Three of nine sectors
moved higher on Tuesday…XLE, XLB, XLK
were the strongest sectors while XLV was again the weakest sector.
Breadth weakened as advancers led decliners 1.24 to 1
on the NYSE and decliners led advancers 1.26 to 1
on the NASDAQ.
Tuesday – weakened, mixed
Monday – strengthened, advancers led
Friday – strengthened, advancers led
Thursday – mixed, mixed
Wednesday – strengthened, advancers
led
SPY down .68 at 197.79 on 110.2 million shares, below average volume
VIX down .14 at 19.40…
TNX down .21 at 20.35…
TLT up .53 at 123.40…on
5.6 million shares, below average volume
XLF down .11 at 23.07…on
29.8 million shares, below average volume
AAPL up .53 at 111.31 on 48.8
million shares, below average volume
FB down 1.21 at 92.80 on 22.4 million
shares, below average volume
Technical Commentary:
DIA +0.07%, SPY -0.34%, QQQ -0.47%, IWM
-0.69%.
SPY and QQQ paused after
a four-day rally. Both formed a bearish
harami near short-term resistance a potential signal that some short-term traders use to move their stops on
bullish trades.
VIX closed slightly lower
for its lowest close since Aug 20, but VIX is still above its
intraday low on Sep 19.
Fifty-eight NDX stocks are above their
30 DMA on Tuesday.
WYNN and LVS moved higher for the
third straight day as both stocks closed above their 30 DMA. That is the first day above the 30 DMA for
both stocks since Aug 10. MGM
closed higher for the fifth straight day.
DD +7.66% gapped higher following the announcement
that CEO will retire. Reminiscent of MSFT
and MCD.
Earnings season starts on Thursday, October 8, when AA reports
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 =...197.68, 199.99…
QQQ = 105.61, 106.93…
IWM = 113.92…
Support Levels
SPY = 190.56, 189.12...
QQQ = 102.27, 101.34…
IWM = 106.99...
The SPX Market Forecast is pointed up at 46.
__________________
Setups
Horizontal Breakout: IWM, JCP, MBLY, MS, QIHU, RUN, SHOP, TASR,
V,
Diagonal Breakout: QQQ, SPY,
AIG, BAC, BBY, C, CTRP, CYBR, DAL, ETFC, FAS, FIT, PANW, SCTY, SEDG, SOHU, STI,
SUM, SUNE, SVXY, TPX, UA, ULTA, ZION, SWI, VSLR,
Bull Flag: CRM, CRUS, NKE, NTES, TLT, VRSN, HP, IBM, SFUN
Bear Flag: AMBA
Moves
New Highs: P, AA,
H Breakout: SINA, W, JUNO,
LC,
D Breakout: FSLR
Bounce: GME, LVS, TSL,
Gap Up: GLD
______________________
Watch List Stocks
Leading stocks > +2% on Tuesday: FSLR, RUN, W, TASR, TSL, AMBA, LVS,
GME
Lagging stocks < -2.0% included:
FIT, ETSY, DAL, SUNE, JBLU, NCLH, RCL,
ETFC, SUM, CYBR, SCHW, PYPL, CCL, NTES, VRSN, PLAY
41 of 100
NDX stocks closed higher on Tuesday.
Leading NDX 100 stocks included: WYNN, MU, STX, SNDK, VIAB, SYMC, INTC, KLAC,
CSCO, NTAP, NVDA
Lagging NDX stocks included: ILMN, BMRN, AAL, VRTX, WBA, DLTR, CELG, JD,
BIIB, AVGO
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 3
DISCA, WYNN, YHOO
Moving Below 30 DMA = 4
CERN, EA, ROST, WBA
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market
Trend: Up
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