BMO Dorsey Wright MLP Index Exchange Traded Notes
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BMLP BMO Dorsey Wright MLP Index Exchange Traded Notes
DIS Walt Disney Co
WMT WALMART STORES INC
V Visa Inc
UTX United Technologies Corp
UNH UnitedHealth Group Inc
TRV Travelers Companies Inc
PG Procter & Gamble Co
PFE Pfizer Inc
NKE Nike Inc
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Closing Price
$46.50
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
46.50
Day's Low
46.50
Volume
(Light)
Volume:
448

10-day average volume:
2,446
448

UPDATE: Bull trend intact: S&P 500 sustains break to uncharted territory

7:09 pm ET July 23, 2019 (MarketWatch)
Print

UPDATE: Bull trend intact: S&P 500 sustains break to uncharted territory

By Michael Ashbaugh, MarketWatch

Focus: Transports sustain trendline breakout, Silver extends mid-year spike, IYT, SLV, KLAC, ROKU, SPLK, KSU

Technically speaking, the major U.S. benchmarks are digesting a July breakout, pulling in modestly from record territory.

In the process, the S&P 500 has maintained near-term support (2,973) against a still comfortably bullish intermediate-term backdrop.

Before detailing the U.S. markets' wider view, the S&P 500's hourly chart highlights the past two weeks.

As illustrated, the S&P has pulled in to its former range from record territory.

Recall that near-term support (2,973) closely matches the 20-day moving average, currently 2,976. Last week's low (2,973.1) matched support, punctuating a successful initial retest.

Meanwhile, the Dow industrials' near-term backdrop remains the strongest.

In its case, recall that near-term support matches the bottom of the July gap (27,088).

Monday's session low (27,088.9) matched gap support, punctuating a second recent successful retest. Bullish price action.

Against this backdrop, the Nasdaq Composite has staged a shaky, but successful, test of major support.

The specific level rests at the breakout point (8,172) an area also detailed on the daily chart below.

Here again, Monday's session low (8,171.5) matched support, preserving a range-bound backdrop just under record territory.

Widening the view to six months adds perspective.

On this wider view, the Nasdaq has weathered a shaky retest of its breakout point, the 8,172-to-8,176 area, detailed repeatedly.

Deeper support matches the top of the gap (8,059) a level also defining the July low. An eventual violation would mark a "lower low" raising a technical question mark.

Looking elsewhere, the Dow Jones Industrial Average has staged the most decisive July breakout.

The rally initially registered as a bullish two standard deviation breakout, encompassing consecutive closes atop the 20-day volatility bands, detailed previously (http://www.marketwatch.com/story/sp-500-violates-near-term-support-extends-orderly-pullback-from-record-highs-2019-07-18). The subsequent pullback has been comparably flat, likely laying the groundwork for upside follow-through.

Tactically, the July breakout point (26,966) marks the Dow's first notable floor. Delving deeper, the prevailing rally punctuates a successful test of the April peak (26,696).

Meanwhile, the S&P 500 is also digesting a July break to previously uncharted territory.

Tactically, recall that the S&P has not closed under its 20-day moving average, currently 2,976, since June 5. The 20-day closely matches near-term support (2,973) and has thus far underpinned the prevailing pullback.

The bigger picture

As detailed above, the major U.S. benchmarks are acting well technically.

Each index started July with a breakout -- reaching all-time highs -- and the subsequent pullback has been orderly, thus far inflicting limited damage.

Though a near-term consolidation phase remains underway, each benchmark's intermediate-term bias remains comfortably bullish.

Moving to the small-caps, the iShares Russell 2000 ETF continues to lag behind amid range-bound July price action.

Tactically, the prevailing range bottom, also the month-to-date low (153.68), is closely followed by the 50-day moving average, currently 152.78.

Similarly, the SPDR S&P MidCap 400 is traversing a tight July range.

Combined, the small- and mid-caps have flatlined to start the third quarter even amid respectable technical breakouts elsewhere.

Against this backdrop, the SPDR Trust S&P 500 remains comparably stronger.

