SPX Makes Another New All-time Closing High...

Seven of nine sectors moved higher and one was unchanged on Monday …XLK, XLB and XLY were the strongest sectors while XLP was the weakest sector.  Oil futures fell .37 to close at 45.91.

Breadth strengthened as advancers led 1,904 to 1,091 on the NYSE and led 1,390 to 1,190 on the NASDAQ.

Monday – strengthened, advancers led, +7

Friday – weakened, advancers led, +2

Thursday – strengthened, advancers led, +7

Wednesday – weakened, decliners led, +5

Tuesday – strengthened, advancers led, +7

SPY up .58 at 216.40 on 58.7 million shares, 44% below average volume

VIX down .23 at 12.44

TLT down .13 at 138.26…on 5.9 million shares, 35% below average volume

Technical Commentary:

QQQ +0.66%, SPY +0.27%, IWM +0.17%, DIA +0.11%,

All four broad index ETFs made new closing highs on Monday.

DIA new all-time high close

SPY new all-time high close

QQQ new YTD high close

IWM new YTD high close

XLB new 52-week close high

XLE new YTD high close

XLF bull flag

XLI near all-time high bull flag

XLK new 15-year high close

XLP near all-time high bull flag

XLU near all-time high bull flag

XLV near 9-month high bull flag

XLY near all-time high bull flag

It’s time to consider moving up stops on short term bullish trades that could pull back.  All according to your profit protection rules.

Remember breakouts typically test about 70% of the time.

Earnings Reactions

Earning’s Announcements:

Positive Reactions: 

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.

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Strong Stocks: Setups and Moves You Can Use

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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 in the upper zone at 96, bullish.

72 of 100 NDX stocks closed higher on Monday.

89 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

BIDU, CHKP

Moving Below 30 DMA = 1

MNST

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up