Sunday, October 15, 2017

The Daily, Part 1 of 3, 10-14-17

* * * *
10/14/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: DATA; PLAY; SOHU; VMW
Entry alerts: None issued
Trailing stops: BLRX; INFI
Stop alerts: None issued

The market alert service is a premium level service where we issue intraday
alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
can sign up at the following link:
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********************************************************************
The Market Video is DIVIDED into component parts: Market Overview, Economy,
Technical Summary, and the Next Session. Choose the segments you are
interested in without having to search a longer video. Click on the link to
the portion you wish to view.

TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/mo/mo.mp4

TO VIEW THE TECHNICAL SUMMARY VIDEO CLICK THE FOLLOWING LINK:
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TO VIEW THE NEXT SESSION VIDEO CLICK THE FOLLOWING LINK:
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********************************************************************

The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.

MARKET SUMMARY

- SOX posts a solid week while the large caps trend slightly higher, small
and midcaps finish up their tests.
- Bank earnings disappoint for the most part, but don't take the financials
out of the upside picture.
- Fed inflation 'mystery' even as inflation is all around it. The solution:
tax reform, healthcare reform to get true growth and stop distorting our
labor and investment markets, not to mention killing the middle class.
- Leaders still look very good and there are plenty of stocks set up to move
higher.
- Earnings season just getting started, still looks to be time to continue
higher.

The week was one that saw SOX post some nice gains but for the rest of the
market it was mostly a series of modest gains and even more modest losses
that kept the trends higher. Some days started softer, some started upside,
but none could really yield strong gains. In the end, the trends held but
the momentum in the large cap indices definitely slowed.

SP500 2.24, 0.09%
NASDAQ 14.29, 0.22%
DJ30 30.71, 0.13%
SP400 -0.05%
RUTX -0.17%
SOX -0.67%


Many leaders, however, continued showing excellent strength as smaller
biotechs and drugs were still great, software was strong again, some retail
posted great gains, chemicals started to rally. Banks started reporting
earnings, and while the stock action was not necessarily great, they left
themselves in position to return to the upside.

Thus, while the overall momentum of the move is slowing, there is still
plenty of leadership that is moving and that continues to set up to continue
moving. Last week we discussed how stocks rallying into earnings often
continue the move during the initial phase if the results are good. The
results were not all that great from the banks, but the stock indices still
held the trends with modest net gains.

Perhaps some good earnings this week can result in some renewed upside from
the rest of the market. Even then, you still have to view this as a market
that has rallied nicely and has lost some momentum -- at least for the large
cap indices. RUTX has put in a nice 2 week test of the 10 day EMA while
SP400 midcaps moved laterally in a tight range. They are set to continue
the move from the look of their consolidation, and that makes sense: they
led the last leg higher, started to test, and the large cap indices started
upside.

Now they are rested after the large caps made their move. Perhaps time for
some rotation back to the smaller caps while the large caps take a breather.
They certainly have some very nice play setups to aide in an upside move.


NEWS/ECONOMY

The news on the week saw mostly mixed data. Actual data was not so great
while sentiment data was again strong.

It also saw the Fed confused by the 'mystery' of low inflation. Well, here
is even more of a mystery: inflation is NOT low. As discussed earlier in
the week, inflation is showing up everywhere except in price increases.
There is 'hidden' inflation everywhere, most predominant in the portions,
amounts, reduced materials, etc. We have known for years that producers and
sellers felt they could not raise prices for fear of losing market share.
So, they kept prices more or less in line while 'raising' them by the other
means cited.

It seems incomprehensible that the Federal Reserve, stacked with ivory tower
economists, would not know this. But of COURSE they do. It is a fiction.
They know they have to get rates higher, and even if 'prices' remain low via
what is charged, they are going to hike.

I really don't have a problem with that; there is inflation in other areas
as discussed. The problem is, there needs to be tax reform to get the
economy really producing and moving versus the subterfuge of pricing. The
ACA needs to be removed to eliminate the strangulation of small businesses,
the distortion of our labor market into millions more sub-29 hour per week
hourly jobs, and to actually get healthcare back to where you can get a good
policy at a decent price.

I cannot understand the fight to preserve a system that has quadrupled and
more premium prices and done the same with deductibles. The statistic of
'coverage' is a red herring: you can be covered because you are forced to
buy a policy, but then have no money left over to go to the doctor and pay
your deductible. Yes there are subsidies for the poorest, but none of the
middle class, or more rightly put, the former middle class, can qualify for
subsidies.

So, you have coverage on paper but in reality these people are basically
uninsured. It reminds me of an old joke: a boy asks his father for help on
his homework. "what is the difference between in theory and in reality?"
the son asks. The father says, "go ask your mother if she would sleep with
a man for a million dollars" and come back and tell me what she said. The
son does, and his mother says "well, it would be wrong, but we could pay off
the house, pay for you kids' college, and have a retirement. If there were
no strings attached, yes I would." The son reports her answer and the
father says "now go ask your sister the same question." The sister responds
"yes I would" without hesitation or any of the other conditions the mother
placed on the deal. The son reports her answer to the father. The father
says "So, here is the difference: in theory we have $2 million; in reality
we live with two concubines."


THE MARKET

CHARTS

SOX: Market leader last week, breaking to a series of new post-2000 highs,
indeed 10 of the last 11 sessions. Solid gains Monday, Tuesday, Wednesday,
and Friday. Okay, good moves and now up three weeks straight in a 45 degree
rise above the 10 day EMA. Perhaps a bit overbought near term as in this
series of rallies SOX typically rallies approximately 3 weeks before needing
a test.

RUTX: Excellent 2 week test back near the 10 day EMA after that mid-August
to early October surge. Amazing move, excellent test. Small caps could be
ready to move back upside next as the large cap indices take a breather.

SP400: The midcaps don't have the textbook test of the 10 day EMA a la
RUTX, but they also have rested, refusing to give up any ground in its 6
session tight lateral test. The 10 day EMA is now just below the
consolidation, and that often continues the move higher.

DJ30: Nice steady trend higher on the week with upside days and minor
downside. Climbing the 10 day EMA with good volume. Now up 5 weeks on this
move and that is extended for the Dow in these rallies. It is getting help
from the DJ20 transports as they broke to a new high Thursday. Gave it up
Friday, but right there.

SP500: Slight trend higher on the week as well, the 10 day EMA catching up
with the move. SP500 broke higher to start September, moving off the 50 day
MA, then tested in a lateral move through late September. Then a new break
higher and rally that took it through the 2007 upper trendline. Nice move,
now testing again. Not necessarily that overextended.

NASDAQ: Similar to SP500, NASDAQ came off the 50 day MA in late September
versus early that month, and it rallied into the prior Friday. Last week it
continued trending higher just over the 10 day EMA though at a much slower
pace. Trying to consolidate while holding the gains. Not sure it can, but
not as extended as DJ30.


Leadership

Software: Not as great a day Friday, but Thursday saw some good moves
upside from GLUU, CRM, VMW, MSFT and others. Looking at COUP as a new play
this week.

Biotechs/Drugs: Some great moves from INFI, IDRA, CNIT, BIIB. Decent
action from others, e.g. ARRY. Not all were great, e.g. BLRX, CNAT, but
there are some great setups we are looking at this weekend.

Semiconductors: A decent to very good week. AMD, AMAT, LRCX, ON, BRKS
showing very solid action. SMTC, SIMO, ADI, SLAB -- all solid. Lots of
strength.

China stocks: Mixed but started upside late week. They run hot and cold --
guess you call that volatile. SOHU exploded higher Friday and we banked
some strong gain. YY trended higher then broke higher Friday. BZUN finally
started upside again Friday. BIDU solid. CTRP looking decent but needs
more volume. BABA is testing the 20 day EMA on stronger volume. WUBA is
interesting.

Retail: Some great moves, e.g. TGT working well for us, WMT the cream of
the class. KORS trying to break out from a consolidation. HD in a nice 10
day EMA test. Not all are great: COST languishing after gapping lower.
JWN, M, DDS down. WSM gapped lower on results but is posting a nice
rebound.

FAANG: Decent just not inspired -- in most cases. FB up to the early
September top of its 3 month lateral range. AMZN breaking higher late week;
we will see if we can get in early week on a test. AAPL still below the 50
day MA. NFLX tested the 10 day EMA, trying to break higher again ahead of
earnings. GOOG posted a great week for us, rallying up the 10 day EMA.


Miscellaneous: Chemicals were great, e.g. CF, AGU. SQ continues a strong
move. NAK surged off the 200 day SMA.


MARKET STATS

DJ30
Stats: +30.71 points (+0.13%) to close at 22871.72

Nasdaq
Stats: +14.29 points (+0.22%) to close at 6605.80
Volume: 1.76B (-12.44%)

Up Volume: 888.95M (-32.3M)
Down Volume: 831M (-219M)

A/D and Hi/Lo: Decliners led 1.08 to 1
Previous Session: Decliners led 1.38 to 1

New Highs: 237 (+14)
New Lows: 47 (+6)

S&P
Stats: +2.24 points (+0.09%) to close at 2553.17
NYSE Volume: 768M (-2.51%)

A/D and Hi/Lo: Advancers led 1.46 to 1
Previous Session: Advancers led 1.11 to 1

New Highs: 264 (+42)
New Lows: 30 (-2)


SENTIMENT INDICATORS

VIX: 9.61; -0.30
VXN: 13.97; -0.36
VXO: 7.57; -0.48

Put/Call Ratio (CBOE): 0.85; -0.20


Bulls and Bears: Whoa, a big spike in bulls continues, moving over the 60
level with bears dropping like a rock. Getting very bullish, indeed too
bullish.

Bulls: 60.4 versus 57.5

Bears: 15.1 versus 17.0

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.


