Tuesday, December 30, 2014

SPY, IWM Pull Back on Lighter Volume...CAR, WFM, AAL Move Higher...FB in Bull Flag...

All nine sectors moved lower on Tuesday…XLF, XLB and XLV were the strongest sectors and XLU was the weakest.
 
Breadth weakened as decliners led advancers 1.43 to 1 on the NYSE and 1.61 to 1 n the NASDAQ.

Tuesday – weakened, decliners led
Monday – weakened, advancers led
Friday – strengthened, advancers led
Thursday – Christmas Holiday
Wednesday – mixed, mixed


SPY down -1.12 at 207.60 on 73.5 million shares
VIX up .86 at 15.92…
TNX down .17 at 21.90…
TLT up .34 at 125.68...
XLF down .03 at 25.01 on 16.4 million shares

AAPL down 1.39 at 112.52 on 29.8 million shares
FB down .80 at 79.22…on 14.3 million shares

Technical Commentary:
DIA -0.36%, SPY -0.54%, IWM -0.59%, QQQ -0.67%,.

The SPY closed lower on a low volume pullback trading 6 million fewer shares than Monday.  The SPX was led to the downside by weakness in SWN, RRC, CMS, XEC, WEC, CNX, NU, EXPE and DUK.

The IWM breakout brings to an end the year long sideways channel.  IWM short-term Chart Target: 124.07; 6-month Chart Target: 136.30

CAR +0.69, +1.03% moved to its 161.8% breakout price target before profit taking took over.  ESRX closed 3 cents above horizontal resistance at 85.72.

EA, EBAY, FB, QCOM, STX, WDC, BX, CIEN, EMC, ETFC, GLW, JNPR, PANW, RAX, SCHW, SOHU, SWKS and V are in bull flag patterns. 

Look for new high horizontal breakout setups and bull flag 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...


The SPY Market Forecast is at 75.

___________________


20 out of 100 NDX stocks closed higher on Tuesday.


Leading NDX 100 stocks included: LMCA, WFM, VIP, YHOO, AAL, CTRX, EBAY, AKAM, NFLX, LVNTA

Lagging NDX stocks included: GMCR, ALXN, GILD, ILMN, TSCO, MNST, CTSH, ADBE, TSLA, STX

Leading stocks > +2% on Tuesday: LC, YELP

Lagging stocks < -2.0% included: XONE, SCTY, SUNE, MBLY, SPLK, UBNT, AMBA, EXPE, JD, CMGE, UNG


Stocks to Watch on Wednesday
Holding Above 30 DMA = 71
ROST, DLTR, ORLY, TSCO, AAL, BBBY, PCAR, SPLS, INTU, EA, AMAT, WFM, AVGO, WDC, ADI, ALTR, EBAY, LLTC, FOXA, SIAL, BIIB, ADBE, CHKP, CHTR, CMCSA, CSCO, DISCA, EQIX, FAST, FB, HSIC, INTC, KLAC, KRFT, LBTYA, LVNTA, MNST, QCOM, STX, TRIP, TXN, VIAB, VRSK, AKAM, BRCM, CA, CERN, CHRW, COST, CTSH, DISH, FISV, ISRG, MAR, MU, MYL, SRCL, SYMC, ADSK, CTRX, DTV, ESRX, EXPD, PCLN, SBUX, CTXS, CELG, GOOG, VRTX, MAT, SIRI

Moving Above 30 DMA = 2
LMCA, YHOO

Moving Below 30 DMA = 7
AAPL, ADP, ILMN, LRCX, NVDA, NXPI, REGN

Staying Below 30 DMA
MSFT, NTAP, PAYX, SNDK, AMGN, VOD, GILD, XLNX, MDLZ, ALXN, ATVI, SBAC, AMZN, GRMN, BIDU, TSLA, VIP, GMCR, WYNN, NFLX

6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Up

1 comment:

steve cooper said...

Thanks for a great year, Dave!!!