Just one of nine
sectors moved higher on Wednesday…XLV, XLB and XLK were the strongest sectors while
XLE was again the weakest sector.
Oil fell $1.10 from Tuesday’s close of
29.43 to close at 28.33.
Breadth weakened as decliners led advancers 2.54 to 1 on the NYSE and strengthened as decliners led 1.12 to 1 on the NASDAQ.
Wednesday
– mixed, decliners led
Tuesday –
strengthened, decliners led
Monday – MLK, Jr. Holiday
Friday – weakened, decliners led
Thursday- strengthened, advancers led
SPY down 2.41 at 185.65 on 286.6 million shares, 89% above average volume
VIX up
1.54 at 27.59…
TNX down .51 at 19.84…
TLT up 1.32 at 126.68…on
17.2 million shares, 91% above average volume
XLF down .42 at 20.99…on
87.4 million shares, 59% above average volume
AAPL up .13 at 96.79 on 72.3 million shares, 44% above average volume
FB down .92 at 94.35 on 59.0
million shares, 126% above average volume
Technical Commentary:
IWM +0.42%, QQQ -0.31%, SPY
-1.28%, DIA -1.51%.
SPY/SPX
opened significantly lower from overnight futures trading and sold off aggressively to the August support area. Around mid-day selling exhausted and an
intra-day reversal occurred sending to price to daily highs.
On a daily chart SPY, DIA, QQQ, XLE, XLF, XLI, XLK, XLP
and XLY formed a long-tail hammer on heavy volume. This is often an indication of a capitulation
bottom where buyers take over from sellers.
IWM and XLV were both
positive for the day and formed piercing line candle patterns.
The Healthcare sector XLE was the only positive sector on Wednesday as ENDP, CELG, REGN, AMGN, BMRN, MYL, VRTX
and ALXN gained 2%+ in
the NDX and ABBV, THC gained 2%+ in the SPX.
Notice the basin action in ENDP,
CELG, AMGN, MYL and separately in ABBV
and THC.
The NDX lost -10.79 points with AMGN,
MSFT, CELG, REGN, GILD, AVGO, TXN, ALXN and NXPI creating +10.4 points.
Five
Dow stocks moved higher led by UNH, NKE,
AXP, MSFT and AAPL.
Look at the basing in these SPX gainers: SWN, COG, EQT,
FCX, MCHP, SHW, M.
NFLX’s
+8.96, +8.29% Tuesday after-hours gains, on positive adj. EPS
of 7 cents vs. 2 cents estimate, disappeared by the open Wednesday and sold off
to a low of 97.05
before rebounding in afternoon trading to close down 15 cents at 107.74.
Earnings this week:
Tuesday:
BAC, DAL, MS, SCHW, UNH, VZ, NFLX, LLTC, IBM
Wednesday: GS, XLNX,
FFIV
Thursday:
LUV, TRV,
UAL, UNP, AXP, EFTC, ISRG, MXIM, SBUX, SLB
Friday: GE, KSU, STI
Friday: GE, KSU, STI
YTD:
SPX Leaders: M, FLIR, TWX, EQT, ED, SWN, HAS, WEC, BXLT, CPB
SPX Losers: FCX, WMB, MRO,
APC, ESV, CNX, DVN, AA, BWA, MUR
NDX Leaders: ISRG, DISCK, VIAB, CTSH, DLTR, KHC, EA
NDX Losers: INCY, MU, WDC,
LBTYA, VRTX, BMRN, ADSK, STX, SWKS, NTAP
DJI Leaders: WMT, MCD, UNH
DJI Losers: DD, JPM, CSCO,
BA, GS, INTC, CAT, CVX, HD, DIS, IBM, GE
Remember: “It’s
a market of stocks, not just a stock market.”
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 slightly down at 11.32.
__________________
SSetups
Horizontal Breakout: M, MTSI, FSLR, ANTM, CNC, FL, CPB, STZ,
ABBV, QIHU, PEG, PRGO, VIAB, XLU, CELG, MCD, ED, WEC, GLD,
Diagonal Breakout: EAT, WMT,
RAI, DPS, NTES, TERP, DLTR, CTSH, HAS, SE, MO, NKE
Bull Flag: O, TWX, DRI, FIVE, SEDG, FLIR, STZ,
Potential Bullish
Divergence: EMR, ATVI, CRM, SONC, V,
BSX, CRUS
Bear Flag: SPY, DIA, QQQ, IWM,
At Support: KSS, EQIX, ROST, YELP, BWA, QRVO, AAPL, EXR, CAH
Moves
D Breakout: FINL,
MACD Divergence Bounce:
W, NKE,
Gap Up: TLT, LLTC
Bear Flag: WYNN, LVS, XLF, XLI, XLK, XLP, XLY
______________________
39 of 100
NDX stocks closed higher on Wednesday.
1
NDX stock is above its 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 2
CTSH, VIAB
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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