Just two of nine
sectors moved higher on Tuesday…XLU, XLP and XLK were the strongest
sectors while XLE was the weakest sector. Oil futures reversed Monday’s gain and
fell -1.65 to close at 36.33.
Breadth weakened as decliners led advancers 3.09 to 1 on the NYSE and 3.47 to 1 on the NASDAQ.
Tuesday – weakened, decliners led
Monday – strengthened, advancers led
Friday – weakened, advancers led
Thursday - strengthened, advancers led
Wednesday – weakened, advancers led
SPY down 2.19 at 198.40 on 123.9 million shares, 7% below average volume
VIX up 1.32
at 18.67…
TNX down .70
at 18.32…
TLT up
1.42 at 129.98…on 7.1 million shares, 24% below average volume
XLF down .36
at 21.91…on 76.9 million shares, 4% above average volume
AAPL down .84
at 101.03 on 31.5 million shares, 30% below average volume
FB up
.20 at 105.93 on 25.6 million shares, 38% below average volume
Technical Commentary:
DIA -0.59%, QQQ -0.83%, SPY
-1.09%, IWM -2.41%.
Futures
fell overnight after Chinese economic report indicated that exports fell 25% in February. SPY opened 1.27 lower and sold off to 198.39 where buyers stepped
in around 11 am ET. The selloff was on approximately 50% below average volume. Buyers were in control until about 2 pm ET when sellers took over and
pushed SPY back to new lows for the day.
SPY,
DIA, QQQ and IWM are forming bull flag patterns.
DIA
was the strongest of the broad market ETFs on the
strength of buying in MSFT, NKE, MCD,
HD, TRV and AXP.
MSFT bullish engulfing bounce at support in SW trend
NKE piercing line in bull flag pattern
MCD bullish engulfing bounce from support in narrow trading
range, watch for breakout
HD white candle bounce inside pennant pattern, watch for
breakout
TRV bullish engulfing bounce in horizontal flag, watch for
breakout
AXP white candle horizontal breakout of gap resistance, trend
continuaton
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, FOSL, FCX, WMB, ESV, LNC, WRK, AAPL, AVGO, ADBE, AMZN, ATVI, BIDU, CMCSA, EA,
INTC, JD, LRCX, NFLX, PCLN, PYPL, ROST, SBUX, CF, CTB GME, GPRO, GT, TASR, XLB,
XLE, XLF, XLI, XLK, XLY, CAT, DD, DIS, GE, GS, JNJ, JPM, NKE, WDC, C, WFC,
ETFC, MS, SCHW, CYBR, RIG, MU, NXPI, CAVM, QRVO
Bull Flag Bounces include: MNST
Horizontal Breakout Setups include: WMT, CSCO, GLD, HD, KO, MCD, PG, PANW, UNH, XOM,
XLP, XLV, CTXS, GILD, CELG, TRIP, EBAY,
Horizontal Breakouts include: XLU,
______________________
Short-term Movers:
SPX gainers: CHK, MUR, SWN, MRO, RIG, ESV, URBN, APA, RRC, CNX, HPE, COP,
DVN, FCX, NRG, HP, EOG, OKE, URI, NUE, EXC, MOS, FLR, NOV, CNP, HOG, FE, LM,
ZION 6
SPX losers: HRB, KR, RCL, TXT, OXY, AN, MNK, DAL, V, CCL, WYNN, GRMN,
GD, NKE, ZTS, UA, FTI, MS 4
NDX gainers: TSLA, ADSK, VIAB, BBBY, WFM, SIRI, STX 3
NDX losers: SYMC, DLTR, CTRP, ALXN, NCLH, ILMN, LBTYA, TRIP, INCY, ESRX,
XLNX, ADBE, ATVI, BIDU, SBUX 4
YTD:
SPX Leaders: NEM, URBN, KORS, FOSL, CNX, FCX, M, CTL, SE, EXC
(230, -20)
SPX Losers: DVN, WMB, MPC, RCL, ESV, LNC, ADS, CBF, TXT, WRK
NDX Leaders: MAT, FAST, PCAR, ROST, BBBY, HSIC, PYPL, QCOM,
KHC, FISV (31, -5)
NDX Losers: INCY, VRTX, ENDP, REGN,
TRIP, ALXN, MU, WDC, ESRX, ILMN
DJI Leaders: VZ, WMT, MMM, XOM, CAT, PG, UNH, JNJ, KO, IBM
(12, +0)
DJI Losers: GS, BA, AXP, INTC, JPM, PFE, V, DIS, MSFT, 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 the upper zone at 95.
13 of 100
NDX stocks closed higher on Tuesday.
75
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 3
COST, MNST, MSFT
Moving Below 30 DMA = 10
ALXN, BIIB, ESRX, ILMN,
INCY, MU, REGN, SBUX, TRIP, VRTX
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Neutral
No comments:
Post a Comment