Indexes Open Lower Close Higher...IWM, QQQ Gain...SPY, DIA Slightly Lower Close...

Technical Commentary

On Friday U.S. traders discounted the failure of the healthcare bill to vote in the House.  On Monday Asian and European traders drove SP futures lower by more than 20 points.  In the U.S., traders decided those 20 points were a buying opportunity for something that had been discounted on Friday.  The SPX opened at 2,329 and rallied 12 points to close at 2,341.

Friday the N.Y. Fed forecasted U.S. economy growing at 2.96% in Q1 vs. 2.83% estimate and 2.96% growth in Q2 vs. a 2.53% estimate. Improving macro-economic conditions to continue.

Fed’s Evans states two rate increases possible in 2017, 3 rate increases plausible, but 4 unlikely, he said on Friday. 

The intermediate and long-term trends are still up.

IWM +0.19%, QQQ +0.16%, SPY -0.10%, DIA -0.25%,

               (click image to enlarge)

Up Trend: XLK, XLU, XLV

Sideways: XLB, XLF, XLRE, XLI, XLY, XLP,

Down Trend: XLE

Breadth strengthened as advancers led 1,499 to 1,493 on the NYSE and led 1,613 to 1,249 on the NASDAQ.

Monday – strengthened, advancers led, +2 sectors

Friday –weakened, decliners led, +1

Thursday – strengthened, advancers led, +4 Wednesday – strengthened, advancers led on the NYSE, +7

Tuesday – weakened, decliners led, +1

SPY down .24 at 233.62 on 87.4 million shares, 6% above average volume,

VIX down .46 at 12.50

TLT up .55 at 121.43…on 6.8 million shares 17% below average volume

Oil futures were down .29 to close at 47.85 on Monday.

The SPY MFC green line is pointed down at 51, 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 down 2 points at 2,341.

SPX gainers HCA, UHS, BBY, VIAB, FLS, MNK, REGN, NFX, CERN, EQT, WYNN, COH, CNC, TDG, SIG, MCK, FOSL, MUR, SWN, MYL, PRGO, DLTR, KSU, DOW, TSO, NFLX, NEM, PX, CAH 

QQQ closes up .21 at 130.84.

   

NDX percentage gainers: ENDP, VIAB, REGN, TSLA, CERN, MYL, SHPG, DLTR, NFLX, ISRG, FOXA, CELG, MU, PCLN, NCLH, LBTYA, HOLX, ILMN

56 of 100 NDX stocks closed higher and four were unchanged on Monday.

53 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 5

NFLX, NXPI, REGN, VIAB, VRTX

Moving Below 30 DMA = 7

ADSK, AKAM, CHTR, KHC, NTES, PAX, ORLY

_______________________________

Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: AMAT, AVGO, EA, EXPE, FISV, MXIM, NVDA, PAYX, SYMC, TXN, ULTA, HD, JNJ, UNH, CLX, FLEX, MMM, WIX, MNST, NRG, HAS, EBAY, RCL,

Bull Flag Bounces include: FB, NFLX, NTES, NXPI, PCLN, SWKS, DIS, SOXL, LVS, YHOO, (10)

One Day Pullback:

MACD Histogram Bullish Divergence: X, STX, BA, IBM, PANW,

Horizontal Breakout Setups include: ADBE, ATVI, HOLX, KLAC, LRCX, PCLN, DIS, SOXL, LVS, CTRP, YHOO, BABA, PYPL, MCD, AMD, INTC, GDXJ, XLU, TLT, GLW, WDC, ALK, LNG, AAL, UAL,

Horizontal Breakouts include: TSLA,

New Highs include: MAR, CCL, WYNN,

At Support Setups include: ADI, ADP, AMZN, CMCSA, V, ROST, NUE, AA, LUV, CF, RF, CSX, ZION, STI,

Support Bounce: GLW, AMBA, IWM, DAL,

Break of Support: GS, 

_______________________________

Earnings

2016 Q4 EPS (since Mar 7)

EPS Positive Reactions

PVH, CTAS, FDX, TIF, ADBE, ORCL, ULTA, SIG, HRB

EPS Negative Reactions

ACN, NKE, LEN, GIS, URBN,

Add Comments here