All nine sectors moved
higher on Wednesday…XLV, XLU, and XLF were the strongest sectors
while XLE was the
weakest.
Breadth strengthened…advancers led decliners…4.07 to
1 on the NYSE and 2.47 to 1 on the NASDAQ.
Wednesday – strengthened, advancers led
Tuesday – weakened,
decliners led
Monday – weakened,
decliners led
Friday – strengthened,
advancers led
Thursday – strengthened,
advancers led
SPY up 3.35 at 196.61 on 186.2 million shares, above average volume
VIX down 2.09 at 15.11…
TNX down .20 at 23.30…
TLT up .03 at 119.39...
XLF up .43 at 23.25 on 58.7 million shares, above average volume
AAPL up 2.00 at 100.75 on 57.3 million shares, below average volume
FB up 1.17 at 77.46…on 32.9 million shares
Technical Commentary:
DIA +
1.61%, SPY + 1.75%, IWM + 1.84%, QQQ + 1.98%.
After an early selloff
buyers sent the SPX to its largest
daily gain of 2014 following the release of the FOMC minutes. On Tuesday the SPY, QQQ, DIA and IWM formed potential bullish divergences which
suggested the downtrend was weakening but the charts didn’t indicate how big
the move turned out to be. Wednesday’s
bounce turned into a MACD bullish divergence bounce.
The VIX -2.09, 15.11 once again dropped from the 17+ level as stocks took off.
Financial stocks, XLF, soared
this afternoon notwithstanding flat bonds and interest rates.
The Euro which had
fallen 1,400 pips between early May and early October has gained 200 pips this
week. A falling Euro and rising dollar
has led to lower gold and oil prices over the same five months. A stronger dollar has led to rising bonds and
falling interest rates.
COST +3.46, +2.76% gapped up on a positive earnings reaction.
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
Q3 Earnings Reactions
Positive Reactions – COST,
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 – AZO,
Reversal of Initial
Reaction – KKD, BBRY, MU,
The SPY Market Forecast green line turned up and is at 32.
___________________
Setups
Horizontal Breakout: CELG,
MNST, STX, TSLA, C, CRM, JD, NTES, VRSN, YELP,
Diagonal Breakout: AAPL,
AVGO, BRCM, INTC, NTAP, SNDK, WDC, XLNX, AMBA, BBRY, CSIQ, FEYE, GME, HPQ, SFUN,
SSYS, SWI, SWKS, UA, V, X, YY, Z, ZU
Bull Flag: ADSK, FB, MU, YHOO,
BAC, DAL, GPRO, MBLY, PANW, SPLK,
Potential Bullish
Divergence: ESRX, MAR, JDSU, MS, SCHW,
ETFC, SCTY, TPX, DAL, UAL,
Gap Up: AA,
C- Pattern: EXPE,
Moves
New Highs: XLP, GMCR,
TLT, TWTR,
H Breakout: XLU, CMCSA,
NFLX,
D Breakout: GILD, MSFT,
Bull Flag Bounce:
EBAY, ROST,
MACD Divergence Bounce:
SPY, QQQ, DIA, IWM, XLE, XLF, XLI, XLK, XLV, XLY, ADBE, AKAM, AMZN, FFIV, GRMN,
ILMN, PCLN, QCOM, SBUX, STX, TRIP, CTRP, FAS, GOGO, IBM, KKD, STI, UBNT,
Gap Up: COST,
Support Break: AAL,
______________________
99 out of 100 NDX
stocks closed higher on Wednesday.
Leading NDX 100 stocks included: ALXN, VRTX, GILD, STX, SYMC, PCAR, MNST, ILMN,
ADI, CMCSA, LLTC, ADBE
Lagging NDX stocks included: TSCO
Leading stocks > +2% on Tuesday
included: FAS, AMBA,
BBY, JD, YY, SWKS, CTRP, SSYS, TWTR, SCTY, UBNT, AA, ESI, ANR, JASO, SUNE, TSL,
YOKU
Lagging stocks < -2.0% included:
JCP, GPRO, UAL, AAL, VJET, WLT, UNG
Stocks to Watch on Thursday
Holding Above 30 DMA= 15
COST,
MNST, PAYX, DTV, VRTX, ADSK, SIAL, BBBY, YHOO, ALXN, DLTR, ISRG, ADP, GMCR, MYL
Moving Above 30 DMA = 15
AAPL, AMGN, CELG CERN, CTSH, EBAY, FAST, FB, GILD, LBTYA, MSFT,
NFLX, REGN, ROST, SRCL
Moving Below 30 DMA = 0
Staying Below 30 DMA
CSCO,
EXPE, INTU, MU, SBAC, WFM, CHRW, DISH, FISV, AVGO, ALTR, BRCM, CTXS, INTC,
KLAC, NTAP, BIDU,MAR, NXPI,SNDK, TXN, VOD, XLNX, SPLS, AKAM, BIIB, CHKP,GOOG,
QCOM, CHTR, CMCSA, FFIV, LLTC, AMAT, CA, ESRX, EXPD, LMCA, LMCK, MXIM, SYMC,
TRIP, VIAB, VRSK, EQIX, ILMN, MDLZ, NVDA, ORLY, SIRI, CTRX, KRFT, ADBE, AMZN,
ATVI, FOXA, STX, TSLA, VIP, HSIC, SBUX, TSCO, DISCA, MAT, ADI, WDC, GRMN, PCLN,
PCAR, WYNN
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Neutral
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