Three sectors moved higher on Tuesday…XLV,
XLY and XLK were the
strongest sectors while XLU was the weakest sector.
Breadth weakened as decliners led advancers 1.71 to 1 on
the NYSE and 1.16 to on the NASDAQ.
Tuesday – weakened, decliners led
Monday – strengthened, advancers led
Friday – strengthened, decliners led
Thursday – weakened, decliners led
Wednesday – weakened, decliners led
SPY down .15 at 205.47 on 120.9 million shares
VIX up .68
at 18.84…
TNX down .12 at 22.61…
TLT up .20 at 119.77…on
5.1 million shares
XLF down .05 at 24.16…on
37.3 million shares
AAPL down .48 at 113.69 on 27.6
million shares
FB up 1.09 at 105.13 on 26.7 million
shares
Technical Commentary:
IWM -0.38%, SPY -0.07%, QQQ +0.06%, DIA
+0.08%.
Each of the broad indexes paused
on Tuesday after Monday’s strong rally. Each of the indexes held above the S1 level of Monday’s large white
candle. This is generally a sign of short-term trend continuation. The NDX and DJIA were slightly higher on Tuesday while the SPX and RUT were
slightly lower. The
VIX moved up confirming the lower close in SPX.
(click image to
enlarge)
MSFT, AMZN, GOOG, CTSH, BIIB, GMCR, BIDU and AAPL were
among NDX losers,
while INTC, AMGN, FB, REGN, GILD,
COST, ATVI, VRTX, ALXN, ILMN and MU were NDX leaders.
SYF is replacing GNW in the SPX today and tomorrow after the close ILMN will replace SIAL.
Oil fell 92 cents on
Tuesday leading XLE -1.10% lower as energy stocks CHK, COG, SWN, EQT, RRC, OKE, CNX, and ESV were among today’s laggards.
ARG +29.36% gained following a $10.3 billion buyout from Air Liquide SA.
TJX +3.85% following a
positive earnings report.
NFLX +5.16% broke through
horizontal resistance following Monday’s massive bullish engulfing
pattern. QRVO +5.59% bounced following a
six-day earnings flag.
(click image to
enlarge)
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 MFC green line is pointed down at 64.
Short-term Chart Targets:
SPY =...207.06…
QQQ = 111.69, 113.23…
IWM = 115.34, 116.49…
Support Levels
SPY = 202.21, 201.65, 199.30
QQQ = 109.05
IWM = 113.10
__________________
Setups
Horizontal Breakout: CRM, JBL, UBNT, V, BIDU, COST, JD,
Diagonal Breakout: AIG,
GLW, PANW, PYPL, QRVO, RPD, SONC, TSL, CMCSA,
Bull Flag: QQQ, AMZN, ETFC, JPM, MS, BAC, WFC,
CTXS, EBAY, GRMN, LMCA, MNST, NVDA, BABA, FSLR, LNKD, CMCSA, ESRX, GILD, GOOGL,
SBUX, KWEB
At Support: CSIQ, EXPE, X
Moves
New Highs: VRSN,
H Breakout: MYL,
NFLX,
D Breakout: SINA, CELG, XLNX,
Bull Flag Bounce: NTES, SCHW, ADBE, FB, GILD, ATVI, GLW, STI, SNDK, XLNX
MACD Divergence Bounce:
MBLY, WDC,
Bounce: AMBA, JNPR, LC, NCLH, ULTA, ZION, INTC, MU, QCOM, SNDK, SWKS, TXN,
WBA,
Gap Up: YNDX
______________________
48 of 100
NDX stocks closed higher on Tuesday and one
was unchanged.
46
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on
Wednesday:
Moving Above 30 DMA = 1
CHKP
Moving Below 30 DMA = 5
BIIB, CMCSA, CTXS, DISH, GRMN
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market Trend: Neutral
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