SPX Moves Higher...Energy Leads Rally...TSLA Gaps Up After the Close...Breakout Setups Abound

Seven of nine sectors moved higher on Tuesday…XLE, XLK and XLB were the strongest sectors while XLP was the weakest sector. 

Breadth weakened as advancers led decliners 1.40 to 1 on the NYSE and 1.49 to 1 on the NASDAQ.

Tuesday – weakened, advancers led

Monday – strengthened, advancers led

Friday – mixed, mixed

Thursday – weakened, decliners led

Wednesday – strengthened, advancers led

SPY up .61 at 211.00 on 95.2 million shares

VIX up .39 at 14.54…

TNX up .33 at 22.20…

TLT down 1.00 at 120.95…on 8.9 million shares

XLF up .04 at 24.45…on 34.5 million shares

AAPL up 1.39 at 122.57 on 45.5 million shares

FB down .73 at 102.58 on 21.2 million shares

Technical Commentary:

DIA +0.53%, IWM +0.52%, QQQ +0.35%, SPY +0.29%,

The SPX +5.74 and SPY +0.61 on Tuesday inched closer to their all-time highs achieved earlier this year. 

AIG -4.36%, NCLH -5.03% gapped lower on this morning on a negative earnings reaction.

FB reports after the close on Wednesday.

AMBA +9.88% jumped as media attention indicated that AMBA is trading at just 15 times next year’s earnings.

TSLA +18.65, +8.95% gapped in after-hours trading on a positive EPS reaction.

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

The SPX Market Forecast is at 97.

Short-term Chart Targets:

SPY =...209.59, 211.05…

QQQ = 114.11, 118.17…

IWM = 117.14, 118.55…

Support Levels

SPY = 205.79

QQQ = 112.27

IWM = 113.10

Earnings this Week:

Monday – AIG, ZU

Tuesday – ATVI, AFSI, ADM, CBS, CHK, DVA, DISCA, EXPD, HLF, K, MBLY, NCLH, PZZA, PAYC, TASR, X, VMC

Wednesday – FB, CTSH, DDD, CDW, EPAM, ETSY, FEYE, HABT, LMCA, LVNTA, MRO, MSI, SHOP, SUNE,

Thursday – MNST, NVDA, TRIP, ACAD, APA, CYBR, DWA, GLOB, LBTYA

Friday – CI, HUM, VIP

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Setups

Horizontal Breakout: IWM, SPY, TBT, AMBA, ESRX, BABA, BAC, BX, CIEN, CRM, CTRP, DAL, ETFC, FAS, JBLU, LC, MS, SCHW, STI, SVXY, TPX, UA, W, AKAM, GMCR, GOOGL, ILMN, JD, MYL, NTAP, QCOM, ROST, STX, WYNN

                   (click image to enlarge)

Bull Flag: EXPE, RCL, SONC, ZION, AVGO, CMCSA, EA, GILD, INTC, MAR, SBUX, SNDK, XLNX, YHOO

Gap Up: PAYC,

Gap Down: X, HLF 

C- Pattern: PANW, PLAY, UA,

Moves

New Highs: QQQ, SPY, FSLR, JBL, JNPR, LNKD, PYPL, ADBE, ADSK, EBAY,

H Breakout: CSIQ, HPQ, JUNO, LVS, MPEL, EBAY, MU

Bull Flag Bounce: MSFT, BAC, C, TSL, V,

MACD Divergence Bounce: STX

Gap Up: SINA,

Gap Down: AIG, CCL, NCLH, TASR

Support Break: TLT

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54 of 100 NDX stocks closed higher on Tuesday and two were unchanged.

85 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

GMCR

Moving Below 30 DMA = 2

CHRW, PCAR

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up