One of nine sectors moved higher
on Tuesday…XLV, XLU and XLK were the strongest sectors while XLB was the weakest sector.
Breadth
strengthened as
decliners led advancers 2.02 to 1 on the NYSE and 1.43 to 1 on the NASDAQ.
Tuesday – strengthened, decliners led
Monday
– weakened, decliners led
Friday
– strengthened, advancers led
Thursday
– weakened, decliners led
Wednesday
– weakened, decliners led
SPY down 1.40 at
206.95 on 102.5 million shares, lower than Friday’s up
volume
VIX
up 1.76 at
17.60…below
Thursday’s closing VIX of 18.11
TNX up .13 at 22.38…
TLT up .06 at 121.81…on 7.2 million shares
XLF down .31 at 24.24…on 28.8 million shares
AAPL down
.05 at 118.23 on 34.2 million shares
FB up .88 at 106.49 on 20.3 million
shares
Technical Commentary:
QQQ +0.01%, IWM -0.55%, SPY
-0.67%, DIA -0.88%.
Media sources
cite weak Chinese export data as the reason stocks moved lower on
Tuesday. If they are right those sellers
could be out of the way moving into Wednesday.
QQQ again closes
above Friday’s S1, led by gains in AMZN,
ALXN, FB, BIIB, CELG, ADBE, GILD, REGN, AMGN, COST, ILMN, ATVI and NXPI
SPY closes above
Friday’s S2 but below S1.
Down volume continued
lower on Tuesday compared to Friday’s buying volume on many ETFs and stocks
including SPY, XLF, XLY and AAPL.
Airline
stocks hit turbulence as LUV lowers
revenue forecast: UAL, DAL, AAL, JBLU,
ALK drop
DLTR, LULU,
PBYI, LC, LRCX and EA continue to
rise on a down day.
IWM, XLY and
XLK are
bull flag setups.
Setups for
Wednesday:
Bull Flags – NXPI, BIDU, TSLA, YHOO, FSLR, NKE, AIG,
CSIQ, ETFC, STI
Breakouts – SWKS, AAPL, CRM, JBL, PANW
Diagonal Breakouts – FB, PYPL
30 DMA Breakout – CTXS, PYPL, ADP, BIIB, AMGN, TSCO, REGN, CERN, CELG,
SBAC, WDC, STX
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 down at 55.
Short-term Chart Targets:
SPY =...209.97…
QQQ = 115.47…
IWM = 117.93…
Support Levels
SPY
= 204.75
QQQ
= 111.84
IWM
= 113.36
__________________
Setups
Horizontal Breakout: SONC, SBUX,
W,
Diagonal Breakout: QQQ, SPY,
GRMN, INTC, AMBA, PYPL,
Bull Flag: ADBE, ADSK, AVGO,
BIDU, GOOGL, JD, MNST, NFLX, SWKS, TSLA, YHOO, AIG, BABA, CIEN, CRM, CSIQ, FSLR,
NKE, QRVO, RAX, SCHW, STI, TSL, VRSN, CRUS, GOGO, SEDG, ETFC
C-
Pattern: JNPR,
Moves
New Highs: ATVI, COST, GMCR, LRCX, ROST, NTES, PANW, ULTA, DLTR,
H Breakout: LRCX
Bull Flag Bounce: AMZN, ILMN,
YELP, MFRM
Bounce: LNKD
Gap Down: LUV, AA, CIEN
______________________
51 of 100 NDX stocks closed higher
on Monday.
48 NDX stocks are
above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving
Above 30 DMA
= 2
ADBE, EA,
Moving Below 30 DMA = 7
CHTR, DISCA, EBAY, INTU, LLTC, VOD, WBA,
6-month Intermediate Term Market Trend:
Neutral
3-day Short Term Market Trend: Neutral
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