Monday Recap

Markets slumped today to begin Q4. Volume expanded across the board, and the S&P 500 undercut its August low by the slimmest of margins. The Nazz is barely above its 2331 level. Not much escaped the rout today. Commodities took some of the worst beatings. WLL down 13%, BTU 7%, X 8%. FCX broke 30 after struggling to stay afloat after an upgrade. AAPL fell further below its 50 day MA, as more leaders were taken out back and slapped silly. HANS lost 9%, slicing its 50 day in the process. Others that surrendered their 10 wk lines today were IACI DPZ FAST BBBY WFM ATHN. Some stocks are trying to build valid bases (CPHD IBM formed cup with handles) but in this type of environment, buying is not prudent. Banks were beaten down with MS JPM GS all down better than 5%. Healthcare fell with such stocks in that sector JAZZ down 10%, UNH 7%, WPI AET 5%. With no valid bases out there its best to see how stocks react around their 50/200 day MAs. AMZN found exact 50 day support today, for now at least. CROX found exact 200 day support, until tomorrow at 931am most likely. Retail leaders NKE RL LULU lost 200 day support today. YUM reports after the bell Tuesday.

Stocks near 50 day support are NEM 61, HSY 57.40, VFC 116.50, COST 78.90, LTD 37.05, ORLY 64, ROST 75.50, CERN 64, IBM 172, ED 55.05, ALXN 57.50, CHD 42, CELG 59. MAKO FE found 50 day support today. Stocks that can be shorted as they lose 50 day support and their sell stop spots are WCN 32.50, MXIM 22.95, MAKO 32.40. Stocks that lost 50 day support today were M MCD PETM TJX TSCO TDC USB ORCL NDAQ BAX JAZZ WPI AVGO KLAC INTC. Stocks that can be shorted at 50 day resistance are HANS 83.25, K 53.50, DPZ 26.80, WFM 64, V 86.40, IFF 57.10, BAX 54.90, JAZZ 40, LLTC 28.40. Stocks that met 50 day resistance today were K DSW BUD CBOE MA V ARBA TIBX ACN HS VPHM LRCX TXN.

Stocks near 200 day support are BBBY 53, SBUX 35.50, TSCO 58.50, WFM 60, ADS 86, HLF 47, COG 55, RRC 54, AMT 52, BIIB 85.25. Stocks that found 200 day support today were DECK FAST IRM. Stocks that can be shorted as they lose 200 day support and their sell stops are CROX 21.75, DECK 86.35, DSW 43.75, JWN 44.75, IRM 30.10. Stocks that lost 200 day support today were M PETM SCSS ABV PCP TDC CHKP BAX HUM UNH CLH AVGO. Stocks that can be shorted at 200 day resistance are ANF 63.75, AN 34, CVI 21.60, EP 18, HUM 70.50, AVGO 32.50. UA met 40 week resistance today.

Good luck.

The author is flat.