SPX Inches to 51st 2014 All-time High…Financials New High as TLT Breaks Support…ESRX, CAR Breakout on Rising Volume…
Eight of nine sectors moved higher on Tuesday…XLE, XLB and XLP were the strongest sectors and XLV was the weakest.
Breadth strengthenedon the NYSE as advancers led decliners…1.83 to 1 on the NYSE and 1.04 to 1 on the NASDAQ.
Tuesday – mixed, advancers led
Monday – strengthened, advancers led
Friday – weakened, advancers led
Thursday – weakened slightly, advancers led
Wednesday – strengthened, advancers led
SPY up .28 at 207.75 on 122 million shares
VIX down .45 at 14.80…
TNX up .95 at 22.57…
TLT down 2.50 at 123.54...
XLF up .14 at 24.99 on 15.5 million shares
AAPL down .40 at 112.54 on 45.1 million shares
FB down .84 at 80.61…on 31.7 million shares
Technical Commentary:
DIA +0.37%, IWM +0.13%, SPY +0.13%, QQQ -0.35%.
The SPX hit a new all-time high for the 51st time in 2014. The SPX was led by gains in CHK, ESRX, CF, WAG, TIF, CVC, WYNN, NFX, BWA and MAT.
Oil was up 46 cents to 55.84. XLE was the leading sector rising 97 cents, +1.22% to close at 80.72.
Volume rose in XLB, XLF, XLK, XLP, XLV, XLY and IWM and declined in XLE, XLI, XLU, DIA, SPY and QQQ headed into Wednesday’s half day of trading on Christmas Eve and the Christmas holiday on Thursday.
XLV fell for the second straight day on heavier volume as biotech and other healthcare stocks continued to be under selling pressure. CELG, ALXN, BIIB, REGN, AMGN, GILD, ILMN and VRTX were the eight largest losers on the NDX.
Gains in MSFT, ESRX, GOOG, CMCSA and INTC helped offset in part the NDX losses in biotech stocks. The NDX formed a dark cloud cover.
CAR +5.83, +9.94% broke out of horizontal resistance. Four-week Chart Target: 71.64
ESRX +3.54, +4.31% broke out of horizontal resistance by 16 cents. Four-week Chart Target: 92.55
Look for new high horizontal breakout setups in stocks that are up trending or reversal breakouts from stocks that recently pulled back.
AAL, EA and LRCX were added to the NDX on Monday.
Trade with the trend of the chart you are trading and continue to move your profit protection stops. Continue to follow your rules.
Short-term Chart Targets:
SPY = 207.33, 209.06, 210.49…
QQQ = 106.94…
IWM = 118.25, 119.37, 121.27…
Support Levels
SPY = 200.06…
QQQ = 102.42, 101.38…
IWM = 114.37, 113.35…
Q3 Earnings Reaction
Positive Reactions – ADBE, CIEN, LULU, AVGO,ADI, HPQ, PANW, QIHU, ADSK, JASO, ROST, SPLK, GOGO, RAX, NTES, XONE, YOKU, VJET, BABA, MNST, WFM, ABC, ACI, AMGN, BIDU, BWLD, CBOE, CLF, CLX, CNX, EA, ESRX, EQIX, EXPE, FISV, GLW, GPRO, GRPN, GT, HSY, JCI, JDSU, LNKD, LVLT, MA, MAR, MO, MTW, MYL, PCAR, FE, SCHN, STX, SWI, SWKS, TASR, V, WY, X, WHR, AAPL, ALK, ALXN, APOL, BMY, BRCM, CAT, CELG, CERN, CHKP, CMCSA, CNI, EMC, EW, GD, HAL, HAS, HOG, ILMN, IM, KLAC, KMB, LLY, LRCX, LXK, MMM, MXIM, MSFT, N, ORLY, PG, RMD, STLD, STT, SWK, TRV, TSCO, TXN, UNP, VRSN, WOOF, YHOO, YNDX, ZION, AMD, C, CSX, DAL, GE, HON, LVS, MS, SCHW, SLB, STI, URI, XLNX, COST, BBBY, BBRY, MU, NKE, PAYX, LULU, PANW, ULTA, MFRM, SPLK,
More than 10% – GOGO, RAX, WFM, GPRO, GPRN, LNKD, BWLD, SWI, N, EW, TSCO, NKE, ULTA, LULU, PANW, MFRM,
Negative Reactions – COST, AMBA, MFRM, GME, CRM, JD, MBLY, SINA, YY, SWKS, FEYE, FSLR, PCLN, QCOM, TRIP, SCTY, SSYS, SUNE, UBNT, Z, ZU, AEM, CHRW, COH, FB, GRMN, KRFT, MDC, MRK, NEM, PNRA, RGR, SLCA, TPX, TWTR, ALTR, AMZN, BA, BTU, CMG, CREE, DECK, DNKN, DOW, EAT, F, GM, IBM, JNPR, KO, LMT, LUV, NDAQ, P, UA, VMW, XRX, YELP, AXP, BAC, COF, EBAY, GOOGL, INTC, JNJ, JPM, KEY, MAT, NFLX, WFC, AZO, ADBE, KKD, CIEN,
More than -10% – GME, CSIQ, FSLR, UBNT, ZU, AEM, P, TPX,
Reversal in progress – PCLN, TPX, KO,
Reversal of Initial Reaction – AMZN, FEYE, SWKS, Z, ADBE, ALTR, ALTR, AXP, AZO, BA, BAC, BTU, CHRW, CMG, COF, COH, CREE, DECK, DNKN, DOW, EAT, EBAY, F, GM, GOGO, GOOGL, GRMN, INTC, JNJ, JNPR, JPM, KEY, KKD, KO, KRFT, LMT, LUV, MAT, MDC, MRK, NDAQ, PNRA, UA, VMW, WFC, XRX,
The SPY Market Forecast is at 61.
