Sector Trend Strength:
Up Trend: XLF, XLI, XLB, XLY, XLE, XLK, XLP
Sideways: XLV, XLU, XLRE
Down Trend:
Breadth strengthened as advancers led 1,861
to 1,154 on the NYSE and led 1,666 to 1,097 on the NASDAQ.
Tuesday – strengthened, advancers led, +9
Monday – Christmas Holiday
Observance
Friday – strengthened, advancers led, +7
Thursday – weakened, decliners led, +3
Wednesday – weakened, decliners led, +2
Oil futures were up
.64 to close at 53.89 on Tuesday.
SPY up
.56 at 226.27 on 42.6 million shares, 49%
below average volume,
VIX up
.55 at 11.99
TLT down
.38 at 117.67…on 5.2 million shares, 50% below average volume
Technical Commentary:
QQQ +0.52%, IWM +0.45%, SPY +0.25%, DIA +0.08%,
Volume
increased but remained light with SPY volume increasing just 6 million shares from Friday’s light
holiday trading. Volume did increase
from Friday’s level on AAPL, AMAT, AMZN, CSCO, FB, INTC, NFLX, NVDA and TSLA but remained lower on many other NDX stocks.
Broad
market SPY, QQQ and DIA rallied higher on Tuesday.
SPX up 5 at 2,268
SPX Leaders NVDA, FSLR, RIG, MOS, NFLX, NRG, HP, CHK, LEN, FTI, VIAB,
MLM, LM, TRIP, TIF, COG, VMC, MUR, NWSA, EBAY, AMZN, NOV, DHI, TDC, AMAT, PHM,
LKQ, FLS, BIIB, MAC, PPG, VRTX, COO, AN, KLAC, XLNX, FMC, AES, ADM
QQQ posted
a new all-time closing high on Tuesday, continuing above resistance for nine straight day.
NDX point gainers: AMZN, NVDA, AAPL,
FB, NFLX, TSLA, CSCO, BIIB, CMCSA, QCOM, AMGN and GOOG
2016 Q4 EPS
EPS Positive Reactions
MU,
CAG, NKE, KMX, CCL, JBL
EPS Negative Reactions
RHT,
BBBY, FINL, AGN, FDX, GIS, ADBE
Follow
your rules and look for potential re-entry if you were stopped out of any
profitable trades.
Continue
to move up stops on short term bullish trades that could pull back. All according to your profit protection rules.
If you moved stops you may have been stopped out today.
Remember
breakouts typically test about 70% of the time.
Technical analysis based trades should be closed before earnings.
Trade
what you see, not…
Stocks below support should generally be traded bearishly until a reversal pattern forms.
______________________
Strong Stocks: Setups and Moves You Can Use
Bull Flag Setups include: COST, PAYX, FISV, SQ, TSCO, USB, GS, ALK, CTXS, WFM,
INTC, FDX, UPS, ADBE, CHTR, DISCA, FAST, GILD, GOOG, MAR, BAC, ICE, CE, APA,
BHI, STLD, LUV, UAL, AAL, WDC,
One Day Pullback:
Bull Flag Bounces include: SPY, IWM, QQQ, AVGO, AAPL, CHKP,
PCAR, STX, PWR, LNG, FTI, DAL, AMAT, ADSK,
At Support Setups include: ROST,
SBUX, WBA, BBY, NCLH, CC, ATVI, ATI
Support Bounce: PCLN,
Horizontal Breakout Setups include: EA, EBAY, DIA, FAS, MSFT, JPM,
C, CMA, ETFC, HBAN, KEY, MS, RF, TRV, CSX, NUE, HIG, MGM, HAL, ADI, WDC, KLAC, TMUS,
AKS, X, RCL, CCL, GD, DAL, BA, UTX, MMM, CHK, HES,
Horizontal Breakouts include: SOXL, STI, XLNX, LRCX, NFLX,
New Highs include: NVDA, TSLA, ADP, MU, CMCSA, ZION, CFG, SCHW, MCD,
______________________
Trade with the trend of
the chart you are trading and
continue to move your profit protection stops. Continue to follow your rules.
CTAS, HAS, HOLX and KLAC were added
to the NDX on Dec 19. BBBY,
NTAP, SRCL and WFM were removed in the annual changes to the
NASDAQ-100.
The SPY MFC green line is in the upper zone at
92 bullish.
79 of 100
NDX stocks closed higher on Wednesday.
66
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 7
AMZN, HSIC, LBTYA, NTES,
QCOM, SIRI, SYMC,
Moving Below 30 DMA = 4
ADSK, CELG, CTAS, ENDP,
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Neutral
