Bull Flags Bounce Galore...Congratulations...SPY, DIA, QQQ, IWM Short-term New High Close...

All nine sectors moved higher on Tuesday …XLK, XLU and XLV were the strongest sectors while XLF was the weakest sector.  Oil futures fell 

                         

Breadth strengthened as advancers led decliners 3.96 to 1 on the NYSE and 2.66 to 1 on the NASDAQ.

Tuesday – strengthened, advancers led

Monday – mixed, advancers led on NYSE

Friday – weakened, advancers led

Thursday - strengthened, advancers led

Wednesday – weakened, decliners led

SPY up 1.88 at 205.12 on 92.6 million shares, 10% below average volume

VIX down 1.42 at 13.82…

TNX down .56 at 18.14…

TLT up 1.36 at 131.07…on 9.3 million shares, 20% above average volume

XLF up .04 at 22.42…on 36.0 million shares, 38% below average volume

AAPL up 2.49 at 107.68 on 31.1 million shares, 8% below average volume

FB up 2.45 at 116.14 on 29.8 million shares, 13% above average volume

Technical Commentary:

IWM +2.78%, QQQ +1.61%, SPY +0.93%, DIA +0.54%.

Today the SPY, DIA, QQQ and IWM each made a new short-term new high close since the Feb 11 lows.  The noise over the past few weeks has been the VIX has an oscillator divergence, the VIX is low, and the market is going to roll over.  Once again people stop looking at what the trend is and start thinking too much.  Too much listening to others and too much thinking one can finally see the future creates both external and internal noise which leads to blind spots and regularly causes traders to miss what is really happening in the market.

In our Thursday/weekend post Chart Signals wrote under the headline “Buyers return…Bull Flags Galore”:

“After five strong weeks of gains SPY, DIA, QQQ and IWM moved slightly lower for the week each forming a bull flag price pattern.  A positive and healthy pause in the trend.  Sector ETFs XLB, XLE, XLF, XLI, XLK, XLP and XLY also formed bull flag price patterns this week.

A bull flag is a short-term trend continuation pattern.  We look for a potential bounce up as early as Monday in the direction of the six week uptrend.”

While many stocks did bounce on Monday, today we saw Bull Flags Bounce Galore.  Chart Signals hopes that you traded the Chart Signals and got paid nicely today. If so, Congratulations!  It pays to trade Chart Signals.

NDX +69.65 on Tuesday was led by point gainers MSFT, AMZN, FB, GOOG, INTC, AAPL, MDLZ, CMCSA, BIDU, COST, PCLH and YHOO. 

NDX percentage leaders: TRIP, LBTYA, MYL, TMUS, LRCX, ATVI, ILMN, ISRG, YHOO, NTAP, NFLX, CTRP, BIDU

The DJIA was led by gains in AAPL, MSFT, V, INTC, KO, UTX, VZ and HD as 24 of 30 stocks moved higher.

Today, Tuesday March 29 after the close HOLX and CNC replaced POM and ESV in the S&P 500.

Trade what you see, not…

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

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include:  XLF, XLE, AMGN, CA, CSCO, CSX, EXPE, FAST, FOXA, GILD, NCLH, ROST, SYMC, WDC, FCX, CNX, AXP, BA, DD, JPM, MCD, MMM, NKE, XOM, AKS, SE,

Bull Flag Bounces include: IWM, QQQ, SPY, DIA, XLK, XLI, XLB, INTC, AAPL, ADBE, ADSK, AMAT, ATVI, AVGO, BIDU, CHTR, CMCSA, COST, CTRP, CTXS, FISV, GOOG, LRCX, NTAP, NXPI, SBUX, SBAC, TXN, CVX, IBM, KORS, WYNN, CAT, MNST, VIAB, TSLA, PCAR, SWKS, WBA,

Horizontal Breakout Setups include: XLP, XLV, EA, X, AKS, BABA, ILMN, LLTC, MSFT, NTAP, WMT, XOM, CLF, TRV, RCL

Horizontal Breakouts include: XLY, XLU, SVXY, AMZN, NFLX, LRCX, YHOO, HD, ISRG, KHC, VZ, KO, JNJ, NUE

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Short-term Movers:

SPX gainers:  SPLS, CSRA, PVH, CAN, UHS, MKC, EXR, EQT, IPG, SHW, SIG, NWL, MNK 4

SPX losers:  CHK, RIG, NBL, WMB, MU, BHI, ESV, MRO, CF, DO, COP, DVN, FLS, HES, FCX, MOS, VRTX, WFC, NKE, UNP, APC, AAL, FOSL, HP, MET, MPC, LNC, MS, PFG, MUR, LUK, C, ZION, OKE, UAL, NAVI, NFX, PRU 4

NDX gainers:  AMZN, NVDA,, FB, ATVI, CTSH, ISRG, MYL, EA, NFLX 3

NDX losers:  MU, STX, NTES, VRTX, AAL, WFM, PYPL, TSLA, DISCA, EXPE, PCLN 3

YTD:

SPX Leaders:  NEM, FCX, URBN, KORS, WYNN, RRC, PVH, EXC, COG, EQT (298, +165 > 10p 126, +24)

SPX Losers: WMB, ESV, MPC, RIG, RCL, ADS, MS, CF, LNC, BAC

NDX Leaders: MAT, FAST, PCAR, FISV, FB, CHTR, ISRG, AMAT, PYPL, YHOO (47, +3)

NDX Losers:  ENDP, VRTX, INCY, REGN, ALXN, MU, BMRN, NTES, TRIP, ESRX

DJI Leaders:  VZ, CAT, WMT, UNH, MMM, IBM, XOM, KO, JNJ, CVX (19, +2)

DJI Losers: GS, AXP, JPM, BA, PFE, DIS, INTC, DD, V, MSFT

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 at 94. 

86 of 100 NDX stocks closed higher on Tuesday.

85 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 9

CERN, ILMN, JD, LBTYA, MAT, MYL, STX, TMUS, TRIP,

Moving Below 30 DMA = 0

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up