All nine sectors moved higher on Wednesday …XLF, XLV and XLE were the strongest
sectors while XLU was the weakest sector for the second straight day. Oil futures rose 1.43 to close
at 49.54.
Breadth held steady as advancers led 2,621 to 442 on
the NYSE and led 2,060
to 575 on
the NASDAQ.
Wednesday
– strengthened,
advancers
led, +9
Tuesday –
strengthened, advancers led, +9
Monday – strengthened slightly, decliners led, +1
Friday – weakened, decliners led, +1
Thursday – strengthened, advancers led, +9
SPY up 3.46 at 206.66 on 137.3
million shares, 37% above average volume
VIX down 2.11
at 16.64
TLT down
1.07 at 138.39…on 12.9 million shares, 69% above average volume
Technical Commentary:
IWM +2.27%, QQQ +1.77%, SPY +1.70%, DIA
+1.62%,
Stock
futures again gained overnight and SPY +3.46
gapped open and moved up to close at
206.66 just below Friday’s intra-day
high of 206.90. VIX -11.25% continued
to fall on Wednesday confirming the SPX bounce.
SPX had
476 gainers including leaders MNK, UA, HST, FOSL, FL, PRGO, WY, BEN, NWSA, CMG, DAL, SPGI, CNC, WYN,
UAL, C and URI.
Oil
rallied for the second straight day.
Energy stocks among the top 30 SPX gainers: MUR, RIG, HES, COP, KMI, MPC and APC.
Wednesday’s NDX leaders included STX,
NTAP, NTES, BIIB, TRIP, CERN, TSLA, WBA,CHTR, MAT, SBAC, MAR, NFLX, AVGO, AAL,
SBUX, ADSK, WDC, DISH, INTU, LMCA, EXPE and PCLN.
PAYX and MU have earnings on Thursday.
Earning’s Announcements:
Positive Reactions: NKE
Negative Reactions:
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: NEM, SYMC
Bull Flag Bounces include: MU, OKE, RIG, ULTA, MNST, SYK, AES, BCR, RRC
Divergence Bounce:
TXN, ESRX, EA, INCY, DVN, ATVI, FCX, MLM, MUR, AKAM, AMAT, BIDU, BBBY,
BMRN, CELG, EXPE FAST, JD, MSFT, NFLX, QCOM, TRIP
Horizontal Breakout Setups include: NKE, MUR, SWN, GPS, EQT,
COG, AIV, FISV, AVGO, GPS, CVX, AVB, EQR, ESS, GGP, EQIX, SBAC, CMCSA, XEC,
NRG, FB, CERN, CTRP, MNST, TMUS
Horizontal Breakout include: IRM, DLTR, UNH, ROST, SE, NFX,
NI, CNP, CINF, HCN, UDR, SPG, AMT, TSCO, AIV, JNJ, XOM, SPG, INTU
New Highs include: JNJ, DLR, AIV, FRT, KIM, MAC, CCI, AWK, O, EIX,
VTR, DG, CMS, WEC, NEE, PNW, SPG, SE, NFX, CNP, CINF, AMT
______________________
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 SPY MFC green line is flat at 42, defensive, prepare to turn bullish.
96 of 100
NDX stocks closed higher on Wednesday.
38
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 19
AKAM, AMAT, AMZN, AVGO, CHTR, DISH,
ESRX, FISV, HSIC, INTC, INTU, ISRG, NVDA, SBUX, STX, TXN, VRSK, WBA, WDC
Moving Below 30 DMA = 1
ENDP
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Up