Wednesday, August 9, 2017

SPX / SPY Open Lower Find Buyers at Support Close Near Unchanged...




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After the close Review of Wednesday’s action… 
© 2017


Seriously?  Six sectors were higher and one was unchanged led by staples XLP +0.16% and real estate XLRE +0.12%. If this does not convince to put more weight on support than news/noise you need to stop and re-think the way you are processing information and making decisions.

DIA closes lower after for day 2 of potential bull flag.
QQQ, SPY horizontal resistance breakout setup.

IWM made a lower low and is a channel support bounce setup.

SPY down .01 at 247.25 on 62.4 million shares, 9% above avg.  Flat on slightly higher volume.
VIX up .15 at 11.11.
Oil up .74 to 49.70
TLT up .68 at 125.30…on 9.2 million shares, 27% above avg.  Up on rising volume.  Profit taking at short-term resistance for the third time.

HD +1.25% and TRV +1.24% led the DJIA, 15 advancers.
XEC +7.46% eps, IFF +13.28% eps and IRM +3.04% led the SPX.
QVCA +4.25% eps, CHTR +2.86%, NTES +1.89% and CMCSA +1.78% led the NDX.

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

Up:
Down: SPY, DIA, QQQ, IWM

Breadth weakened on Tuesday as decliners led 2,025 to 885 on the NYSE and led 2,090 to 796 on the NASDAQ.

The SPY MFC green line is at 88, bullish.

Uptrend sectorsXLK, XLF, XLY, XLV, XLB, XLI,
Neutral sectors: XLRE, XLU, XLP, XLE
Down trend sectors:

Intermediate-term trending stocks:  EXPE, PYPL, ADBE, NVDA, FB, JD, ATVI, EA, MAR, BA, MCD, V, CCL, RCL, SQ, MOMO, CC, BZUN, AABA, SHOP, TTWO, BABA, EDU, PGR, TRU, LYV, ALL, TAL,


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

52 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 3
FAST, ISRG, JBHT

Moving Below 30 DMA = 4 
MAR, MDLZ, PCAR, PCLN,


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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8 comments:

Charles said...

Hi Dave,

I love the videos! Having your analysis multiple times each day and your insights about how we should be thinking is awesome!

Your comments in today's videos about the noise in the media and on the internet really hit home with me. Not only is there noise out there, but there's also noise in our own heads! It's hard to stay focused on the chart and not your P&L when the market moves against your positions. However, I've learned the hard way that if I stay focused on the chart and stick to my rules, the P&L takes care of itself.

Thanks for all you do. You're making a difference for all of us.

Unknown said...

Great videos! Thanks for the reviews.

TLS said...

Dave - Thanks for another great video.

Cheers,
Ty

Don said...

Dave:

These videos I feel are greatly helping my skill level. I am finally getting the support and ignoring the news and noise. I was stopped out on a ATVI trade today by just pennies and immediately set up a conditional re-entry. I also added a short put vertical at the $60 support level. Thanks again for your excellent insight.

Mavens of the Mkt said...

Thank you for all you are doing for us!

Janet said...

Thank you, Dave! Your market wrap is great. Thank you for explaining so clearly and succinctly and for demonstrating how to see great set-ups.

Anonymous said...

Following your advice, "It's a market of stocks.",currently have 4 long call and 2 long put positions. A break thru support or resistance...that's news!

Unknown said...

Thanks Dave....I continue to grow as I watch your videos. You are a blessing to many so I ask that you be blessed and your cup overflows. Thank You!