Eight of nine sectors
moved lower on Wednesday…XLE, XLP and XLB were the strongest sectors and XLK was the weakest.
Breadth weakened
as decliners
led advancers 2.78 to 1 on the NYSE and 4.37 to 1 on
the NASDAQ.
Wednesday – weakened, decliners led
Tuesday – weakened,
decliners led
Monday- weakened,
advancers led
Friday – strengthened,
advancers led
Thursday – mixed, mixed
SPY down 3.06 at 205.76 on 159.2 million shares, above average volume
VIX up 1.82 at 15.44…
TNX up .42 at 19.20…
TLT down 1.12 at 131.50…
XLF down .39 at 23.98 on 32.9 million shares
AAPL down 3.31 at 123.38 on 51.5 million shares
FB down 2.39 at 82.92…on 37.3 million shares, above average volume
Technical Commentary:
IWM – 2.69%,
QQQ – 2.47%, DIA –
1.62%, SPY – 1.47%.
Wednesday durable goods orders for February came in at -1.4% below forecast of 0.7%. The Euro has risen over 500
pips since its low on March 12. Inversely
the dollar and
bonds fell and
interest rates rose. Oil rose to 48.97 on
Wednesday and surged in the evening to 50.95 on news of Saudi air strikes in
Yemen.
The SOX -33.04,
-4.60% semiconductor
index broke short-term support on a heavy selloff in LRCX,
AVGO, NVDA, SWKS, KLAC, AMAT, BRCM, MU, LLTC, SNDK, INTC and QCOM.
Our
short-term direction is down and our posture is defensive. The intermediate term trend is up and the
SPX is currently in a consolidation that as of Wednesday’s close is an ascending
triangle.
KRFT +21.84,
+35.62% gapped after
news of a buyout involving Buffet and CG Capital and combination with Heinz.
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 = 212.24...
QQQ = 108.94…
IWM = 126.22…
Support Levels
SPY = 205.86, 203.49...
QQQ = 105.38, 104.44…
IWM = 122.77, 121.22, 119.83...
Earnings this Week
BBRY, CMGE, DGLY, GME, CCL,
Q4 Earnings Reaction
Positive Reactions – DGLY, CTRP, JUNO, KBH, MFRM,
NKE, AVGO, CRM, MNST, ROST,
ADSK, GOGO, SPWR, ESRX, CMCSA, ANGI, CAR, INTU, JWN, RAX, MAR, NEM, PCLN, Z, TRIP,
FEYE, CSCO, NVDA, AKAM, WFM, Z, EEFT, TMH, CTLT, SKX, NTES, WCG, ADP,
ATVI, CTSH, FISV, ONNN, ORLY, SIRI, UA, VRSN, AMZN, AAPL, ALXN,
BRCM, BX, CAVM, CELG, EA, FB, FSL, GLW, HOG, JNPR, TSCO, TSS, TUP, VIAB, 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% - DGLY, CTRP, JUNO, AVGO, MNST, CRM, SPWR, ANGI, UPL, TRIP,
FEYE, EEFT, TMH, MLM, SEE, LNKD, TWTR, UBNT, ONNN, AMZN,
BIIB, NFLX, FSL, EA, TUP, X
Negative Reactions – YOKU, XONE, JCP, SPLK, LL, LC, HPQ, SCTY, ZU, ZNGA, NTAP,
BIDU, TSLA, HSIC, KRFT, SFUN, SOHU, ATML, CHRW, FOXA, GILD, GMCR,
SRCL, SYMC, WYNN, QCOM, JDSU, RCL, BABA, PCAR, YHOO, MSFT, STX,
VRTX, AAL, ZION, AXP, ALTR, FFIV, IBM, ISRG, JNJ, KLAC, KSU, MCD, STT,
XLNX, AA, BAC, C, JPM, WFC,
More than -10% - YOKU, LL, LC, TPX, ZU,
ZNGA, EXPE, GPRO, YELP, P, TPX, QCOM, FFIV, KBH,
Reversal in progress –
ZNGA, AXP, BIDU, FFIV, GILD, ISRG, JCP, JDSU, JNJ, KLAC, MSFT, NTAP, RCL, SOHU,
STX, YHOO
Reversal of Initial Reaction – AA,
AAL, ALTR, ATML, C, BAC, CHRW, FOXA, GMCR, HSIC, IBM, JDSU, JPM, KSU, MCD, PCAR, QCOM, SFUN, SRCL, SYMC, STT,
TPX, TSLA, WDC, WYNN, VRTX, WFC, XLNX, ZION
The SPY Market Forecast is down at 64.
___________________
Setups
Bull Flag: IWM, EXPE, FAS, GME, IBM, NTES, SCSS, SOHU,
SWKS, TPX, TWTR, VSLR, NCLH, AAL, AKAM, AVGO, COST, EA, FB, MYL, ROST, SBUX
At Support: C, ETFC, GOGO, LNKD, SCHW, SPWR, UBNT, ZION, CELG
Moves
H Breakout: SLCA,
Gap Down: BIDU, TSLA
Support Break: BAC, FEYE, MS, RCL, SPLK, STI, Z, CAR, GLW, JDSU, JNPR,
ADBE, ADSK, BRCM, GMCR, ILMN, INTC, LRCX, MAR, MU, QCOM, SNDK, TXN, WDC,
______________________
Only 3 out of 100 NDX stocks closed higher
on Wednesday….97 NDX stocks closed lower…
Leading NDX 100 stocks included: MDLZ, VIP
Lagging NDX stocks included: LRCX, AVGO, NVDA, KLAC, AMAT, BRCM, GMCR, MU,
LLTC, BIIB, ADI
Leading stocks > +2% on Wednesday:
VXX, SLCA
Lagging stocks < -2.0% included:
JUNO, DGLY, SWKS, MBLY, CREE, FAS, AMBA,
TSL, SUNE, VSLR, RCL, FSLR, FEYE, TWTR, SPWR, BBY, Z, ATI, CSIQ, DAL, LNKD,
UBNT, LC, JASO, SSYS, YELP, GME, IWM, NTES, BBRY, UA, STI, GOGO, CRM, IBM,
SCSS, ZION, RAX, SPLK, MS, V
Stocks to Watch on
Thursday
Holding Above 30 DMA = 26
MNST, NXPI,
BIIB, DLTR, COST, GOOG, EXPD, VIP, ROST, AKAM, AVGO, INTU, LVNTA, SRCL, REGN,
MYL, CERN, FB, SBUX, AAL, AMGN, SIAL, FAST, YHOO, CTXS, SPLS
Moving Above 30 DMA =
1
KRFT
Moving Below 30 DMA = 32
ADI, ALXN, ATVI, BIDU,
CA, CELG, CHKP, CHRW, CHTR, CTSH, DISCA, EA, EBAY, EQIX, FISV, FOXA, HSIC, LMCA,
MAR, MSFT, ORLY, PAYX, PCAR, SBAC, SIRI, SNDK, TRIP, TSCO, TSLA, TXN, VRSK,
VRTX
Staying Below 30 DMA
AAPL, ALTR, BRCM, CMCSA, ESRX, ISRG, KLAC, LBTYA, LLTC, NVDA, PCLN, VIAB,
XLNX, ADBE, ADP, AMZN, GILD, ILMN, ADSK, AMAT, GMCR, BBBY, QCOM,
CSCO, DISH, DTV, LRCX, NTAP, WFM, MDLZ,
NFLX, WDC, MU, STX, CTRX, SYMC, VOD, WYNN, GRMN, INTC, MAT
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Down
