Market Reacts after Release of Yellen’s Congressional Testimony…Stocks Move in Direction of the Long and Intermediate Term Trend…QQQ Leads Broad Markets as Buyers Return to Tech…

Earnings season kicks off with multiple releases on Friday with JPM, C, WFC and PNC. FAST negative reaction today, DAL releases tomorrow.

QQQ short-term horizontal reversal breakout entry, gap entry and 30 DMA entry.

SPY in diagonal channel breakout entry. 

DIA in bull flag bounce entry, now horizontal breakout setup.

IWM horizontal breakout setup.

Ten sectors were higher, led by real estate XLRE +1.31% and technology XLK +1.30%

SPY up 1.82 at 244.01 on 59.6 million shares, 10% below average. 

VIX down .59 to 10.30.

Oil down .30 to 45.46

TLT up .85 at 123.96…on 7.8 million shares, average.

DD +2.75% and MSFT +1.66% led the DJIA, 29 advancers.

NRG +29.39%, UAL +4.69% and ALK +3.34% led the SPX.

ATVI +5.24%, MELI +4.55%, NVDA +4.25% and AAL +4.24% led the NDX.

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

Up: QQQ, IWM, SPY, DIA

Down:

Uptrend sectors:  XLF, XLV, XLI, XLB, XLY

Neutral sectors: XLK XLRE, XLU, XLP

Down trend sectors: XLE

Breadth strengthened as advancers led 2,258 to 673 on the NYSE and led 2,031 to 746 on the NASDAQ.

The SPY MFC green line is pointed up at 56, bullish.

Look for a potential bounce in: JPM, MS, SCHW, C, WFC, BAC, ETFC, FAS, LUV, ADP, JBHT, BBRY, CCL, MNST,

At support: RCL, DDD, WMT,

One Day Pullback:

Bounces included: DIA, IWM, MCD, MAR, TLT, AAL, EXPE,

Potential Breakouts include: SPY, DIA, MCD, KWEB, AMD, NFLX, AMAT, ADBE, ATVI, WDC, QQQ, BIDU, AABA, CSX, XLNX, KLAC, AVGO, V, AMZN, MCHP, ANET,  GOOGL, XLY, MMM, WYNN, JD, WYN, MU, MOMO, HUN, NVDA, SHOP, EA, AAPL, ADSK, SWKS, WB, TSLA,

Breakouts: FB, PYPL, CC, LRCX, RACE, BABA, TAL, NVDA, AAL,

Break of short-term support: COST, BBY,

Bear flag:

New Highs: FB, PYPL, WUBA, SQ, BA, ETFC, BABA, RACE, TAL, CSX, AAL,

90 of 100 NDX stocks closed higher and two were unchanged on Wednesday.

63 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 19

ADP, ADI, ADSK, ATVI, AVGO, CHTR, CTAS, CTRP, EA, HOLX, IDXX, MELI, MSFT, MYL, MXIM, NFLX, SYMC, TXN, VOD,

Moving Below 30 DMA = 1

FAST,                                                                 

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up