Sector Trend Strength:
Up Trend: XLF, XLI, XLB, XLY, XLE, XLK, XLP
Sideways: XLV, XLU, XLRE
Down Trend:
Breadth strengthened as advancers led 1,783
to 1,219 on
the NYSE and decliners led 1,409 to
1,363 on the NASDAQ.
Thursday
– strengthened, advancers led on
the NYSE, +5
Wednesday – weakened, decliners led, +0
Tuesday –
strengthened, advancers led, +9
Monday – Christmas Holiday
Observance
Friday – strengthened, advancers led, +7
Oil futures were up
.19 to close at 53.85 on Thursday.
SPY down
.05 at 224.35 on 48.6 million shares, 39%
below average volume,
VIX up
.42 at 13.37
TLT up
.42 at 118.95…on 8.5 million shares, 14% below average volume
Technical Commentary:
IWM +0.09%, SPY -0.02%, DIA -0.05%, QQQ -0.14%,
Broad
market SPY, QQQ, IWM and DIA held
at support with below average volume on Thursday.
NVDA sold off to 102.80 before rallying more than $8
to be the strongest stock in the NDX on Thursday.
Look
for a potential support bounce on Friday or Tuesday in the market and sector
ETFs.
Prepare
to be defensive if SPY, QQQ, IWM and DIA break below their short-term
support levels of the past two weeks.
SPX down .66 at 2,249
SPX gainers NEM, DLR, ETR,
NVDA, LNT, PNW, ER, PCG, WEC, XEL, EIX, ES, AGN, WY, FRT, CHD, EXC, PEG, AEE,
AEP, PLD, KIM, ED, O, NI, NEE, DUK, ABC, EQR, HCP, CNP, PPL, CMS, HRL, CSRA,
RTN, TAP, EW
QQQ
formed a spinning top on Thursday and
is a bull flag setup. QQQ did stay above
old resistance for the twelfth straight
day.
NDX point losers: AMZN, FB, CMCSA,
GILD, TSLA, GOOG, MSFT, REGN and MU
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: QQQ, IWM, DIA, COST, NVDA, MU, AMAT, XLNX, AVGO, NFLX,
MAR, LRCX, ZION, CFG, SCHW, CMCSA, SOXL, STI, JPM, C, PAYX, FISV, SQ, ALK,
CTXS, INTC, TXN, BAC, DAL, LUV, UAL, WDC, MCD, MSFT, DISCA, GOOG, TSCO, USB,
GS, KLAC,
One Day Pullback: TSLA,
Bull Flag Bounces include: CHTR,
At Support Setups include: SPY, CMA,
ETFC, HBAN, KEY, MS, RF, HIG, UPS, CE, BHI, STLD, AAL, CAR, CC, ATVI, ATI,
PCLN, PWR, DAL, FAST, ICE, ADSK, FAS, MGM, STX,
Support Bounce:
Horizontal Breakout Setups include: CHTR, LNG, AAPL, STX, CHKP,
FTI,
EA,
EBAY, TRV, CSX, NUE, HAL, ADI, TMUS, AKS, X, RCL, CCL, GD, BA, UTX, MMM, HES,
Horizontal Breakouts include:
New Highs include: ADP,
Break of Support: APA, NCLH, PCAR, 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
86 bullish.
46 of 100
NDX stocks closed higher on Thursday.
51
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 3
BIDU, HSIC, ULTA
Moving Below 30 DMA = 4
AAL, NXPI, STX, SWKS
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Neutral
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