SPY Volume Jumps as SPY, DIA, IWM, XLB and XLY Hit New All-time Highs...

Sector Trend Strength:

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

Sideways: XLK, XLV, XLRE

Down Trend: XLP, XLU

Breadth strengthened as advancers led 2,310 to 720 on the NYSE and led 1,804 to 988 on the NASDAQ.

Wednesday – strengthened, advancers led, +9

Tuesday – weakened slightly, advancers led, +8

Monday – strengthened, advancers led, +8

Friday – strengthened, advancers led, +7

Thursday – weakened slightly, decliners led, +5

Oil futures were down 1.07 to close at 49.81.

SPY up 2.90 at 224.60 on 110.7 million shares, 18% above average volume

VIX up .43 at 12.22

TLT up 1.02 at 120.40…on 10.3 million shares, 6% below average volume

Technical Commentary:

DIA +1.55%, SPY +1.31%, QQQ +1.27%, IWM +0.97%,

Financials continued its upward momentum on Wednesday as XLRE, XLY, XLK, XLI and XLF were the leading sectors.

IWM, DIA, SPY, XLY and XLB made new all-time closing highs on Wednesday.

SPY broke out of horizontal resistance

XLE is a pennant pattern

MUR is a bull flag pattern

NVDA and CCL are horizontal resistance breakout setups

Steel stocks X, VALE, MT, AKS, NUE, CLF, ATI, SCHN and STLD continued higher in their uptrend.

SPX up 29 points at 2,241

SPX Leaders: WDC, MU, DLPH, UA, BWA, LOW, KSS, MPC, JWN, GT, GPS, FSLR, DFS, PVH, LUV, VLO, CBS, F, AZO, KMX, TSO, VTR, PLD, HPQ, GM, NTRS, WY, BBY, ALK, DAL, PHM, LB, NSC, IR, AN, GIS, EXR, MA, R, WFC, LM, UNP, GPC, JNPR, HON, NKE, HPE, EMR, IP, PSA, MOS, HD, KSU, EQIX, LEN, ALB, HRB, V, MAS, DLR

QQQ is in sideways trend and continued to rise and is near its intermediate-term resistance.   

NDX point gainers: MSFT, AAPL, GOOGL, INTC, KHC, CSCO, AMZN, CHTR, MDLZ, SBUX, TMUS, AVGO, CMCSA, FB, WDC, MU, COST, QCOM, AAL, BIDU, PCAR and PCLN

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

EPS Positive Reactions

BOBE, FIVE, BIG, 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

WDAY, AMBA, SWHC, ULTA, 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: LMT, DLTR, FOSL, MUR, TGT, BURL, WB, FTI,

Bull Flag Bounces include: MU, AAL, NTAP, ADP, FISV, PAYX, SKYW, PWR, SBUX, JD, AAPL, MMM, UTX, CHTR, CMCSA,

Horizontal Breakout Setups include: MU, SKYW, PWR, JD, AAPL, UTX, CMCSA, CCL, SCHN, NFLX, ESRX, ATI, INCY, COST, FCX, TECK, APA, LNG, STX, CTXS, RCL, MCD, JWN, HIG, LRCX, ADI, EXPE, FB, KLAC, TXN,

Horizontal Breakouts include: AAL, DAL, AAP, UAL, LUV, BBY, ICE, BBBY, CHTR, MU, ADP, PAYX, MMM, NCHL, SBUX,

New Highs include: STI, CE, MGM, STLD, NUE, X, CHK, SQ, MAR, XLNX, JPM, BAC, C, GS, HBAN, ZION, CFG, MS, ETFC, USB, CMA, KEY, RF, SCHW, TRV, BHI, HES, CE, CC, HAL, ALK, SAVE, WDC, BA, PCAR, AKS, FDX, UPS, CSX,

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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 91, bullish. 

82 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 10

AAPL, AMZN, BIDU, CA, EBAY, GOOG, MXIM, SWKS, TSLA, VIAB

Moving Below 30 DMA = 2

AMGN, CLEG

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up