Bulls: 60.4 versus 57.5
57.5 versus 54.3 versus 50.5 versus 47.1 versus 49.5 versus 49.5 versus 48.1
versus 50.5 versus 57.5 versus 60.0 versus 60.2 versus 57.8 versus 50.0
versus 52.5 versus 54.9 versus 51.5 versus 50.00 versus 55.8 versus 50.00
versus 51.9 versus 58.1 versus 58.7 versus 58.5 versus 54.7 versus 51.9
versus 56.3 versus 55.8 versus 49.5 versus 56.7 versus 53.4 versus 57.7
versus 63.1 versus 61.2 versus 61.8 versus 62.7 versus 61.8 versus 58.2
versus 60.6 versus 58.6 versus 60.2 versus 59.8 versus 59.8 versus 59.6
versus 58.8 versus 56.3 versus 55.6 versus 51.0 versus 42.9 versus 41.7
versus 47.1 versus 42.9 versus 46.1 versus 46.7 versus 45.2

Bears: 15.1 versus 17.0
17.0 versus 17.1 versus 19.0 versus 20.2 versus 19.1 versus 19.1 versus 18.3
versus 18.1 versus 17.0 versus 16.2 versus 16.5 versus 16.7 versus 18.6
versus 18.8 versus 18.6 versus 18.3 versus 19.2 versus 18.3 versus 17.1
versus 17.3 versus 17.9 versus 17.9 versus 18.3 versus 17.5 versus 18.3
versus 18.1 versus 17.3 versus 13.75 versus 17.3 versus 16.5 versus 17.5
versus 17.6 versus 16.7 versus 17.6 versus 17.5 versus 17.3 versus 18.3
versus 18.4 versus 19.6 versus 19.6 versus 19.2 versus 19.6 versus 22.3
versus 21.6 versus 23.5 versus 25.7 versus 24.3 versus 23.1 versus 23.8
versus 23.1 versus 22.8 versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.275% versus 2.321%. Bonds rallied all week on the economic data
and the belief the Fed may not be able to hike as it wants. TLT tested the
200 day SMA the prior week and rallied right back up to the 50 day MA as of
Friday.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.321%
versus 2.345% versus 2.345% versus 2.361% versus 2.348% versus 2.327% versus
2.326% versus 2.341% versus 2.339% versus 2.312% versus 2.307% versus 2.236%
versus 2.222% versus 2.253% versus 2.276% versus 2.273% versus 2.246% versus
2.234% versus 2.201% versus 2.186% versus 2.19% versus 2.167% versus 2.134%
versus 2.042% versus 2.105% versus 2.072% versus 2.166% versus 2.210% versus
2.136% versus 2.129% versus 2.175% versus 2.169% versus 2.189% versus 2.217%
versus 2.183% versus 2.197% versus 2.185%


EUR/USD: 1.1823 versus 1.1834. Euro recovered back to test the 50 day MA
after breaching it the last week of September.

Historical: 1.1834 versus 1.18662 versus 1.1813 versus 1.17460 versus
1.17352 versus 1.17100 versus 1.1754 versus 1.17676 versus 1.17315 versus
1.1812 versus 1.17817 versus 1.1746 versus 1.17852 versus 1.18540 versus
1.19476 versus 1.19420 versus 1.19420 versus 1.19954 versus 1.19436 versus
1.1918 versus 1.1874 versus 1.19706 versus 1.19551 versus 1.20379 versus
1.2025 versus 1.19258 versus 1.19143 versus 1.18621 versus 1.19131 versus
1.18938 versus 1.19731 versus 1.19678 versus 1.19212 versus 1.18 versus
1.17516 versus 1.1813 versus 1.17595 versus 1.17107 versus 1.17812 versus
1.17445 versus 1.17751 versus 1.18216 versus 1.17652 versus 1.17596 versus
1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus 1.18457 versus
1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus 1.17419 versus
1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus 1.15280 versus
1.15549 versus 1.14735


USD/JPY: 111.852 versus 112.25. Dollar faded toward the 200 day SMA all
week as the data suggests the Fed might not be so tough as it says it will
be.

Historical: 112.25 versus 112.413 versus 112.41 versus 112.700 versus
112.653 versus 112.818 versus 112.79 versus 112.667 versus 112.716 versus
112.442 versus 112.86 versus 112.289 versus 111.649 versus 1.12125 versus
111.995 versus 112.454 versus 111.559 versus 111.435 versus 110.846 versus
110.01 versus 110.62 versus 110.216 versus 109.434 versus 107.847 versus
108.444 versus 109.132 versus 108.747 versus 110.254 versus 110.049 versus
110.289 versus 109.652 versus 108.04 versus 109.160 versus 109.573 versus
109.195 versus 109.648 versus 109.173 versus 109.205 versus 109.333 versus
109.842 versus 110.6621 versus 109.927 versus 109.183 versus 109.177 versus
110.03 versus 109.09 versus 110.09 versus 110.757 versus 110.689 versus
109.963 versus 110.717 versus 110.368 versus 110.28 versus 110.704 versus
111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 51.45, +0.85. Oil held the 200 day SMA test and rebounded Tuesday and
again Friday. Still looks as if this higher low could break it out of its
range.


Gold: 1304.60, +8.10. Gold rallied on the week and then broke back up
through the 50 day MA on Friday. It too doubts the Fed.


MONDAY

Earnings are taking over the headlines as the banks started the show and now
the floodgates open. The initial response was not great as the banks
faded -- for the most part. The question is whether the market has room for
more upside on some good earnings after the gains in DJ30, SOX and to a
lesser extent, NASDAQ and SP500.

As noted before the real question is whether RUTX and SP400, after their
tests, are ready to take up leadership again and move back upside, getting
money pushed their way, as the large cap indices take a break after their
move up that started as RUTX and SP400 started to take a breather.

We think that could be the case. There are plenty of setups in the group,
and they could provide another good leg higher over the next couple of weeks
even if the market decides to cap out the move at that point. That is what
I discussed last week: the continued rally at the first weeks of earnings
that then stalls. With the patterns we see there are still very good setups
to play that move and still make money before a stall.

Thus, we still believe the move could top out once the earnings saturation
comes, typically 2 or so weeks in once the big names start announcing, but
there are also great setups to play during that time as well as letting
positions work and banking gain as it comes. We did a lot of that last
week, particularly with the October expiration coming up this week.

Therefore, we intend to play good moves upside because there are so many
good stocks making good moves and in prime position to continue or start a
move. Yes, as noted last week some can get left at the altar when the move
runs out of steam, but the scenario we are playing allows for some more
upside before that occurs.

Have a great weekend!



SUPPORT AND RESISTANCE

NASDAQ: Closed at 6605.80

Resistance:
More new highs

Support:
6477 is the September intraday high
6461 is the July 2017 prior all-time high
6450 is the early September high
The 50 day EMA at 6433
The 2016 trendline at 6366
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
6205 is the late May all-time high
The 200 day SMA at 6079
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2553.17

Resistance:
New highs again

Support:
2519 is the upper channel line from the March 2009 uptrend channel
The 50 day EMA at 2498
2491 is the August all-time high
2480 the late August and early August highs
2453.46 is the June prior all-time closing high
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
The 200 day SMA at 2403
2401 is the March 2017 all-time high
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 22,871.72

Resistance:

Support:
The 10 day EMA at 22,740
22,420 is the September high
The 50 day EMA at 22,241
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
The 200 day SMA at 21,170
21,169 is the March 2017 all-time high
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Sunday, October 08, 2017

The Daily, Part 1 of 3, 10-7-17

* * * *
10/7/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: None issued
Entry alerts: CNAT
Trailing stops: None issued
Stop alerts: None issued

The market alert service is a premium level service where we issue intraday
alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
can sign up at the following link:
http://www.investmenthouse.com/alertdaily.html

********************************************************************
The Market Video is DIVIDED into component parts: Market Overview, Economy,
Technical Summary, and the Next Session. Choose the segments you are
interested in without having to search a longer video. Click on the link to
the portion you wish to view.

TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/mo/mo.mp4

TO VIEW THE TECHNICAL SUMMARY VIDEO CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/ts/ts.mp4

TO VIEW THE NEXT SESSION VIDEO CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/nxt/nxt.mp4
********************************************************************

The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.

MARKET SUMMARY

- Headline jobs report bad but some internals are not viewed as that bad
though they have their issues as well.
- Stocks pause on the week after the large caps took the leadership while
small and midcaps rest
- Plenty of leadership still in great position, others trying to rise as new
money aids virtuous rotation.
- Higher minimum wages, ACA taking out mid-market San Fran restaurants
- President may strike deal for short-term healthcare action, talks trash to
NK again

Stocks started soft but started to bounce back upside early in the session.
That move was chop-blocked, however, and stocks fell into midday as North
Korea talked of some other test this weekend. That gave reason to think a
bit more about the Trump version of the line from the movie '2010' -- 'You
see, something's going to happen,' says the being that was formerly Dave
Bowman. 'What? What's going to happen' asks Dr. Floyd (Roy Shieder).
'Something wonderful' responds the former Dave Bowman. Trump's version
after a dinner meeting with top military brass isn't so hope filled: 'this
is the calm before the storm.' When a reporter asked what he meant, Trump
responded 'you will see.' With that backdrop, when NK talked of tests and
launches, stocks fell.


You see, something wonderful is going to happen What? What is
going to happen?

Something wonderful.

The indices fell to the early afternoon, but then recovered lost ground into
the last hour. That flipped NASDAQ to positive as the NASDAQ 100 again led
it higher while SOX was already showing very good action all session. The
rest, well, they just limped home flat, happy to get to the weekend after a
week of new highs was followed with a day off from the large cap indices and
a good lateral test by the small caps and midcaps.

SP500 -2.74, -0.11%
NASDAQ 4.82, 0.07%
DJ30 -1.72, -0.01%
SP400 -0.08%
RUTX -0.12%
SOX 0.45%
NASDAQ 100 0.12%

VOLUME: NYSE -7%, NASDAQ -8%. Modest fade in trade on a weak session. That
fits the overall solid price/volume action seen in the rally of late. There
is a lot of complaining about this rally as being overdone, preceding a
sharp drop, etc., but the price/volume action is good and of course there is
good leadership.

ADVANCE/DECLINE: NYSE -1.8:1, NASDAQ -1.1:1. With the small and midcaps
the loss leaders (after leading higher for over a month), breadth was a bit
more negative.

Stocks were already soft pre-market ahead of the jobs report with SP500
lower while DJ30 and NASDAQ traded slightly positive. Then the September
negative jobs report hit and stocks slid to negative. Not a sharp selloff,
they just lost the already Jello-like bids the morning showed.

The jobs report, despite turning in -33K jobs the first negative tally since
sometime back in the financial crisis (2010), actually showed some
ostensibly internal positives. Wages were higher and participation jumped
two tenths. New full-time jobs rose 935K, the fourth highest level every
reported. Further, 1.5M people HAD a job but just could not get to work
because of the storms.

There is some controversy regarding wages. The headline at 0.5% was solid
and the 2.9% year/year was a nice jump from 2.5%. BUT . . . 1) the Food &
Beverage sector (read waiters, busboys), one of the lowest wage sectors,
lost 105,000 jobs. Take out those low wage jobs and you skew the average
wage higher; 2) then you had companies needing workers but could not get
them because they were taking care of their homes, etc. Shortage of workers,
wages go up; 3) Finally, the BLS simply bungled (putting the best light on
it) the data reporting, substituting the preliminary August weekly earnings
in the July revised (final) weekly earnings, making July lower than the
'final' read previously reported and making the rise look greater than it
was, and by a long shot.

Still, the headline negative number was easily explained and there is some
substance in arguing the internals were better. Given that, we thought
stocks would recover off a lower open. They were indeed doing that until
NKorea started flapping its jaws again. Stocks sold and then had to recover
yet again, and on this Friday ahead of Columbus Day (NOT a market holiday
anymore) that was a bridge just too far.

Even so there were some solid moves. NFLX continued upside along with GOOG,
both breakouts from cup with handle bases. AMZN added more upside HTHT took
off upside once more. INFI of the small biotechs still solid. CNAT surged
then faded, catching us in between. AMAT started upside again. There were
some very good moves as noted, but mostly modest gains to flat action.
After the rally on the week, not bad.

