AMD Leads SPX as Broad Markets in Bull Flag Price Pattern…Horizontal Breakout Setups Abound…

SPY and DIA in a bull flag pattern

QQQ a horizontal breakout setup

IWM is a second chance bull flag setup.

Three sectors were positive, led by healthcare XLV and technology XLK.

SPY down -.06 at 242.95 on 55.9 million shares, 21% below average

VIX down -.11 to 10.75.

Oil down -.83 to 42.53

TLT up .26 at 127.56…on 5.9 million shares, 20% below average.

NKE +2.00% and MRK +1.44% lead the DJIA.

AMD +10.60%, RHT +9.58% after earnings and MNK +4.76% led the SPX.

CA +13.36% on merger news, INCY +7.55%, BMRN +6.99% and VRTX +6.73% led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is neutral.

Up: QQQ,

Down: SPY, DIA, IWM

Uptrend sectors:  XLV, XLF, XLI, XLU, XLRE, XLB, XLY, XLP, XLK,

Breadth strengthened as decliners led 1,895 to 1,036 on the NYSE and led 1,485 to 1,284 on the NASDAQ.

The SPY MFC green line is pointed down in upper zone at 88, bullish.

Look for a potential bounce in: SPY, IWM, XLY, LRCX, DDD, CC, BBY, ADSK, KLAC, AMAT, MCHP, CSX, HD,

One Day Pullback: MCD, DIA,

Bounces included: JD, AABA, TSLA, MNST, SWKS, TAL, NFLX,

Break of short-term support: COST,

Potential Breakouts include: QQQ, ADBE, EA, HUN, RCL, WB, FB, ATVI, EXPE, MAR, WYN, ANET, RACE, WDC, MOMO, SHOP, AMZN, WMT, NVDA, PYPL, BABA, KWEB, BIDU, SQ, AVGO, AAPL, BBRY, XLNX, GOOGL, V, MCD, HD

Breakouts: AMD, JD, WMT,

New Highs: TLT,

77 of 100 NDX stocks closed higher and one was unchanged on Wednesday.

53 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

AAL, CA, GOOG, ILMN, JD, WDC, XLNX,

Moving Below 30 DMA = 2

JBHT, PCAR,

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Neutral

Add Comments here