Sector Trend Strength:
Up Trend: XLF, XLI, XLB, XLY, XLE, XLK, XLP
Sideways: XLV, XLU, XLRE
Down Trend:
Breadth weakened as decliners led 2,199 to 813
on the NYSE and led 2,054 to 733 on the NASDAQ.
Wednesday
– weakened, decliners led, +0
Tuesday –
strengthened, advancers led, +9
Monday – Christmas Holiday
Observance
Friday – strengthened, advancers led, +7
Thursday – weakened, decliners led, +3
Oil futures were down
.23 to close at 53.66 on Wednesday.
SPY down
1.87 at 224.40 on 64.0 million shares, 23%
below average volume,
VIX up
.96 at 12.95
TLT up
.86 at 118.53…on 7.5 million shares, 27% below average volume
Technical Commentary:
DIA -0.57%, QQQ -0.78%, SPY
-0.83%, IWM -1.02%,
Broad
market SPY, QQQ, IWM and DIA sold
off on below average volume on Wednesday.
NVDA attracted short-seller comments and was the largest loser in the SPX and NDX after its amazing rally since its earnings report in November.
If
traders have been moving stops up to protect
profits as we have encouraged each day in
Chart Signals, many positions may have been stopped out today as many bearish
candles were formed that broke below Tuesday’s lows. Other traders may move stops based on Wednesday’s bearish candle patterns. As
always follow your rules.
Prepare
to be defensive if SPY, QQQ, IWM and DIA break below their short-term
support levels of the past two weeks.
SPX down 19 at 2,249
SPX Losers NVDA, CHK, MNK, FSLR,
MOS, GRMN, PRGO, ALB, APA, IVZ, NOV, MUR, WMB, BBY, AN, OKE, LM, MU, QCOM, ADS,
URI, GT, NTAP, ETFC, SYF, FTR, ALK, RIG, AYI, SCG, R, XRX, CNC
QQQ formed
a bearish engulfing candle pattern on Wednesday following its new all-time closing high on Tuesday. QQQ did stay above old resistance for the eleventh straight day.
NDX point losers: NVDA, AAPL, FB,
QCOM, GOOG, MSFT, INTC, CSCO, GILD, CMCSA, NFLX, WBA, AVGO and TXN
2016 Q4 EPS
EPS Positive Reactions
MU,
CAG, NKE, KMX, CCL, JBL
EPS Negative Reactions
RHT,
BBBY, FINL, AGN, FDX, GIS, ADBE
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.
______________________
Strong Stocks: Setups and Moves You Can Use
Bull Flag Setups include: COST, PAYX, FISV, SQ, TSCO, USB, GS, ALK, CTXS, INTC,
FDX, UPS, CHTR, DISCA, GOOG, MAR, BAC, DAL, LUV, UAL, WDC, MCD, MSFT,
One Day Pullback: NVDA, MU, SPY, IWM, QQQ, DIA, AVGO, ZION, CFG, SCHW, ADP, CMCSA,
SOXL, STI, XLNX, LRCX, AMAT, JPM, C, CMA, ETFC, HBAN, KEY, MS, RF, HIG, CHK,
Bull Flag Bounces include:
At Support Setups include: CE, APA,
BHI, STLD, AAL, CAR, NCLH, CC, ATVI, ATI, PCLN, PCAR, PWR, DAL, FAST, ICE, ADSK,
FAS, MGM,
Support Bounce:
Horizontal Breakout Setups include: LNG, NFLX, AAPL, STX, CHKP,
FTI,
EA,
EBAY, TRV, CSX, NUE, HAL, ADI, KLAC, TMUS, AKS, X, RCL, CCL, GD, BA, UTX, MMM, HES,
Horizontal Breakouts include:
New Highs include: TSLA,
Break of Support: ROST, SBUX, WBA, BBY,
______________________
Trade with the trend of
the chart you are trading and
continue to move your profit protection stops. Continue to follow your rules.
CTAS, HAS, HOLX and KLAC were added
to the NDX on Dec 19. BBBY,
NTAP, SRCL and WFM were removed in the annual changes to the
NASDAQ-100.
The SPY MFC green line is in the upper zone at
89 bullish.
3 of 100
NDX stocks closed higher on Wednesday.
53 NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 14
ADBE, DISCA, FAST, HSIC,
INTU, ISRG, LBTYA, MXIM, NTES, PYPL, QCOM, SIRI, SYMC, ULTA,
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Neutral
No comments:
Post a Comment