Saturday, April 15, 2017

The Daily, Part 1 of 3, 4-13-17

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4/13/2017 Investment House Daily
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Investment House Daily Subscribers:


Targets hit: XLNX
Entry alerts: IWM
Trailing stops: None issued
Stop alerts: CX; NE; SN; WFT

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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.


- Only NASDAQ is left holding the 50 day EMA.
- Leadership is thinner once again, some breakouts falter, some reverse.
- Economic data, other markets indicate the US is in recession right now.
- Recession is a good thing: it may panic Congress into acting. Problem is,
they will be in denial until the hard numbers slap their faces.
- Perhaps NASDAQ can be the Maximus of the market, i.e. the savior just as
Maximus in the move 'Gladiator.'
- In case NASDAQ falters as well, some downside plays along with the biotech
upside plays.

An inauspicious close to a holiday shortened week. The market prepared for
Good Friday with a bit of mourning as DJ30 and SP500 broke below their 50
day MA's and closed below them for the first time in 2017. SOX did the deed
Wednesday as SP400 and RUTX continued below their 50 day MA's after the
Wednesday selling. Only NASDAQ is still holding its 50 day EMA and can
still keep a higher low if it does hang on. It has to play Lone Wolf
McQuaid if it is going to do it.

SP500 -15.98, -0.68%
NASDAQ -31.01, -0.53%
DJ30 -138.61, -0.67%
SP400 -1.11%
RUTX -1.03%
SOX -0.68%

VOLUME: NYSE flat; NASDAQ -4%. At least volume remained well below average
on NYSE and even farther below average on NASDAQ.

A/D: NYSE -2.4:1, NASDAQ -2.2:1. Another day where the downside breadth
outpaced upside breadth on days the market gained.

It was argued that the market lost its mojo Thursday when word hit that the
US dropped the largest non-nuclear bomb in its arsenal (the MOAB) on the
tunnel system and fortifications of ISIS in Afghanistan. Perhaps that was
it; the coming of war is always hard on markets. The start of war usually
starts the rally. This is currently the lead-in phase -- on three fronts

As for the stock indices, perhaps NASDAQ can pull off that higher low and
rally, but that is fighting the weight of the other indices. Nothing is
viewed as positive right now and frankly there are not a lot of positives
even if the market was looking for them. Economic change is stymied, and
that even before the war drums started to beat loudly. Now there is Syria,
North Korea, the MOAB (Mother Of All Bombs) dropped in Afghanistan (as a not
so subtle example to Iran, Pakistan) taking the President's attention.

Maybe he can multi-task. Maybe Trump and Xi will solve the Korean issue
finally, 60 years later. Maybe they can team up on other issues. Sure that
is an unlikely scenario, but it is setting up that way for Korea. The
problem is not so much Trump could not take on domestic issues, it's just
that he has to deal with the entrenched members of Congress -- democrat AND
republican. Paul Ryan just wants his name on the healthcare bill, usurping
Obama and going down in history. Never mind it is an utterly terrible plan
that solves none of the ACA's issues that keep the ACA from working. There
is no market in healthcare under either plan. The US needs a free market
with cooperatives, savings accounts -- anything the free market can come up
with to reduce costs. As Rand Paul said today, the Ryan plan puts in a
subsidy for $14,000. That means there is a floor of $14,000 that insurance
costs will never fall below. Markets are how you get lower prices, not
governmental edicts.

In any event, maybe Trump can shock the market and pull off healthcare
reform in a stealth move and that would of course bring tax reform back to
life in a hurry. The markets, however, are not buying that scenario.

Other markets?

Bonds are rallying, gold broke through the 200 day SMA, bonds broke out of a
5 month trading range -- to the upside. The dollar was trying to set up a
move off the 200 day MA and it did; the only issue is that it was a downside
move from an upside setup.

None of those markets are broadcasting economic bliss ahead, and the
economic data Thursday and again Friday appear to bear this out.

US already in recession.

Indeed, I say right now that THE US IS IN RECESSION. There was spending
post-election by businesses in anticipation of growth. There was asset
inflation in anticipation of growth. But that MASKED the slowing economy as
the market basked in the hope of growth to come.

The consumer, however, CANNOT spend what it does not have. STILL poor jobs
growth, STILL declining real wages, STILL a middle class less than 50%,
STILL crushing ACA costs . . . and now NO RELIEF in sight. By the time our
leaders figure out we are in recession and panic, it will be too late for
many Americans that needed help NOW.

In the move 'Cliffhanger,' mountain rescue climber Hal noted, after one of
his adversaries plunged to his death off the mountainside, that 'gravity is
a b**ch.' Well, for economics hard data is the b**ch.

CPI, March: -0.3% versus -.0% expected versus 0.1% February.

Core CPI: -0.1% versus 0.2% expected versus 0.2% February.

This is the first decline in core CPI in 7+ years.

The good: energy costs -3.2%, gasoline -6.2% (but now on the rise again .
.). Not burning more disposable income in the gas tank is better for the

The bad: Food +0.3%. 'Food at Home' rose 0.5%, the biggest jump since

Core: Biggest decline since 1/2010.