Thus, stocks made it to the weekend holding gains on the week, avoided a
potential blowup on the jobs report, and face next week with the same
situation if once again the world avoids any serious pitfalls. Of course
Monday is the Catalonian meeting regarding the independence vote, the market
is significantly overbought, bulls are higher, magazines covers depict bulls
in every market, and the algorithms are still out there. Kind of business
as usual.

Business as usual and thus far none of that has stopped the advance. We let
positions work higher whether that meant watching them make good moves as
noted above or just testing/resting after very good moves. New weeks are
always approached with some apprehension as you wonder if this is the week
the algos hit. Well, I can tell you, if there is a test on NFLX, GOOG, HTHT
or other good movers to start the week, they will be quite tempting to pick
up a few more positions.


THE MARKET

CHARTS

SOX: Leader on Friday after slowing its rally Tuesday to Thursday. Punched
out another post-2000 high after a pause though a Friday move on lighter
trade is not a confirmation of a new move upside.

NASDAQ moved higher as well, overcoming a gap lower to post a very modest
gain. Excellent week, however, continuing the rally to higher hand higher
highs off the 50 day MA test. Big help from FAANG stocks late in the week,
e.g. GOOG, NFLX.

RUTX: So important to the market with its incredible recovery off the
mid-August low, RUTX spent Tuesday to Friday working laterally in a very
tight range after blasting off to a new high yet again on Monday. The rally
put it in an overbought condition and it is trying to work it off while
holding onto all the gains with that tight lateral move. Typically it waits
for or fades a bit to meet the rising 10 day EMA, and that is what gives the
move its rest and support for another break higher, all things remaining
equal.

SP400: The midcaps show similar action, a big Monday move then drifting
upside and sideways into the weekend. Strong move, got a bit over its skis,
now waiting for the 10 day EMA to catch up to the move.

DJ30: Flat Friday after a week that saw DJ30 break higher Monday and resume
the flurry of new highs after 2 weeks of rest. Excellent action.

SP500: Also took Friday off after a strong week that scored four new
all-time highs. Similar to DJ30, SP500 broke higher out of a 2.5 week
lateral consolidation, really aided by strength in financial stocks.


LEADERSHIP

FAANG: NFLX, GOOG led again, joined by AMZN and its move through the 50 day
MA. FB was up but uninspiring while AAPL continues below the 50 day MA.

Software: A solid week again. MSFT broke higher off the 50 day MA. FEYE up
nicely along with RHT. CRM is trying to make its move. PANW is trying to
move higher as well. Still a solid group.

Biotechs: Definitely mixed as some smaller names sold (PACB, IMMU) while
others surged (INFI, IDRA). Big names were mixed as BIIB gapped upside,
AMGN held steady, CELG faded. Overall still very interesting.

China stocks: Faded early week as they ran well already, then rallied late.
SOHU surged Friday along with HTHT. YY in a nice doji test of the 10 day
EMA. BABA, BIDU moving laterally at near support. BZUN tested more than we
wanted but showing doji at the 50 day MA.

Financial: Nice week, taking a breather Friday after trending higher then
breaking upside Thursday. C, BAC, JPM, GS all showing this action.

Semiconductors: Some great tests on the week after good moves, some
starting upside Friday, e.g. AMAT. ON continued marching higher. LRCX in a
great test. HIMX trying to break higher and SIMO heading upside. MU
setting up a nice flag test of the 10 day EMA.

Oil: Continues to intrigue and we picked up some DO on the week. Still
looking at ESV, APC and this weekend CRZO to see if there are some breaks
higher from promising patterns even as oil backs off resistance.

Retail: After good moves mostly testing. DLTR added some upside on the
week. GPS, KORS, CONN testing. ROST trended higher all week. COST sales
were disappointing and it gapped sharply lower Friday.

Metals: Interesting action in some of the group. ZEUS in a nice flag test
of a breakout. Some industrial metals are setting up.


MARKET STATS

DJ30
Stats: -1.72 points (-0.01%) to close at 22773.67

Nasdaq
Stats: +4.82 points (+0.07%) to close at 6590.18
Volume: 1.75B (-7.41%)

Up Volume: 954.54M (-225.46M)
Down Volume: 763.67M (+96.53M)

A/D and Hi/Lo: Decliners led 1.11 to 1
Previous Session: Advancers led 1.63 to 1

New Highs: 193 (-102)
New Lows: 18 (-5)

S&P
Stats: -2.74 points (-0.11%) to close at 2549.33
NYSE Volume: 693.967M (-6.95%)

A/D and Hi/Lo: Decliners led 1.75 to 1
Previous Session: Advancers led 1.58 to 1

New Highs: 172 (-77)
New Lows: 19 (+11)


SENTIMENT INDICATORS

VIX: 9.65; +0.46
VXN: 13.33; +0.45
VXO: 7.85; +0.22

Put/Call Ratio (CBOE): 0.87; +0.03


Bulls and Bears: After dipping as the market started a new spike higher, of
course the bears are back up, pushing into the rarified air near 60 that is
the top of the typical range. Bears held pretty much steady.

Bulls: 57.5 versus 54.3

Bears: 17.0 versus 17.1

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 57.5 versus 54.3
54.3 versus 50.5 versus 47.1 versus 49.5 versus 49.5 versus 48.1 versus 50.5
versus 57.5 versus 60.0 versus 60.2 versus 57.8 versus 50.0 versus 52.5
versus 54.9 versus 51.5 versus 50.00 versus 55.8 versus 50.00 versus 51.9
versus 58.1 versus 58.7 versus 58.5 versus 54.7 versus 51.9 versus 56.3
versus 55.8 versus 49.5 versus 56.7 versus 53.4 versus 57.7 versus 63.1
versus 61.2 versus 61.8 versus 62.7 versus 61.8 versus 58.2 versus 60.6
versus 58.6 versus 60.2 versus 59.8 versus 59.8 versus 59.6 versus 58.8
versus 56.3 versus 55.6 versus 51.0 versus 42.9 versus 41.7 versus 47.1
versus 42.9 versus 46.1 versus 46.7 versus 45.2

Bears: 17.0 versus 17.1
17.1 versus 19.0 versus 20.2 versus 19.1 versus 19.1 versus 18.3 versus 18.1
versus 17.0 versus 16.2 versus 16.5 versus 16.7 versus 18.6 versus 18.8
versus 18.6 versus 18.3 versus 19.2 versus 18.3 versus 17.1 versus 17.3
versus 17.9 versus 17.9 versus 18.3 versus 17.5 versus 18.3 versus 18.1
versus 17.3 versus 13.75 versus 17.3 versus 16.5 versus 17.5 versus 17.6
versus 16.7 versus 17.6 versus 17.5 versus 17.3 versus 18.3 versus 18.4
versus 19.6 versus 19.6 versus 19.2 versus 19.6 versus 22.3 versus 21.6
versus 23.5 versus 25.7 versus 24.3 versus 23.1 versus 23.8 versus 23.1
versus 22.8 versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.361% versus 2.348%

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.348%
versus 2.327% versus 2.326% versus 2.341% versus 2.339% versus 2.312% versus
2.307% versus 2.236% versus 2.222% versus 2.253% versus 2.276% versus 2.273%
versus 2.246% versus 2.234% versus 2.201% versus 2.186% versus 2.19% versus
2.167% versus 2.134% versus 2.042% versus 2.105% versus 2.072% versus 2.166%
versus 2.210% versus 2.136% versus 2.129% versus 2.175% versus 2.169% versus
2.189% versus 2.217% versus 2.183% versus 2.197% versus 2.185%


EUR/USD: 1.17352 versus 1.17100. Still holding the same lows the past two
weeks after breaking below the 50 day MA.

Historical: 1.17100 versus 1.1754 versus 1.17676 versus 1.17315 versus
1.1812 versus 1.17817 versus 1.1746 versus 1.17852 versus 1.18540 versus
1.19476 versus 1.19420 versus 1.19420 versus 1.19954 versus 1.19436 versus
1.1918 versus 1.1874 versus 1.19706 versus 1.19551 versus 1.20379 versus
1.2025 versus 1.19258 versus 1.19143 versus 1.18621 versus 1.19131 versus
1.18938 versus 1.19731 versus 1.19678 versus 1.19212 versus 1.18 versus
1.17516 versus 1.1813 versus 1.17595 versus 1.17107 versus 1.17812 versus
1.17445 versus 1.17751 versus 1.18216 versus 1.17652 versus 1.17596 versus
1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus 1.18457 versus
1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus 1.17419 versus
1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus 1.15280 versus
1.15549 versus 1.14735


USD/JPY: 112.643 versus 112.818. Still in the 1.5 week lateral move along
the 10 day EMA and just below the July and May peaks.

Historical: 112.818 versus 112.79 versus 112.667 versus 112.716 versus
112.442 versus 112.86 versus 112.289 versus 111.649 versus 1.12125 versus
111.995 versus 112.454 versus 111.559 versus 111.435 versus 110.846 versus
110.01 versus 110.62 versus 110.216 versus 109.434 versus 107.847 versus
108.444 versus 109.132 versus 108.747 versus 110.254 versus 110.049 versus
110.289 versus 109.652 versus 108.04 versus 109.160 versus 109.573 versus
109.195 versus 109.648 versus 109.173 versus 109.205 versus 109.333 versus
109.842 versus 110.6621 versus 109.927 versus 109.183 versus 109.177 versus
110.03 versus 109.09 versus 110.09 versus 110.757 versus 110.689 versus
109.963 versus 110.717 versus 110.368 versus 110.28 versus 110.704 versus
111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 49.29, -1.50. Oil faded through the 200 day SMA and held the 50 day
MA. Hit near the top of the trading range and fell again. Very important
test to see if oil can put in a higher low and move back up to challenge the
top of the range. A stronger dollar hampers that effort.


Gold: 1274.90, +1.70. 4.5 week pullback showing a doji that tapped near
the 200 da and rebounded Friday. Gold is acting as if the Fed is going to
hike and reduce its balance sheet.


MONDAY

PPI, CPI, Retail Sales, Michigan sentiment October preliminary. A bit of
data to chew on, but after the jobs report, even with the headline jobs
miss, the Fed will use the higher wages as its cue to continue with its rate
hiking bias with December said to be the next hike. Of course higher wages
are not inflationary if they are higher because there is plenty of work due
to a solid economy. Supply prevents bottlenecks.

It is interesting that San Francisco is finding out that the higher minimum
wage and the high cost of ACA compliance with restaurants is causing some of
the middle market favorites to go out of business. How shocking: in a
low-margin business, forced higher wage costs and forced higher insurance
costs are causing companies to go out of business. For every dollar
increase in the minimum wage, Kevin Alexander has found a $20K reduction in
independent restaurant profits (roughly 10% for the size of restaurants
being tracked). San Fran had a $5/hour hike. Carnage. The ACA added
another $72K of annual expenses (in 2015, and prices have risen since -- a
lot). That takes off another 30% of profits for these businesses. That is
50%? Who can survive that?

