Another Round of Record New Highs With Stocks Finishing For A 4th Straight Day Of Gains...MU Gains 11.36%...AMBA Finishes With 8.40% Gain...Numerous Setups For Horizontal & Diagonal Breakouts...

Eight sectors moved higher on Tuesday…the strongest sectors were XLV…XLE…and XLB…the weakest sector was XLU.

 

Breadth weakened slightly as advancers led decliners 1.78 to 1 on the NYSE and 1.71 to 1 on the NASDAQ.

Tuesday – weakened, advancers led

Monday – weakened, advancers led

Friday – strengthened, advancers led

Thursday – strengthened, advancers led

Wednesday – weakened, decliners led

SPY up .91 at 210.68 on 81.5 million shares

VIX down .53 at 13.37…

TNX down .31 at 23.99…

TLT up .38 at 116.07…

XLF up .06 at 25.00 on 22.4 million shares

AAPL down .05 at 125.61 on 31.7 million shares

FB down .42 at 89.68 on 26.6 million shares

Technical Commentary:

DIA +0.41%, SPY +0.43%, IWM +0.56%, QQQ +0.66%.

Stocks rallied on Tuesday with AMZN, TPX and many other stocks closing at new highs. 

AMBA +8.33, +8.4% following positive comments and an analysts raises their price target to 120.  MU +2.00, +11.36% follow a takeover offer from a Chinese company.

Trade with the trend of the chart you are trading and continue to move your profit protection stops.  Continue to follow your rules.

Earnings Week of July 13

Tuesday – CSX, FAST, JNJ, JPM, WFC, YUM

Wednesday – BAC, DAL, INTC, NFLX, USB

Thursday – C, EBAY, GOOGL, GS, KEY, MAT, SCHW, SLB, UNH

Friday – GE, HON, STI

Q1 Earnings Reaction

Positive Reactions – NKE, AA, CSX, JPM, WFC

More than 10% -

Negative Reactions – CUDA, MU, FAST 

More than -10% - CUDA, MU

Reversal in progress –

Reversal of Initial Reaction – 

Short-term Chart Targets:

SPY = 208.02, 209.16, 209.96...

QQQ = 108.01, 108.86, 109.66…

IWM = 124.51, 125.63…

Support Levels

SPY = 205.76, 204.22...

QQQ = 106.55, 105.75…

IWM = 122.82, 121.53...

The SPX Market Forecast turned up and is at 37.

___________________

Setups

Horizontal Breakout: QQQ, AXTA, C, DAL, IBM, JD, PANW, RCL (long term), SPLK, SUNE, TWTR, UBNT, V, W, CMGE, LNKD, VRSN, AAL, ESRX, MAR,

Diagonal Breakout: BABA, BX, OCN, SCTY, SWKS, BBY, KNDI, AAPL, AVGO, MSFT, QCOM, TXN

At Support: DAVE,

C- Pattern: GPRO, CYBR, SUM, SCTY, SWKS, CRM, CIEN, CTRP, AXTA, BX

Moves

New Highs:  AIG, CCL, MBLY, NCLH, SCHW, STI, TPX, AMZN, EBAY, ILMN,

H Breakout: CIEN, MS, RAX, CELG, GOOGL, MNST, TRIP,

D Breakout: AKAM, GILD, XLNX

MACD Divergence Bounce: UPL,   

Bounce: AMBA, CYBR, GLNG, SLCA, BBRY, GLW, STX,

Gap Up: GPRO, SPWR, Z, HOG, MFRM, MU, SNDK

C- Pattern: AMBA, NTES

Support Break: EMC

______________________

Watch List Stocks

Leading stocks > +2% on Tuesday: AMBA, FIT, GPRO, SPWR, Z, NTES, CYBR, GLNG, TWTR, SUNE, SLCA

                                                       

Lagging stocks < -2.0% included: EXPE, FOGO, ASNA, SEDG, ATI

66 of 100 NDX stocks closed higher on Tuesday.

Leading NDX 100 stocks included: MU, VRTX, ILMN, SNDK, NXPI, ALXN, STX, GOOG, GILD, AVGO

Lagging NDX stocks included: FAST, AMAT, EA, VIAB, KLAC, ISRG, MAT, ORLY, KHC, BIDU

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up