IWM, QQQ Lead Broad Market as IBM Earnings Reaction Weighs on DJIA…

·        * SPX and SPY pulled back slightly and stayed above support on Wednesday on below average volume. 

·        * Four sectors were positive. 

·        * VIX moved higher.

·        * IBM -4.92% after earnings leads DJIA and SPX lower.

·        * Trend and support continue to indicate that a rally support bounce is more likely that a break of support.

Up: IWM, QQQ

Down: SPY, DIA

Uptrend sectors:  XLP, XLRE, XLU, XLY, XLV,

Look for a potential bounce in stronger stocks like: QQQ, STX, MU, AAPL, WDC, MSFT, MAR,

Bounces included: SWKS, ATVI, ADBE, TSLA, AAL,

Potential Breakouts include: FB, SBUX, ADBE, ATVI, AAL, AMAT, ADSK, BABA, AMZN,

                  (click image to enlarge)

Breakouts: JD,

Earnings this week:

Monday:  JBHT, NFLX,

Tuesday: BAC, CMA, GS, IBM, JNJ, LRCX, UAL, RF, UNH, YHOO

Wednesday: MS, HBAN, USB, QCOM, EBAY, AXP

Thursday: CSX, MAT, MXIM, PM, SHW, URI, KEY, TRV, ETFC, V

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Neutral

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