Tuesday, April 7, 2015

SPX Gives Up Gains in Late Selloff...XLV Rallies...Biotech Up...Oil Continues to Rise...TWTR Rises...

Two of nine sectors moved higher on Tuesday…XLV, XLE and XLB were the strongest sectors and XLU was the weakest.
 
Breadth weakened as decliners led advancers 1.25 to 1 on the NYSE and 1.14 to 1 on the NASDAQ.

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


SPY down .55 at 207.28 on 81.2 million shares, 21% below average volume
VIX up .04 at 14.78…
TNX down .11 at 18.93…
TLT up 1.09 at 131.09…
XLF down .13 at 24.12 on 18.1 million shares, 35% below average volume

AAPL down 1.34 at 126.01 on 35.0 million shares, 32% below average volume
FB down .12 at 82.32…on 17.4 million shares, 29% below average volume


Technical Commentary:
IWM -0.64%, SPY -0.26%, QQQ -0.17%, DIA -0.10%.

The SPX -4.29, -0.21% which was positive for most of the day, gave up its gains in the last 30 minutes of trading and finished slightly lower.  SPX leaders included JNPR, ALXN, TAP, FDX, CNX, CCL, STX, VRTX, MYL, ADSK, NRG, PVH, ENDP, TDC and ABBV.

Oil gained another 1.26 on Tuesday and several leading stocks in the SPX were oil & gas stocks including:  RRC, QEP, DO, SWN, CVX, CHK, ESV and NE.

Healthcare XLV was the leading sector on Monday and several healthcare stocks were NDX leaders.  NDX point leaders included AMGN, GILD, INTC, BIIB, ALXN, CSCO, VRTX and MYL.

The DJIA was led by gains in CVX, JNJ, BA, V, XOM and INTC. 

TWTR +2.03, +3.99% on 112% above average volume as buyout rumors resurface.

Earnings season unofficially begins Wednesday with AA earnings after the close.


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 = 208.61, 211.11...
QQQ = 106.82, 109.07
IWM = 125.94…

Support Levels
SPY = 204.12, 203.49...
QQQ = 104.24…
IWM = 122.90, 121.54...

Q1 Earnings Reaction
Positive Reactions – KMX, DGLY, CTRP, JUNO, KBH, MFRM, NKE, 

More than 10% - DGLY, CTRP, JUNO, 

Negative Reactions – MU, YOKU, XONE, 

More than -10% - YOKU, 

Reversal in progress 

Reversal of Initial Reaction – 


The SPX Market Forecast is pointed down at 38.

___________________

Setups
Horizontal Breakout: SPY, ATI, BX, CMGE, CRM, FAS, FEYE, GPRO, NTES, QIHU, SPLK, SWI, UA, UPL, ZION, CMCSA, PCLN, TSLA, XLNX,
Diagonal Breakout: IWM, AAPL, JASO, JCP, MS, NKE, RAX, SCHW, SPWR, TLT, UBNT, V, AVGO, GILD, NFLX, SBUX, TXN,
Bull Flag: AMBA, CSIQ, ETFC, GLD, JUNO, MFRM, RCL, SCSS, VSLR, ZNGA, EA, ESRX, FB,
Potential Bullish Divergence: GOOGL

Moves
New Highs: CCL, CTRP, JD, SLCA, SUNE, TWTR
H Breakout: TWTR,
D Breakout: SWKS, ADSK
Bull Flag Bounce: MBLY, PANW, SOHU, X, MYL,
Bounce: CMGE, SPLK,
MACD Divergence Bounce: STX, WDC 
  
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38 out of 100 NDX stocks closed higher and one was unchanged on Tuesday.


Leading NDX 100 stocks included: ALXN, STX, VIP, VRTX, MYL, ADSK, CHKP, AMGN, EA, BIIB

Lagging NDX stocks included: WYNN, MU, VIAB, FAST, CHTR, GRMN, LRCX, MAR, CERN, AAL

Leading stocks > +2% on Tuesday: CMGE, TWTR, JD, SPLK, MBLY, FEYE, SSYS, UPL, PANW

Lagging stocks < -2.0% included: JCP, JUNO, TSL, Z, TPX


Stocks to Watch on Wednesday
Holding Above 30 DMA = 30
MNST, NXPI, COST, LVNTA, SRCL, CERN, FB, SIAL, KRFT, ORLY, ADI, ALTR, BBBY, EA, EQIX, VRSK, XLNX, CTRX, ESRX, FISV, ISRG, MDLZ, CHTR, LMCA, VIP, CA, CTXS, DISCA, HSIC, TSLA

Moving Above 30 DMA = 4
AKAM, CHKP, MYL, REGN               

Moving Below 30 DMA = 6
AAPL, AMZN, DLTR, DTV, SBUX, SIRI

Staying Below 30 DMA
BIDU, CTSH, INTU, YHOO, AVGO, REGN, SPLS, AAL, AKAM, AMGN, BIIB, EXPD, MYL, ROST, ATVI, CHKP,FAST, PAYX, PCAR, GOOG, ALXN, CELG, CHRW, EBAY, FOXA, MAR, MSFT, SBAC, SNDK, TRIP, TSCO, TXN, VRTX, BRCM, CMCSA, KLAC, LBTYA, LLTC,NVDA, PCLN, VIAB, ADBE, ADP, GILD, ILMN, ADSK, AMAT, GMCR, QCOM, CSCO, DISH, LRCX, NTAP, WFM, NFLX, WDC, MU, STX, SYMC, VOD, WYNN, GRMN, INTC, MAT


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