Sector Trend Strength:
Up Trend: XLF, XLI, XLB, XLY, XLE, XLK, XLP, XLRE, XLV
Sideways: XLU
Down Trend:
Breadth weakened as decliners led 1,659 to 1,352
on the NYSE and led 2,008 to 820 on the NASDAQ.
Tuesday – weakened, decliners led, +5 sectors
Monday – MLK Jr Holiday
Friday – strengthened, advancers led, +6
Thursday – weakened, decliners led, +3
Wednesday – strengthened on the
NYSE, advancers led, +8
Oil futures were up .16 to close at 52.53 on Tuesday.
SPY down .80
at 226.25 on 60.5 million shares, 26%
below average volume,
VIX up
.64 at 11.87
TLT up 1.27
at 122.58…on 7.8 million shares, 20% below average volume
Technical Commentary:
QQQ -0.30%, DIA -0.31%, SPY
-0.35%, IWM -1.36%,
QQQ fell
37 cents from
Friday’s all-time new high close in a bull
flag like one day pullback.
SPY continues is a narrow short-term sideways trading range near
resistance for a potential horizontal
resistance breakout.
DIA and IWM are in a narrow short-term sideways trading
range near support for a potential breakout
of either support or resistance.
Financial
stocks were weak on Tuesday following an earnings beat by MS and an eps miss by CMA.
________________________________________________________________________________
SPX down 7 points at 2,267
SPX gainers NBL, PVH, NRG,
MAT, RL, HBI, DLTR, RAI STZ, KORS, ADM, CHTR, BBY, CVS, CERN, HRL, MCO, KR, PM,
GPS, COTY, WYNN, PCG, CCI, HCA, WMT
QQQ closes up 42 cents at
123.16 a new all-time closing high.
NDX point leaders: AAPL, CHTR, KHC,
ESRX, COST, DLTR, MDLZ, NTES, WBA, CERN and MAT
_________________________________________________________________________________
Earnings this week:
Tuesday – CMA, MS, UNH
Wednesday – C, CSX, FAST, GS, NFLX, NTRS, UAL, USB,
Thursday – ALK, AXP, CHKP, IBM, KEY, SWKS, UNP,
Friday – CFG, GE, RF, SLB,
Earnings Reports
CMA -4.68, -6.72% on a negative earnings reaction on 0.92
vs estimate of 0.94.
MS -1.66, -3.79% on a revenue and earnings beat.
UNH -1.14, -0.70% on a negative earnings reaction.
2016 Q4 EPS
EPS Positive Reactions
WFC, SNX,
MSM, CUDA, GPN, MU, CAG, NKE, KMX, CCL, JBL
EPS Negative Reactions
CMA, MS,
UNH, AYI, CMC, STZ, SCHN, RHT, BBBY, FINL, AGN, FDX, GIS, ADBE
____________________________________________________________________
Trade with the trend of
the chart you are trading and
continue to move your profit protection stops. Continue to follow your rules.
Follow
your rules and look for potential re-entry if you were stopped out of any
profitable trades.
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: XLRE, LNG, WBA, SBUX, HAL, MT, GM, CLF, SQ, MTL, F,
CCL, AKAM, RCL, ADBE, EBAY, XLV, ETFC, TMUS, FCAU, DE, ADP, DAL, NCLH, TXN,
AAL, BA,
One Day Pullback: QQQ, AMZN, CSX, TSLA, SOXL, PCAR, ADSK,
Bull Flag Bounces include: NTES, TLT, COST, AAPL,
At Support Setups include: IWM, DIA,
UTX, PAYX, BAC, WFC, XLNX, ETFC, GS, SCHW, NVDA, STLD, MMM, MSFT, ICE, X, MAR,
MU, TRV, UPS, APA, MGM, PWR, FTI, HBAN, KEY,
Support Bounce: EA, HES, DISCA, BHI, ADI, ATI, STX,
Horizontal Breakout Setups include: NTES, TLT, FSLR, SPY, ROST,
AVGO, GOOG, GD, AMAT, KLAC, CTXS, LRCX, AVGO, EA, INTC, WDC, FAST, LUV, ATVI, HIG,
MCD, PCLN, ADI, NUE
Horizontal Breakouts include: CHTR, BBY,
New Highs include: FISV, VALE, CHKP, FB, ALK, CMCSA, NFLX,
Break of Support: CMA, JPM, PNC, C, FAS, MS, USB, AKS, STI, ZION, CFG, RF,
______________________
The SPY MFC green line is in the upper zone at
89 bullish.
31 of 100
NDX stocks closed higher and two were
unchanged on Tuesday.
74
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 2
ROST, TSCO,
Moving Below 30 DMA = 10
AAL, ADI, CELG, CSCO,
INTU, NVDA, NXPI, QCOM, VRSK, XLNX,
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend:
Neutral
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