All nine sectors moved higher on Wednesday…XLE,
XLK and XLP were the strongest sectors while XLE was the
weakest sector. Oil futures rallied
1.85 to close at 38.18.
Breadth strengthened as advancers led decliners 2.33 to 1 on the NYSE and 1.48 to 1 on the NASDAQ.
Wednesday
– strengthened, advancers led
Tuesday –
weakened, decliners led
Monday – strengthened, advancers led
Friday – weakened, advancers led
Thursday - strengthened, advancers led
SPY up .98
at 199.38 on 94.8 million shares, 29% below average volume
VIX down .33
at 18.34…
TNX up
.60 at 18.92…
TLT down .79
at 129.19…on 7.1 million shares, 25% below average volume
XLF up .03
at 21.94…on 48.6 million shares, 34% below average volume
AAPL up .09
at 101.12 on 27.2 million shares, 38% below average volume
FB up 1.58
at 107.51 on 20.4 million shares, 50% below average volume
Technical Commentary:
QQQ +0.64%, IWM +0.51%, SPY
+0.49%, DIA +0.24%.
Today,
Wednesday marks the seventh anniversary of the U.S. bull market that began on March 9, 2009. Oil and stocks reversed Tuesday’s selloff and the broad market is forming a bull flag pattern.
SPY, QQQ,
IWM, XLB, XLE, XLF, XLI, XLK and XLY are forming bull flag
patterns.
QQQ
was the strongest of the broad market ETFs on the
strength of buying in MSFT, GOOG, FB,
CSCO, INTC, BIDU and CMCSA.
SPX leaders CHK, DVN,
FCX, CNX, MPC, NBL, WMB, MRO, MOS and
APC are in bull flag patterns.
Trade
what you see, not…
Stocks below support should generally be traded bearishly until a reversal pattern forms.
______________________
Strong Stocks: Setups and Moves You Can Use
Bull Flag Setups include: SPY, QQQ,
IWM, XLB, XLE, XLF, XLI, XLK, XLY, FOSL, FCX, WMB, ESV, LNC, WRK, AAPL, AVGO,
ADBE, AMZN, ATVI, CMCSA, EA, INTC, JD, LRCX, NFLX, PCLN, PYPL, ROST, SBUX, CF, GPRO,
GT, TASR, CAT, DD, DIS, GE, GS, JNJ, JPM, NKE, WDC, C, WFC, ETFC, MS, SCHW,
CYBR, RIG, MU, NXPI, CAVM, QRVO
Bull Flag Bounces include: NFX, TSO, CPGX, MYL, GME, NWL,
BIDU, CTB, GME,
Horizontal Breakout Setups include: XLP, RHT,
WMT,
CSCO, GLD, HD, KO, MCD, PG, PANW, UNH, XOM, XLP, XLV, CTXS, GILD, CELG, TRIP, EBAY,
Horizontal Breakouts include: XLU, SYMC,
______________________
Short-term Movers:
SPX gainers: CHK, URBN, MUR, CNX, MRO, SWN, RIG,HPE, APA, ESV, H, EOG,
TSO, URI, MOS, COP, KMX, MPC, DVN, CVX, FE, CNP, JWN, HOG, EXC, PBI, NFX, DUK,
KSS, SNI, 5
SPX losers: HRB, FTR, KR, RCL, NKE, MS, V, MNK, OXY, UA, SIG, WYNN, GRMN
4
NDX gainers: TSLA, CERN, ADSK, BBBY, VIAB, AVGO, WFM, SIRI, SWKS 3
NDX losers: VRTX, REGN, ALXN, TRIP, BIIB, INCY, NCLH, ULTA, LBTYA, AMGN,
SBAC, SBUX 4
YTD:
SPX Leaders: NEM, KORS, URBN, CNX, FCX, FOSL, M, CTL, TSN,
SE (240, +10)
SPX Losers: ESV, RCL, WMB, MPC, DVN, LNC, ADS, MS, CBG, WRK
NDX Leaders: MAT, FAST, PCAR, PYPL, BBBY, HSIC, DISCK, FISV,
KHC, CA (33, +2)
NDX Losers: INCY, VRTX, ENDP,
REGN, TRIP, ALXN, MU, WDC, ESRX, ILMN
DJI Leaders: VZ, WMT, MMM, CAT, XOM, PG, KO, JNJ, CVX, UNH
(14, +2)
DJI Losers: GS, AXP, BA, JPM, INTC, V, PFE, DIS, NKE, 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 the upper zone at 95.
71 of 100
NDX stocks closed higher on Wednesday.
76 NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
ESRX, FB, ILMN, MU
Moving Below 30 DMA = 3
CELG, SBAC, VOD
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Neutral
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