Late today it is reported that the President met with Schumer and another
deal of sorts was struck to put in place executive orders re rolling back
some parts of the ACA to make it easier to group together through
"association health plans" and the like, making a year or two deal that
ultimately leads to block grants to the states. We will see.

At the same time Trump tweets of implied war with N. Korea, nothing that
Presidents have talked to NK for 25 years but it has not worked; 'sorry, but
only one thing will work' he tweeted.

Okay, some positives, some not so positive. Status quo I suppose.

Lots of talk about an overdone market with Way too low volatility that
surely must lead to a selloff it is said. Again, a selloff will come, but
look at how the indices have acted of late: RUTX, SP400 on big runs and are
now resting. SP500, DJ30, NASDAQ had rested but then last week they started
back upside with nice rallies.

Put another way, there is virtuous rotation ongoing as an area rallies to
gains, then rests in place or with modest tests while other parts of the
market rally. That means some new money still coming into stocks because if
not, money would be pulled from one area and put into another, with the
former falling while the latter rises.

For now the action in the indices is very good and the action in leadership
is very good. They are moving up, resting, then moving up again. The
algorithms are still out there but thus far the new highs have not been
sold. Can still happen, but we also see a lot of really solid setups --
still -- and we are looking at more upside this week given the action still
shows plenty of leadership with money moving into the market to drive areas
higher.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6590.18

Resistance:
Another new high Friday.

Support:
6477 is the September intraday high
6461 is the July 2017 prior all-time high
6450 is the early September high
The 50 day EMA at 6397
The 2016 trendline at 6342
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
6205 is the late May all-time high
The 200 day SMA at 6051
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2519.36

Resistance:
New high Friday.

Support:
2515 is the upper channel line from the March 2009 uptrend channel
2491 is the August all-time high
The 50 day EMA at 2486
2480 the late August and early August highs
2453.46 is the June prior all-time closing high
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
The 200 day SMA at 2396
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 22,773.67

Resistance:

Support:
22,420 is the September high
The 10 day EMA at 22,562
22,179 is the August 2017 all-time high
The 50 day EMA at 22,109
22,086 is the mid-August lower high
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
21,169 is the March 2017 all-time high
The 200 day SMA at 21,097
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Saturday, September 30, 2017

The Daily, Part 1 of 3, 9-30-17

* * * *
9/30/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: ACAD; BRKS; CONN
Entry alerts: CRMD; HIMX
Trailing stops: None issued
Stop alerts: None issued

The market alert service is a premium level service where we issue intraday
alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
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http://www.investmenthouse.com/alertdaily.html

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TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
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The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.

MARKET SUMMARY

- End of month, end of quarter, and stocks continue the rally through
September.
- SP500 breaks through the trendline as NASDAQ and SOX move to new highs
while RUTX and SP500 continue adding to theirs.
- Stocks rally on even as money flows out of the market.
- Personal spending and income hardly impressive. What is new?
- Inflation is falling as the Fed's plan just doesn't seem to fit the model.
- The battle of the tax plan analysts: of course they reach opposite
conclusions.
- How long can this continue? Stocks still look good, many in good runs,
many set up to make moves.

September is typically the worst month of the year for stocks, falling and
then setting up more selling but a bottom in October. Didn't happen this
year. September was straight up for some indices, e.g. RUTX, while all
indices moved higher. The watched pot never boiled.

Now that September and Q3 are over, all clear right? Well, there certainly
is a lot of relief after the market stepped through September with gains,
but I would posit that is exactly the time to keep checking the leaders to
see if any are breaking. While many FAANG stocks recovered last week, they
are not out of the clear.

At the same time, many stocks continue to look very good. Many are rallying
and there are still great setups to break higher and join or rejoin the
rally. Money continues to chase stocks higher, and was certainly doing so
to end the month and quarter.

Indeed, NASDAQ, SP500, SOX all broke to new highs Friday, SP500 clearing the
2009 channel upper trendline. That is one thing SP500 could not do when it
last tested these levels in July and August, i.e. close above the trendline.
That is a definitely a change in character.

SP500 9.30, 0.37%
NASDAQ 42.51, 0.66%
DJ30 23.89, 0.11%
SP400 0.13%
RUTX 0.14%
SOX 0.87%

VOLUME: NYSE +17%, NASDAQ +5%. Back above average on some breakout moves
though month and quarter end typically see stronger volume sessions.

ADVANCE/DECLINE: NYSE 1.5:1; NASDAQ 1.4:1

The question, again, is whether the change in character is a true change in
the market pattern or will the algorithms use every index hitting a higher
high the clearing another level of resistance as a cue to sell?

Thus far they have not showed at all. September ended, the quarter ended,
and often you get some new money coming to work with the start of a new
month and quarter. After that hits will the algos then strike?

Perhaps, but as noted last weekend, that is fearing shadows that are not
there, or if they are fearing things in the shadows that may not be there.

That said, the weekly and quarterly money flows came out Friday, and for the
week $7.6B flowed out of US equity funds. This as the market rallies
higher. For the quarter $23B left US equity funds. This as the indices
trended higher. Recall, a lot of big name managers said they were selling,
that things were too high and too crazy. Ultimately if enough sell out who
will be there to buy? Oh, I suppose THEY would be there if the market
continues higher and they be forced to knuckle under and buy again. Would
that happen? It sure does not seem as if it would, but this low to no
volatility move higher just won't die. Yet.

All week we let positions work, picked up new positions, and took some nice
gain per our plan as the gain presented itself. Friday we banked gain on
ACAD, BRKS, CONN -- kind of the ABC's of taking gain I suppose. It is
always a good idea to take gain when it presents, particularly when some
good moves are logged.

There are still positions we like and like a lot. We picked up some on
Friday even though we do not typically like buying on Fridays. There are
several plays on the report this weekend that offer a lot of upside
potential in the same groups that have worked so well and continue to set up
and break higher. Obviously if they continue to work we will continue to
work them.


NEWS/ECONOMY

Personal Income: 0.2 vs 0.3 (from 0.4%) July

Spending: 0.1 vs 0.3 July

PCE: 0.2% vs 0.1% prior

Core PCE: 0.1%. 1.29% year/year. Fed's most important inflation gauge down
6 straight months and the lowest year/year since 10/2015.

Let's see here, the Fed has intended to fuel some inflation to avoid
deflation. That seems so fake, does it not? You artificially create price
increases that are not truly the result of scarcity of resources, etc., and
then claim all is well because you avoided deflation.

The Fed chairman admitted she did not understand inflation. It would appear
there are several other things economic she does not understand.

Suffice it to say, incomes remain tepid with spending the lowest since
January 2016. A hearty 'well done!' Of course, the economist apologists
point out how well the Fed has done. The still labor under the delusion
that if nothing was done, if the Fed had not continued for years and years
and years to act, that we would all be dead. Perhaps. The regulations and
taxes the past 10 years killed a lot of business and perhaps there would not
have been enough willingness to invest to make it happen.

The thing is, the Fed and the administration engaged in the same policies
and actions that prolonged the Great Depression and turned the 1970's into
the 'malaise' (a word Carter did not utter in his address that was dubbed
the 'malaise' speech, but the idea was certainly conveyed to the extent that
EVERYONE called it the malaise speech). If you do the same thing and think
the results will be different because you are smarter and will do it right
this time, then you really are not smarter.


The tax proposal does what?

Of course tax reform would help the US out of the current malaise. And yes,
it is a malaise: in breadwinner job creation, in business creation, in
wages. Lots of malaise.

On Friday reports started emerging about the 'cost' of the tax proposal.
First, cost? Is it a 'cost' for Americans to keep more of their earnings?
They should measure the 'expense' to taxpayers, i.e. how much THEY have to
give up of THEIR wages to fund a profligate government, one that is taking
in RECORD tax revenues and STILL is carping about tax cuts and reform
'costing' it money. Until we drop the BS, we are not going to get anywhere.

Okay, back to the 'scoring' of the proposals. One group comes out and says
the lower earners will see their taxes go up, the higher earnings will go
down. You ALWAYS hear that with any tax reduction proposal. At the same
time, another group scored the proposal, as sparse as it is, with the lower
80% seeing a slight decrease in taxes while the top 20% see an increase in
taxes.

Who is right? IT DOESN'T MATTER! The GOAL is getting investment started
once more so we can see small business creation leap higher again with money
pushed into new ideas, innovations, and tech. That creates new products and
services and the QUALITY jobs needed to make and provide those products and
services. It happened in the 1980's and 1990's with crazy ideas such as
personal computers that led to all the support products and services and the
tens upon tens upon tens of millions of jobs that were created.

No one wanted to invest in the 1970's: the reward was much to small for the
risk involved. The Reagan tax cuts and reformation changed the risk/reward
balance to where it was worth taking the risk. Money poured out of tax
shelters and into investments. It launched a 20 year boom.

Right now we have seen YEARS of low investment in the US because the return
is not there. Companies instead pump money into financial markets and stock
buybacks because THAT is where the favorable risk/reward ratio is. The Fed
is backing their play, so go financial.

Again, these 'scores' of the tax plan are first, politically driven and thus
bogus. Second, they have nothing really to score. Third, they do not and
never have, measured the true outcome of tax cuts. There has never been a
time in the history of the US that substantial tax cuts did not produce a
surplus well in excess of what the tax cuts purportedly 'cost.' The ones
that didn't work? The absurd $600.00 'rebates' to people who never paid
taxes in the first place. Wasted Keynesian effort. As President Kennedy
said, the best welfare is a well-paying job. He did not say it was a
giveaway. Who creates the well-paying jobs, the ones that result from the
need for employees for the new technologies, processes and services created?
Not the government; it just takes. It does not create. It is the
businesses that do this. THAT MUST be the focus.

That is why the reduction on the business entity taxes is so huge. It is
absurd the opening bid was 20% for corporations. Even more absurd is the
25% for pass through entities the small businesses use. If the primary
focus is on small businesses, THEIR rate should be 15% or at least as low as
the corporate rate. That is my main beef with the proposal thus far.
Outside of that, it works to do what needs to be done: get more money in the
hands of American entrepreneurs to let them start, grow, and expand their
businesses. The rest follows from that.


THE MARKET

The Leaders

Semiconductors: Impressive week with stocks such as LRCX, AMAT, ON, ACLS,
HIMX, BRKS pushing higher, sharply higher.

Biotechs/Drugs: The large caps perhaps were not as strong, but the small
guys were moving. ARRY, IMGN, IMMU, CLVS all worked very well.

China Stocks: As usual mixed, but good movers and good setups. BIDU broke
higher Friday. YY enjoyed a good week. SOHU started upside Friday. SINA
is in good position to move higher.

Financial: Broke higher midweek with gaps. C, JPM, BAC. GS continued the
surge into Friday.

Retail: Solidly higher again. CONN gapped to target. DLTR trended higher
all week, breaking upside Friday. HD up again.

FAANG: AMZN showed a doji Friday below the 20 day EMA as it rebounded on
the week. Still a weak kind of recovery. AAPL is hanging on below the 10
day EMA after rebounding. FB broke back through the 50 day SMA; not bad.
NFLX bounced off the 50 day MA but worked laterally to Friday. GOOG
continued a nice break higher.