From current levels, the mid-July low (296.70) closely matches the 20-day moving average, currently 296.90.

Delving deeper, notable support matches the July 1 gap (294.33). The SPY has not subsequently traded under this level.

Placing a finer point on the S&P 500, the index has staged an orderly pullback from record territory.

To reiterate, near-term support (2,973) closely matches the 20-day moving average. Last week's low (2,973.1) matched support, punctuating a successful retest.

Delving deeper, recall that a firmer floor matches the June peak (2,964).

Against this backdrop, the post-breakout low (2,963.4), established July 9, matched support punctuating a successful retest. (Also see the hourly chart.)

And delving incrementally deeper, the S&P's next significant floor rests at 2,912. This level matched the late-June low (2,912.99) and launched the July break to record territory.

To the extent the S&P 500 continues to register "higher lows" -- matching well-defined support -- its intermediate-term bias remains bullish. A violation of the 2,912 area would raise a technical question mark.

Beyond specific levels, U.S. sub-sector participation continues to broaden, and has room to incrementally strengthen, an added market tailwind.

See also: Charting a break to 'clear skies' territory, S&P 500 sustains rally atop 3,000 mark (http://www.marketwatch.com/story/charting-a-break-to-clear-skies-territory-sp-500-sustains-rally-atop-3000-mark-2019-07-16-121032435).

Tuesday's Watch List

The charts below detail names that are technically well positioned. These are radar screen names -- sectors or stocks poised to move in the near term. For the original comments on the stocks below, see The Technical Indicator Library. (http://www.marketwatch.com/premium-newsletters/archive/technical-indicator) (http://www.marketwatch.com/premium-newsletters/archive/technical-indicator) (http://www.marketwatch.com/premium-newsletters/archive/technical-indicator)

Drilling down further, the iShares Transportation Average ETF has come to life technically.

Recall that the group started July with a trendline breakout, also clearing the 50- and 200-day moving averages.

The ensuing pullback has been underpinned by the trendline, and punctuated by mid-month follow-through higher. Tactically, the 200-day moving average is closely followed by the trendline, and the group's recovery attempt is intact barring a violation.

As an economically-sensitive sector, and former market laggard, the transports' resurgence strengthens the bull case.

Initially profiled June 20 (http://www.marketwatch.com/story/charting-a-fed-fueled-breakout-sp-500-ventures-to-uncharted-territory-2019-06-20) -- and revisited twice last week -- the iShares Silver Trust (SLV) has truly taken flight.

In the process, the shares have knifed to 52-week highs, rising from a successful test of the 200-day moving average. The rally has been fueled by a sustained volume increase.

Against this backdrop, the SLV is vying Tuesday for a fifth straight close atop the 20-day Bollinger bands (http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=SLV&time=7&startdate=1%2F4%2F1999&enddate=7%2F19%2F2019&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=1&maval=20&uf=8&lf=1&lf2=0&lf3=0&type=4&style=320&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=0&y=0). Put differently, the chart illustrates an unusually bullish two standard deviation July breakout.

As detailed previously, initial support spans from about 15.00 to 15.19, levels matching last week's gap and the January peak. The post-breakout low (15.03) has closely matched support, punctuating a successful initial retest. (Also see the July 2 review (http://www.marketwatch.com/story/charting-a-bullish-q3-start-sp-500-approaches-the-3000-mark-2019-07-02-12103254).)

Moving to specific names, KLA-Tencor Corp. (KLAC) is a large-cap chip equipment name coming to life. (Yield = 2.2%.)

Late last week, the shares knifed to all-time highs, clearing resistance matching the May peak.

Though near-term extended, the strong-volume spike is longer-term bullish, and the shares are attractive on a pullback. Tactically, near-term support (131.70) is followed by the firmer breakout point (129.00).

Initially profiled May 15, Roku, Inc. (ROKU) has returned 30.3% and remains well positioned.

Earlier this month, the shares staged a strong-volume breakout, rising to record territory. The subsequent pullback has been flat, fueled by decreased volume, positioning the shares to build on the initial spike.

