Four of nine sectors moved higher on Tuesday…XLU,
XLP and XLY were the
strongest sectors while XLE was again the weakest sector. Oil fell 55 cents from
Monday’s close of 29.98 to close at 29.43.
Breadth strengthened
as decliners led advancers 2.06 to 1 on
the NYSE and 1.95 to 1 on the NASDAQ.
Tuesday – strengthened, decliners led
Monday – MLK, Jr. Holiday
Friday – weakened, decliners led
Thursday- strengthened, advancers led
Wednesday – weakened, decliners led
SPY up
.25 at 188.0 on 193.3 million shares,
31% above average volume
VIX down
.97 at 26.05…
TNX up .02 at 20.35…
TLT down .39 at 125.36…on
8.9 million shares, -1% below average volume
XLF down .01 at 21.41…on
68.0 million shares, 29% above average volume
AAPL down .47 at 96.66 on 52.9 million shares, 7% above average volume
FB up .29 at 95.26 on 30.8
million shares, 25% above average volume
Technical Commentary:
QQQ +0.22%, DIA +0.21%,
SPY +0.13%, IWM -1.35%.
SPY/SPX
opened higher from overnight futures trading and
began another volatile trading session
of up, down up, down, up, down up before finishing slightly higher on Tuesday.
Since Dec 29 there has been a higher
close five times before today on the SPY. Four failed to close higher for a second day. Jan 12 failed to rise for a third day. Wednesday will represent a test to see if that pattern is broken and if
a multi-day rally begins.
(click image to
enlarge)
SPY finished lower last week for the third straight week for
just the third time in the past 54 weeks. The prior two times, the week of Jan 12 and Mar 9, SPY closed up +1.66% and
+2.68% the week following. If that occurrs this week, SPY would end the week between 190.82 and 192.84. SPY closed Tuesday at 188.06.
Sixteen
Dow stocks moved higher led by UNH, PG, MCD,
NKE, WMT, KO, VZ and CSCO.
The NDX gained +5.99 points with GOOG,
MDLZ, AMZN, CSCO, CTSH, CMCSA, VIAB and EBAY contributing +8.9 points.
NFLX +8.96, +8.29% in after-hours after
reporting adj. eps 7 cents vs. 2 cents estimate.
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
YTD:
SPX Leaders: M, TWX, FLIR, ED, WEC, HAS, BXLT, NEE, XEL,
CPB
SPX Losers: FCX, MRO, ESV,
WMB, APC, CNX, AA, CHK, BWA, QRVO
NDX Leaders: ISRG, VIAB, DISCK, CTSH, DLTR, EA
NDX Losers: INCY, VRTX, BMRN,
MU, WDC, LBTYA, ADSK, SWKS, NCLH, NTAP
DJI Leaders: WMT, MCD, XOM
DJI Losers: DD, JPM,
INTC, CAT, GS, BA, CSCO, UTX, DIS, AXP
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 11.68.
__________________
Setups
Horizontal Breakout: M, EAT, O, CPB, STZ, ABBV, TLT, HAS,
QIHU, FL, SE, PEG, CTSH, NDAQ, T, PRGO, VIAB, XLU
Diagonal Breakout: MSTSI,
FSLR, DPS, NTES, ANTM, CNC, FINL, TERP, KMB
Bull Flag: WMT, TWX, DRI, FIVE, RAI, O, SEDG, FLIR
Potential Bullish
Divergence: EMR, ATVI, CRM, SONC, V, W
Gap Up: NFLX
Bear Flag: SPY, DIA, QQQ, IWM, NKE, BSX, WYNN, LVS, XLF, XLI, XLK,
XLP, XLV, XLY
At Support: KSS, EQIX, ROST, YELP, CELG, BWA, QRVO, AAPL
Moves
New Highs: ED, WEC,
H Breakout: WEC,
D Breakout: MCD, DPS, QIHU, EXR, MO,
Bull Flag Bounce: M, EAT, O, CPB, STZ,
MACD Divergence Bounce:
Bounce: DLTR, CTSH,
Gap Up: DPS, FL, CPB,
Bear Flag: MTSI,
Support Break: CCL, SCTY
______________________
51 of 100
NDX stocks closed higher and one was
unchanged on Tuesday.
3
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 2
CTSH, VIAB
Moving Below 30 DMA = 0
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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