Transports: Trucks continued higher, e.g. ODFL, JBHT and more. DJ-20 broke
higher to a new high, confirming the DJ30's high and a Dow Theory positive.


MARKET STATS

DJ30
Stats: +23.89 points (+0.11%) to close at 22405.09

Nasdaq
Stats: +42.51 points (+0.66%) to close at 6495.96
Volume: 1.97B (+4.79%)

Up Volume: 1.37B (+385.14M)
Down Volume: 551.07M (-261.74M)

A/D and Hi/Lo: Advancers led 1.36 to 1
Previous Session: Advancers led 1.35 to 1

New Highs: 283 (+64)
New Lows: 21 (-5)

S&P
Stats: +9.30 points (+0.37%) to close at 2519.36
NYSE Volume: 900M (+17.32%)

A/D and Hi/Lo: Advancers led 1.54 to 1
Previous Session: Advancers led 1.46 to 1

New Highs: 205 (+50)
New Lows: 12 (-2)


SENTIMENT INDICATORS

VIX: 9.51; -0.04
VXN: 13.85; -1.13
VXO: 7.87; -0.25

Put/Call Ratio (CBOE): 1.05; +0.32


Bulls and Bears: Money may be leaving, but the bulls are still growing, up 7
points in three weeks. Bears fell precipitously.

Bulls: 54.3 versus 50.5

Bears: 17.1 versus 19.0

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 54.3 versus 50.5
50.5 versus 47.1 versus 49.5 versus 49.5 versus 48.1 versus 50.5 versus 57.5
versus 60.0 versus 60.2 versus 57.8 versus 50.0 versus 52.5 versus 54.9
versus 51.5 versus 50.00 versus 55.8 versus 50.00 versus 51.9 versus 58.1
versus 58.7 versus 58.5 versus 54.7 versus 51.9 versus 56.3 versus 55.8
versus 49.5 versus 56.7 versus 53.4 versus 57.7 versus 63.1 versus 61.2
versus 61.8 versus 62.7 versus 61.8 versus 58.2 versus 60.6 versus 58.6
versus 60.2 versus 59.8 versus 59.8 versus 59.6 versus 58.8 versus 56.3
versus 55.6 versus 51.0 versus 42.9 versus 41.7 versus 47.1 versus 42.9
versus 46.1 versus 46.7 versus 45.2

Bears: 17.1 versus 19.0
19.0 versus 20.2 versus 19.1 versus 19.1 versus 18.3 versus 18.1 versus 17.0
versus 16.2 versus 16.5 versus 16.7 versus 18.6 versus 18.8 versus 18.6
versus 18.3 versus 19.2 versus 18.3 versus 17.1 versus 17.3 versus 17.9
versus 17.9 versus 18.3 versus 17.5 versus 18.3 versus 18.1 versus 17.3
versus 13.75 versus 17.3 versus 16.5 versus 17.5 versus 17.6 versus 16.7
versus 17.6 versus 17.5 versus 17.3 versus 18.3 versus 18.4 versus 19.6
versus 19.6 versus 19.2 versus 19.6 versus 22.3 versus 21.6 versus 23.5
versus 25.7 versus 24.3 versus 23.1 versus 23.8 versus 23.1 versus 22.8
versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.339% versus 2.312%. Bonds gapped lower Wednesday on the Yellen
speech, did not recover much ground.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.312%
versus 2.307% versus 2.236% versus 2.222% versus 2.253% versus 2.276% versus
2.273% versus 2.246% versus 2.234% versus 2.201% versus 2.186% versus 2.19%
versus 2.167% versus 2.134% versus 2.042% versus 2.105% versus 2.072% versus
2.166% versus 2.210% versus 2.136% versus 2.129% versus 2.175% versus 2.169%
versus 2.189% versus 2.217% versus 2.183% versus 2.197% versus 2.185% versus
2.225% versus 2.264% versus 2.24% versus 2.191% versus 2.201 versus 2.246%
versus 2.262% versus 2.257% versus 2.264% versus 2.221% versus 2.266% versus
2.253% versus 2.296% versus 2.291% versus 2.303% versus 2.287% versus 2.330%
versus 2.255% versus 2.241% versus 2.270% versus 2.261% versus 2.318% versus
2.331%


EUR/USD: 1.1812 versus 1.17817. Recovered late week after breaking the 50
day MA's early week.

Historical: 1.17817 versus 1.1746 versus 1.17852 versus 1.18540 versus
1.19476 versus 1.19420 versus 1.19420 versus 1.19954 versus 1.19436 versus
1.1918 versus 1.1874 versus 1.19706 versus 1.19551 versus 1.20379 versus
1.2025 versus 1.19258 versus 1.19143 versus 1.18621 versus 1.19131 versus
1.18938 versus 1.19731 versus 1.19678 versus 1.19212 versus 1.18 versus
1.17516 versus 1.1813 versus 1.17595 versus 1.17107 versus 1.17812 versus
1.17445 versus 1.17751 versus 1.18216 versus 1.17652 versus 1.17596 versus
1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus 1.18457 versus
1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus 1.17419 versus
1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus 1.15280 versus
1.15549 versus 1.14735 versus 1.14672 versus 1.13986 versus 1.14335 versus
1.14682 versus 1.13964


USD/JPY: 112.47 versus 112.442. Holding the move higher through the 200
day SMA.

Historical: 112.442 versus 112.86 versus 112.289 versus 111.649 versus
1.12125 versus 111.995 versus 112.454 versus 111.559 versus 111.435 versus
110.846 versus 110.01 versus 110.62 versus 110.216 versus 109.434 versus
107.847 versus 108.444 versus 109.132 versus 108.747 versus 110.254 versus
110.049 versus 110.289 versus 109.652 versus 108.04 versus 109.160 versus
109.573 versus 109.195 versus 109.648 versus 109.173 versus 109.205 versus
109.333 versus 109.842 versus 110.6621 versus 109.927 versus 109.183 versus
109.177 versus 110.03 versus 109.09 versus 110.09 versus 110.757 versus
110.689 versus 109.963 versus 110.717 versus 110.368 versus 110.28 versus
110.704 versus 111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 51.67, +0.11. Broke higher Monday, tested back to the 10 day EMA the
balance of the week. Still a solid breakout.


Gold: 1284.80, -3.90. Broke below the 50 day MA' on the week, did not
recover the ground.


MONDAY

New highs continued through Friday. A new month and quarter could bring
some more buying into the market. After that, then what? Will new highs
become the targets for the algorithms to sell? After all, David Stockman
this weekend says to get out of the 'casino' markets now lest ye be caught
in the 40% to 70% meltdown he predicts. He is so vocal, so wild-eyed in his
statements and comments, I have a hard time taking him seriously. Oh sure,
I believe this is all a stack of cards but calls for collapse have come and
gone. At some point, poof; but what makes Stockman right THIS time when so
many before, including him, have been wrong? Nothing.

No, you look at the market and what the leaders do. Perhaps the hope
regarding the tax reform proposal gets dashed as the 'experts' issue more
and more reports on the 'cost' of the proposal.

The runs have been impressive. Crazily so. It is getting to the second
half 1999 kind of craziness in the continued upside. That, of course,
cannot last and will stall and fall. But again, when? Nobody knows! It
thus behooves us to play the good plays as they set up, play the leaders as
long as they lead. When they run out of gas and turn over, then worry. No,
don't worry. Then play the downside. Indeed, we have a downside play on
ATHM this weekend, a leading stock that suddenly gapped lower, then failed a
recovery attempt. If it breaks down hard and the market then gets more
leaders like ATHM was, it will have less leaders like ATHM was.

The point is, no one knows when the market cracks and rolls over. We will
play the moves the market gives. For now, upside, but watching over the
shoulder. We will do that until the leaders break and roll over. Then we
play the downside and make money from that versus wringing our hands and
retreating to dark spaces.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6495.96

Resistance:
New high Friday.

Support:
64.77 is the September intraday high
6461 is the July 2017 prior all-time high
6450 is the early September high
The 50 day EMA at 6363
6341.70 is the all-time high from early June.
The 2016 trendline at 6315
6300 is the mid-June interim high
6205 is the late May all-time high
The 200 day SMA at 6023
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2519.36

Resistance:
New high Friday.

Support:
2511 is the upper channel line from the March 2009 uptrend channel
2491 is the August all-time high
2480 the late August and early August highs
The 50 day EMA at 2474
2453.46 is the June prior all-time closing high
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
The 200 day SMA at 2389
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 22,405.09

Resistance:
22,420 is the September high

Support:
The 10 day EMA at 22,316
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 50 day EMA at 21,9981
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
21,169 is the March 2017 all-time high
The 200 day SMA at 21,027
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Sunday, September 24, 2017

The Daily, Part 1 of 3, 9-23-17

* * * *
9/23/2017 Investment House Daily
* * * *

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MARKET ALERTS:

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Entry alerts: None issued
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Stop alerts: None issued

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The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.

MARKET SUMMARY

- Overall flattish session into the weekend but RUTX joins the large caps
with its own new closing high.
- A bit too much geopolitical intrigue and still digesting the Fed's moves
for the market to rally into the weekend.
- SOX is certainly set up to move higher but the other indices appear
extended on this move.
- Why is the yield curve now so flat and suggesting economic trouble ahead?
- Rally is longer in the tooth in terms of the rally cycles, but SOX looks
ready to break higher, SP400 has more room, and DJ30 is testing nicely. If
they show great upside moves then we play the move, but still cautiously.

Stocks were mushy all Friday perhaps outside of the semiconductors. Once
again there is just a bit too much happening in the geopolitical sense to
initiate any major buys ahead of the weekend. Trump, the alleged dotard,
references the serious issues the Rocket Man will face if he continues his
ways. Mr. Pajamas 2 responds that he might just carry out an above ground
H-bomb test in the Pacific. There is also the Germany election Sunday with
Mother Migration Merkel expected to win but not to get the kind of coalition
she has abused, I mean enjoyed, in the past.

At the same time, though stocks may be a bit mushy, they still hold solid
gains as well as their trends, certainly not selling off because of any
weekend worries. And why should they? After all Jeremy Seigel predicts the
market has another 10% gain to year end. Why sell when you have that going
for you?

Well, perhaps, just perhaps, there will be a selloff to end September and
carry into October before that 10% rally kicks in. Would not be surprised
to see that happen as that is the historic market pattern for this time of
year AND there is that algorithm market pattern as well that kicks in after
the indices hit new highs and rally a bit more. Then, after selling back,
the cycle starts over to the upside. Those two patterns dovetail right now,
an appropriate metaphor given it is dove season in many places right now.

Thus, the indices finished the session decently and finished the week quite
decently, showing few signs of melting down or otherwise selling off. Some
stocks struggled into the weekend and we closed those positions that
reflected some of those struggles. We also, however, let the strong
continue to work and will see if next week brings the algorithm down cycle
or a renewed upside move if this rather mild test runs its course.

