Seven of nine sectors
moved higher on Wednesday…XLB, XLI and XLE were the strongest sectors and XLP was the weakest.
Breadth weakened as advancers led decliners…1.87 to
1 on the NYSE and 1.61
o
1 on
the NASDAQ.
Wednesday – weakened slightly, advancers led
Tuesday – strengthened,
advancers led
Monday – weakened,
decliners led
Friday – weakened,
decliners led
Thursday – Thanksgiving
Holiday
SPY up .81 at 207.89 on 68.9
million shares
VIX down -.38 at 12.47…
TNX up .02 at 22.87…
TLT up .47 at 120.79...
XLF up .11 at 24.57 on 14.5 million shares
AAPL up 1.30 at 115.93 on 43 million shares, average volume
FB down .58 at 74.88…on 16.7 million shares
Technical Commentary:
IWM +0.96%,
SPY +0.39%, DIA +0.22%, QQQ +0.18%.
Small cap stocks again led
the rally on Wednesday. DIA and SPY made another new all-time closing high on Wednesday. QQQ
formed a dragon fly doji.
DIA broke out of horizontal resistance by 27 cents.
SPY is a horizontal
resistance breakout setup just 5 cents above its recent high.
QQQ is in bull flag setup
with a potential entry bounce on Thursday.
IWM was a bull flag bounce entry today.
Semiconductors SOX +13.92,
+2.04% rose on the strength of FSL, ONN, MCHP, ARMH, ATML, MXIM, AVGO, KLAC, CREE, ADI and AMAT as
28 of 30 stocks rose.
Sectors
XLK, XLP and XLY are in a bull flag pattern.
XLF and XLU are
a horizontal resistance breakout setup.
XLB and XLI, bounced
in a bull flag pattern and are also a horizontal resistance breakout setup.
XLV made an all-time
closing high.
XLE continued to bounce off
a horizontal support low.
AVGO +6.49, +6.82% jumped in after-hours on a positive earnings reaction. Watch
for a bullish gap on Thursday.
TRIP paused on Wednesday and stayed above S1 of Tuesday’s large white candle after breaking out of an inverse head and shoulders
reversal pattern on Tuesday. Reversal
pattern Chart target: 81.84.
DGLY -.77, -4.12% pulled back and stayed above S1 of Tuesday’s large
white candle after rising 45% on Tuesday.
MFRM formed a spinning top
following its negative earnings reaction on Tuesday.
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 = 207.33, 209.06, 210.49...
QQQ = 106.94…
IWM = 118.25, 119.37,
121.27…
Support Levels
SPY = 205.71, 203.13, 201.90...
QQQ = 104.42, 102.42, 101.38…
IWM = 115.04, 114.37,
113.35...
Earnings this week: AMBA, AVGO, MFRM
Q3 Earnings Reaction
Positive Reactions –
ADI, HPQ, PANW, QIHU, ADSK, JASO, ROST, SPLK, GOGO, RAX, NTES,
XONE, YOKU, VJET, BABA, MNST, WFM, ABC, ACI, AMGN, BIDU, BWLD,
CBOE, CLF, CLX, CNX, EA, ESRX, EQIX, EXPE, FISV, GLW, GPRO, GRPN, GT, HSY, JCI,
JDSU, LNKD, LVLT, MA, MAR, MO, MTW, MYL, PCAR, FE, SCHN, STX, SWI, SWKS, TASR,
V, WY, X, WHR, AAPL, ALK, ALXN,
APOL, BMY, BRCM, CAT, CELG, CERN, CHKP, CMCSA, CNI, EMC, EW, GD, HAL, HAS, HOG,
ILMN, IM, KLAC, KMB, LLY, LRCX, LXK, MMM, MXIM, MSFT, N, ORLY, PG, RMD, STLD,
STT, SWK, TRV, TSCO, TXN, UNP, VRSN, WOOF, YHOO, YNDX, 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% - GOGO, RAX, WFM, GPRO,
GPRN, LNKD, BWLD, SWI, N, EW, TSCO, NKE, ULTA, LULU, PANW, MFRM,
Negative Reactions – MFRM,
GME, CRM, JD, MBLY, SINA, YY, SWKS, FEYE, FSLR,
PCLN, QCOM, TRIP, SCTY, SSYS, SUNE, UBNT, Z, ZU, AEM, CHRW, COH, FB, GRMN,
KRFT, MDC, MRK, NEM, PNRA, RGR, SLCA, TPX, TWTR, ALTR, AMZN, BA, BTU,
CMG, CREE, DECK, DNKN, DOW, EAT, F, GM, IBM, JNPR, KO, LMT, LUV, NDAQ, P, UA,
VMW, XRX, YELP, AXP, BAC, COF, EBAY, GOOGL, INTC, JNJ, JPM, KEY, MAT,
NFLX, WFC, AZO, ADBE, KKD, CIEN,
More than -10% - GME, CSIQ, FSLR,
UBNT, ZU, AEM, P, TPX,
Reversal in progress – GOGO, P, PCLN, TPX, KO,
Reversal of Initial
Reaction – AMZN, FEYE, SWKS, Z, ADBE, ALTR, ALTR, AXP, AZO, BA, BAC, BTU, CHRW, CMG,
COF, COH, CREE, DECK, DNKN, DOW, EAT, EBAY, F, GM, GOOGL, GRMN, INTC, JNJ,
JNPR, JPM, KEY, KKD, KO, KRFT, LMT, LUV, MAT, MDC, MRK, NDAQ, PNRA, UA, VMW,
WFC, XRX,
The SPY Market Forecast is at 96.
