SPX All-time High 53...IWM Makes New High...Biotech Continue to Bounce Back...

Six of nine sectors moved higher and one was unchanged on Monday…XLU, XLY and XLE were the strongest sectors and XLK was the weakest.

 

Breadth weakened as advancers led decliners 1.38 to 1 on the NYSE and 1.08 to 1 n the NASDAQ.

Monday – weakened, advancers led

Friday – strengthened, advancers led

Thursday – Christmas Holiday

Wednesday – mixed, mixed

Tuesday – mixed, advancers led

SPY up .28 at 208.72 on 79.6 million shares

VIX up .56 at 15.06…

TNX down .43 at 22.07…

TLT up .93 at 125.34...

XLF up 9 cents at 25.04 on 17.7 million shares

AAPL down .08 at 113.91 on 27.4 million shares

FB down .76 at 80.02…on 13.9 million shares

Technical Commentary:

IWM +0.42%, SPY +0.13%, QQQ +0.12%, DIA -0.04%.

The SPX closed at a new all-time high for the 53^rd time in 2014 as volume climbed higher.  The SPX was led by gains in GILD, AVP, GAS, WFM, RRC, GM, GCI and CMG.

RUT and IWM moved to new all-time highs.  If this breakout holds it brings to an end the year long sideways channel.  IWM short-term Chart Target: 124.07; 6-month Chart Target: 136.30

CAR gained after last week’s breakout and ESRX is testing its resistance breakout.

Look for new high horizontal breakout setups in stocks that are up trending or reversal breakouts from stocks that recently pulled back.

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 = 119.90, 121.88, 124.07…

Support Levels

SPY = 207.33, 204.24...

QQQ = 103.08, 102.40…

IWM = 118.34, 116.15...

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 – 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, GOGO, 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 75.

___________________

58 out of 100 NDX stocks closed higher on Monday.

Leading NDX 100 stocks included: GILD, VIP, WFM, MU, AAL, WYNN, DISCA, LMCA, DLTR, CELG

Lagging NDX stocks included: BIDU, AKAM, EA, TRIP, ALTR, NTAP, EQIX, SYMC, TSLA, GMCR

Leading stocks > +2% on Monday: MTW, UNG, CAR

Lagging stocks < -2.0% included: GPRO, XONE, PANW, AMBA, TWTR, LC, SPWR, NTES, SCTY, SPLK

Stocks to Watch on Tuesday

Holding Above 30 DMA = 76

ROST, DLTR, ORLY, TSCO, AAL, BBBY, PCAR, SPLS, INTU, EA, AMAT, WFM, AVGO, WDC, ADI, ALTR, EBAY, LLTC, FOXA, SIAL, BIIB, ADBE, ADP, CHKP, CHTR, CMCSA, CSCO, DISCA, EQIX, FAST, FB, HSIC, INTC, KLAC, KRFT, LBTYA, LVNTA, MNST, NXPI, QCOM, STX, TRIP, TXN, VIAB, VRSK, AKAM, BRCM, CA, CERN, CHRW, COST, CTSH, DISH, FISV, ISRG, LRCX, MAR, MU, MYL, SRCL, SYMC, ADSK, CTRX, NVDA, DTV, ESRX, EXPD, PCLN, SBUX, CTXS, AAPL, CELG, GOOG, ILMN, REGN, VRTX

Moving Above 30 DMA = 2

MAT, SIRI

Moving Below 30 DMA = 5

MSFT, NTAP, PAYX, SNDK, YHOO             

Staying Below 30 DMA

AMGN, VOD, GILD, XLNX, MDLZ, ALXN, ATVI, SBAC, AMZN, LMCA, GRMN, BIDU, TSLA, VIP, GMCR, WYNN, NFLX

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up