Setups to Watch for Thursday
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Technical Commentary
All
four indexes and their respective ETFs made a
lower low on Wednesday and then rallied each forming a bullish candle. Our Tuesday observation, “…suggesting the bottom was not likely today. Look for at least another day of short-term
downside” turned out to be accurate. Look for a potential bounce on
Thursday.
The intermediate and long-term
trends are still up.
QQQ +0.68%, SPY +0.24%, DIA
+0.03%, IWM +0.02%,
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Up Trend: XLK, XLP, XLU, XLV
Sideways: XLB, XLF, XLRE, XLI, XLY,
Down Trend: XLE
Breadth weakened as decliners led 1,602
to 1,423 on the NYSE and led 1,630 to 1,216 on the NASDAQ.
Wednesday
– strengthened, advancers led on
the NYSE, +7 sectors
Tuesday –
weakened, decliners led, +1
Monday – weakened, decliners led, +4
Friday – strengthened, advancers led, +6
Thursday – weakened, advancers led, +3
SPY up
.55 at 234.28 on 97.5 million shares, 24%
above average volume,
VIX up .34
at 12.81
TLT up
.48 at 120.62…on 11.6 million shares 31% above average volume
Oil futures were up .01 to close at 48.16 on Wednesday.
The SPY MFC green
line is pointed down at 72,
be defensive until SPY
moves above short-term support/resistance at 234.72.
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Down
SPX and NDX Highlights
SPX up 4 points at
2,348.
SPX gainers MAR, VTR,
FMC, ILMN, UAL, XYL, WDC, FCX, COO, SYMC, BBY, CMG, FDX, MU, NVDA, AMD, WRK,
IDXX, CSX, GLW, RCL, MLM, CNC, MCHP, HCP, CTSH, BWA, QRVO, RHT, KEY
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QQQ closes up .88 at 130.69.
NDX point gainers: AAPL, MSFT, FB, AMZN,
INTC, NVDA, MAR, CSCO, TXN, CSX, TMUS, TSLA, PYPL and AVGO
82 of 100 NDX stocks closed
higher on Wednesday.
56
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 6
AKAM, AMZN, ILMN, JD,
MSFT, VRTX
Moving Below 30 DMA = 0
_______________________________
Strong Stocks: Setups
and Moves You Can Use
Bull Flag Setups include: ADBE, AMAT, ATVI, AVGO, CTRP, EA, EXPE, FB,
FISV, HAS, HOLX, KLAC, LRCX, MXIM, NFLX, NTES, NVDA, NXPI, PAYX, PCLN, SWKS, SYMC,
TSLA, TXN, ULTA, YHOO, HD, JNJ, UNH, CLX, FLEX, DIS, MMM, SOXL, UTX, BABA, WIX,
LVS,
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Bull Flag Bounces include: MNST, (1)
One Day Pullback: NRG,
MACD Histogram Bullish Divergence: X, STX, BA, IBM, PANW,
Horizontal Breakout Setups include: PYPL, MCD, AMD, EBAY, INTC, GDXJ, XLU,
TLT,
Horizontal Breakouts include: RCL,
New Highs include: MAR, CCL, WYNN,
At Support Setups include: ADI, ADP,
AMZN, WDC, GLW, CMCSA, V, ALK, LNG, ROST, IWM, NUE, AA, LUV, AAL, DAL, UAL, CF,
RF, CSX, AMBA
Support Bounce:
Break of Support: GS, ZION, STI,
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Earnings
This week:
Monday –
Tuesday – GIS, LEN, FDX, NKE
Wednesday – CTAS,
Thursday – ACN, PVH, CAG, MU
Friday –
Earnings Reports
Positive earnings reactions
FDX +4.08, +2.13%
Negative earnings reactions
NKE -4.09, -7.05%
After-hours
reports
CTAS
2016 Q4 EPS (since
Mar 7)
EPS Positive Reactions
FDX, TIF,
ADBE, ORCL, ULTA, SIG, HRB
EPS Negative Reactions
NKE, LEN, GIS, URBN,
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