All nine sectors moved
lower on Tuesday…however…XLU, XLP, and XLE were the strongest sectors
while XLI was the
weakest.
Breadth weakened…decliners
led advancers…3.56 to 1 on the NYSE and 4.23 to 1 on the
NASDAQ.
Tuesday – weakened, decliners led
Monday – weakened,
decliners led
Friday – strengthened,
advancers led
Thursday – strengthened,
advancers led
Wednesday – weakened,
decliners led
SPY down 3.24 at 193.05 on 147.4 million shares, above average volume
VIX up 1.74 at 17.20…
TNX down .75 at 23.50…
TLT up 1.59 at 119.36...
XLF down .40 at 22.81 on 51 million shares, above average volume
AAPL down .82 at 98.80 on 41.9 million shares, below average volume
FB down 1.24 at 76.32…on 25.2 million shares
Technical Commentary:
QQQ – 1.47%,
DIA – 1.63%, SPY –
1.67%, IWM – 1.85%.
The SPX, Dow and NDX make a new closing low but above last Thursday’s
intraday low while the RUT makes a
lower low closing below last Thursday’s low.
Each of the four indexes are forming a potential MACD bullish
divergence.
The SPX is now down 4.18% from its intraday high
of since its high of 2,019 on Sep 19.
TLT +1.59, +1.39% hit its highest close in more than a year and interest rates
continued to fall. TNX -0.75, -3.09% closed at 23.50.
YUM +0.72, +1.03% gained in after-hours following its earnings release after the
close.
AA reports earnings after
the close on Wednesday which is the unofficial start to earnings
season. Bank stocks JPM, BAC, C and WFC report earnings next week.
GPRO +0.06, +0.06% pulled back from an intraday high 98.47 to
close at 93.85 a new high close after Piper Jaffray downgraded GPRO from overweight to neutral and maintains
a $90 price target.
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 = 198.98, 200.65, 201.90...
QQQ = 99.75, 100.56…
IWM = 109.8, 111.27, 112.46...
Support Levels
SPY = 194.35, 193.03, 190.28...
QQQ = 96.94, 96.17, 95.06…
IWM = 107.43, 106.74...
Earnings this week: AA, COST, YUM
Sep Earnings Reactions
Positive Reactions – BBBY,
BBRY, MU, NKE, PAYX, LULU, PANW, ULTA, MFRM, SPLK,
More than 10% - NKE, ULTA, LULU, PANW,
MFRM,
Negative Reactions –
AZO, ADBE, KKD, CIEN,
More than -10% -
Reversal in progress –
Reversal of Initial
Reaction – KKD,
The SPY Market Forecast green line is at 24 and lags price bounce.
____________________
Setups
Horizontal Breakout: GPRO
Diagonal Breakout: AA, AMBA
Diagonal Breakout: AA, AMBA
Bull Flag: MBLY, NKE,
PANW,
At Support: CSIQ, CTRP, EMC, GME, GOGO, IWM, JCP, RCL, SPWR, SSYS,
SWKS, V, ZION, DDD, FSLR, SOHU, SUNE, TSL, VJET, YNDX, YOKU,
C- Pattern:
Moves
New Highs: GPRO
H Breakout: TLT,
Gap Down: BAC, DAL, LVS,
Support Break: AIG, BBRY, BBY, ETFC, IBM, JDSU, SCTY, STI, ATI, CAR,
CREE, JNPR, TBT, WLT,
______________________
3 out of 100 NDX
stocks closed higher on Tuesday.
Leading NDX 100 stocks included: GMCR
Lagging NDX stocks included: FFIV, VIP, TSCO, ALXN, NTAP, MXIM, VRTX, WFM,
ADSK, PCAR,SPLS, LLTC, BIIB, INTU
Leading stocks > +2% on Tuesday
included:
Lagging stocks < -2.0% included:
V, BBY, SCCTY, RCL, RAS, HPQ, SCHW,
ETFC, AMBA, SPWR, AIG, UAL JCP, UBNT, BBRY, MS
Stocks to Watch on Wednesday
Holding Above 30 DMA= 15
COST,
MNST, PAYX, DTV, VRTX, ADSK, SIAL, BBBY, YHOO, ALXN, DLTR, ISRG, ADP, GMCR, MYL
Moving Above 30 DMA =
0
Moving Below 30 DMA = 13
CELG, CERN, CSCO, EXPE, FAST, FB,
INTU, MU, REGN, ROST, SBAC, SRCL, WFM
Staying Below 30 DMA
AMGN,
CHRW, DISH, EBAY, FISV, GILD, AVGO, ALTR, BRCM, CTXS, INTC, KLAC, MSFT,
NTAP,BIDU, MAR, NXPI, SNDK, TXN, VOD, XLNX, AAPL, LBTYA, SPLS, AKAM, BIIB,
CHKP, GOOG, QCOM, CHTR, CMCSA, FFIV, LLTC, WFM, AMAT, CA, ESRX, EXPD, LMCA, LMCK,
MXIM, SYMC, TRIP, VIAB, VRSK, EQIX, ILMN, MDLZ, NVDA, ORLY, SIRI, CTRX, KRFT,
ADBE, AMZN, ATVI, FOXA, NFLX, STX, TSLA, VIP, HSIC, SBUX, SRCL, TSCO, DISCA,
MAT, ADI, WDC, GRMN, PCLN, PCAR, CTSH, WYNN
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Down
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