Tactically, the breakout point (106.50) is followed by the deeper 50-day moving average (97.30) -- a recent bull-bear inflection point -- and the uptrend is intact barring a violation.

Splunk, Inc. (SPLK) is a well positioned large-cap software vendor.

As illustrated, the shares have rallied to the range top, rising to challenge the record close (139.01).

The prevailing tight range signals muted selling pressure near resistance, laying the groundwork for a potential breakout. Tactically, near-term support (135.90) is followed by the May gap (134.15) and a breakout attempt is in play barring a violation.

Finally, Kansas City Southern Corp. (KSU) is a large-cap railroad operator coming to life.

Late last week, the shares gapped atop the 50-day moving average, rising after the company's strong second-quarter results.

The rally places four-year highs under siege amid increased volume. Tactically, major resistance matches the range top, circa 125.50, and an intermediate-term target projects to the 134 area on follow-through.

Still well positioned

The table below includes names recently profiled in The Technical Indicator that remain well positioned. For the original comments, see The Technical Indicator Library. (http://www.marketwatch.com/premium-newsletters/archive/technical-indicator)

(MORE TO FOLLOW) Dow Jones Newswires

July 23, 2019 19:09 ET (23:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

UPDATE: Bull trend intact: S&P 500 sustains -2-

-Michael Ashbaugh; 415-439-6400; AskNewswires@dowjones.com

Company Symbol Date Profiled

Best Buy Co., Inc. BBY July 22

Humana, Inc. HUM July 22

AngloGold Ashanti, Ltd. AU July 22

International Business Machines Corp. IBM July 19

Pegasystems, Inc. PEGA July 19

DexCom, Inc. DXCM July 19

EchoStar Corp. SATS July 18

Agnico Eagle Mines Ltd. AEM July 18

Franco-Nevada Corp. FNV July 18

Pan American Silver Corp. PAAS July 17

Neurocrine Biosciences, Inc. NBIX July 17

American Airlines Group, Inc. AAL July 17

Steel Dynamics, Inc. STLD July 17

Industrial Select Sector SPDR XLI July 16

LivePerson, Inc. LPSN July 16

Analog Devices, Inc. ADI July 16

Xilinx, Inc. XLNX July 16

Texas Instruments, Inc. TXN July 15

Packaging Corp. of America PKG July 15

J.B. Hunt Transport Services, Inc. JBHT July 15

Delta Air Lines, Inc. DAL July 12

Coca-Cola Co. KO July 12

UnitedHealth Group, Inc. UNH July 12

Zendesk, Inc. ZEN July 11

Owens Corning OC July 11

TJX Companies, Inc. TJX July 11

Sarepta Therapeutics, Inc. SRPT July 11

Twitter, Inc. TWTR July 10

Micron Technology, Inc. MU July 10

VanEck Vectors Semiconductor ETF SMH July 9

Keysight Technologies, Inc. KEYS July 9

Stratasys, Ltd. SSYS July 9

United Airlines Holdings, Inc. UAL July 9

iShares MSCI Japan ETF EWJ July 8

Inphi Corp. IPHI July 8

Zscaler, Inc. ZS July 8

Invesco QQQ Trust QQQ July 2

PNC Financial Services Group, Inc. PNC July 1

Teledoc Health, Inc. TDOC July 1

Cummins, Inc. CMI July 1