___________________
Setups
Horizontal Breakout: XLF,
XLU, STI, GILD, CMCSA, AIG, EBAY, CRM, HPQ, P,
Diagonal Breakout: MSFT
EXPE, ILMN, NTAP, AAL, BABA,
CREE, ETFC, FEYE, GOGO, GPRO, MS, SCHW, SPLK, XONE, YELP, Z
Bull Flag: QQQ, XLK, XLY, AAPL, AKAM, AMZN, FB, GRMN, MAR, MNST,
MYL, ROST, SBUX, WDC, WFM, YHOO, DAL, UAL, LUV, AA, BBY, BX, EMC, JNPR, NKE,
NTES, PANW, SUNE, SWKS, UA,
Potential Bullish
Divergence: GOOGL, KNDI, SOHU, SSYS, UBNT,
Gap Up: AVGO
Gap Down:
Bear Flag:
At Support: JCP, QIHU, WYNN, TSL, TWTR, YY,
C- Pattern:
Moves
New Highs: DIA, SPY, ESRX,
TXN, XLNX, RCL, SWI, V,
H Breakout: C, BAC,
FAS,
D Breakout:
Breakout Test:
Bull Flag Bounce: IWM,
XLB, XLI, ADSK, BRCM, FFIV, GRMN,
MU, SNDK, ATI, CAR, CIEN, JASO, RAX, AMBA,
Bounce: GME, SCTY, X,
GLD, BBRY, NFLX,
MACD Divergence Bounce:
SPWR,
Gap Up: DGLY,
Gap Down:
C- Pattern:
Bear Flag:
Support Break: GMCR,
______________________
62 of 100 NDX stocks closed higher and one was unchanged on Wednesday.
Leading NDX 100 stocks included: BIIB, MXIM, PCAR, AVGO, KLAC, FAST, ADI, AMAT,
NTAP, NVDA
Lagging NDX stocks included: AMZN, WYNN, MNST, BIDU, GILD, GMCR, CTXS,
CELG, ALXN, DISH
Leading stocks > +2% on
Tuesday: AMBA, MBLY, ATI, X, CIEN, JASO, BBRY, CREE, GME, JNPR, JD, CAR, TSL,
SCHW, GLW, GOGO, SWKS, MS, JDSU
Lagging stocks < -2.0% included:
DGLY, SSYS, BBY, FEYE, JCP
Stocks to Watch on
Thursday
Holding Above 30 DMA= 86
ROST, CHRW, GRMN, MYL,
SRCL, DLTR, ISRG, MNST, PAYX, REGN, ADP, ALXN,
COST, ORLY, TSCO, VRTX, XLNX, AAPL, AMGN, BBBY, CELG, ESRX, FISV, HSIC, KRFT,
MAR, PCAR, SPLS, SYMC, TXN, BRCM, YHOO, CA, CERN, CHKP, CTSH, EXPD, INTU,
LBTYA, NVDA, SBAC, SBUX, STX, ADBE, ADSK,
KLAC, LMCA, MDLZ, MSFT, AMAT, LMCK, MU, WFM, AVGO, FFIV, NTAP, NXPI,
VOD, WDC, AKAM, CTRX, DISH, EQIX, SIRI, ADI, ALTR, CSCO, EBAY, EXPE, FAST, INTC,
LLTC, MXIM, SNDK, FOXA, SIAL, AMZN, CMCSA, CHTR, VIAB, ATVI, CTXS, DISCA, VRSK,
BIIB, QCOM
Moving Above 30 DMA =
1
ILMN
Moving Below 30 DMA = 1
DTV
Staying Below 30 DMA
PCLN, BIDU, FB, GOOG, MAT, TSLA, VIP, GMCR, WYNN, GILD, TRIP, NFLX
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Up
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