Retail Sales March, -0.2% versus -0.1% expected versos -0.3% February (from

Ex-Autos: 0.0% versus 0.2% expected versus 0.0% February (from 0.2%)

Second consecutive month of negative month/month retail sales. Building
materials (-1.5%) and motor vehicles (-1.2%). Vehicles was expected given
the crashing used car prices and ramping up of new car incentives. Building
materials? High mortgage rates, low real wages hurt affordability.

Real Weekly Wages: We like looking at the weekly wages versus just the
hourly wages because hourly doesn't tell you how much people are really
bringing home. Weekly gives you that figure because you know the hours
worked and have a real figure, not just some 'this is what they would make
per hour' without factoring the reduced hours per week/per month thanks to
the ACA and its 29 hour threshold for insurance requirements kicking in.

Real weekly wages are now DOWN for two consecutive months. Any surprise
retail sales are down month/month for two consecutive months as well?

Even Producer Prices stalled, falling 0.1% in March, the first decline in 7

The one good thing about recessions? It forces Congress' hand. In 1981,
Reagan was able to push through a massive tax reform package the old
fashioned way with no reconciliation nonsense (that is utter crapula, by the
way) AND a Democrat controlled Congress. His popularity, the country's
need, and his statesmanship did the job.

Me saying we are in recession, however, holds no weight. The democrats
won't believe that their beloved Obama could have led us to recession (one
we would have been in much sooner if he had actually fully implemented the
horror of the ACA) until the data shows a recession, and that is always
after the fact. That means unless Trump can pull off something such as
described below, there is not a lot for the US middle class to hope for any
time soon.

Don't forget the Fed.

Ever hear the one about the Federal Reserve hiking rates right into a
recession? Sure you have. It happens more times than not. By the time the
Fed gets the nerve to hike rates, the cycle is already mature. Then it
hikes rates to 'prevent inflation' and manages to simply accelerate the end
of the up cycle. Q1 GDP is expected at 1%, and without tax and healthcare
change that number likely won't change much. Many in the US do not have
time to wait for Congress to get its act together. Electing Trump was their
hope, and now they are seeing that hope turn to wars. Again. That is not
what those backing the President voted for.

The middle class has not surged back over 50% these first three months.
They still see their health declining as they cannot use the insurance they
are forced to buy. Thus the US is now in 28th place in life expectancy for
industrial nations -- dead last. Things are dire. Action is needed.
Perhaps the bombs are necessary, but so are the domestic fixes.

Then we hear that Trump actually likes Yellen, an about face from the
campaign. Trying to butter her up to keep those rates low as he told the
WSJ Wednesday? Low rates and a weak currency never caused a country to
prosper. Countries prosper when they are viewed as THE place for
opportunity and to invest capital -- a growing economy, strong currency, and
bright prospects. Until there is tax reform, healthcare reform, and
regulatory relaxation, that is not happening here. And, of course, the Fed
is hiking rates.

Healthcare and Trump not out.

Trump may be slicker than many realize, however. A couple of weeks ago when
healthcare reform failed he said he would just let the system collapse, and
predicted it would rather quickly, and then democrats would come to him to
negotiate a better deal.

We hear that Trump is going to do what should have already been done:
eliminate the pilfering of the dividends received by the GSE's Fannie and
Freddie to pay subsidies to insurance companies to keep them in markets
where there would be no carriers but for the subsidies. That is the proof
positive the system does not work: you have to pay companies to stay in
because without them the market does not support offering insurance. The
epitome of a controlled market, the farthest thing on earth the US was
founded upon.

If Trump cuts off this stealing of the public's funds and using them for
what a lower court has already ruled illegal, the insurance companies would
pull out immediately, leaving much of the country without insurance
carriers. The system would indeed implode. As I said earlier, it should
already have been done.

If Trump REALLY wants to get healthcare reform done and done quickly, that
is the move to make. Don't be surprised if after Easter this is one of the
first things done. The entire timetable would be back on with that action.
Along with it, renewed market hope for economic improvement and strength.


Well, now SP500 has broken its trend, the one from June early 2016, but
still over the March low. SOX broke its June to present up trendline.
There is another one lower from January 2016, but it is a long way down.
NASDAQ is hanging on to its support and trends, but it is the holdout. With
trends starting to break, some leadership struggling (e.g. some chips, tech,
machinery), you close some upside as we have done and enter some downside.


SP500/DJ30: Again actin in unison, both breaking below the 50 day EMA on
Thursday. First time in 2017. Sounds horrible, right? Well, they can
still hold the mid-March low and continue a lateral move.

NASDAQ: NASDAQ faded all week, continuing the same fade from the prior week
after putting in a higher high then reversing all in one session.
Traumatic, how could this happen in a controlled market? Okay, down for two
weeks, low volume, at the 50 day EMA. Can put in a higher low, but with the
rest of the market breaking the 50 day, will it?

