The stock market is consolidating well from a technical analysis perspective.
A longer term opinion on interest rates aside, stock market price action is clearly showing bullish signs. The SPY had a few light volume days and could not hold a lower close. The bears had a chance to push the market lower and were not around.
Be prepared with a game plan for both sides of the market but the longs are getting better follow through.
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Stock Market Today: Map of the S&P 500
(click the map for a full view)
SPY bull flag near resistance is healthy for a move higher. The only question is whether or not the $212-213 area will remain the 2015 high.
(click the chart for a full view)
- I still like the ag stocks short
- Financials finally broke out on Friday. Looking for follow through.
- Insurance stocks showing a bid.
- Casino stocks poised for an increase in volatility.
Charts in Focus
ABBV | AbbVie Inc
Minor resistance @ $64 with room to go to a double top resistance at $70.
(click the chart for a full view)
Stocks to Trade 11-9-15 | Shanghai Market Rallies
Earnings in play today > 1M avg shares: HTZ, NRF, DF, RAX, TOL, BID, ISIS, DISH, HALO, XON, TERP, SNI, HPT, WUBA
Relative strength to yesterday’s SPY negative change from the open: CHANGE FROM THE CLOSE NEUTRAL
> 20sma, positive week and closed 2% higher from the open: HZNP, WTW, SYF, HAL, JD, BRCM, ABBV, SWKS, DD, UAL, CLR, XPO, AVGO, CTSH, RDC, THC, CTRP, SFM, RAX, AER, URI, ADI, PBF
<20sma, negative last 5 days and closed 2% lower from the open: mro, khc, ed, rai, m, duk, vtr, dyn, bx, cl, aep, mdvn, aet, hcn, o, wec, amt, d,
Bullish Ideas ATR/Volume/Price: BABA, FB, AAPL, WTW, DIS, XOM, V>79, ABBV, UAL, EXPE, ADSK, VLO, MCD, AVGO, MA, GS, AMZN, PNC, PRU, BIDU, HD, OXY, COF, CTRP, MPC, CRM, HON, NKE, PSX, CAH, ADBE, RCL, TSO, COST, GOOGL,
Bearish Ideas ATR/Volume/Price: hcn, khc, aet, nee, celg, scty, lulu, bwa, etp, unp, amba, cvs, wmb, cf, de, ibm, skx, vmw, oke, akam, lng, vrx, qcom, cyh, feye
Weak Stock Weak Close: vtr, ed, duk, hcp, hcn, khc, fe, aep, d, m, lulu, bx
Strong Stock Weak Close: BABA, ATVI, AGN, EXPE, AIG,
Weak Stock Strong Close: bhi, car, cyh, endp, feye, grub, hca, lng, qcom, wfm
Strong Stock Strong Close: WTW, NVDA, SCHW, CTRP, SYF, BRCM, CTSH, IDTI, ABBV, DD, PBF
20 day Breakdown: mdvn, vtr, ed, duk, hcp, o, hcn, khc, so, wec, aep, cern, symc
20 Day Breakout: CFG, ETF, GE, HZNP, NVDA, PNC, PRC, SCHW, SWKS, SYF, WTW, XPO
2x Normal Volume: YOKU, WTW, SYF, TRIP, ED, HZNP, TDC, NVDA, CFG, KHC, FEYE, SCHW, VRX, PWR, WCOM, VTR, GE, DUK, MDVN, XPO, AMTD
Watch List Longs: PRU, MET, PNC, USB, DIS, COF, BK, WFC, GE, COST, MCD, HON, HD, VLO, XOM, SBUX, EBAY, LUV, DD, MSFT, MGM, TXN, C
Watch List Short: wmt, bhi, adm, cvs, aet, akam, qcom, m, len
Inside days: aapl, qcom, vrx, nflx, pwr, gild, endp, mcd, unh, bidu, cf, tmus, kim, car, mur, mbly, tsla, wynn, yalp, teva, gmcr, klac
Stocks in China, Japan hit highest levels in 2 1/2 months
Shares in Japan and Shanghai rallied to fresh 2 1/2 -month highs, lifted by a weaker yen and stimulus hopes, respectively, while worries about China’s slowdown drove most other Asian markets lower.
Japan’s Nikkei Stock Average NIK, +1.96% finished up 2% at 19,642.74, its highest close since late August.
The Shanghai Composite Index SHCOMP, +1.58% was up 1.6% to 3,648.42. That adds to a 6% jump the previous week. Hong Kong’s Hang Seng Index HSI, -0.61% was down 0.1%.
Australia’s S&P/ASX 200 XJO, -1.83% was down 1.8%, while South Korea’s Kospi SEU, -0.75% lost 0.8%.
Over the weekend, data showed Chinese exports in October fell for the fourth consecutive month, by 6.9% year-over-year in dollar terms, after a drop of 3.7% in September. The October figure was worse than the median 4.1% decline forecast in a Wall Street Journal poll.
In China, investors are also assessing the impact of regulators’ announcement late Friday plans to lift a ban on initial public offerings, after suspending them in July in the heat of a share selloff.
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