Nasdaq Hits Record High | SPY Resistance July 17

Nasdaq hits record high and oil continues to move lower…

It’s not hard to find something to do. The only factor not providing juice to these trades is the average daily range is contracting again. Spread traders were in heaven for a week, with the $VIX back down to $12 they are back to grinding it out.

Gaps are great, but day traders need trend days to make money.

NFLX was a beast again yesterday. It’s clearly the new ‘it” stock to trade. it has volume so you can manage risk and volatility so you can make money.

July 17 Stock Market Today: Map of the S&P 500

(click the map for a full view)

nasdaq hits record high

Day Trading Game Plan: The SPY ETF Chart

SPY price action pushed into the $212 resistance we have designated as the line in the sand for bears. If price action history holds, it will be the spot sellers come back today. One thing to note on this chart is “Why $212?” It’s clearly not the high. The reason is you need to look deeper into the chart and see which price is the true number the market can’t stay above. In this case it’s the 2121 area.

We get above, come back, get above come back. That’s the right number.

(click the chart for a full view)

nasdaq hits record high

Stocks to Trade | Friday July 17, 2015

Pete’s Notes:

  • Spy has struggled to stay above the 212 area. Today will be a neutral to down day.

Interesting Chart Lessons:

RAI Reynolds American Inc.

Knocked five times finally pushed through.

(click the chart for a full view)

nasdaq hits record high

Earnings in play today > 1M avg shares: ERIC, FHN, GE, HON, KSU, PGR, STI

Bullish Ideas ATR/Volume/Price: TSO, NFLX, CELG, MBLY, ALXN, VLO, MPC, HCA, FB, WBA, AMZN, RCL, NKE, AGN, TWC, M, ACN, PNC

Bearish Ideas ATR/Volume/Price: clr, gmcr, fslr, pxd, apa, hes, isis, uri, bidu, scty, slb, baba, unp, mon, utx

Weak Stock Weak Close: apa, epd, hal, jci, kors, mat, mur, pxd

Strong Stock Weak Close: CVC, MCD, UA, LEN

Weak Stock Strong Close: isis, ctl

Strong Stock Strong Close: TSO, NFLX, CELG, HZNP, VLO, HFC, WBA, AMZN, RAI, M, SCHW, C, AMTD

20 day Breakdown: abx, dlph, gm, jci, x

20 Day Breakout: BAC, C, EBAY, HIG, MO, NFLX, PM, SCHW, WBA

2x Normal Volume: EBAY, NFLX, UA, INTC, GM, C, TSM, HOLX, DLPH

Watch List Longs: VLO, DIS, CVS, TJX>70, TWC, BMY, TGT, USB, COF, MET, JPM, WFC, PNC, EBAY, INTU, ADBE, C,

Watch List Short: hal, cop, swn, bhi, slb, cvx, xom, nem, txn, emc<25, ntap, lltc, hpq

Inside days: fb, twtr, emc, fit, celg, gild, slb, cvx, hlt, lly, stx, axp, ntap, yum, abt, lvs, gpro, sina, bidu, kss, symc, amba, qihu, mon, hum, adsk, anf, vtrp, wynn

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Nasdaq Hits Record High

Nasdaq closes at record as Street cheers earnings

U.S. stocks closed near highs on Thursday, with the Nasdaq at a record, as investors focused on earnings beats amid progress towards near-term resolution in the Greek debt crisis. ( Tweet This )

“Earnings are continuing to play a bigger role,” said Omar Aguilar, chief investment officer of equities at Charles Schwab Investment Management. “Financials (had) pretty positive results. At the same time it also reflects that people think the economy continues to move in the right direction, maybe not at the pace we thought we could grow but (still growing).”

The Nasdaq Composite rallied more than 1 percent to set a new closing record of 5,163.18. Earlier in intraday trade, the Nasdaq 100 hit its highest level since the tech bubble in March 2000, with Netflix surging 18 percent and eBay, Stericycle and Micron jumping more than 3 percent. The S&P 500 also came within 10 points of its record close.

Continue reading on cnbc.com

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