SPY Moves Near All-time High...FB Breaks Out to All-time High...BIDU, BABA, JD Surge...

Six of nine sectors moved higher on Tuesday …XLE, XLU and XLK were the strongest sectors while XLI was the weakest sector.  Oil futures rose .68 to close at 44.88.  Oil is forming a potential bull flag and a bullish harami on Tuesday.

Breadth weakened as advancers led 1,792 to 1,246 on the NYSE and led 1,541 to 1,347 on the NASDAQ.

Tuesday – weakened, advancers led, +6

Monday – Labor Day Holiday

Friday – strengthened, advancers led, +9

Thursday – strengthened, advancers led on NASDAQ, +4

Wednesday – weakened, decliners led, +3

SPY up .66 at 219.03 on 56.6 million shares, 9% below average volume

VIX up .04 at 12.02

TLT up 1.01 at 139.64…on 8.5 million shares, 36% above average volume

Technical Commentary:

QQQ +0.62%, SPY +0.30%, DIA +0.25%, IWM +0.10%,

SPY bounced to close at 219.03 just below its all-time closing high at 219.09 on August 15.  We are looking for a horizontal breakout above 219.60 with a price target of 223.17.

FB +3.22, +2.55% breaks out of horizontal resistance and makes a new all-time high.

AKS, ATI, X, SCHN and STLD jump on Tuesday.

45 Up Trending Stocks that you might want in your watch list:

ADBE, ADSK, AMAT, CHTR, CSCO, CTRP, EA, FB INTC, MU, NTAP, NTES, NVDA, QCOM, SWKS, SYMC, XLNX, FAS, IWM, UBNT, YELP, AMD, CHK, XEC, GT, MSI, TSN, CTAS, HRS, WMB, CAVM, BURL, WRK, BABA, SINA, JPM, V, BAC, ZION, MS, SCHW, GS, C, FL, HRL

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.

Technical analysis based trades should be closed before earnings. After-hours

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: AMBA, WFC, BAC, C, SWKS, KSS, GPRO, MSFT, HLT, URI, TIF, LB, RL, PCAR, AVGO, URBN,

Bull Flag Bounces include: JD, KMI, HRL, CBL, MU, WDC, VLO,

Horizontal Breakout Setups include: SPY, IWM, QQQ, WMB, NVDA, MPC, PAYX, PCLN, AAL, CBG, KMX, HPE, TWTR, ADSK, ATI, AAPL, ROST, MAT

Horizontal Breakout include: FB, BIDU, BABA, JD, STX, NFLX, YELP, MSI, GT

New Highs include: FB, BIDU, BABA, GT, EA, SYMC, INTC, CHTR, CHK, HRS, GS, WRK, NTAP, AMAT, XLNX, ADBE, TSN, FAS, XLF, ZION, STT, JPM, MS, ETFC, BURL

______________________

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 pointed up at 70, bullish. 

60 of 100 NDX stocks closed higher on Tuesday.

55 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 3

CERN, CTXS, INCY,

Moving Below 30 DMA = 10

ADP, AVGO, DISH, FAST, INTU, LLTC, LMCA, MAT, MXIM, PCAR

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Neutral