Up, Down, Up, Down Volatility...SPY Closes 16 Cents Lower...AKAM Higher After EPS...TSLA, EXPE, CSCO Gain After-hours...

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Two of nine sectors moved higher on Wednesday…XLV, XLK and XLU were the strongest sectors while XLB was the weakest sector.  Oil fell $1.02 to close at 27.33.

                         

Breadth strengthened as advancers led decliners 1.13 to 1 on the NYSE and decliners led 1.02 to 1 on the NASDAQ.

Wednesday – strengthened, advancers led on the NYSE

Tuesday – strengthened, decliners led

Monday – mixed, decliners led

Friday – weakened, decliners led

Thursday- strengthened, advancers led

SPY down .16 at 185.27 on 148.2 million shares, 10% below average volume

VIX down .25 at 26.29…

TNX down .24 at 17.05…

TLT up 1.16 at 132.79…on 12.7 million shares, 26% above average volume

XLF down .11 at 20.28…on 65.6 million shares, 4% below average volume

AAPL down .72 at 94.27 on 42.3 million shares, 24% below average volume

FB up 1.46 at 101.00 on 45.1 million shares, 6% above average volume

Technical Commentary:

QQQ +0.38%, IWM +0.05%, SPY -0.09%, DIA -0.53%.

Another volatile trading day with futures up overnight and SPY gapping higher on the open and rising to a weekly high up more than two dollars, followed by a pullback to opening levels, another rally to near highs and a final pullback to finish down 16 cents for the day.

Janet Yellen spoke before Congress today and continues her comments on Thursday.

SPY, QQQ and DIA each made a higher high and higher low on Wednesday.   QQQ closed 37 higher while DIA finished down 85 cents from weakness in DIS, IBM and CAT.

The NDX +18.48 on Wednesday was led by point gains in AMZN, MSFT, FB, PCLN, GOOG, MDLZ, AKAM, AMGN, CELG, ATVI, BIDU, ADBE, GILD and HSIC.

Stocks below support should generally be traded bearishly until a reversal pattern forms.

Ten Dow stocks NKE, V, UNH, PFE, MSFT, MRK, MCD, HD, CVX and GE rose on Wednesday. 

Positive Earning Reactions included: AKAM, SEE, HSIC, GT, CVS, TSLA, EXPE, CSCO

YTD:

SPX Leaders:  NEM, KORS, SWN, SE, TSN, ED, EQT, EXC, COG, MAT (91)

SPX Losers: CHK, WMB, ESV, MRO, MPC URI, TRIP, VRTX, ADS, LM

NDX Leaders:  MAT, FAST, PCAR, FISV, ROST (5)

NDX Losers: TSLA, TRIP, BMRN, VRTX, NCLH, INCY, WDC, REGN, DISH, MU

DJI Leaders:  VZ, WMT, PG, XOM, MMM

DJI Losers: AXP, BA, GS, INTC, CSCO, JPM, DIS, HD, V, DD

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 26. 

67 of 100 NDX stocks closed higher on Wednesday.

9 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

AKAM, HSIC

Moving Below 30 DMA = 1

ROST

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Neutral