SP500 1.62, 0.06%
NASDAQ 4.23, 0.07%
DJ30 -9.64, -0.04%
SP400 0.33%
RUTX 0.46%
SOX 0.50%

VOLUME: NYSE flat; NASDAQ -7%. Very noncommittal ahead of the weekend
with trade again just below average on NYSE, below average on NASDAQ.

ADVANCE/DECLINE: NYSE 1.8:1; NASDAQ 1.9:1. Not bad given the modest
action. Obviously related to the better showings in the small and midcaps.

The index action is somewhat split, but none of the indices are in any kind
of trouble at all. More precisely, they are at different stages of their
rallies, some on the upswing still, playing catchup to the large cap indices
at new highs. Those that hit the highs are on the test.

The nagging question is whether the algorithms kick in again given all
indices but SP400 have hit new highs on this move. That, however, is almost
fearing things that may or may not be in the shadows. If you go for a walk
in the woods in the north you may run into a bear. Does that mean you don't
walk in the woods? No, you just take the proper precautions and know what
to do if you see that bear -- or more importantly, if he sees you.

Still, the bear has struck relatively regularly after new highs are hit.
Nothing suggests a change in that pattern, so for now we take advantage of
great patterns if they present themselves for solid moves, don't let any
positions get too errant on us, and try to let the solid trends keep working
through any chop. If stocks such as NFLX, bucking the trend against all the
FAANG, HON, BABA, LRCX start breaking support with sharp, high volume moves
lower, then it is time to clear out. Not there yet.


THE MARKET

CHARTS

SOX: Breakout to a new all-time high Monday, then tested the move into
Friday. Held the 10 day EMA and the prior high from June and managed a
Friday close over that June peak. Not a bad quick test of the breakout,
leaving SOX in good position to continue the breakout. Some good looking
semiconductors are set up well.

RUTX: New all-time closing high, closing just below the July highs..
Impressive second leg of the run from the July/August selloff, recovering
the entire loss. Made the move without another rest. 55 points off the
early September test lows, almost the exact number of points off the August
selloff low. With that kind of move and sitting at the prior high, it makes
sense the small caps test here.

NASDAQ: Hit a new high on the week, then faded into Friday to the 20 day
EMA. Held that level then rebounded modestly to end the week. Bumped
resistance, could not make any real inroads, but if NASDAQ holds the 20 day
EMA and bounces, it has put in a great higher low and is well-positioned to
break higher and move to a real new high. Nothing nefarious, but thus far
unable to put in a solid new high as in prior rallies. Perhaps that is
still in front of it, but at this point we have some good positions, some
good gain built in, and we can afford to let NASDAQ show if it can make that
next break higher.

DJ30: Broke to a new high through Wednesday, faded Thursday and Friday to
test just over the 10 day EMA. Impressive, same move it made in late
July/early August, normal test. That was the case in the last move, then
suddenly the 10 day EMA didn't hold. Thus far, very good looking test.

SP500: Spent the week slow dancing with the upper channel trendline from
way back in 2009, yes the trendline established after the Fed went full
frontal QE. Bumped the TL Monday through Thursday, backing off Thursday and
Friday. Backed off but held the 10 day EMA; not much backing down.
Financial stocks really helped SP500 on the week, but now we have to see how
they perform now they are at the top of their range.

SP400: The midcaps may have put in a good part of their test already.
Working laterally after Monday, waiting on the 10 day EMA to catch up to the
move. Surpassed the 1750 level, now at the next high, the June high at
1771, and trying to consolidate at that level. Another 20 points to the
prior all-time high, trying to consolidate the last move to make that run.

LEADERSHIP

Still plenty of quality stocks leading the way, and indeed, breaking higher
after tests. That shows continuing bids, not indicating a turn back down is
imminent. Still, some that were performing are struggling. Perhaps just
rotation.

Manufacturing: HON the outstanding stock in the group, breaking sharply
higher Thursday and Friday to a higher high. CAT, TEX still strong. ITW
testing a strong 2 week run higher. Strong.

Semiconductors: Volatile week but closed well. LRCX tested its breakout,
held over the 20 day, surged Friday. AMAT tested, managed to hold support.
SLAB looks good. XLNX has made a nice short test. MRVL ditto. They don't
look bad at all. AVGO, QRVO need some work. NVDA gapped lower on the
AMD/TSLA AI chip news but is holding support.

Retail: Tested good moves on the week, some look ready to move higher:
KORS, GPS, HD. DLTR broke higher again.

China stocks: This group rotates amongst itself. YNDX, YY started upside
Friday. BABA, BIDU remain solid. BITA testing its strong break higher.
SINA making a good test.

Financial: BAC, JPM, GS all moved higher on the week with some nice moves
but ended the week bumping the top of the range.

Drugs/biotechs: AMGN, BIIB remain in good 2-week tests of near support.
Smaller issues are struggling just a bit though hanging in at support: BLRX,
IMGN, IMMU holding well. PFE continues to move higher.

Software: Not bad tests setting up the next legs from the look of it: CRM;
VMW. TTWO continues up the 10 day EMA. GLUU sold to the 20 day EMA but
bounced Friday on more good volume.

Oil: APC added some more after that big buyback announcement. DVN still
moving upside. SAM and others are setting up patterns.


MARKET STATS

DJ30
Stats: -9.64 points (-0.04%) to close at 22349.59

Nasdaq
Stats: +4.23 points (+0.07%) to close at 6426.92
Volume: 1.64B (-6.82%)

Up Volume: 881.72M (+303.89M)
Down Volume: 717.87M (-412.13M)

A/D and Hi/Lo: Advancers led 1.91 to 1
Previous Session: Decliners led 1.25 to 1

New Highs: 124 (+5)
New Lows: 24 (-5)

S&P
Stats: +1.62 points (+0.06%) to close at 2502.22
NYSE Volume: 722M (-0.21%)

A/D and Hi/Lo: Advancers led 1.77 to 1
Previous Session: Decliners led 1.32 to 1

New Highs: 149 (+16)
New Lows: 18 (+6)


SENTIMENT INDICATORS

VIX: 9.59; -0.08
VXN: 13.81; +0.10
VXO: 7.89; -0.02

Put/Call Ratio (CBOE): 0.98; +0.14


Bulls and Bears: Bulls make their Pavlovian response. They dropped just as
the rally started, now are jumping up just as the rally may be hitting its
peak.

Bulls: 50.5 versus 47.1

Bears: 19.0 versus 20.2

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 50.5 versus 47.1
47.1 versus 49.5 versus 49.5 versus 48.1 versus 50.5 versus 57.5 versus 60.0
versus 60.2 versus 57.8 versus 50.0 versus 52.5 versus 54.9 versus 51.5
versus 50.00 versus 55.8 versus 50.00 versus 51.9 versus 58.1 versus 58.7
versus 58.5 versus 54.7 versus 51.9 versus 56.3 versus 55.8 versus 49.5
versus 56.7 versus 53.4 versus 57.7 versus 63.1 versus 61.2 versus 61.8
versus 62.7 versus 61.8 versus 58.2 versus 60.6 versus 58.6 versus 60.2
versus 59.8 versus 59.8 versus 59.6 versus 58.8 versus 56.3 versus 55.6
versus 51.0 versus 42.9 versus 41.7 versus 47.1 versus 42.9 versus 46.1
versus 46.7 versus 45.2

Bears: 19.0 versus 20.2
20.2 versus 19.1 versus 19.1 versus 18.3 versus 18.1 versus 17.0 versus 16.2
versus 16.5 versus 16.7 versus 18.6 versus 18.8 versus 18.6 versus 18.3
versus 19.2 versus 18.3 versus 17.1 versus 17.3 versus 17.9 versus 17.9
versus 18.3 versus 17.5 versus 18.3 versus 18.1 versus 17.3 versus 13.75
versus 17.3 versus 16.5 versus 17.5 versus 17.6 versus 16.7 versus 17.6
versus 17.5 versus 17.3 versus 18.3 versus 18.4 versus 19.6 versus 19.6
versus 19.2 versus 19.6 versus 22.3 versus 21.6 versus 23.5 versus 25.7
versus 24.3 versus 23.1 versus 23.8 versus 23.1 versus 22.8 versus 23.1
versus 24.3


OTHER MARKETS

Bonds: 2.253% versus 2.276%. 10 year yields fell as the yield curve
flattened again. The curve post-FOMC fell hard towards flat. Oh no, a
Greenspan conundrum is developing. Or is it here? Yellen this week said
she did not understand inflation. Oh THAT is great.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.276%
versus 2.273% versus 2.246% versus 2.234% versus 2.201% versus 2.186% versus
2.19% versus 2.167% versus 2.134% versus 2.042% versus 2.105% versus 2.072%
versus 2.166% versus 2.210% versus 2.136% versus 2.129% versus 2.175% versus
2.169% versus 2.189% versus 2.217% versus 2.183% versus 2.197% versus 2.185%
versus 2.225% versus 2.264% versus 2.24% versus 2.191% versus 2.201 versus
2.246% versus 2.262% versus 2.257% versus 2.264% versus 2.221% versus 2.266%
versus 2.253% versus 2.296% versus 2.291% versus 2.303% versus 2.287% versus
2.330% versus 2.255% versus 2.241% versus 2.270% versus 2.261% versus 2.318%
versus 2.331%


EUR/USD: 1.19476 versus 1.19420. Tested the 50 day MA midweek, held.
Continued the 2.5 week lateral consolidation.

Historical: 1.19420 versus 1.19420 versus 1.19954 versus 1.19436 versus
1.1918 versus 1.1874 versus 1.19706 versus 1.19551 versus 1.20379 versus
1.2025 versus 1.19258 versus 1.19143 versus 1.18621 versus 1.19131 versus
1.18938 versus 1.19731 versus 1.19678 versus 1.19212 versus 1.18 versus
1.17516 versus 1.1813 versus 1.17595 versus 1.17107 versus 1.17812 versus
1.17445 versus 1.17751 versus 1.18216 versus 1.17652 versus 1.17596 versus
1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus 1.18457 versus
1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus 1.17419 versus
1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus 1.15280 versus
1.15549 versus 1.14735 versus 1.14672 versus 1.13986 versus 1.14335 versus
1.14682 versus 1.13964


USD/JPY: 111.995 versus 111.804. Broke through the 200 day MA Wednesday,
tested to end the week.

Historical: 112.454 versus 111.559 versus 111.435 versus 110.846 versus
110.01 versus 110.62 versus 110.216 versus 109.434 versus 107.847 versus
108.444 versus 109.132 versus 108.747 versus 110.254 versus 110.049 versus
110.289 versus 109.652 versus 108.04 versus 109.160 versus 109.573 versus
109.195 versus 109.648 versus 109.173 versus 109.205 versus 109.333 versus
109.842 versus 110.6621 versus 109.927 versus 109.183 versus 109.177 versus
110.03 versus 109.09 versus 110.09 versus 110.757 versus 110.689 versus
109.963 versus 110.717 versus 110.368 versus 110.28 versus 110.704 versus
111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 50.66, +0.11. Held a test of the 200 day SMA early week, edged up the
rest of the week but not a big new surge.


