Three of nine sectors moved higher
on Wednesday…XLB, XLE and XLU were the strongest sectors while XLK was the weakest sector.
Breadth
strengthened as
decliners led advancers 1.52 to 1 on the NYSE and weakened 2.26 to 1 on the NASDAQ.
Wednesday –
mixed, decliners led
Tuesday – strengthened, decliners led
Monday
– weakened, decliners led
Friday
– strengthened, advancers led
Thursday
– weakened, decliners led
Wednesday
– weakened, decliners led
SPY down 1.61 at
205.34 on 162.2 million shares
VIX
up 2.01 at
19.61…
TNX down .30 at 22.08…
TLT down .13 at 121.68…on 8.9 million shares
XLF down .28 at 23.96…on 51.4 million shares
AAPL down
2.61 at 115.62 on 46.3 million shares
FB down 1.89 at 104.60 on 23.5 million
shares
Technical Commentary:
QQQ -1.52%, IWM -1.12%, SPY
-0.78%, DIA -0.44%.
The SPX opened lower
and rallied in the first hour until the
EIA Petroleum Status report at 10:30 am ET.
Weekly oil inventories dropped 3.6 million barrels with increases in
gasoline of 0.8 million barrels and 5.0 million barrels in distillates. Signs of easing demand appeared to be a
selling catalyst with the SPX dropping
over 40 points from its high in the next two hours. The SPX rallied 15 points in
the last two hours of trading and finished at 2047.62 -15.97 for the day.
SPY continues to
consolidate inside a symmetrical triangle while QQQ consolidates in an ascending triangle. The big news of the day
was that DJIA component DD will acquire DOW.
Setups for
Thursday:
Bull Flags – NXPI, BIDU, TSLA, MYL, XLNX, NFLX
(click image to enlarge)
30 DMA Breakout – CTXS, PYPL, ADP, BIIB, AMGN, REGN, CERN, 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 48.
Short-term Chart Targets:
SPY =...209.976…
QQQ = 115.47…
IWM = 117.93…
Support Levels
SPY
= 204.75
QQQ
= 111.84
IWM
= 113.36
__________________
Setups
Horizontal Breakout: BABA, W,
GMCR,
Diagonal Breakout: SFUN, VXX,
Bull Flag: QQQ, AIG, CRM,
CRUS, CSIQ, DAL, ETFC, GOGO, JBLU, KWEB, QRVO, SCHW, VRSN, YELP, ADBE, ADSK,
AMZN, AVGO, GOOGL, JD, MNST, MSFT, NVDA, TSLA, XLNX
At Support: SPY, IWM, C, FAS, MS, NKE,
SVXY, BIDU, EA, EBAY, LLTC
Moves
New Highs: DD, DOW
H Breakout: SONC
Bull Flag Bounce: SEDG, SLCA
Bounce: AA,
Gap Up: MPEL, WYNN, TERP, SUNE
Gap Down: JBL, COST
Support Break: BAC, JNPR, NCLH, STI, TPX,
V,
______________________
11 of 100 NDX stocks closed higher
on Wednesday.
36 NDX stocks are
above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving
Above 30 DMA
= 1
WYNN
Moving Below 30 DMA = 13
AAL, AAPL, ADBE,
CA, COST, EA, ESRX, FB, PAYX, SBUX, SYMC, TXN, XLNX,
6-month Intermediate Term Market Trend:
Neutral
3-day Short Term Market Trend: Down
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