Eight of nine sectors
moved lower on Tuesday…XLU, XLP and XLV were the strongest sectors and
XLF was the weakest.
Breadth was mixed as decliners led advancers 2.06 to 1
on the NYSE and decliners led advancers 3.17 to 1 on the NASDAQ.
Tuesday – mixed, decliners led
Monday – weakened,
decliners led
Friday – strengthened, mixed
Thursday – New Year’s
Day Holiday
Wednesday – mixed,
decliners led
SPY down 1.90 at 199.82 on 209.1 million shares, above average volume
VIX up 1.20 at 21.12…
TNX down .76 at 19.63…
TLT up 2.33 at 131.65...
XLF down .37 at 23.84 on 46.6 million shares, above average volume
AAPL up .01 at 106.26 on 65.7 million shares, above average volume
FB down 1.04 at 76.15…on 27.3 million shares
Technical Commentary:
DIA -0.83%, SPY
-0.94%, QQQ -1.34%, IWM
-1.73%.
Stocks continued their four day
selloff as broad indexes dropped closer to December support lows. Financials and semiconductors were again
leaders to the downside.
SPY, DIA, IWM, XLF, XLI, XLP, XLU, XLY,
AAL, CMCSA, EA, ESRX, FB, QCOM, ROST, STX, WDC, WFM are still bull flag price
patterns. However some of these stocks are
close to making similar lows and other stocks that were bull flag patterns made
similar lows or broke support.
GMCR -2.33,
-1.80% did break
support today.
MNST +2.85,
+2.60% gave a
bull flag bounce entry.
MU -1.52,
-4.62% fell in after-hours trading after reporting strong revenues and earnings but
revenues that missed estimates and light revenue guidance for the current
quarter.
JCP +1.15,
17.53% in after-hours trading after the company announced strong same
store sales growth and strong holiday season sales.
Time to be defensive. Look for bull flag setups in stocks that are
up trending if the market bounces, however take break of support trades if the
broad indexes break support.
Trade with the trend of
the chart you are trading and
continue to move your profit protection stops. Continue to follow your rules.
The SPX Market Forecast is at 59.
___________________
8 out of 100 NDX stocks
closed higher on Tuesday.
Leading NDX 100 stocks included: MNST, COST, GILD, TSLA, BIDU, AAPL, ROST, YHOO
Lagging NDX stocks included: MU, TRIP, MYL, STX, BRCM, GOOGL, AMZN, WDC,
LRCX, AVGO
Leading stocks > +2% on Tuesday:
TWTR, AMBA, BABA
Lagging stocks < -2.0% included:
FEYE, SUNE, UBNT, SPWR, LC, GOGO, FAS,
ZION, SCHW, DGLY, C, LNKD, MTW, SWI, TSL, CSIQ, SWKS, X, CREE, BAC, GME, CMGE,
MS, STI, ETFC, YOKU, ATI, CIEN, UAL, DAL, JDSU, SOHU, IBM, MFRM, KKD,
Stocks to Watch on Wednsday
Holding Above 30 DMA = 14
ROST, DLTR, AAL, SPLS,
BBBY, EA, WFM, SIAL, BIIB, CHKP, KRFT, VRTX, ILMN, MNST
Moving Above 30 DMA = 3
COST, ISRG, SRCL
Moving Below 30 DMA = 33
AVGO, CA, CERN, ESRX,
FAST, NXPI, QCOM, WDC
Staying Below 30 DMA
ADI, AKAM, AMAT, BRCM, CELG, CHRW, CHTR, CMCSA, CSCO, CTRX, DISCA, DTV,
EBAY, FB, FOXA, HSIC, KLAC, LBTYA, LLTC, LVNTA, MAR, NFLX, ORLY, PCAR, PCLN,
SBUX, TRIP, TSCO, VIAB, VRSK, ADSK, EXPD, FISV, MAT, MU, STX, ADBE, ALTR, CTSH,
CTXS, DISH, EQIX, GOOG, INTC, INTU, LMCA, MYL, SIRI, SYMC, TXN, YHOO, AAPL,
ADP, LRCX, NVDA, REGN, MSFT, NTAP, PAYX, SNDK, AMGN, VOD, GILD, XLNX, MDLZ,
ALXN, ATVI, SBAC, AMZN, GRMN, BIDU, TSLA, VIP, GMCR, WYNN
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Down
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