Five of nine sectors moved higher
on Tuesday…XLE, XLB and XLV were the strongest sectors while XLF was the weakest sector.
Breadth
strengthened
as advancers led decliners 1.46 to 1 on the NYSE.
Tuesday
– strengthened, advancers led
Monday
– weakened, advancers led
Friday
– strengthened, advancers led
Thursday
– weakened, mixed
Wednesday
– strengthened, advancers led
SPY up .28
at 209.35 on 98.8 million shares
VIX
up .31 at
15.93…
TNX down .31 at 22.43…
TLT down .01 at 120.81…on 3.3 million shares
XLF down .07 at 24.50…on 29.1 million shares
AAPL up
1.13 at 118.88 on
42.8 million shares
FB down 1.21 at 105.74 on 23.5 million
shares
Technical Commentary:
IWM +0.73%, DIA +0.14%, SPY
+0.13%, QQQ -0.09%.
Media sources
reported this early this morning that Turkey shot down a Russian fighter jet after
repeated efforts to get the jet to respond failed. ES futures were down more than 20 points from
their overnight high after the report.
After
opening lower the SPY rallied and
then sold off to its intraday low at 207.41
just before 11 am ET when buyers made support and drove SPY up more than two dollars.
SPY closed at 209.35.
Q3 GDP was
revised upward from 1.5% to 2.1% this morning in line with estimates.
Airline
stocks AAL, DAL, LUV, UAL, JBLU and ALK
were lower as oil prices moved higher after the downing of the Russian jet occurred
in the Middle East.
Technical
Observations: Last week SPY, QQQ and DIA rallied after an eight-day pullback and closed
near short-term resistance. Price action
can either pause before or at resistance pull back and then make a run at a new
high from a higher low or it can break through resistance then pull back and
test the breakout. Based on Monday and Tuesday’s
price action it appears that the broad markets are pausing before making a move
towards a new high. Numerous bull flags and breakout setups are appearing on charts today.
(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 up at
76.
Short-term Chart Targets:
SPY =...210.12…
QQQ = 115.47…
IWM = 117.36, 118.34…
Support Levels
SPY
= 206.28
QQQ
= 111.64
IWM
= 114.52
__________________
Setups
Horizontal Breakout: IWM, ADSK,
AVGO, GRMN, JD, MNST, MSFT, NVDA, SWKS, TXN, XLNX, AIG, CSIQ, JUNO, NKE, SLCA,
Diagonal Breakout: SPY, AAPL,
EBAY, FB, GILD, ORLY, SBUX, TSLA, BABA, FAS, LNKD, SCHW, STI, BAC, C, TPX, ZION,
Bull Flag: QQQ, ADBE, AMZN,
ATVI, BIDU, CMCSA, COST, GOOGL, INTC, LLTC, LRCX, MYL, NFLX, TRIP, CRM, CTRP,
ETFC, NTES, SINA, SOHU, VRSN, YELP, YNKX
Moves
New Highs: JBL, ROST,
H Breakout: ROST, CIEN, HPQ, KWEB
Bull Flag Bounce: GMCR, ILMN,
QRVO,
MACD Divergence Bounce:
Bounce: FSLR, SPWR, TSL,
Gap Up: PANW, AVP, SPN, NBR,
Gap Down: CCL, DAL, RCL
______________________
50 of 100 NDX stocks closed higher
and one was unchanged on Tuesday.
60 NDX stocks are
above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving
Above 30 DMA
= 1
CHTR
Moving Below 30 DMA = 3
EA, MAT, SNDK
6-month Intermediate Term Market Trend:
Neutral
3-day Short Term Market Trend: Up
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