Markets Tuesday were feeble, closing hard upon their lows. A late sell off, in heavy volume, classic bear market action, had the S&P 500 closing just below its 50 day MA. Markets briefly went positive after the release of Fed minutes, but quickly turned tail after a Moodys slashed Irelands credit rating. Their are many negatives to point to concerning the indexes here. Leading stocks, which broke out are now trading below their breakout points. AGCO CRZO RAX come to mind. Earnings reactions are poor. AA NVLS FAST were all received awfully. NVLS probably deserved it, but FAST put up good numbers. Leading sectors are starting to slowly weaken. Take chemicals. LYB is trading poorly under its 50 day MA. EMN ASH look like they are about to lose theirs. DOW SOA both lost their 200 day MAs recently. Transports are softening here. UNP EXPD both lost their 50 day MAs today. Other sectors which are important but not leaders here include the semis. SMH lost its 200 day MA today. So did NVLS after an earnings report. Others to be slaughtered today in the group were ADI down 5%, FCS 7%, MXIM MCHP both 11%, MCHP 12%. All of these previously mentioned lost their 200 day MAs in the process. Banks continue to just implode. GS MS JPM all getting clobbered. BAC looks like its headed to single digits again. YUM MAR both report earnings after the bell tomorrow.
Stocks offering exact buy points are: Cup with high handles UA 81.55, JAZZ 36.57. WTI 27.81 in cup with handle base. XRAY 40.26, IRM 35.60 in cup bases. ALXN 51.08 in a double bottom base and HNZ 54.59 in a 3 weeks tight pattern.
Stocks near 50 day MAs are EAT 24.95, FAST 33.45, LTD 38.75, MW 33, PETM 44.30, SCSS 16.65, WYN 33.50, AGN 82, CI 49.25, HS 44, UNH 50.05, VPHM 18.50, WCG 50, APD 92.75, NOC 65.90, PVH 66, BMC 53.65, ERTS 23.10, FTNT 24.25, INFA 56, QLIK 32, TIBX 28, CBS 27, CHRW 78.50, CNI 76.75, FDX 92, NSC 72.40, R 54, BLL 38.50, UTX 86.50, ADP 53.20, SAPE 14.50, DELL 16.15, NTGR 41, TDC 56, CAT 104, DOV 64.50, ITW 56.60, ROK 83, WOR 21, APC 75, BHI 72, BBG 43.50, CAM 47.90, CPX 32, KEG 17, CBI 36.60, WY 21.40. Stocks that received 50 day support today were ANF BDX HUM ILMN GD VIAB KSU WDR IPI TYC TKR AVGO WBC NBL RRC RDSA SWN ABX SCCO. AKAM can be bought thru 32.25, if it can regain its 50 day MA. DKS DAR AEM PAAS all retook their 50 day MAs today.
Stocks near 200 day support are KMX 32.15, BID 44, LYB 36, FLIR 31.15, ORCL 31.75, SAP 56.95, UPS 72, BG 68, CCK 35.95, ETN 50.50, HON 55, ROP 79, JBL 19, APA 118, RIO 69. AGU ATML CMI SUN BHP all found 200 day support today. Put in a buy stop on MAR @38.25, if it can regain its 200 day MA. Stocks that can be shorted at 200 day resistance are JCP 34, SOA 22.90, VRSN 34, DIS 39.50, AMP 58.05, EFX 35.80, KKR 15.45, CBE 60, ADI 38, DVN 80.50, NBR 25, HK 21.20, WMB 27.15. Stocks that met 200 day resistance today were IR PXD. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are STJ 45.20, INTU 50, PAYX 30.55, OPEN 81.25, ATI 59.60, ATML 12.60, TRW 53.10, CXO 89.60, VLO 24.30. Stocks that lost their 200 day MAs today were ANN LVS DOW VRSN VMED EXPD AGCO ARW NTAP CBE PH DI FCS MXIM NXPI SU.
Stocks that can be shorted at 50 day resistance are PEP 69.80, CAR 17, WLP 78.05, LYB 39.90, WLK 53.50, TXT 23, RJF 33.55, TROW 60.05, WAT 95.85, ABB 25.95, MUR 66, RS 49.90. Stocks that met 50 day resistance today were AA STT IP MT OXY BTU. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are CPO 54.75, ABV 31.50, YUM 54.70, DGX 58.25, ALB 67.70, ASH 62.35, EMN 101.40, NUAN 20.80, QCOM 56, TWC 76, CSX 25.30, RAX 41.60, MWV 32.65, CTAS 31.80, VCLK 17, DHR 52.75, CRUS 15.30. Stocks that lost their 50 day MAs today were ORCL EXPD UNP ARUN MOS TEL JBL TMO EMC ARMH ALTR BRCM CY SMTC XLNX SGY BHP.
Good luck.
The author owns FCX DE WNR.
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