Gold: 1297.50, +2.70. Nasty drop Thursday post-FOMC and not much of a
bounce at all Friday on the worries about the weekend and North Korean
H-bombs. Held the 50 day MA to end the week in the current 2 week pullback.


MONDAY

We will see what the weekend brings and whether that impacts the Monday
trade. Two weeks back it was the lack of any follow through of tensions
between the US and North Korea that sprung a renewed move upside after a
test of the initial move off the August low.

Many are talking about the rally continuing on. It may do so, and if it
does we let our remaining positions run and pick up some new quality
patterns that break higher.

As noted before, however, nothing indicates the market's pattern has
changed, i.e. that after new highs are hit and some more rallying on top of
the new high, the selling kicks in. Indeed, that more fits the season of
the year: September selling leads to an October bottom and a rally to year
end.

That is the move we are anticipating as the most probable but of course the
market will do what it does. We will simply be ready for the route the
market takes. There are still plenty of good entries right now if they make
the moves. Again, be ready for the route the market takes. We believe this
current rally can continue another week or so, but then hits the downside of
the cycle. That will set up the next leg higher, and combined with the
seasonal driver, it could be a good move to the close of the year.

Have a great weekend!


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6426.92

Resistance:
6450 is the early September high
6461 is the July 2017 prior all-time high
64.77 is the September intraday high

Support:
The 50 day EMA at 6347
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 2016 trendline at 6288
6205 is the late May all-time high
The 200 day SMA at 5998
5996 is the recent May 2017 low
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2502.22

Resistance:
2508 is the upper channel line from the March 2009 uptrend channel

Support:
2491 is the August all-time high
2480 the late August and early August highs
The 50 day EMA at 2467
2453.46 is the June prior all-time closing high
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
The 200 day SMA at 2382
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 22,349.59

Resistance:

Support:
The 10 day EMA at 22,251
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 50 day EMA at 21,901
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
21,169 is the March 2017 all-time high
The 200 day SMA at 20,962
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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Saturday, September 16, 2017

The Daily, Part 1 of 3, 9-15-17

* * * *
9/15/2017 Investment House Daily
* * * *

Investment House Daily Subscribers:

MARKET ALERTS:

Targets hit: LLNW; TTWO; VMW
Entry alerts: None issued
Trailing stops: None issued
Stop alerts: BEAT; GRUB; IPXL

The market alert service is a premium level service where we issue intraday
alerts relating to the general market conditions, when stocks hit action
points (buy, stop, target, etc.), and when we see other information
impacting the market or our stocks. To subscribe to the alert service you
can sign up at the following link:
http://www.investmenthouse.com/alertdaily.html

********************************************************************
The Market Video is DIVIDED into component parts: Market Overview, Economy,
Technical Summary, and the Next Session. Choose the segments you are
interested in without having to search a longer video. Click on the link to
the portion you wish to view.

TO VIEW THE MARKET OVERVIEW CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/mo/mo.mp4

TO VIEW THE TECHNICAL SUMMARY VIDEO CLICK THE FOLLOWING LINK:
Flash: http://investmenthouse1.com/ihmedia/f/ts/ts.mp4

********************************************************************

The REPORT SCHEDULE is as follows:

Market Summary Video, Plays and Play Videos, and Play Table with play
annotations will issue Wednesday, Weekend.

Monday a Market Summary video, new plays, play table annotations.

Tuesday and Thursday reports will contain the market summary, chart links to
view the index charts, and updated play table.

Access to all current videos will remain assessable each day using the play
links in the reports.

If any market circumstances arise where we see additional plays we want to
prepare for the next session, we will of course issue those plays regardless
of the day of the week.

MARKET SUMMARY

- Upside rally continues through Friday with another low to high move
despite a best yet NKorean missile launch.
- SOX surges to a new post-2008 closing high, playing catchup to the other
indices.
- New highs logged by most of the indices, and the move post-highs is quite
similar to the prior rallies.
- Economic data remains weak as retail sales miss, revised lower, in need of
tax and healthcare reform.
- SOX move to leadership is important for the post-new highs rally health.

The market move according to its pattern or MO if you prefer is right on
target with its prior rallies in this upside trend. In this pattern, often
after the new high is made the indices continue upside with incremental, not
necessarily strong gains. That is very much what the indices showed to end
the week after a sudden start upside Monday and Tuesday: the rest of the
week was rather slow go upside, particularly for SP500 and NASDAQ. Yes SOX
was strong, but it is playing catchup to the other indices. Doing a good
job of it.

The Friday session was a third straight with a lower open followed by a
recovery to flat or better. Obviously the bids are returning at this level
versus converting to sell orders. That keeps the rally going, and with SOX
stepping up its game, perhaps the post-new high rally can improve on past
performance.

SP500 4.61, 0.18%
NASDAQ 19.39, 0.30%
DJ30 64.86, 0.29%
SP400 0.41%
RUTX 0.47%
SOX 1.71%

VOLUME: NYSE +157%; NASDAQ +54%. Expiration, so cannot write too much into
this showing.

ADVANCE/DECLINE: NYSE 1.7:1, NASDAQ 1.5:1. Outside of SOX and a few
others, not a lot of movement.

DJ30 has taken the lead in the new high department, hitting a high Wednesday
and extending to a new all-time high Thursday and Friday. SP500 was the
first to garner a new high on this last leg this week, clearing to a new
closing high Monday and adding to it through Friday, scoring its own
all-time high as well. NASDAQ put in some new all-time closing highs though
it gave up the early week highs Friday. Even SOX came to life and with two
solid back to back moves to end the week it put in a new post-2008 closing
high. SOX is very important for this market, and if SOX continues to show
such strength, the rally may have more to it than just one of the more
'typical' post-new high moves.

SP400 and RUTX look solid to continue their moves, but SP400 is at important
resistance and both are still quite a way from a new high. Working on it.

Given the timing of the moves, the large cap indices are at new highs and
indeed have traded at them for at least a few days now. In the prior new
high move in July to August and even before that, the indices put in
anywhere from 5 to 10 to 12 sessions after the new high before they started
topping out and set up for the next move lower.

Thus, if you look at the past action as a guide to the market's, and more
specifically the algorithm's, pattern they are working on the last stages of
this particular leg with anywhere from 2 to 10 days left.

Now, of course, this is all rather loose in terms of days. The important
point is the indices are putting in new highs, and if the algorithms hold
their trading patterns then the top will be put in sooner than later. We
have taken gain along the way, and will take more as the move progresses.

At the same time it is possible the market just continues to run higher. It
is showing good action in several groups and the semiconductors came to life
to end the week, though not all -- NVDA made a huge move and it is a
heavyweight in the group. Nonetheless, it is an important group and its
reassertion as a leadership group could lead to a more sustained run this
particular leg. Thus, we did pick up some good stocks and positions as the
market rally continued, and quite frankly there are STILL some good-looking
buys heading into next week; if they continue higher these leaders we are
looking at will help lead the current rally higher. We plan to take gain as
noted, but we also plan to keep participating if great stocks show great
entry points.


NEWS/ECONOMY

The economic data? At best uninspired. Retail sales Friday disappointed
big time as did Industrial Production. At least New York PMI beat
expectations. The week before, jobs were terrible overall though showed
some positives in the jobs mix. All in all, however, the results are, as
noted, uninspiring.

Retail Sales, August: -0.2% versus 0.1% expected versus 0.3% July (from
0.6%)

Ex-autos: 0.2% versus 0.5% expected versus 0.4% prior (from 0.5%)

Control Group: -0.2% versus +0.2% expected

Building materials: -0.5% but that will change after the storms.

Food: 0.3%

Gas stations: 2.5%

Apparel: -1.0%

**Online sales -1.1%, the worst showing since 4/2014.

What does it mean? Just another in a string of continued mediocre economic
data that the US has suffered through for years. It underscores the need
for meaningful tax reform that includes healthcare reform. I can tell you
firsthand stories of the crisis the ACA is bringing to workers wanting
healthcare. The will is there for business to make new investments and move
the economy forward. The problem is the structure that blocks growth by
bleeding off funds for inflated insurance costs.

Just a quick example: we used to be able to purchase for employees a family
healthcare plan for $321/month with 100% coverage after a $5,000 deductible.
They combined that with an HSA account where they contributed tax free
dollars to build up the account to pay for day to day medical expenses plus
the deductible. We matched contributions up to $150/month to help new
employees build up their accounts although they could contribute more. It
worked beautifully.

Today a similar, though not as good coverage plan, costs $1440/month with a
$12,000 deductible. You can contribute to an HSA, but under the ACA the
Health Savings Accounts were gutted and vastly limited as cannot be used for
nonprescription items. The result? People have doctors write prescriptions
for over the counter items, thus jacking up the costs all around.
Incredibly stupid, but not really because the goal was to make a 'fix' that
was unworkable as a stepping stone to total government healthcare.

That is why I am so encouraged by the Graham/Santorum/and others healthcare
bill being introduced in Congress, the one I wrote about before. It puts
the decision-making as to what kind of program the state wants to offer with
the state itself. If they want the ACA, they can have it. If not, they can
try their own ideas.

There is also hope in tax reform with democrats such as Munchin a democrat
from West Virginia saying the negotiations are "very promising." One can
only hope.


THE MARKET

CHARTS

SOX: With NVDA waking up out of a 9-week lateral range Friday and blasting
to a 6+% gain, SOX was finally able to play some much-needed catchup. Not a
new post-2008 high, but at least a post-2008 closing high as SOX moves
through the June peak. INTC threw in with NVDA along with SWKS and even
AVGO showed some life Friday. With the big names and smaller names moving,
SOX gets the first billing this week. Very important group that bodes well
for perhaps this market move extending beyond what has been the 'typical'
moves post new highs in this market.

DJ30: Gapped to yet another new all-time high, making it 2 straight as well
as 3 straight new closing highs. Very much what prior new high moves have
shown, i.e. a break higher and then a more or less steady, albeit
unspectacular, move higher.

SP500: Creeping along to higher highs Tuesday to Friday, putting in a new
one Friday, closing just over the 2500 level. Still has not taken it out
with any authority. This is also quite typical of the post-new high moves
in this market rally: new high, then less than spectacular moves. Higher
yes, but less than spectacular.

NASDAQ: New closing highs on the week but after that move a fade to test
the 10 day EMA. Friday a test and rebound upside. No new high Friday, but
a solid test of the move, holding at near support. Now we see if NASDAQ can
resume the leadership role after a quick test of the new high. It has shown
better post-new high moves, e.g. in July, so it is capable of using this
good setup for a new break higher.

SP400: Not a bad week at all. SP400 lagged the move higher, but it started
making up ground with a pair of gap and runs Monday and Tuesday. A move
over the 50 day SMA, then a test through Thursday. Friday a break higher
with a new rally high. SP400 looks quite good to continue the move higher
as it is handline 1750 well with the next resistance at 17170ish.