MSCI, Inc. MSCI July 1

Tesla, Inc TSLA June 28

Whirlpool Corp. WHR June 28

Shake Shack, Inc. SHAK June 28

FMC Corp. FMC June 27

ArQule, Inc. ARQL June 27

SunPower Corp. SPWR June 26

Blueprint Medicines Corp. BPMC June 26

Oracle Corp. ORCL June 25

Williams-Sonoma, Inc. WSM June 25

Sunrun, Inc. RUN June 25

Adobe, Inc. ADBE June 24

Spotify Technology SPOT June 24

HollyFrontier Corp. HFC June 24

SPDR S&P Biotech ETF XBI June 24

Apple, Inc. AAPL June 21

VanEck Vectors Gold Miners ETF GDX June 21

iShares Silver Trust SLV June 20

VeriSign, Inc. VRSN June 20

Aecom ACM June 20

Home Depot, Inc. HD June 19

Lululemon Athletica, Inc. LULU June 19

Sinclair Broadcast Group, Inc. SBGI June 19

Amazon.com, Inc. AMZN June 18

Facebook, Inc. FB June 18

SPDR Gold Shares ETF GLD June 18

Synopsys, Inc. SNPS June 17

Zillow Group, Inc. ZG June 17

Verisk Analytics, Inc. VRSK June 17

Cisco Systems, Inc. CSCO June 14

Medtronic plc MDT June 14

Ross Stores, Inc. ROST June 14

Financial Select Sector SPDR XLF June 13

Kirkland Lake Gold Ltd. KL June 13

Grubhub, Inc. GRUB June 12

Dunkin Brands Group, Inc. DNKN June 12

Ciena Corp. CIEN June 11

Silicon Laboratories, Inc. SLAB June 11

Health Care Select Sector SPDR XLV June 10

Wix.com Ltd. WIX June 10

Ecolab, Inc. ECL June 10

Materials Select Sector SPDR XLB June 7

Brooks Automation, Inc. BRKS June 7

Catalent, Inc. CTLT June 7

Coca-Cola Co. KO June 6

Nasdaq, Inc. NDAQ June 6

Target Corp. TGT June 5

Dollar General Corp. DG June 5

Repligen Corp. RGEN June 5

Avalara, Inc. AVLR May 23

Copa Holdings, S.A. CPA May 21

Open Text Corp. OTEX May 20

Zscaler, Inc. ZS May 17

Aspen Technology, Inc. AZPN May 17

ServiceNow, Inc. NOW May 16

Atlassian Corp. TEAM May 16

SolarEdge Technologies, Inc. SEDG May 16

Roku, Inc. ROKU May 15

Arena Pharmaceuticals, Inc. ARNA May 15

CME Group, Inc. CME May 10

Johnson Controls International JCI May 10

Take-Two Interactive Software, Inc. TTWO May 2

Jacobs Engineering Group, Inc. JEC May 2

JetBlue Airways Corp. JBLU Apr. 30

American Express Co. AXP Apr. 24

MetLife, Inc. MET Apr. 17

Church & Dwight Co., Inc. CHD Mar. 29

Consumer Staples Select Sector SPDR XLP Mar. 28

Travelers Companies, Inc. TRV Mar. 28

Pepsico, Inc. PEP Mar. 27

Shopify, Inc. SHOP Mar. 27

Kimberly-Clark Corp. KMB Mar. 15

iShares U.S. Real Estate ETF IYR Mar. 13

Air Products & Chemicals, Inc. APD Mar. 11

Hilton Worldwide Holdings, Inc. HLT Mar. 6

Costco Wholesale Corp. COST Mar. 6

Marvell Technology Group Ltd. MRVL Mar. 1

Universal Display Corp. OLED Mar. 1

Vulcan Materials Co. VMC Mar. 1

Walmart, Inc. WMT Feb. 22

Microsoft Corp. MSFT Feb. 22

Motorola Solutions, Inc. MSI Feb. 15

First Solar, Inc. FSLR Feb. 15

Mastercard, Inc. MA Feb. 11

Procter & Gamble Co. PG Feb. 8

Global Payments, Inc. GPN Feb. 5

Visa, Inc. V Feb. 4

SPDR S&P Homebuilders ETF XHB Jan. 30

Exact Sciences Corp. EXAS Jan. 28

Applied Materials, Inc. AMAT Jan. 25

