All nine sectors moved
lower on Wednesday…XLK, XLU and XLI were the strongest sectors and
XLE was the weakest.
Breadth weakened as decliners led advancers 2.81 to 1 on
the NYSE and
2.99 to 1 on the NASDAQ.
Wednesday – weakened, decliners led
Tuesday – weakened,
decliners led
Monday – strengthened,
advancers led
Friday – weakened,
decliners led
Thursday – strengthened,
advancers led
SPY down 2.60 at 200.14 on 168.5 million shares
VIX up 3.22 at 20.44…
TNX down 1.01 at 17.24…
TLT up 2.20 at 136.77...
XLF down .43 at 23.20 on 69.3 million shares
AAPL up 6.17 at 115.31 on 146.4 million shares
FB up .46 at 76.24…on 53.3 million shares
Technical Commentary:
QQQ -0.51%, DIA
-1.08%, SPY -1.28%, IWM
-1.69%.
Good news was bad news for stocks as
the Fed indicated that the economy was growing “at a solid pace.” Some took this as an indication that the Fed may
look to raise rates as soon as June.
This mindset seems reminiscent of the market reactions that occurred about
a year and a half ago as speculation began to rise that the Fed would bring its
QE asset buying program to an end.
Ultimately, the Fed did bring QE to an end which turned out to be
neither negative for the economy or the stock market.
While today’s reaction is likely to be
short-term in nature, traders must take defensive action as stocks move
lower to support. Also interest rate
weakness is having an impact on financial stocks which are rolling over.
The NDX -25.12
points was
led lower by MSFT, GILD, CMCSA, AMGN, GOOG, BIDU and INTC.
Positive earnings reactions from FSL +4.18, 18.25%, EA +6.20,
+12.81%, TUP +6.93, +11.60%, X +2.31, +10.86%, AAPL +6.18,
+5.65%, JNPR +0.82, +3.76%, and WDC +2.20, +2.25% provided some of the strongest
positive reactions thus far this earnings season.
SPX dropped on weakness in energy stocks as crude
inventories continued to rise. NBR,
DNR, HES, NOV, MUR, NE, PXD, HP, QEP, DVN, CHK, APA, EOG and MRO all
dropped more than -5% on the news. XLE -3.06, -3.94% was
the weakest sector.
After the close QCOM -5.87, -8.27%, FB -1.39, -1.82%, VRTX -2.15, -1.77%, TSCO -0.75, -0.94% moved lower on earnings reactions.
IWM which has been the strongest
market segment recently reversed on Wednesday and was led lower by weakness in RSPP,
SLCA, MTDR, PE, UMBF, DYAX, SYRG, AGIO, XON, PDCE, ISIS and BCRS.
RUT Movers: ADVS, JJSF, FCNCA
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 = 202.15, 203.83, 205.06...
QQQ = 102.01, 103.17, 104.58 …
IWM = 117.84, 119.19, 119.45…
Support Levels
SPY = 200.20, 198.55, 196.77...
QQQ = 100.48, 99.36, 97.94…
IWM = 116.57, 115.32, 114.20...
Earnings this week:
Monday: MSFT, STX, TXN, ZION
Tuesday: AAL, AAPL, AMGN, EA, ILMN, WDC, YHOO, FSL,
GLW, JNPR, TSS, X,
Wednesday: FB, LRCX,
QCOM, TSCO, TUP, VRTX, CAVM
Thursday:
ALXN, AMZN, BIIB, BRCM, CELG, CHKP, MAT, VIAB, WYNN, MCHP, BABA, BX,
HOG, JDSU, RCL, SWI,
Friday: PCAR
Q4 Earnings Reaction
Positive Reactions – AAPL,
EA, FSL, GLW, JNPR, TSS, TUP, WDC, X, NFLX, ALK, BHI, CREE, DAL, EBAY, ETFC,
GE, HON, KMB, LUV, MXIM, SBUX, SWKS, TRV, UAL, UNH, UNP, SNX, LLTC, TSM
More than 10% - NFLX, FSL, EA, TUP, X
Negative Reactions – QCOM,
YHOO, MSFT, STX, AAL, ZION, AXP, ALTR, FFIV, IBM, ISRG, JNJ, KLAC,
KSU, MCD, STT, XLNX, AA, BAC, C, JPM, KBH, WFC,
More than -10% - FFIV, KBH,
Reversal in progress – BAC, C, IBM, JNJ, JPM,
Reversal of Initial Reaction – WFC
The SPX Market Forecast is pointed down at 56.
