Setups to Watch for Tuesday
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Technical Commentary
Light volume on Monday as many traders took time off or traded lighter
positions headed into the Good Friday Easter three-day weekend. Broad indexes inched higher.
VIX moved higher as big money traders hedged causing implied volatility to rise on SPX options even as the indexes inched higher.
Potential concerns would be geopolitical issues like Syria or North Korea and the three-day weekend.
VIX moved higher as big money traders hedged causing implied volatility to rise on SPX options even as the indexes inched higher.
Potential concerns would be geopolitical issues like Syria or North Korea and the three-day weekend.
Earnings start this week with JPM, WFC and C on the 13th.
The
intermediate and long-term trends are still up.
IWM +0.22%, SPY +0.06%, QQQ
+0.04%, DIA +0.00%,
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QQQ was slightly positive on Monday with weakness in CMCSA, NVDA, MSFT, INTC, MU, AAPL, REGN,
INCY and ATVI contributing the
largest NDX point declines.
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Up Trend: XLY, XLK, XLU, XLV, XLRE,
Sideways: XLB, XLF, XLI, XLP, XLE
Down Trend:
Breadth strengthened
as advancers led 2,007
to 978 on the NYSE and decliners led 1,454 to 1,366 on the NASDAQ.
Monday
– strengthened, advancers led on
the NYSE, +7 sectors
Friday – weakened, decliners led, +4
Thursday – strengthened, advancers led, +8
Wednesday – weakened, decliners led, +2
Tuesday –
strengthened, advancers led on the NYSE, +6
SPY up
.14 at 235.34 on 67.6 million shares, 18%
below average volume,
VIX up 1.18
at 14.05
TLT up
.56 at 121.27…on 5.3 million shares 31% below average volume
Oil futures were up .86 to close at 53.15 on Monday.
The SPY MFC green
line is flat at 47,
defensive with the SPY
remaining above short-term support/resistance zone of 233.91 to 234.72. Watch for a potential rise
in the green line on Tuesday.
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Neutral
SPX and NDX Highlights
SPX up 2 points at
2,357.
SPX gainers WFM, HES, R, RIG, APA, HP, NBL, RI,
KIM, JWN, AYI, TDG, MRO, DVA, MUR, OXY, CAT, GGP, CXO, KSS, FLR, LEN, RL, CMG,
HOG, KSU, PRGO, M, CINF, RRC, ETN
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QQQ closes up .05 at 132.02.
NDX percentage gainers: TSLA, JBHT, JD, MAT, DISH, YHOO, STX, EXPE, ALXN, AMZN, AAL, BIDU and ADSK
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57 of 100 NDX stocks closed
higher on Monday.
56
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 9
ADSK, BIDU, CSX, CTSH,
DISH, ESRX, MAT, NFLX, TSCO
Moving Below 30 DMA = 2
MCHP, MXIM
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Strong Stocks: Setups
and Moves You Can Use
Bull Flag Setups include: FB, MAR, AAPL, CCL, VIAB, CC, NFLX, LVS,
NXPI, MCD, MSFT, HUN, PCLN, SPY, XLY, UNH, MNST, RCL, JNJ, WYNN, DIS, CHK, SWN,
AVGO, EA, ATVI, KLAC, WIX,
Bull Flag Bounces include: AMZN, PCLN CLX, (3)
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One Day Pullback: SWKS, WDC,
MACD Histogram Bullish Divergence: EA, AVGO, MMM, IBM, AMBA,
Divergence Bounces include: CF, PANW,
Horizontal Breakout Setups include: QQQ, ADBE, CBOE, KLAC, CTRP, MSFT, CERN, DIA,
PANW, LUV, BA, COST, LRCX, TLT, LNG, EBAY, NRG, NUE, CSX, STI, UAL, IYR, XLU,
AAL, HD, ATVI, ADP, X, PYPL, EXPE,
Horizontal Breakouts include: MOMO, TSLA, BABA, XLE, STX, EXPE,
New Highs include: ADBE, CC,
At Support Setups include: AMD, SOXL, FLEX,
ALK, V, DAL, HAS, NTES, ROST, NVDA, PAYX,
Support Bounce: CTSH, MAT, PYPL,
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