NDX Another New All-time Closing High...DJIA New Intra-day High...WB, ADSK, AAPL, MS and more Breakout to New Highs...

Setups to Watch for Wednesday

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Technical Commentary

The NDX made another new all-time closing high on Tuesday while the DJIA made a new intra-day high and closed just 10 points below its all-time closing high at 20,100 on January 26. 

Up Trend: XLI, XLB, XLY, XLK, XLP

Sideways: XLU, XLF. XLRE, XLV

Down Trend: XLE

Breadth strengthened as decliners led 1,617 to 1,375 on the NYSE and led 1,645 to 1,174 on the NASDAQ.

Tuesday – strengthened, decliners led, +5 sectors

Monday – weakened, decliners led, +3

Friday – strengthened, advancers led, +9

Thursday – strengthened, advancers led on the NYSE, +4

Wednesday – weakened, decliners led, +4

QQQ +0.37%, DIA +0.15%, SPY +0.00%, IWM -0.44%,

SPY up 0.01 at 228.94 on 57.9 million shares, 18% below average volume,

VIX down 0.08 at 11.29

TLT up 0.88 at 120.60…on 8.4 million shares, 3% below average volume

Oil futures were down 1.40 to close at 51.70 on Tuesday.  

The SPY MFC green line is pointed up at 83 bullish. 

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

SPX and NDX Highlights

SPX up 1 point at 2,293 still a horizontal breakout setup on Tuesday.

SPX  gainers TDG, CNC, NOV, EMR, CHD, NWL, FLS, ICE, SPGI, TSN, CAH, TSO, NFLX, ADSK, AKAM, SYY, WY, AMG, CTSH, CTXS, STZ, CL, PM, NVDA, BA, DPS

QQQ closes up 46 cents at 126.29, a new all-time closing high.

   

NDX point leaders: AAPL, AMZN, GOOGL, NFLX, NVDA, GILD, TMUS, CMCSA, CSCO, WBA, PCLN, QCOM and CTSH

59 of 100 NDX stocks closed higher and one was unchanged on Tuesday.

74 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 6

CELG, GILD, GOOG, SBAC, SHPG, XRAY

Moving Below 30 DMA = 1

DISH, 

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: XLY, XLB

MU, KLAC, CMCSA, SWKS, COST, WDC, FB, MSFT, ATVI, VIAB, PCAR, TXN,

V, DIS,

CFG, BABA, CCL, DHI, DD, FLEX, CF, ATI, HAL, SQ, HBAN, USB, LNG, NRG

One Day Pullback: AMD, FAST, NTES,

Bull Flag Bounces include: MXIM, TMUS, EBAY, ADI, EA, RCL, (6)

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Horizontal Breakout Setups include: XLP, XLK, DIA, SPY, IWM, FAS, PG, IBM, ICE, NVDA, JD, STX, MAR, PCLN, UTX, ROST, TSLA, CMA, WFC, BAC, GS, JPM, STI, AXP, GLW, X, LRCX, UNH, XLNX, GD, AAL, LUV, DAL, CSX, BA, YHOO, XLI,

Horizontal Breakouts include: WB, ADSK, AAPL, CHKP, AMAT, DE, MS, ADBE, MXIM,

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New Highs include: AAPL, SOXL, SYMC, SHOP, WB, MXIM, CSCO, MCD, CC, AVGO,

At Support Setups include: CAT, INTC, HIG, NUE, XOM, UPS, STLD, AKS, BHI, TLT, MT, CLF, HIG, SCHW, VALE, MGM,

Support Bounce: AMZN, GOOGL, TLT, MMM, ETFC,

Break of Support: CHK, GM, HES,

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Earnings

This week:

Monday – CBOE, DO, FMC, FOXA, HAS, NOV, SALT, SYY, TSO

Tuesday – ADM, AKAM, BWLD, CAH, CHD, CNC, CSRA, DIS, EMR, GILD, ICE, MDLZ, TDG,

Wednesday – ALK, CTSH, ORLY, FISV, GT, JEC, WFM, CTL

Thursday – VIAB, ATVI, NVDA, REGN, CERN, K, PRU, CVS

Friday – CBG, MHK, VTR

Earnings Reports

Positive earnings reactions

TDG +14.94, +6.47%

CNC +3.37, +5.30%

NOV +1.83, +4.89%

EMR +2.68, +4.48%

CHD +1.82, +4.00%

Negative earnings reactions

KORS -4.46, -10.80%

FMC -3.64, -6.00%

GM -1.73, -4.70%

After-hours reports

GILD -3.89, -5.32%

BWLD -7.05, -4.71%

AKAM -2.62, -3.68%

PNRA +5.33, +2.49%

MDLZ

2016 Q4 EPS

EPS Positive Reactions

TDG, CNC, NOV, EMR, CHD, TSO, ICE, CBOE, ADM, CAH, HAS, SALT, FTNT, MTD, V, CLX, R, HSY, IDXX, BSX, EL, NXPI, SYMC, AMD, AAPL, AVY, ARNC, TMO, DHR, COH, NDAQ, ABC, SPG, LLY, AET, HCA, AMG, MXIM, VMW, WYNN, MSFT, KLAC, INTC, GD, ETFC, CMCSA, URI, RCL, LUV, EBAY, WDC, STX, LOGI, ROK, BA, HBAN, ISRG, NSC, ATI, GLW, RMD, DHI, DD, MB, BABA, CA, YHOO, SWKS, KSU, PG, CFG, COL, IBM, CHKP, NFLX, UNP, FAST, WFC, SNX, MSM, CUDA, GPN, MU, CAG, NKE, KMX, CCL, JBL

EPS Negative Reactions

KORS, FMC, GM, FOXA, NWL, DO, SYY, HBI, FEYE, GPRO, SKYW, CMG, AMZN, HIG, PSX, CME, CRUS, RL, R, FB, QRVO, PBI, D, ADP, UAA, UPS, MA, NUE, XOM, JNPR, SBUX, PYPL, GOOGL, JBLU, F, CAT, WHR, FFIV, LVS, CTXS, QCOM, MUR, FCX, STLD, CA, FCX, HES, STT, AKS, VZ, JNJ, LMT, MMM, TRV, HAL, MCD, GE, NTRS, CSX, C, CMA, MS, UNH, AYI, CMC, STZ, SCHN, RHT, BBBY, FINL, AGN, FDX, GIS, ADBE

Technical Trading Observations

Indicators can be helpful, however you should remember that indicators are lagging and secondary to price.  If the price action is up and the indicator is still pointed down, follow the price.  “Price is king” means price is most important.

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.

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