All of nine sectors
moved higher on Wednesday…XLE, XLB and XLF were the strongest sectors and XLI was the weakest.
Breadth strengthened
as advancers
led decliners…7.68 to 1 on
the NYSE and
4.14 to 1 on
the NASDAQ.
Wednesday – strengthened, advancers led
Tuesday – strengthened,
decliners led
Monday – strengthened
slightly, decliners led
Friday – weakened,
decliners led
Thursday – strengthened,
advancers led
SPY up 3.88 at 201.79 on 239.5 million shares, more than double the average volume
VIX down 4.13 at 19.44…
TNX up .77 at 21.48…
TLT down 1.15 at 126.45...
XLF up .54 at 24.23 on 43.5 million shares, above average volume
AAPL up 2.66 at 109.41 on 49.2 million shares
FB up 1.42 at 76.11…on 28.7 million shares
Technical Commentary:
IWM +3.09%,
SPY +1.96%, QQQ +1.82%, DIA +1.60%.
Futures
rose overnight and SPY opened 60 cents higher. After rising another dollar in the first 30
minutes of trading, SPY traded in a range until about 10 minutes before
the Fed announcement when it rose another $2.
In typical Fed volatility fashion SPY gave back that $2 before
rising into to close up $3.88 for the day.
S&P futures trading has shifted
to the March contract ESH5 from the
Dec contract. ESZ4 stops trading at the close tomorrow.
Energy
sector XLE gained a massive 4.15%. Materials XLB +2.73% and financials XLF +2.28% also had big positive days. XLE, XLB and XLF each closed above
Tuesday’s high ahead of SPY, a sign of sector strength.
Semiconductors SOX which had small gains in the
morning had a big late rally starting just before the Fed announcement finished
with a 2.16% gain. Twenty-nine of 30 stocks rose led by SUNE +5.55%, ONNN, RFMD, NVDA, NXPI, SWKS, TER, ARMH
and MU. AMAT gave a bull flag bounce
entry today. ADI, ALTR, ATML, AVGO,
INTC, KLAC, LLTC and TXN continue to be bull flag setups. Watch for potential entry on Thursday.
The NDX +75.50 was
led by gains in MSFT, INTC, QCOM, AMGN, GILD, FB, GOOG, AAPL, AMZN, BIIB, PCLN,
REGN, FOXA and YHOO.
Lending Club, LC, +1.90, +7.31% gained for the fifth straight day on its fifth day of trading.
ADBE is a terrific looking
earnings flag.
Look for bull flag setups in stocks that are still in an uptrend.
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 = 200.06...
QQQ = 102.42, 101.38…
IWM = 114.37, 113.35...
Q3 Earnings Reaction
Positive Reactions – ADBE, CIEN, LULU, AVGO,
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 – COST, AMBA,
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 28.
___________________
Setups
Horizontal Breakout: CIEN,
MNST, MYL, WDC,
Diagonal Breakout: LNKD,
SOHU, AAPL, AKAM, BRCM, CELG, CMCSA, COST, ESRX, FFIV, GILD, GMCR, GRMN, ILMN,
MAR, MU, NFLX, SBUX, SNDK, YHOO,
Bull Flag: ADI, ALTR, ATML, AVGO, INTC, KLAC, LLTC, TXN,
ADBE, EBAY, EXPE, FFIV, ROST, EA, TRIP, STX,
Potential Bullish
Divergence: BIDU
Moves
New Highs: RCL, SCSS,
H Breakout: ANGI,
D Breakout: BABA, DGLY, HPQ, DDD, QCOM
Bull Flag Bounce: WDC,
Bounce: AA, ANGI,
ATI, BAC, BBY, BX, C, CAR, EMC, ETFC, FAS, FEYE, GLW, GOGO, IWM, JD, MBLY, MS,
NKE, PANW, RAX, SCHW, SPLK, SPY, STI, SUNE, SWKS, UA, V, VRSN, X, XONE, ZION, FSLR,
P, SSYS, TBT, TPX, UPL, YNDX, YY, AAPL, ADBE, AKAM, AVGO, CELG, CMCSA, COST,
DTV, FB, FFIV, GILD, GOOGL, GRMN, ILMN, INTC, LOCO, MSFT, MU, MYL, NFLX, NTAP,
PCLN, QCOM, SBUX, STX, TSLA, TXN, WDC,
MACD Divergence Bounce:
BBRY, CTRP, MNST, CRM
Gap Down: LVS,
______________________
93 of 100 NDX stocks closed higher on Wednesday.
Leading NDX 100 stocks included: VIP, NFLX, TSLA, NVDA, NXPI, REGN, WDC, MU,
MYL, DISCA, YHOO, FOXA, PCLN, ILMN, STX, QCOM, CTXS, AAPL, ISRG
Lagging NDX stocks included: EXPD, WYNN
Leading stocks > +2% on Wednesday:
DGLY, RCL, FAS, LC, BBRY, CRM, SUNE, SPLK, UBNT, JCP, BBY, ATI, ETFC,GOGO, UA,
BX, SWKS, SCHW, YELP, AA, X, HPQ, CTRP, FEYE, XONE, BABA, BAC, CAR, SPWR, CIEN
Lagging stocks < -2.0% included:
Stocks to Watch on Thursday
Holding Above 30 DMA= 21
ROST, DLTR, ORLY, TSCO,
BBBY, PCAR, SPLS, INTU, AMAT, WFM, AVGO, WDC, ADI, ALTR, EBAY, LLTC, MXIM,
FOXA, SIAL, BIIB, ADBE
Moving Above 30 DMA = 26
ADP, CELG, CHKP, CHTR, CMCSA, CSCO, DISCA, EQIX, FAST, FB, FFIV,
HSIC, INTC, KLAC, KRFT, LBTYA, MNST, NXPI, QCOM, REGN, SBUX, STX, TRIP, TXN,
VIAB, VRSK
Moving Below 30 DMA = 0
Staying Below 30 DMA
BRCM, DISH, ESRX, EXPD, EXPE, MAR, AMGN, CHRW, GILD, VRTX, XLNX, YHOO,
CA, COST, CTRX, MAT, MDLZ, MU, NVDA, SNDK, SRCL, SYMC, VOD, AAPL, ADSK, AKAM,
ALXN, ATVI, CERN, CTSH, FISV, ISRG, MYL, NTAP, ILMN, CTXS, MSFT, PAYX, SBAC,
AMZN, LMCA, LMCK, SIRI, GRMN, DTV, PCLN, BIDU, GOOG, TSLA, VIP, GMCR, WYNN,
NFLX
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Neutral
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