Oil Slips Monday Night...Futures Open Lower...Afternoon Rally DIA Positive, QQQ Near Even, SPY Slightly Lower at Tuesday's Close...FOMC Meeting Underway...

Four of nine sectors moved higher on Tuesday…XLK, XLP and XLB were the strongest sectors while XLV was the weakest sector.  Oil futures fell -0.65 to close at 36.72. 

                         

Breadth weakened as decliners led advancers 2.82 to 1 on the NYSE and 3.02 to 1 on the NASDAQ.

Tuesday – weakened, decliners led

Monday – weakened, decliners led

Friday – strengthened, advancers led

Thursday - weakened, decliners led

Wednesday – strengthened, advancers led

SPY down .33 at 202.17 on 93.1 million shares, 25% below average volume

VIX down .08 at 16.84…

TNX down .04 at 19.5963…

TLT up .12 at 127.88…on 6.4 million shares, 30% below average volume

XLF down .01 at 22.41…on 61.4 million shares, 15% below average volume

AAPL up 2.06 at 104.58 on 40.0 million shares, 6% above average volume

FB up .78 at 110.67 on 17.6 million shares, 50% below average volume

Technical Commentary:

DIA +0.13%, QQQ -0.04%, SPY -0.16%, IWM -1.56%.

Futures moved lower Monday night as crude oil fell.  SPY, DIA, QQQ opened lower and rallied in the afternoon to close near even.  IWM was the weakest broad market ETF.  Many horizontal breakout setups and bull flag setups are on the charts on Tuesday.

The DJIA was powered into positive territory by gains in AAPL, WMT, TRV, NKE, MSFT, INTC, HD and V as 19 of 30 stocks moved higher.

NDX point leaders MSFT, AAPL, AMZN, FB, INTC, COST, CMCSA, SBUX, TSLA and PCLN.

NDX percentage gainers SRCL, AAPL, TSLA, EA, SWKS, COST, ADI, MSFT, SBAC, SBUX and FB.

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:  IWM, XLB, XLE, XLV, INTC, WMB, ESV, NFLX, DIS, DD, GE, JPM, RIG, PG, XOM, GME, CLF, FOSL, GPRO, TASR, CAVM, FCX, CAT, MYL, TSO,

Bull Flag Bounces include: QRVO, SBUX, CMCSA, RRC,

Horizontal Breakout Setups include: XLF, XLI, FB, EA, SWKS, ATVI, WMT, LNC, WRK, COST, ADI, AMZN, TRIP, EQT, COG, MRO, UDR, GILD, PYPL, ROST, STX, C, WFC, SCHW, ETFC, NKE, GT, BIDU,

Horizontal Breakouts include: QQQ, AAPL, MSFT, NXPI

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YTD:

SPX Leaders:  NEM, CNX, KORS, URBN, FCX, RRC, FOSL, COG, TSN, CTL (260, -4, > 10p 80)

SPX Losers: WMB, MPC, ESV, RCL, DVN, ADS, CBG, LNC, MNK, MCK

NDX Leaders:  MAT, FAST, PCAR, PYPL, FISV, ROST, ISRG, ORLY, KHC, AMAT (39, -4)

NDX Losers:  ENDP, INCY, VRTX, REGN, ALXN, WDC, MU, ILMN, TRIP, ESRX

DJI Leaders:  VZ, WMT, MMM, CAT, XOM, UNH, KO, JNJ, CVX, MCD (15, 0)

DJI Losers: GS, AXP, BA, JPM, PFE, INTC, V, DIS, DD, 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 pointed up at 94. 

37 of 100 NDX stocks closed higher on Tuesday.

86 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 3

ILMN, MU, MYL

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up