Oil, Energy Sector Stocks Jump as OPEC Agrees to Production Cuts...Financial, Steel Stocks Rise as Broad Market Pulls Back...

Sector Trend Strength:

Up Trend: XLF, XLI, XLB, XLY, XLE

Sideways: XLK, XLV

Down Trend: XLP, XLU, XLRE

Breadth weakened as decliners led 1,838 to 1,192 on the NYSE and led 1,783 to 984 on the NASDAQ.

Wednesday – weakened, decliners led, +4

Tuesday – strengthened, decliners led, +9

Monday – weakened, decliners led, +4

Friday – strengthened, advancers led, +9

Thursday – Thanksgiving Holiday

Oil futures were up 3.75 to close at 48.98.

SPY down .53 at 220.38 on 113.2 million shares, 22% above average volume

VIX up .43 at 13.33

TLT down 1.98 at 120.24…on 21.1 million shares, 112% above average volume

Technical Commentary:

DIA +0.11%, SPY -0.24%, IWM -0.49%, QQQ -1.21%,

DIA finished higher on Tuesday as oil soared on news of an OPEC production agreement.  Energy, material, financial and industrial sectors gained on Wednesday and XLK, XLP, XLU, XLRE, XLV and XLY fell.  

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

SPX down 5.8 points at 2,198.

Energy stocks were 21 of the top 22 SPX on Wednesday.

SPX Leaders: MRO, RIG, NFX, MUR, APC, DVN, HES, CXO, HP, XEC, HAL, EOG, NBL, PXD, CHK, COP, APA, NOV, LYB, BHI, WMB, OXY

QQQ is in sideways trend and bounced down from intermediate-term resistance today.    

NDX point losers: MSFT, AMZN, FB, AAPL, GOOGL, INTC, CELG, MDLZ, KHC, BIIB, AVGO, AMGN, CMCSA, GILD, CHTR and ATVI

Follow your rules and look for potential re-entry if you were stopped out of any profitable trades.

Continue to move up stops on short term bullish trades that could pull back.  All according to your profit protection rules.  If you moved stops you may have been stopped out today.

Remember breakouts typically test about 70% of the time.

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.

2016 Q3 EPS, > Nov 11

EPS Positive Reactions

THO, CTRP, 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,

EPS Negative Reactions

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

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: FCX, MGM, HBAN, BBY, NTAP, DLTR, WFM, RCL, MXIM, DISCA, ADP, JWN, TGT, HAS, NCLH, AXP, TCK, MU, STLD, NUE, AKS,

SCHN, BURL, FISV, SWN, FOSL, RRC, CCL, MCD, TXN, KLAC, TRV, DAL, LUV, AAP, FOXA, UAL, WB, ULTA, SINA,

Bull Flag Bounces include: HAL, MUR, CHK, BHI, HES, APA, LNG, CE, FTI, SQ, PCAR, X, C, BAC,

Horizontal Breakout Setups include: LNG, STX, JPM, JD, XLNX, ICE, ADI, AKAM, LMT, AAPL, TSLA, MMM, UTX, ESRX, BBBY, STI, HIG, ATI, CHTR, INCY, CTXS, COST, EXPE, PCLN, NFLX, FB, GOOGL, SQ, PCAR, C,

Horizontal Breakouts include: CHK, BHI, HES, APA, CSX, PWR, SAVE, BAC,

New Highs include: HAL, MUR, CE, ZION, CC, GS, CMA, CFG, MS, ETFC, USB, RF, SCHW, CSX, WDC, UNH, MCHP, FDX, PAYX, MAR, TMUS, CMCSA, SBUX, AAL, ADP, ALK, LRCX, UPS, SKYW, BA,

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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 in the upper zone at 94, bullish. 

19 of 100 NDX stocks closed higher on Wednesday.

54 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3

CHKP, QCOM, VIAB

Moving Below 30 DMA = 15

ADSK, ALXN, AVGO, BIBB, BMRN, EA, GILD, INTC, LBTYA, MXIM, REGN, SRCL, VRTX, XRAY, YHOO

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Neutral