All nine sectors moved
higher on Tuesday… XLK, XLV, XLI
were the strongest sectors while XLE was the weakest sector…all sectors rose
2.00 or more except for XLE.
Breadth strengthened as advancers led
decliners 3.76 to 1 on the NYSE and
3.41 to 1 on
the NASDAQ.
Tuesday – strengthened, advancers led
Monday – Closed for
Labor Day
Friday – weakened, decliners
led
Thursday – weakened,
advancers led
Wednesday –
strengthened, advancers led
SPY up 4.84 at 197.43 on 115.8 million shares
VIX down 2.90 at 24.90…
TNX up .66 at 21.94…
TLT down 1.81 at 120.87…on
7 million shares
XLF up .58 at 23.23…on
40.3 million shares
AAPL up 3.04 at 1112.31 on 54.5 million shares
FB up 1.27 at 89.53 on 26.9 million
shares
Technical Commentary:
IWM +2.29%, DIA +2.45%, SPY + 2.51%, QQQ
+2.82%.
The SPX +48.19 produced its eighth 40+ point range day
in the last thirteen trading sessions.
Even though the SPX and SPY failed to move back to their Aug 28
high they closed near the high of day and VIX made its lowest close 24.90 since Aug 20. Closing below 25 is an indication that the SPX is one step
closer to stability and a resumption on an uptrend.
Remember that the price action of the SPX and its 500 components
is the cause and the VIX is the effect.
The VIX measures volatility, it is not the cause of volatility. The VIX is like the gas gauge in your
car; it shows you were the gas level is at but does not cause the gas in the
tank to decrease, your driving is the cause.
Keeping that in mind the VIX indicates that fear is falling
and buying is coming back into stocks.
As buying returns the uptrend resumes.
A quick look at the VIX
over the past three plus years clearly shows that the VIX does not maintain a sub 25 level
for more than a few days without falling.
(click image to enlarge)
QQQ, INTC, NVDA and NKE are
four of many charts that are poised to move higher.
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 =...199.13…
QQQ = 105.61…
IWM = 115.70…
Support Levels
SPY = 190.73, 188.37...
QQQ = 100.49, 99.29…
IWM = 111.60, 109.42...
The SPX Market Forecast turned up on Tuesday at 29.
__________________
Setups
Horizontal Breakout: LNKD, VSLR, INTC, KLAC, LLTC, NVDA, NKE
Diagonal Breakout: SONC, SWKS,
V, VRSN, KKD, AAPL
Bull Flag: UBNT
At Support: QIHU
Moves
New Highs: TPX,
H Breakout: DAL, NCLH,
P, SCHW, JUNO, MTW, XONE, ADBE, BRCM, MAR, PCLN, TXN, XLNX, ADI, AVGO, CAVM, NXPI,
ON, SNDK, DIS
D Breakout: BX, CRM, ETFC, EXPE, PANW, SCHW, ZION, AMZN, CELG, GILD, GRMN,
TSLA, WYNN
Bounce: AIG, C, CYBR, FSLR, HOG, MBLY, NKE, NTES, SHAK, SINA, SPLK, YOKU,
ANGI, CAR, CREE, DDD, EMC, FEYE, IBM, JNPR, MFRM, SCSS, SPWR, SSYS, SWI, ADSK, GILD,
GOOGL, ILMN, MNST, NTAP, ROST, STX, SWKS, WDC,
Gap Up: IWM, SPY, QQQ,
AXTA, BAC, BBY, CCL, CRM, ETFC, FAS, FIT, MS, RCL, SCHW, STI, SVXY, TSL, W, GIMO,
GLW, TAN, AVGO, CMCSA, EA, LRCX, MSFT, PCLN, WBA
Support Break: YHOO,
______________________
Watch List Stocks
Leading stocks > +2% on Tuesday: FIT, TPX, YOKU, SVXY, SUNE, ETFC,
FAS, SCHW, W, TSL, CRM, SWKS, BX, FSLR, SPLK, NTES, CYRE, SINA, CCL, P, RCL,
BAC, MS, JCP, SHAK,BBY,MBLY, TBT, EXPE, MCLH, STI, QQQ, TASR, DAL, PANW, SPY,
ZION, RPD, IWM, SUM, UA,C SCTY, AIG, JUNO, OCN, XONE, FEYE, SPWR, DDD, CREE,
SSYS, GIMO, CAR, SFUN, TAN KNDI, MTW, ANGI, LC, GLW, MFRM,ATI, SWI, CSIQ, KWEB,
IBM, ESI, AA, EMC,DAVE, KKD, HPQ, VSLR
Lagging stocks < -2.0% included: VXX, BABA, QIHU, LITE, DGLY, TWTR, UPL
97 of 100
NDX stocks closed higher on Tuesday.
Leading NDX 100 stocks included: REGN, NXPI, ADI, XLNX, AVGO, SNDK, SWKS, AMGN,
LLTC, JD
Lagging NDX stocks included: NFLX, YHOO, EBAY
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 17
AVGO, BBBY, BRCM, CHRW, EXPD, LLTC, NTAP, SPLS, SRCL, VRTX,
XLNX, ADI, WDC, LMCA, NXPI, MAR, LRCX
Moving Below 30 DMA = 0
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market
Trend: Up
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