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Stocks opened lower on Wednesday, following comments on Tuesday
regarding progress on a China trade deal. Buying momentum returned following the
release of the FOMC minutes at 2 pm EDT and stocks finished Wednesday near
their highs.
IWM and DIA are bull flag setups while SPY and QQQ are horizontal breakout
setups.
The DJIA, closed up 52 points at 24,886, led by strength in BA, MCD, CAT, AAPL and V.
Six sectors were higher on Wednesday, led by utilities XLU +0.91% and
real estate XLRE +0.81%.
SPY up .75 at 273.36 on 64.6 million shares, 11%
below average volume. Up on higher volume.
VIX down .64 at 12.58
Oil down .30 to 71.83
TLT up .85 at 117.94 on 9.6 million shares.
INTC +1.40%, MCD
+1.36%, led the DJIA, 16 advancers.
TIF +23.29%, RL
+14.34% and
LOW +10.43%, led the SPX.
CTRP +3.98%, NFLX +3.95%, ALGN +3.47%, and MELI +3.40%, led the NDX.
Intermediate
and long term up trend intact. 3-day short term trend is up.
Up: QQQ, SPY, DIA, IWM,
Down:
Breadth strengthened
on Wednesday, as advancers led 1,495 to 1,388 on the NYSE and led 1,533 to 1,327 on the
NASDAQ.
The SPY MFC green
line is in the
upper zone and is at 89, bullish.
Uptrend
sectors: XLE,
XLK, XLRE,
Neutral
sectors: XLF, XLY, XLV, XLI, XLB, XLU
Down
trend sectors: XLP
Intermediate-term trending stocks: Many of these stocks have had significant
pull backs over the past two months and it is appropriate to wait for the
uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX,
NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN,
AKAM, SHOP,
BA, MU,
MAR, CMA, CME, ANET, HRS, KORS,
DLTR, WB,
EL, TPR,
68 of 100
NDX stocks closed higher on Wednesday.
67
NDX stocks are above their 30
DMA.
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 1
STX,
Moving Below 30 DMA = 3
CMCSA, PCAR, WDAY,
The
6-month intermediate and long-term trends are still up. The three-month trend
is sideways. The ten-day trend is up.
3-month Intermediate Term
Market Trend: Sideways
3-day Short Term Market Trend: Up
1 comment:
A great day indeed. I had "shorted up" at the close of market Tues. And was watching
until the indices broke out of the intra day ranges to buy all those short calls back.
I left my short calls on IWM, because to me it's not a clear enough that it has reversed yet. I will wait and use the daily "flag" bounce to buy the short calls back on that one. I've noticed it behaves a little differently than the others.
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