXPI, ORLY, SWK, TSCO, WHR, XRX,
YELP
Thursday:
MMM, ALK, ALXN, ALTR, AMZN, CAT, CELG, CERN, CHKP, CMCSA, DECK, DNKN, GM, JNPR,
KLAC, LLY, MXIM, MSFT, P, LUV, UA, UNP, UAL, WYNN, YNDX, ZNGA,
Friday: BMY, F, NDAQ, PG, STT, UPS
Q3 Earnings Reactions
Positive Reactions – AAPL,
APOL, EMC, GD, HAL, HAS, HOG, ILMN, KMB, LXK, STLD, SWK, TRV, TXN, ZION, AMD, C, CSX, DAL, GE,
HON, LVS, MS, SCHW, SLB, STI, URI, XLNX, COST, BBBY, BBRY, MU,
NKE, PAYX, LULU, PANW, ULTA, MFRM, SPLK,
More than 10% - NKE, ULTA, LULU, PANW,
MFRM,
Negative Reactions – BA,
CMG, DOW, EAT, IBM, KP. LMT, BTU, XRX, AXP, BAC, COF, EBAY, GOOGL, INTC, JNJ,
JPM, KEY, MAT, NFLX, WFC, AZO, ADBE, KKD, CIEN,
More than -10% -
Reversal in progress – AZO,
Reversal of Initial
Reaction – AXP, KKD, BBRY, MU,
The SPY Market Forecast is at 42.
___________________
Setups
Horizontal Breakout: AAPL,
INTC, MU, QCOM, SNDK, TRIP, TXN,
Diagonal Breakout: AMBA,
Bull Flag: TLT,
Gap Up: TSCO, ORLY, NXPI
Gap Down: YELP, LRCX
Bear Flag: ETFC, SCHW, SWI, CSIQ,
Moves
New Highs: COST,
GMCR, ILMN,
Breakout Test: MNST,
Gap Up: BRCM, YHOO,
Gap Down: ANGI,
Bear Flag: ATI, CAR, CIEN, JDSU, LNKD, QIHU, SCTY, TSL, Z,
______________________
22 out of 100 NDX stocks closed higher
on Tuesday and one was unchanged.
Leading NDX 100 stocks included: TSCO, BRCM, YHOO, ILMN, ORLY, NFLX, MDLZ,
GOOG, MAT
Lagging NDX stocks included: CTXS, BIIB, DISCA, FFIV, XLNX, MYL, EQIX,
ISRG, GILD, FOXA, LMCK, TRIP, NVDA, SNDK, ADBE
Leading stocks > +2% on Wednesday:
SCSS
Lagging stocks < -3.0% included:
ANGI, YELP, TSL, CAR, XONE, Z, SPLK,
SPWR, SUNE, LNKD, YY, CREE, DDD, ESI, VJET, JASO, YNDX
Stocks to Watch on Thursday
Holding Above 30 DMA= 12
SIAL, GMCR, ROST,CHRW,
GRMN, MYL, SRCL, DLTR, ISRG, MNST, PAYX, REGN, ADP, ALXN, BIDU, COST, FB, ORLY,
TSCO, VRTX, XLNX, AAPL, AMGN, BBBY, CELG, ESRX, FISV, GILD, HSIC, ILMN, KRFT,
MAR, PCAR, QCOM, SPLS, SYMC, TX, WYNN, BRCM
Moving Above 30 DMA = 2
BRCM, YHOO
Moving Below 30 DMA = 8
BIIB, CA, CERN, CTSH,
EXPD, LBTYA, SBAC, WFM
Staying Below 30 DMA
ADSK, DTV, EBAY, FAST, MSFT, NFLX, CSCO, EXPE, INTU, MU, DISH, AVGO,
ALTR, CTXS, INTC, KLAC, NTAP, NXPI, SNDK, VOD, AKAM, CHKP, GOOG, CHTR, CMCSA,
FFIV, LLTC, AMAT, LMCA, LMCK, MXIM, TRIP, VIAB, VRSK, EQIX, MDLZ, NVDA, SIRI,
CTRX, ADBE, AMZN, ATVI, FOXA, STX, TSLA, VIP, SBUX, DISCA, MAT, ADI, WDC, PCLN
6-month Intermediate
Term Market Trend: Up/Neutral
3-day Short Term Market
Trend: Up
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