IWM, SPY, DIA Bounce...QQQ Lower on MSFT, GOOG, AMZN, FB, GILD...After Hours: AAPL Miss on Falling iPhone Sales...

Six of nine sectors moved higher on Tuesday …XLE, XLI and XLB were the strongest sectors while XLK was the weakest sector.  Oil futures rose 1.67 to close at 44.66, its highest close since Nov 5, 2015.

Breadth strengthened as advancers led 3.37 to 1 on the NYSE and 1.70 to 1 on the NASDAQ.

Tuesday – strengthened, advancers led

Monday – weakened, decliners led

Friday – strengthened, advancers led

Thursday - weakened, decliners led

Wednesday – weakened, advancers led

SPY up .31 at 208.92 on 75.8 million shares, 9% below average volume

VIX down .12 at 13.96

TLT down .58 at 127.25…on 7.8 million shares, 20% above average volume

Technical Commentary:

IWM +0.98%, SPY +0.15%, DIA +0.06%, QQQ -0.49%,

SPY and DIA bounced today, gave a bull flag entry and IWM broke out of a horizontal bull flag also giving an entry signal.  The bounce we alerted you to watch for occurred today. 

The NDX -21.16 lagged the other broad indexes and was led lower by MSFT, GOOG, AMZN, FB, GILD and CELG.

FOMC announcement Wednesday 2 pm ET.

Wall Street continued to react to earnings in a mixed way.  CNX, PXD, CNC, R, PCAR, NXPI, COH, PNR, MHFI and FCX had a positive earnings reaction while WYN, FLIR, MAS, WHR and WAT reacted negatively.

FB reports Wednesday after the close.

After hours Rections:

AAPL -8.25, -7.91% on a lower revenues, EPS and guidance

CMG -20.27, -4.55% on a lower sales
TWTR -2.39, -13.46% on lower revenue and guidance

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:  CTXS, UA, FCX, GM, SLB, CAT, HD, JNJ, MMM, ADBE, AMAT, CTRP, ISRG, NVDA, PCLN, VOD, X, AKS, NUE, STLD, SCHN, SCTY, DFS, RIG,

Bull Flag Bounces include: SPY, DIA, SVXY, XLB, XLI, XLY, FAS, PCAR, AA, AXP, ATVI, MDLZ, TSCO, TSLA, TXN, ULTA, MU,

Horizontal Breakout Setups include: CELG, MXIM, CNX, KORS, SKX,

Horizontal Breakout include: MU, NXPI, QCOM, PXD, R, KMX, COH, PNR, 

______________________

                                                                                                                                    

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 85. 

60 of 100 NDX stocks closed higher and one was unchanged on Tuesday.

63 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 11

ADI, BBBY, CA, CTSH, DLTR, EBAY, INTU, LBTYA, MU, ORLY, XLNX

Moving Below 30 DMA = 0

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Neutral