Sector Trend Strength:
Up Trend: XLF, XLI, XLB, XLY, XLE, XLK
Sideways: XLV, XLRE, XLP
Down Trend: XLU
Breadth weakened as decliners led 2,430 to 608
on the NYSE and led 2,080 to 727 on the NASDAQ.
Wednesday
– weakened, decliners led, +0
Tuesday –
strengthened, advancers led, +8
Monday – weakened, decliners led, +5
Friday – weakened, advancers led on NASDAQ, +9
Thursday – weakened, advancers led, +7
Oil futures were down 1.69 to close at 50.77 on Wednesday.
SPY down
1.88 at 225.88 on 142.5 million shares, 50%
above average volume
VIX up .47 at 13.19
TLT down
1.32 at 116.82…on 16.6 million shares, 42% above average volume
Technical Commentary:
QQQ -0.21%, DIA -0.55%, SPY
-0.83%, IWM -1.25%,
The
Fed raised rates as expected and indicated it plans to raise rates three times
in 2017. Stocks sold off following the announcement. The SPX was down less than 1% for the
day. This expected rate hike and the three
indicated for 2017 is a sign that the Fed is expecting the economy to stay
strong in the face of rising rates.
Wednesday’s pullback which is price
fluctuation and is more
likely a buying opportunity than a reversal. As always follow your rules.
SPX down 18 points at 2,253
QQQ
is tested its horizontal resistance breakout on
Tuesday.
NDX point gainers: NVDA, CHTR, GILD
and FOXA
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: X, STLD, NUE, SCHN, ATI, GD, MGM, CC, BAC, C, CFG, CMA,
ETFC, GS, HBAN, HIG, ICE, KEY, MS, RF, SCHW, USB, ZION, PWR, BA, ALK, DAL, LUV,
SAVE, SKYW, UAL, APA, BHI, CHK, HAL, BBY, CCL, FTI, JWN, AAP, BURL, AAL, ADI, ADSK,
AMAT, AVGO, BBBY, CHKP, CSX, DISCA, EBAY, FAST, LRCX, MU, NCLH, NFLX, PCAR,
PCLN, TMUS, WDC, IWM,
One Day Pullback: SPY, DIA, QQQ, FDX, HES, TRV ADBE, ADP, COST, INTC, MSFT, MYL,
QCOM, SBUX, STX, WBA, UTX,
Bull Flag Bounces include: DISH, AKS, STI,
Horizontal Breakout Setups include: EA, JD, NVDA, TSLA, FB,
CTXS, NTAP, FISV,
Horizontal Breakouts include: CHTR, GILD,
New Highs include: AAPL, MCD, XLNX, MAR, CE, SQ, JPM, PAYX, UPS, LNG, RCL,
MMM, COST, SBUX
______________________
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
95, bullish.
27 of 100
NDX stocks closed higher and four were
unchanged on Wednesday.
73
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 2
AKAM, FOXA,
Moving Below 30 DMA = 5
HSIC, MNST, SWKS, VOD,
VRSK,
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Neutral
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