All nine sectors moved lower on Wednesday…XLU,
XLP and XLV were the
strongest sectors for the second straight day while XLE was the weakest
sector.
Breadth weakened as decliners led advancers 2.87 to 1
on the NYSE and 2.43 to 1 on the NASDAQ.
Wednesday
– weakened, decliners led
Tuesday –
strengthened, advancers led
Monday – weakened, decliners led
Friday – New Year Holiday
Thursday- weakened, decliners led
SPY down 2.54 at 198.82 on 152.1 million shares, 33% above average volume
VIX up
1.25 at 20.59…
TNX down .71 at 21.77…
TLT up 1.63 at 122.59…on
8.9 million shares, 17% above average volume
XLF down .36 at 23.10…on
62.7 million shares, 50% above average volume
AAPL down 2.01 at 100.70 on 68.4 million shares, 66% above average volume
FB up .24 at 102.97 on 25.0 million shares, 25% above average volume
Technical Commentary:
QQQ -0.96%, SPY -1.26%, DIA
-1.43%, IWM -1.52%,.
A
combination of more slowing Chinese economic data Service PMI at 50.2, geopolitical concerns in North Korea and Brent crude falling
to an 11 year low, stock futures dropped overnight and the SPX/SPY traded sharply lower on Wednesday.
A late selloff at 2 pm ET after recent Fed minutes were released sent the SPX down more than 10 more points breaking multi-week support. A rally in the last hour reversed that drop with the SPX closing back above support.
A late selloff at 2 pm ET after recent Fed minutes were released sent the SPX down more than 10 more points breaking multi-week support. A rally in the last hour reversed that drop with the SPX closing back above support.
NFLX +9.31% on
news that service expanded into 130 more countries.
TWX +4.73% after
positive comments from Albert Fried & Co.
RAI +2.58% forms new subsidiary to develop
vapor and nicotene.
HAS +2.51%, attributed
to positive comments by Kevin O’Leary.
WMT +1.00% was
the only DJIA stock to rise on Wedesday.
REITs EQIX, O, PSA and
GGP continued to rise
on Wednesday.
While
some leading stocks are moving up, traders need to watch current support
carefully and be prepared
to trade to the downside in down trending stocks if support is broken.
Oil fell
$2.08 to
close at 34.06,
an 11 year low, on Wednesday leading energy stocks WMB, SWN, MRO, APA, CNX, MUR, APC, ESV, COG, DO, DVN, NFX, PXD, NOV,
CHK, RRC, HES, XEC, FTI, EQT, NBL, HP, KMI and RIG sharply lower each by more than 5% .
Due
to a reduction in imports oil inventories dropped 5.1 million barrels this week, but gasoline inventories jumped 10.6 million barrels in today’s EIA Petroleum Status report.
Oil continued to fall in after-hours electronic trading.
YTD:
SPX Leaders: FLIR, TWX, FSLR, KSS, SE, DLTR
SPX Losers: AN, APA, AA,
QRVO, ESV, CF, CMG
NDX Leaders: DLTR, CTRP, NFLX, TMUS, ISRG
NDX Losers: EA, NTAP,
LVNTA, WBA, ADI, AMZN, ENDP, PCLN
DJI Leaders: WMT, MCD,
DJI Losers: AXP, GSC,
JPM, DD, DIS, AAPL
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 down at 32.
Short-term Chart Targets:
SPY =...201.90…
QQQ = 110.18…
IWM = 110.83…
Support Levels
SPY = 198.59, 197.60…
QQQ = 108.12, 107.41…
IWM = 108.00
__________________
Setups
Horizontal Breakout: NFLX, DPS, DRI, KMB, KR, MCD, BXLT, FINL,
PLAY,
Diagonal Breakout: RCL,
SUNE, WUBA, YNDX,
Bull Flag: MYL, CAH, CCL, CNC, CSIQ, FSLR, JASO, MPEL,
SCTY, SOHU, SPWR, TERP, FIVE, RUN, SEDG, W,
Potential Bullish
Divergence: AAPL, ADSK, COST, MNST, ORLY,
SBUX, SWKS, CRM, CRUS, ETFC, JBL, QRVO, TPX, YELP, ZION, LNKD, MS
At Support: TPX, YELP, FAS, KWEB, NKE, SKX, SLCA, SONC, STI, V
Moves
H Breakout: DLTR
D Breakout: SINA
MACD Divergence Bounce:
GILD, NFLX, TSL
Gap Up: GLD, TLT
Bear Flag: PANW,
Support Break: IWM, ATVI, INTC, LRCX, NXPI, SWKS, JBL, SCHW, ZION,
GLW,
______________________
18 of 100
NDX stocks closed higher on Wednesday.
17
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 6
KLAC,
LBTYA, MDLZ, MU, NVDA, STX
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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