All nine sectors moved lower on Thursday …XLU,
XLE and XLI
were the strongest sectors while XLF was the weakest sector. Oil futures fell .20 to close at 37.53.
Breadth weakened as decliners led advancers 3.35 to 1
on the NYSE and 2.71 to 1 on the NASDAQ.
Thursday
- weakened, decliners led
Wednesday – strengthened, advancers led
Tuesday –
weakened, decliners led
Monday – weakened, decliners led
Friday – strengthened, advancers led on NASDAQ
SPY down
2.47 at 203.95 on 113.8 million shares, 16% above average volume
VIX up 2.07 at 16.16…
TLT up 1.62 at 132.85…on
5.9 million shares, 18% below average volume
Technical Commentary:
DIA -0.99%, SPY -1.20%, IWM
-1.35%, QQQ -1.44%.
QQQ and IWM pulled
back after a bounce entry on Wednesday.
Both charts are still in multi-week up trends.
SPY and DIA opened
lower and did not create a bounce
entry.
Both charts are in a
muti-week uptrend, in a bull flag pattern and created a new low day in the pattern today.
Both are still bull flag setups.
The broad market one year trend is sideways and the multi-week trend is near
resistance. Risk can be balanced with bear call spreads above resistance, VXX
short put spreads below support, TLT
positions and bearish trades in
stocks that are already below support in a down trend.
Healthcare
stocks, took a breather on Thursday with XLV
pulling back to Wednesday’s large white candle S1 level where buyers stepped in
and an intraday bounce occurred.
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
See Wednesday’s list
______________________
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 91.
7 of 100
NDX stocks closed higher on Thursday.
70
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 1
ESRX
Moving Below 30 DMA = 16
CA, COST, EA, HSIC, JD,
MAT, MNST, NTAP, ORLY, PAYX, PYPL, ROST, SIRI, TSCO, VIAB, WBA
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
1 comment:
Dave
I hope the Atlantic crossing is smooth, hope your enjoying
the cruise
Mike
Thanks for posting on your vacation
Post a Comment