All nine sectors moved lower on Monday…XLP,
XLU and XLE were the
strongest sectors while XLB was the weakest sector. Oil fell 88 cents to
close at 30.12.
Breadth was mixed as decliners led advancers 3.96 to 1
on the NYSE and 2.45 to 1 on the NASDAQ.
Monday
– mixed, decliners led
Friday – weakened, decliners led
Thursday- strengthened, advancers led
Wednesday – strengthened, advancers led on the NYSE
Tuesday –
weakened, decliners led
SPY down 2.53 at 185.42 on 180.7 million shares, 20% above average volume
VIX up 2.62 at 26.00…
TNX down 1.13 at 17.35…
TLT up 2.77 at 131.49…on 14.4 million shares, 50% above average volume
XLF down .53 at 20.42…on
107.4 million shares, 70% above average volume
AAPL up .99 at 95.01 on 54 million shares, 1% below average volume
FB down 4.32 at 99.75 on 71.2
million shares, 80% above average volume
Technical Commentary:
DIA -0.98%, SPY -1.35%, QQQ
-1.53%, IWM -1.64%.
SPX, SPY, DIA and QQQ all formed a hammer candle near August support indicating that institutions may be accumulating stock at support for the fourth time since last August. SPY broke the 187.06 support on the open putting traders in a defensive posture.
With the formation of a bullish hammer or other bullish candles, stops should be moved above today's bullish candles to protect profits on bearish trades in the event that a follow through bounce occurs on Tuesday.
The
NDX -63.80 formed
a long tail hammer below last week’s support low, led by point losers FB, AMZN, MSFT, BIIB, CTSH, MDLZ, PCLN,
ADBE, TSLA, NXPI, AVGO, AMGN, ATVI, INTC and ISRG.
Stocks
below support should generally be traded bearishly until a reversal pattern forms.
DIA fell to last week’s support low and formed a hammer candle.
Nine Dow stocks CVX, PG, JNJ, XOM, AAPL, MCD, KO, MMM and CSCO rose on Monday.
XLP
Staples was led by gains in TSN, HRL, HSY, MKC, CLX, COST, PG, CPB and MO.
XLI
Industrials was led by gains in CHRW, KSU, UPS, UNP and GWW.
YTD:
SPX Leaders: NEM, SWN, KORS, RRC, SE, COG, MAT, EXC, EQT, ED,
()
SPX Losers: WMB, CHK, MPC,
ESV, MRO, URI, VRTX, RCL, TRIP, ADS
NDX Leaders: MAT, FAST, CMCSA, PCAR, VIAB, XLNX, DISCK,
FISV (8)
NDX Losers: TSLA, BMRN,
VRTX, NCLH, INCY, TRIP, WDC, ILMN, ADSK, MU
DJI Leaders: VZ, WMT, XOM, PG, MMM,
DJI Losers: AXP, BA, GS, INTC,
CSCO, HD, JPM, DD, V, DIS
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 29.
______________________
13 of 100
NDX stocks closed higher on Monday.
6
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 5
CA, DISCA, FB, PYPL, VIAB
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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