Monday, April 4, 2016

SPY Pauses Pulls Back on Light Volume...

Two of nine sectors moved higher on MondayXLV, XLP and XLK were the strongest sectors while XLB was the weakest sector.  Oil futures fell 1.17 to close at 35.46
                         
Breadth weakened as decliners led advancers 1.36 to 1 on the NYSE and 1.87 to 1 on the NASDAQ.

Monday – weakened, decliners led
Friday – strengthened, advancers led on NASDAQ
Thursday - weakened, advancers led on NYSE
Wednesday – weakened, advancers led
Tuesday – strengthened, advancers led


SPY down .67 at 206.92 on 63.4 million shares, 36% below average volume
VIX up 1.02 at 14.12…


Technical Commentary:
SPY -0.32%, DIA -0.34%, QQQ -0.38%, IWM -0.84%.

Today SPY, DIA, QQQ and IWM pulled back on light volume.

Healthcare stocks VRTX, ALXN, ISRG, BIIB and ILMN were among NDX leaders.


Trade what you see, not…


Stocks below support should generally be traded bearishly until a reversal pattern forms.

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 96. 


25 of 100 NDX stocks closed higher on Monday.

83 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 1
EBAY

Moving Below 30 DMA = 4
CSX, MU, PYPL, WDC

6-month Intermediate Term Market Trend: Neutral
3-day Short Term Market Trend: Neutral

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