Four of nine sectors moved higher on Monday …XLP,
XLU and XLY
were the strongest sectors while XLE was the weakest sector. Oil futures fell .76 to close at 42.99.
Breadth weakened as decliners led 2.02 to 1
on the NYSE and 1.62 to 1 on the NASDAQ.
Monday
– weakened, decliners led
Friday – strengthened, advancers led
Thursday - weakened, decliners led
Wednesday – weakened, advancers led
Tuesday –
weakened, advancers led
SPY down .36
at 208.61 on 66.1 million shares, 21% below average volume
VIX up
.86 at 14.08
TLT down .53
at 127.83…on 5.5 million shares, 14% below average volume
Technical Commentary:
IWM +0.99%, DIA +0.11%, SPY
0.00%, QQQ -1.51%,
SPY
and DIA are in day three of a bull flag price pattern and both formed a hammer
candle pattern on Monday. Watch for a
bounce as soon as Tuesday.
Wall Street continued to react to
earnings in a mixed way. LH had a positive earnings reaction
while XRX reacted negatively.
Technical analysis based trades should be closed before earnings.
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, DIA, CTXS,
TSCO, XLB, XLI, XLY, UA, GM, SLB, DFS, UNP, RIG, ISRG, CTRP, AXP, CAT, HD, JNJ,
MMM, WMT, ADBE, AMZN, ATVI, BIDU, CMCSA, JD, MDLZ, NVDA, PCAR, PCLN, TSLA, TXN,
ULTA, VOD,
Bull Flag Bounces include: ULTA,
Horizontal Breakout Setups include: CSX, ADSK, NBL, SKX, MXIM, QCOM,
WDC
Horizontal Breakout include: DISH
______________________
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 88.
50 of 100
NDX stocks closed higher on Monday.
52
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 2
CHTR, LVNTA
Moving Below 30 DMA = 8
ADI, BBBY, CTSH, DISCA,
DLTR, EBAY, JD, MYL
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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