Happy Thanksgiving...Markets Close at 1 pm ET on Friday...

Six of ten sectors moved higher on Wednesday …XLI, XLF and XLB were the strongest sectors while XLU was the weakest sector.  Oil futures up .04 to close at 47.94.

Breadth weakened as advancers led 1,514 to 1,478 on the NYSE and led 1,610 to 1,118 on the NASDAQ.

Wednesday – weakened, advancers led, +6

Tuesday – steady, advancers led, +8

Monday – strengthened, advancers led, +9

Friday – weakened, advancers led on the NASDAQ, +2

Thursday – strengthened, advancers led, +7

SPY up .12 at 220.70 on 56.6 million shares, 39% below average volume

VIX up .02 at 12.43

TLT down .47 at 120.64…on 13.5 million shares, 38% above average volume

Technical Commentary:

IWM +0.63%, DIA +0.30%, SPY +0.05%, QQQ -0.40%,

Remember Thursday is a holiday…Happy Thanksgiving everyone!  Friday is a half trading day with the NYSE closing at 1 pm ET. 

Steel stocks moved higher on Wednesday led by CLF, AKS, MTL, X, STLD ATI, VALE and NUE.  

Volume was lighter on Wednesday compared to Tuesday in the DJIA, DIA, SPY and IWM.  Volume is generally light on half day of trading on Friday.

RUT, DJIA and SPX along with their respective ETFs IWM, DIA and SPY made new all-time highs on Wednesday.

IWM, DIA and SPY continue to trend above their horizontal resistance breakout level

SPX up 1.7 points at 2,204, its second close above 2,200.

DJIA closes 19,083, its second straight close above 19,000.

SPX Leaders: DE, FCX, JEC, SWN, URI, SIG, WYNN, RRC, CHK, TIF, HPE, MDT, SYF, COG, ENDP, CAT FLR, TDG, PKI, COF, EQT, NAVI, ABT, COL, SCHW, WAT, AGN, EW, ABBV, RIG, EA, PCAR, R, KEY

QQQ in sideways trend nearing intermediate-term resistance and is close to a horizontal resistance breakout setup.

NDX point gainers: GILD, SBUX, AMGN, ESRX, ALXN, BMRN, EA and PCAR

Airline stocks led by ALK, SAVE, JBLU, SKYW and DAL rose on Wednesday.

With Black Friday starting Thursday evening retail stocks SIG, TIF, LB, JWN, ULTA, GPS, FL, M, TGT, BBY and ROST moved higher on Wednesday.

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.

2016 Q3 EPS, Oct - Nov

EPS Positive Reactions

DE, VEEV, GME, BURL, SINA, DLTR, WB, ADI, CPB, HRL, JEC, SIG, MRVL, ROST, INTU, BBY, NTAP, TGT, AAP, JD, NVDA, KSS, M, JWN, RL, DDS, QVCA, JCI, MAR, SYY, FDC, RACE, CTSH, PCLN, MGM, LVS, UBNT, SLCA, SBUX, MCHP, FOSL, MHK, CAR, RIG, DDD, YELP, SHOP, ABC, SQ, HSIC, ZTS, DVN, NBL, ANTM, ADP, EA, VRSK, ADM, HRS, MOS, CHKP, COH, TSO, RCL, HBI, SRCL, HSY, EMN, VRSN, UBS, BIDU, CRUS, EXPE, MO, CVX, FFIV, WDC, COP, DOW, AKAM, JNPR, BA, NCR, OI, FLIR, ROL, TSS, LMT, KEY, FCX, VLO, BHI, SAVE, AKS, TMUS, MCD, PYPL, MSFT, MXIM, AXP, SNA, MAT, BK, STLD, WBA, ALK, URI, HAL, MS, USB, NFLX, HOG, UNH, GS, CE, DPZ, CMA, UAL, HAS, DAL, DRI, CSX, COST, RHT, FDX, ADBE

EPS Negative Reactions

URBN, PDCO, MDT, TSN, CSCO, LOW, HD, TJX,

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: STX, WDC, AMZN, AAPL, NTAP, WFM, XLNX, ICE, RCL, CE, REGN, VRTX, DISCA, ADSK, JD, MUR, DLTR, ADI, NCLH, LMT, HAL, WFC, HSY, MXIM,

Bull Flag Bounces include: AXP, MMM, UTX, JWN, PWR, ESRX, SAVE, MLM, FTI,

Horizontal Breakout Setups include: TGT, BBBY, BA, JPM, UNH, HAS, STI, HIG, TRV, CSX, ATI, FOSL, SWN, SLB, DVN, RRC, SQ, DAL, LUV, SAVE, CHTR, BHI, HES, APA, INCY, CTXS, TSLA, SINA, COST, EXPE, LNG, CHK, ULTA, FTI, PCLN, NFLX, AKAM, CHKP, FB, TSLA, GOOGL, MDLZ,

Horizontal Breakouts include: BBY, MAR, WB, ZION, SWN,

New Highs include: FCX, BURL, PCAR, X, STLD, NUE, AKS, SCHN, AAP, ADP, TCK, FOXA, CCL, SBUX, LRCX, NVDA, FISV, CC, AAL, ALK, LUV, UAL, SKYW, MU, MS, GS, ETFC, SCHW, CMA, USB, C, BAC, MCD, PAYX, MCHP, TMUS,  CFG, HBAN, RF, FDX, UPS, TXN, KLAC, CMCSA,

Horizontal Break of Support Setups include: CSCO, NEM, NTES, CERN

Break of Support: ATVI, NEM, TRIP,

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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 97, bullish. 

45 of 100 NDX stocks closed higher and one was unchanged on Wednesday.

63 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 2

BMRN, GILD

Moving Below 30 DMA = 3

CTSH, LVNTA, MDLZ

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up