All nine sectors moved
higher on Tuesday…XLP, XLE and XLK were the strongest sectors and XLI
was the weakest.
Breadth strengthened as advancers led decliners
1.77 to 1 on the NYSE and 1.40 to 1 on the NASDAQ.
Tuesday – strengthened, advancers led
Monday – weakened,
decliners led
Friday – weakened,
decliners led
Thursday – weakened,
advancers led
Wednesday –
strengthened, advancers led
SPY up 1.14 at 210.25 on 85.3 million shares, 7% below average volume
VIX down 0.58 at 14.81…
TNX down .40 at 23.18…
TLT up .93 at 119.07…
XLF up .14 at 25.07 on 32.9 million shares
AAPL up .68 at 127.60 on 31
million shares
FB up .35 at 81.06 on 13.6 million shares
Technical Commentary:
IWM +0.71%,
DIA +0.62%, SPY +0.55%, QQQ +0.55%
IWM bounced in its bull flag and
closed just 13 cents below its all-time closing high on April
15. IWM is now a horizontal breakout
setup.
SPY, QQQ and DIA bounce off of support on Tuesday
as the FOMC held the first day of its two-day meeting. Tomorrow at 2 pm is the FOMC meeting
announcement. Expectations are for
no change as many observers suggest the Fed will raise rates in September.
MNST +5.27,
+4.15% leads NDX
and second strongest SPX gainer as C adds to Focus List and maintains 155 price target.
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 = 212.67, 213.78...
QQQ = 110.81, 111.16…
IWM = 127.13, 128.15…
Support Levels
SPY = 208.62, 206.76...
QQQ = 108.63, 106.80…
IWM = 123.94, 122.52...
The SPX Market Forecast is turned up at 44.
___________________
Setups
Horizontal Breakout: IWM,
CCL, CSIQ, CYBR, GLNG, JASO, MBLY, NKE, NTES, OCN, SONC, SPLK, SPWR, STI, SUNE,
SWKS, TSL, UNG, ZION,
Diagonal Breakout: ATI,
BX, CTRP, EXPE, GME, IBM, KKD, LC, NCLH, QQQ, SHAK, SPY, VSLR, YNDX, ZNGA
Bull Flag: AIG, AMBA, BAC, C, ETFC, GPRO, JD, JUNO, KNDI,
KWEB, MS, QIHU, SCHW, SFUN, SINA, SOHU, SVXY, TASR, TBT, YOKU, YY
Bear Flag: YELP,
At Support: BABA, JCP, X
Moves
New Highs: ASNA, FEYE,
GIMO, TPX,
H Breakout: UA,
D Breakout: CRM, SUM,
Breakout Test: CIEN,
Bull Flag Bounce: FAS,
IWM, MBLY, NKE, RCL, SEDG, ZION
Bounce: JNPR, QQQ, SCTY, SPY, SUNE
______________________
Watch List Stocks
Leading stocks > +2% on Tuesday:
SUM, SEDG, SCTY, MBLY, SUNE
Lagging stocks < -2.0% included: SFUN, YY, JCP, SINA, JUNO, DGLY
69 of 100
NDX stocks closed higher on Tuesday
and three were unchanged.
Leading NDX 100 stocks included: MNST, GRMN, ALXN, EA, MAT, NFLX, WBA, SFM,
LRCX
Lagging NDX stocks included: MYL, GMCR, AAL, VIP, BRCM, AVGO, WDC
NDX Stocks to Watch on
Wednesday
Moving Above 30 DMA = 9
CHRW, DISCA, EA, FISV, MAT, MNST, VIAB, VOD, WBA
Moving Below 30 DMA = 1
MYL
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Neutral/Down
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