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Setups
Horizontal Breakout: AAL, ATI, BAC, BBRY, BBY, CTRP, DAL, EMC, ETFC, FAS, FEYE, GOGO, IBM, JCP, LNKD, RAX, SCHW, SPWR, SUNE, TWTR, V, YELP, ZION,
ESI, ZNGA, AKAM, AVGO, BRCM, COST, EBAY, ESRX, GMCR, GOOGL, INTC, MAR, MNST, MSFT, NFLX, NTAP, QCOM, SBUX, TRIP, WFM,
Diagonal Breakout: LC, MBLY, MYL,
Bull Flag: BX, UBNT,
Bear Flag: HOG, MFRM, TSL,
At Support: CMGE,
C- Pattern: CREE, KKD, SPLK, AAPL, BIDU,
Moves
New Highs: DIA, SPY, IWM, FAS, CIEN, GLW, HPQ, JNPR, MS, RCL, STI, ROST, STX,
H Breakout: AIG, CAR, CRM, GPRO, MTW, SCHW, SCTY, CMCSA,
Breakout Test: FB,
Bounce: JCP,
MACD Divergence Bounce: CSIQ,
C- Pattern: ADSK,
Support Break: TLT, XONE, CELG, GILD,
______________________
53 out of 100 NDX stocks closed higher and two were unchanged on Tuesday.
Leading NDX 100 stocks included: ESRX, VIP, WYNN, MAT, CTRX, SPLS, SYMC, CHTR, CTXS, TSCO
Lagging NDX stocks included: CELG, ALXN, BIIB, REGN, AMGN, GILD, ILMN, VRTX, GMCR, YHOO
Leading stocks > +2% on Tuesday: CAR, GPRO, MTW, JCP, SCTY, ATI, SCHW,
Lagging stocks < -2.0% included: CMGE, XONE, BABA, LC, Z, GOGO, DGLY, UAL, NTES, TWTR
Stocks to Watch on Wednesday
Holding Above 30 DMA = 72
ROST, DLTR, ORLY, TSCO, AAL, BBBY, PCAR, SPLS, INTU, EA, AMAT, WFM, AVGO, WDC, ADI, ALTR, EBAY, LLTC, FOXA, SIAL, BIIB, ADBE, ADP, CHKP, CHTR, CMCSA, CSCO, DISCA, EQIX, FAST, FB, HSIC, INTC, KLAC, KRFT, LBTYA, LVNTA, MNST, NXPI, QCOM, STX, TRIP, TXN, VIAB, VRSK, AKAM, BRCM, CA, CERN, CHRW, COST, CTSH, DISH, FISV, ISRG, LRCX, MAR, MU, MYL, NTAP, SRCL, SYMC, ADSK, CTRX, NVDA, SNDK, DTV, ESRX, EXPD, MSFT, PCLN, SBUX
Moving Above 30 DMA = 2
CTXS, PAYX
Moving Below 30 DMA = 7
AMGN, CELG, ILMN, REGN, VOD, VRTX, YHOO
Staying Below 30 DMA
GILD, MAT, XLNX, MDLZ, AAPL, ALXN, ATVI, SBAC, AMZN, LMCA, SIRI, GRMN, BIDU, GOOG, TSLA, VIP, GMCR, WYNN, NFLX
6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Up
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