SBA Communications Corp. SBAC Jan. 24

Paycom Software, Inc. PAYC Jan. 23

Advanced Micro Devices, Inc. AMD Jan. 22

VeriSign, Inc. VRSN Jan. 18

Coupa Software, Inc. COUP Jan. 16

Veeva Systems, Inc. VEEV Jan. 16

CyberArk Software CYBR Jan. 11

Okta, Inc. OKTA Jan. 9

Tandem Diabetes Care, Inc. TNDM Jan. 9

Alteryx, Inc. AYX Jan. 8

IAC/InterActivecorp IAC Jan. 7

Workday, Inc. WDAY Dec. 10

Starbucks Corp. SBUX Nov. 5

American Tower Corp. AMT Nov. 5

Utilities Select Sector SPDR XLU Oct. 25

McDonald's Corp. MCD Oct. 24

Yum! Brands, Inc. YUM Oct. 18

Twilio, Inc. TWLO May 21

(END) Dow Jones Newswires

July 23, 2019 19:09 ET (23:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

MW UPDATE: Bull trend intact: S&P 500 sustains -2-

-Michael Ashbaugh; 415-439-6400; AskNewswires@dowjones.com

Company Symbol Date Profiled

Best Buy Co., Inc. BBY July 22

Humana, Inc. HUM July 22

AngloGold Ashanti, Ltd. AU July 22

International Business Machines Corp. IBM July 19

Pegasystems, Inc. PEGA July 19

DexCom, Inc. DXCM July 19

EchoStar Corp. SATS July 18

Agnico Eagle Mines Ltd. AEM July 18

Franco-Nevada Corp. FNV July 18

Pan American Silver Corp. PAAS July 17

Neurocrine Biosciences, Inc. NBIX July 17

American Airlines Group, Inc. AAL July 17

Steel Dynamics, Inc. STLD July 17

Industrial Select Sector SPDR XLI July 16

LivePerson, Inc. LPSN July 16

Analog Devices, Inc. ADI July 16

Xilinx, Inc. XLNX July 16

Texas Instruments, Inc. TXN July 15

Packaging Corp. of America PKG July 15

J.B. Hunt Transport Services, Inc. JBHT July 15

Delta Air Lines, Inc. DAL July 12

Coca-Cola Co. KO July 12

UnitedHealth Group, Inc. UNH July 12

Zendesk, Inc. ZEN July 11

Owens Corning OC July 11

TJX Companies, Inc. TJX July 11

Sarepta Therapeutics, Inc. SRPT July 11

Twitter, Inc. TWTR July 10

Micron Technology, Inc. MU July 10

VanEck Vectors Semiconductor ETF SMH July 9

Keysight Technologies, Inc. KEYS July 9

Stratasys, Ltd. SSYS July 9

United Airlines Holdings, Inc. UAL July 9

iShares MSCI Japan ETF EWJ July 8

Inphi Corp. IPHI July 8

Zscaler, Inc. ZS July 8

Invesco QQQ Trust QQQ July 2

PNC Financial Services Group, Inc. PNC July 1

Teledoc Health, Inc. TDOC July 1

Cummins, Inc. CMI July 1

MSCI, Inc. MSCI July 1

Tesla, Inc TSLA June 28

Whirlpool Corp. WHR June 28

Shake Shack, Inc. SHAK June 28

FMC Corp. FMC June 27

ArQule, Inc. ARQL June 27

SunPower Corp. SPWR June 26

Blueprint Medicines Corp. BPMC June 26

Oracle Corp. ORCL June 25

Williams-Sonoma, Inc. WSM June 25

Sunrun, Inc. RUN June 25

Adobe, Inc. ADBE June 24

Spotify Technology SPOT June 24

HollyFrontier Corp. HFC June 24

SPDR S&P Biotech ETF XBI June 24

Apple, Inc. AAPL June 21

VanEck Vectors Gold Miners ETF GDX June 21

iShares Silver Trust SLV June 20

VeriSign, Inc. VRSN June 20

Aecom ACM June 20

Home Depot, Inc. HD June 19

Lululemon Athletica, Inc. LULU June 19

Sinclair Broadcast Group, Inc. SBGI June 19

Amazon.com, Inc. AMZN June 18