RUTX: Small caps posted a solid week, up 4 of 5 sessions and moving through
resistance from March, April, and indeed past the June high as well.
Obviously a bit more than just a relief bounce off the July to August
selling, doing its best to break up any notion of a head and shoulders top
formation over the past 5 months.


LEADERSHIP

Semiconductors: Chips got the first billing Thursday with their work, and
Friday they were at it again. NVDA blasted higher and had the bald-headed
guy on CNBC was all lathered up; surely if flies to the moon -- taking our
existing position nicely deep into the money. AVGO didn't break out but it
did finally contribute upside, helping SOX. INTC cleared the August high.
XLNX, SLAB, SWKS, AMAT and others enjoyed great weeks. The others? BRKS,
ON. Very important group for the market and performing well as more and
more of these stocks start breaking higher.

China stocks: A good week for many though the end of the week was
anti-climactic. SINA a great week. BITA as well. WUBA walking up the 10
day EMA to a new high. BABA surged midweek then tested the rest of the
week. JD looks ready to make a break higher. HTHT in a 20 day EMA test.
Others are setting up for a move, e.g. YNDX, YY,

Financial: A good recovery week. C touched the top of its range, backed
off some, good position. JPM bounced off the 200 day SMA but still very
much range bound. BAC solid upside but still in the range. Lots of moves up
but not saying this is a group I want to get into right now.

Machinery: TEX broke out on the week and shot straight up. CAT continues
working higher up the 10 day EMA. HOLI a bit wild Friday, but holding a
nice trend higher.

Retail: AMZN broke higher Wednesday but could not keep that move going.
Nice test, however. KSS still running higher on its breakout. COST broke
higher, testing its move late week. Same action with ROST, GPS: Good
breaks higher, testing to end the week.

Drugs/biotechs: PFE put in a nice breakout move on the week. Big biotechs
testing the move, e.g. BIIB, CELG. AMGN still moved well. SRPT had a good
week. BLUE broke higher Thursday but could not hold the move. Smaller
stocks are not bad. IDRA starting to move back up. Setting up well, ARRY,
IMGN, IMMU.

Software: VMW put in another good week and we took some big gain on part of
the position. TTWO tested laterally, still solid. MSFT moving decently
enough. CRM testing the 20 day EMA, not a bad test at all, setting up a new
entry.

FAANG: AAPL just over the 50 day MA with a 2 week pullback to the prior
high from May and June. AMZN broke higher Wednesday, tested to the weekend,
still solid; has some possible tax fraud issues. FB holding the 20 day EMA
on a test. NFLX surged through Tuesday, tested into Friday, setting up
another potential entry. GOOG tried to hold the handle and set up the move
but it could not do it, breaking lower Thursday and Friday.


MARKET STATS

DJ30
Stats: +64.86 points (+0.29%) to close at 22268.34

Nasdaq
Stats: +19.39 points (+0.3%) to close at 6448.47
Volume: 2.744B (+53.53%)

Up Volume: 1.834B (+1.113B)
Down Volume: 861.049M (-97.13M)

A/D and Hi/Lo: Advancers led 1.47 to 1
Previous Session: Decliners led 1.21 to 1

New Highs: 148 (+23)
New Lows: 34 (+13)

S&P
Stats: +4.61 points (+0.18%) to close at 2500.32
NYSE Volume: 2.2B (+157.73%)

A/D and Hi/Lo: Advancers led 1.74 to 1
Previous Session: Advancers led 1.11 to 1

New Highs: 114 (+15)
New Lows: 8 (-1)


SENTIMENT INDICATORS

VIX: 10.17; -0.27
VXN: 12.51; -0.89
VXO: 7.8; -0.49

Put/Call Ratio (CBOE): 1.08; +0.29


Bulls and Bears: Of course, sentiment drops just before the market breaks
higher.

Bulls: 47.1 versus 49.5

Bears: 20.2 versus 19.1

Theory: When everyone is bullish and has put all their capital to work,
where does the ammunition to drive the market come from? There is always
new money to start a new year. After that is used will more money be
coming? That is the question.




Bulls: 47.1 versus 49.5
49.5 versus 49.5 versus 48.1 versus 50.5 versus 57.5 versus 60.0 versus 60.2
versus 57.8 versus 50.0 versus 52.5 versus 54.9 versus 51.5 versus 50.00
versus 55.8 versus 50.00 versus 51.9 versus 58.1 versus 58.7 versus 58.5
versus 54.7 versus 51.9 versus 56.3 versus 55.8 versus 49.5 versus 56.7
versus 53.4 versus 57.7 versus 63.1 versus 61.2 versus 61.8 versus 62.7
versus 61.8 versus 58.2 versus 60.6 versus 58.6 versus 60.2 versus 59.8
versus 59.8 versus 59.6 versus 58.8 versus 56.3 versus 55.6 versus 51.0
versus 42.9 versus 41.7 versus 47.1 versus 42.9 versus 46.1 versus 46.7
versus 45.2

Bears: 20.2 versus 19.1
19.1 versus 19.1 versus 18.3 versus 18.1 versus 17.0 versus 16.2 versus 16.5
versus 16.7 versus 18.6 versus 18.8 versus 18.6 versus 18.3 versus 19.2
versus 18.3 versus 17.1 versus 17.3 versus 17.9 versus 17.9 versus 18.3
versus 17.5 versus 18.3 versus 18.1 versus 17.3 versus 13.75 versus 17.3
versus 16.5 versus 17.5 versus 17.6 versus 16.7 versus 17.6 versus 17.5
versus 17.3 versus 18.3 versus 18.4 versus 19.6 versus 19.6 versus 19.2
versus 19.6 versus 22.3 versus 21.6 versus 23.5 versus 25.7 versus 24.3
versus 23.1 versus 23.8 versus 23.1 versus 22.8 versus 23.1 versus 24.3


OTHER MARKETS

Bonds: 2.201% versus 2.186%. Bonds started the week gapping lower and sold
back hard to the 50 day EMA. Tried a modest bounce Friday.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.186%
versus 2.19% versus 2.167% versus 2.134% versus 2.042% versus 2.105% versus
2.072% versus 2.166% versus 2.210% versus 2.136% versus 2.129% versus 2.175%
versus 2.169% versus 2.189% versus 2.217% versus 2.183% versus 2.197% versus
2.185% versus 2.225% versus 2.264% versus 2.24% versus 2.191% versus 2.201
versus 2.246% versus 2.262% versus 2.257% versus 2.264% versus 2.221% versus
2.266% versus 2.253% versus 2.296% versus 2.291% versus 2.303% versus 2.287%
versus 2.330% versus 2.255% versus 2.241% versus 2.270% versus 2.261% versus
2.318% versus 2.331%


EUR/USD: 1.19436 versus 1.1918. Tested back to the 50 day MA, started to
bounce off that level Thursday and Friday, but not that strong a move.

Historical: 1.1918 versus 1.1874 versus 1.19706 versus 1.19551 versus
1.20379 versus 1.2025 versus 1.19258 versus 1.19143 versus 1.18621 versus
1.19131 versus 1.18938 versus 1.19731 versus 1.19678 versus 1.19212 versus
1.18 versus 1.17516 versus 1.1813 versus 1.17595 versus 1.17107 versus
1.17812 versus 1.17445 versus 1.17751 versus 1.18216 versus 1.17652 versus
1.17596 versus 1.17619 versus 1.17975 versus 1.1774 versus 1.18718 versus
1.18457 versus 1.18072 versus 1.18281 versus 1.18293 versus 1.1683 versus
1.17419 versus 1.1646 versus 1.1637 versus 1.16640 versus 1.16271 versus
1.15280 versus 1.15549 versus 1.14735 versus 1.14672 versus 1.13986 versus
1.14335 versus 1.14682 versus 1.13964


USD/JPY: 110.846 versus 110.01. Dollar continued its bounced off the lows
that started the prior Friday. Closed in on the 200 day SMA on the Friday
high, backed off to close. Good bounce, 200 day is logical resistance, but
the top of the range is near 114.50.

Historical: 110.01 versus 110.62 versus 110.216 versus 109.434 versus
107.847 versus 108.444 versus 109.132 versus 108.747 versus 110.254 versus
110.049 versus 110.289 versus 109.652 versus 108.04 versus 109.160 versus
109.573 versus 109.195 versus 109.648 versus 109.173 versus 109.205 versus
109.333 versus 109.842 versus 110.6621 versus 109.927 versus 109.183 versus
109.177 versus 110.03 versus 109.09 versus 110.09 versus 110.757 versus
110.689 versus 109.963 versus 110.717 versus 110.368 versus 110.28 versus
110.704 versus 111.07 versus 111.166 versus 111.897 versus 111.176


Oil: 49.89, 0.00. Broke through the 200 day SMA Thursday, held flat
Friday. Failed here in early August, so obviously an important test for
this rebound in oil.


Gold: 1325.20, -4.10. Spent the week testing back to the 20 day EMA.
Strong rally, new high, and a normal test to near support.


SUPPORT AND RESISTANCE

NASDAQ: Closed at 6448.47

Resistance:
6450 is the early September high
6461 is the July 2017 prior all-time high

Support:
6341.70 is the all-time high from early June.
6300 is the mid-June interim high
The 50 day EMA at 6326
The 2016 trendline at 6267
6205 is the late May all-time high
5996 is the recent May 2017 low
The 200 day SMA at 5969
5937 is the all-time high from April
5915 is the tops of the March to April 2017 range
5910 is the lower gap point from mid-April
5800 from the February consolidation lows
5661 is the late January upper gap point
5601 is the January lower gap point


S&P 500: Closed at 2500.23

Resistance:
2504 is the upper channel line from the March 2009 uptrend channel

Support:
2491 is the August all-time high
2480 the late August and early August highs
The 50 day EMA at 2458
2453.46 is the June prior all-time closing high
2409 is the July 2017 closing low
2406 is the all-time high from May 2017
2401 is the March 2017 all-time high
The 200 day SMA at 2375
2352 is the recent May 2017 low
2348 is the April 2017 lower gap point
2329 is the March and April twin lows
2322 is the March 2017 low
2301 is the late January 2017 high
2298 is the late January 2017 high
2282 - 2280 from January 2017
2277.53 is the December 2016 high
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high


Dow: Closed at 22,268.34

Resistance:

Support:
22,179 is the August 2017 all-time high
22,086 is the mid-August lower high
The 10 day EMA at 22,053
The 50 day EMA at 21,798
21,681is the July prior all-time high
21,638 is the July 2017 closing high
21,529 is the June 2017 high
21,169 is the March 2017 all-time high
The 200 day SMA at 20,882
20,547 is the lower gap point from late April 2017
20,412 is the March 2017 low
20,400 is the mid-April 2017 low.
20,126 is the January 2017 intraday high
20,101 is the late January closing high.
19,994 - 19,999 (early January high, upper gap point from late January
19750 is the lows of the December/January range
19,732 is the January 2017 low
18,669 is the August 2016 all-time high
18,595 is the July 2016 peak
18,351 is the prior all-time high from May 2015

End part 1 of 3
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