___________________
Setups
Horizontal Breakout: IWM,
MGM, TXN, KKD, TSL, FSLR, SSYS, PANW,
Diagonal Breakout: AMBA,
MBLY, JCP,
Bull Flag: KRFT, MNST, AVGO, CTRP, GLD, LOCO, MFRM, NTES,
DAL, AAL, MAR, EBAY, GRMN, EBAY, ETFC, STI, Z, FEYE, KEY, CREE, JNUG, GDX,
Gap Up: CAVM
Gap Down: FB, QCOM, TSCO, VRTX
Bear Flag: BBY, GOGO, GPRO, LC,
At Support: MU, BAC, C, CMGE, CSIQ, FAS, IBM, MS, TWTR
Moves
New Highs: BX, SWKS,
TLT,
H Breakout: JD
Bull Flag Bounce:
VXX
Gap Up: FSL, EA, X, AAPL, JNPR,
Support Break: AIG, CAR, EMC, HPQ, RAX, SPLK, UBNT, ZION,
______________________
11 out of 100 NDX stocks closed higher on Wednesday.
Leading NDX 100 stocks included: EA, AAPL, WDC, MAT, NXPI, ATVI, STX, FB, MNST,
AVGO
Lagging NDX stocks included: VIP, AAL, CHTR, MSFT, LMCA, TSLA, YHOO, BIDU,
CMCSA, ADSK
Leading stocks > +2% on Wednesday:
X, VXX, JNPR, JD
Lagging stocks < -2.0% included:
JUNO, MBLY, FEYE, FAS, YELP, SUNE, TWTR,
SPWR, BABA, GOGO, UBNT, BBRY, Z, XONE, SPLK, RCL, ZION, SCHW, TSL, EMC, CSIQ,
CMGE, JASO, CREE, BAC, ETFC, STI, CAR, AIG, CRM, C, LC, MS, JCP, GLW, SCTY
Stocks to Watch on
Thursday
Holding Above 30 DMA = 36
WFM, SIAL,
KRFT, MNST, SRCL, AVGO, HSIC, CTSH, FISV, NXPI, SIRI, CELG, ATVI, BIIB, CERN,
CTRX, EA, GILD, NFLX, VOD, VRTX, ILMN, TXN, BBBY, LRCX, LVNTA, SBAC, SBUX,
AMZN, DLTR, EXPD, ROST, TSCO, VRSK, ORLY, WYNN
Moving Above 30 DMA =
1
AAPL
Moving Below 30 DMA = 15
AAL, ADP, BIDU, CHKP,
CHRW, DISH, GOOG, GRMN, LLTC, LMCA, MAR, MYL, PAYX, REGN, SYMC
Staying Below 30 DMA
ADBE, CA, CMCSA, COST, CSCO, DTV, EBAY, EQIX, ESRX, MSFT, NVDA, YHOO, FB,
AMAT, FAST, GMCR, INTC, ISRG, KLAC, MDLZ, BRCM, VIP, SPLS, WDC, QCOM, STX,
TRIP, ADI, AKAM, CHTR, DISCA, FOXA, LBTYA, PCAR, PCLN, VIAB, ADSK, MAT,
MU, ALTR, CTXS, INTU, NTAP, SNDK, AMGN,
XLNX, ALXN, TSLA
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Down
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