After the close Review of Wednesday’s action…
DIA and SPY bull
flag bounce.
QQQ horizontal resistance breakout setup.
IWM above sideways
channel support.
Eight sectors were higher led by materials XLB +0.98% and discretionary XLY +0.51%.
SPY up .43 at 246.94 on 56.7 million shares, average. Up on higher volume.
VIX down .30 at 11.74.
Oil down .94 to 46.77
TLT up .46 at 125.71…on
5.2 million shares, 22% below avg. Up on lower volume.
UTX +2.38% and HD +1.39% led
the DJIA, 18 advancers.
FCX +5.73%, AAP
+5.09% and
AA +4.61% led the SPX.
MU +3.40%, ORLY +2.85%, ROST +2.53%, and MELI +2.47% led the NDX.
Intermediate
and long term up trend intact. 3-day short term trend is up.
Up:
SPY, QQQ, DIA, IWM
Down:
Breadth strengthened
on Wednesday as
advancers led 1,752 to 1,148 on the
NYSE and led 1,591 to 1,236 on the NASDAQ.
The SPY MFC green
line is at 62,
defensive.
Uptrend
sectors: XLK,
XLU,
Neutral
sectors: XLP, XLF, XLY, XLRE, XLV, XLB,
XLI
Down
trend sectors: XLE
Intermediate-term
trending stocks: PYPL, ADBE, NVDA, FB, JD, ATVI, EA, BA, MCD,
V, CCL, RCL, ALGN, ANET, SQ, MOMO, CC, BZUN, AABA, TTWO, PGR, TRU, LYV, ALL,
TAL, BABA, A, EDU, SHOP, EXPE, MAR,
68 of 100 NDX stocks closed
higher on Wednesday.
50
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
FAST, MU, MXIM, TSCO
Moving Below 30 DMA = 1
JD,
The
intermediate and long-term trends are still up.
6-month Intermediate Term
Market Trend: Up
3-day Short Term Market
Trend: Up
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3 comments:
I see you switched XLE to down trending. I times like these I like to find sectors, stocks that are down trending to do bear call spreads. They aren't always easy to find but can do well in large down days like we had 3 days ago. As I look through some XLE stocks I see APC, EOG, HAL, PXD, SLB, and XOM in downtrends that might work for that.
Some of the breakouts you showed seem to be on low volume. Is this a concern?
Thanks for the great video.
IWM seems to be setting up for a MACD divergence trade to the upside. NFLX bounce off support. Thoughts?
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