Facebook, Inc. FB June 18

SPDR Gold Shares ETF GLD June 18

Synopsys, Inc. SNPS June 17

Zillow Group, Inc. ZG June 17

Verisk Analytics, Inc. VRSK June 17

Cisco Systems, Inc. CSCO June 14

Medtronic plc MDT June 14

Ross Stores, Inc. ROST June 14

Financial Select Sector SPDR XLF June 13

Kirkland Lake Gold Ltd. KL June 13

Grubhub, Inc. GRUB June 12

Dunkin Brands Group, Inc. DNKN June 12

Ciena Corp. CIEN June 11

Silicon Laboratories, Inc. SLAB June 11

Health Care Select Sector SPDR XLV June 10

Wix.com Ltd. WIX June 10

Ecolab, Inc. ECL June 10

Materials Select Sector SPDR XLB June 7

Brooks Automation, Inc. BRKS June 7

Catalent, Inc. CTLT June 7

Coca-Cola Co. KO June 6

Nasdaq, Inc. NDAQ June 6

Target Corp. TGT June 5

Dollar General Corp. DG June 5

Repligen Corp. RGEN June 5

Avalara, Inc. AVLR May 23

Copa Holdings, S.A. CPA May 21

Open Text Corp. OTEX May 20

Zscaler, Inc. ZS May 17

Aspen Technology, Inc. AZPN May 17

ServiceNow, Inc. NOW May 16

Atlassian Corp. TEAM May 16

SolarEdge Technologies, Inc. SEDG May 16

Roku, Inc. ROKU May 15

Arena Pharmaceuticals, Inc. ARNA May 15

CME Group, Inc. CME May 10

Johnson Controls International JCI May 10

Take-Two Interactive Software, Inc. TTWO May 2

Jacobs Engineering Group, Inc. JEC May 2

JetBlue Airways Corp. JBLU Apr. 30

American Express Co. AXP Apr. 24

MetLife, Inc. MET Apr. 17

Church & Dwight Co., Inc. CHD Mar. 29

Consumer Staples Select Sector SPDR XLP Mar. 28

Travelers Companies, Inc. TRV Mar. 28

Pepsico, Inc. PEP Mar. 27

Shopify, Inc. SHOP Mar. 27

Kimberly-Clark Corp. KMB Mar. 15

iShares U.S. Real Estate ETF IYR Mar. 13

Air Products & Chemicals, Inc. APD Mar. 11

Hilton Worldwide Holdings, Inc. HLT Mar. 6

Costco Wholesale Corp. COST Mar. 6

Marvell Technology Group Ltd. MRVL Mar. 1

Universal Display Corp. OLED Mar. 1

Vulcan Materials Co. VMC Mar. 1

Walmart, Inc. WMT Feb. 22

Microsoft Corp. MSFT Feb. 22

Motorola Solutions, Inc. MSI Feb. 15

First Solar, Inc. FSLR Feb. 15

Mastercard, Inc. MA Feb. 11

Procter & Gamble Co. PG Feb. 8

Global Payments, Inc. GPN Feb. 5

Visa, Inc. V Feb. 4

SPDR S&P Homebuilders ETF XHB Jan. 30

Exact Sciences Corp. EXAS Jan. 28

Applied Materials, Inc. AMAT Jan. 25

SBA Communications Corp. SBAC Jan. 24

Paycom Software, Inc. PAYC Jan. 23

Advanced Micro Devices, Inc. AMD Jan. 22

VeriSign, Inc. VRSN Jan. 18

Coupa Software, Inc. COUP Jan. 16

Veeva Systems, Inc. VEEV Jan. 16

CyberArk Software CYBR Jan. 11

Okta, Inc. OKTA Jan. 9

Tandem Diabetes Care, Inc. TNDM Jan. 9

Alteryx, Inc. AYX Jan. 8

IAC/InterActivecorp IAC Jan. 7

Workday, Inc. WDAY Dec. 10

Starbucks Corp. SBUX Nov. 5

American Tower Corp. AMT Nov. 5

Utilities Select Sector SPDR XLU Oct. 25

McDonald's Corp. MCD Oct. 24

Yum! Brands, Inc. YUM Oct. 18

Twilio, Inc. TWLO May 21

(END) Dow Jones Newswires

July 23, 2019 19:09 ET (23:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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