QQQ Breaks Out of Horizontal Resistance Surges to New High...SPY, DIA New All-time High...

Sector Trend Strength:

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

Sideways: XLV, XLRE, XLP

Down Trend: XLU

Breadth strengthened as advancers led 1,812 to 1,237 on the NYSE and led 1,591 to 1,243 on the NASDAQ.

Tuesday – strengthened, advancers led, +8

Monday – weakened, decliners led, +5

Friday – weakened, advancers led on NASDAQ, +9

Thursday – weakened, advancers led, +7

Wednesday – strengthened, advancers led, +9

Oil futures were up .02 to close at 52.46 on Tuesday.  

SPY up 1.51 at 227.76 on 110.3 million shares, 6% above average volume

VIX up .08 at 12.72

TLT up .42 at 118.14…on 14.6 million shares, 29% above average volume

Technical Commentary:

QQQ +1.26%, SPY +0.67%, DIA +0.58%, IWM +0.01%,

QQQ, SPY and DIA make a new all-time closing high. 

SPX up 14 points at 2,271

QQQ is a horizontal resistance breakout on Tuesday and trend changes from sideways to up.   

NDX point gainers: AAPL, AMZN, MSFT, FB, INTC, GILD, CMCSA, GOOG, CSCO, AMGN, CHTR, CELG, TXN, QCOM, WBA, KHC and NVDA

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.

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: AKS, X, GD, NFLX, MGM, NCLH, STI, CC, BBBY, BAC, GS, HBAN, ZION, MS, USB, CMA, KEY, RF, PWR, ETFC, AAL, SAVE, DAL, UAL, CHK, BBY, PCAR, MU, C, SCHW, CFG, AAP, DLTR, BURL, FOSL, FTI, BHI, STLD, NUE, SCHN,

Bull Flag Bounces include: WDC, CHTR, TGT,

New Highs include: SPY, DIA, QQQ, FDX, HES, TRV, ADP, XLNX, MAR, HAL, CE, SQ, JPM, PAYX, UPS, LUV, LNG, CSX, ICE, RCL, BA, MMM, COST, ALK, 

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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 98, bullish. 

89 of 100 NDX stocks closed higher on Tuesday.

76 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 10

AMZN, CSCO, FB, GILD, HSIC, MNST, SBAC, SWKS, VOD, XRAY

Moving Below 30 DMA = 1

REGN

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up