SOX: Broke through the 50 day MA's on the Tuesday gap lower, continuing
lower through the June 2016 trendline Wednesday and Thursday. It closed
below the 50 day MA, something it has only down twice in the past 11 months.
SOX is a leader, it has broken lower, Thursday showing a doji and perhaps
ready to bounce upside.

SP400: The midcaps looked decent through Tuesday, moving up off the bottom
of a right shoulder to a short inverted head and shoulders. Wednesday it
stalled, Thursday it sold. Landed near the March lows, pretty much blowing
up any inverted head and shoulders hopes. Moving back into the larger head
and shoulders pattern of the past 5 months.

RUTX: Small caps proceeded to wreck their inverted head and shoulders
attempt with a Wednesday/Thursday selloff of its own. Still over the March
low but the pattern has punted into the larger head and shoulders. Tough
going for the small and midcaps given the prevalent view is now the economy
is not going to do so well, or at least not grow as anticipated without the
healthcare and tax reform.


Getting some breakouts that are faltering, e.g. MU, QRVO, MLNX, FB, SWKS,
GOOG. Not all of them are rolling over, but after moving to a higher high
they were sold. Stocks such as QRVO, FB, SWKS and others can still hold the
line, but it is always a negative for the upside when breaks higher stumble
just after leaving the starting blocks. Biotech/Drugs, for now, remains a
solid group.

FAANG: Not bad at all, just at highs and a bit sluggish. FB is testing,
dropping below the 20 day EMA this week and we closed the position to see
where it lands. AMZN tested a bit more, setting up its next move higher
even better. AAPL slipped as well, but held up rather well. NFLX started
bouncing off the 50 day EMA early week but faded Wednesday and Thursday.
GOOG is struggling a bit just below the 50 day MA. Not bad, and AMZN, NFLX
are in good position to move higher.

Semiconductors: Very mixed. MXWL moved higher Friday after a pretty solid
week that saw SOX dominated Tuesday to Thursday by the drop in QCOM. BRKS,
PLAB, QRVO still look pretty solid. SLAB is falling from a bear flag. SWKS
went from a break higher a week back then reversed it through Thursday. MU
and AMD are heading lower, AMD gapping downside Thursday.

Metals: AKS dropping below the 200 day SMA. RS broke the 200 day on strong
volume. STLD broke lower but is still in its pattern as is ZEUS. AA is at
a lower low on this selling.

Retail: Still looks good. AMZN in position to resume its breakout. EBAY
near a high. JWN in a good double bottom pattern. COST was solid but broke
hard Thursday. DLTR slid all week but is still solid.

Financial: JPM reported good earnings, surged, sold. C showed the same
action. BAC similar. Financials not happy with lower interest rates.

Machinery/Industrials: Not super. CAT down sharply for two sessions,
breaking the 50 day MA. CMI broke hard downside.

Oil stocks: Tough session to end the week. APC plunked over 2%, APA sold
back from its good move on the week. NE, SN, WFT sold. Threatening to
break up some good patterns.

Biotechs/Drugs: Still mostly solid with some of the same names working
well, e.g. CNAT up another 6+%. XOMA looks good to move higher. IMMU also
looks good. OSUR looks very good to move higher. Sure some are off their
feed but we are in some good ones.


Stats: -138.61 points (-0.67%) to close at 20453.25

Stats: -31.01 points (-0.53%) to close at 5805.15
Volume: 1.58B (-4.13%)

Up Volume: 468.16M (-84.14M)
Down Volume: 1.08B (0)

A/D and Hi/Lo: Decliners led 2.2 to 1
Previous Session: Decliners led 2.19 to 1

New Highs: 44 (-24)
New Lows: 54 (+16)

Stats: -15.98 points (-0.68%) to close at 2328.95
NYSE Volume: 765.2M (+0.21%)

A/D and Hi/Lo: Decliners led 2.43 to 1
Previous Session: Decliners led 2.16 to 1

New Highs: 61 (-24)
New Lows: 29 (+15)


VIX: 15.96; +0.19
VXN: 15.9; +0.34
VXO: 14.4; +1.37

Put/Call Ratio (CBOE): 0.98; +0.03

Bulls and Bears: Bulls jumped back up to the higher end of the range after
a week of market doubt. When the market did not plunge farther off that
nasty Tuesday break lower a couple of weeks back, confidence stabilized.
Still cannot forget the 7 weeks over 60%, however, and that is still lurking
out there and is historically a market top indicator, just not a timing
indicator. Don't forget those 60+ readings in the equation.

Bulls: 56.3 versus 55.8. Bulls continued a second week of rebounding after
a panic week, but you can bet after this past week bulls will falter some.

Bears: 17.5 versus 18.3. Bears faded back below 18 as they lost enthusiasm
as bulls regained a bit more.

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: 56.3 versus 55.8
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 versus 44.6 versus 49.0 versus 52.5
versus 55.9 versus 56.7 versus 56.2 versus 54.3 versus 52.9% versus 53.9%
versus 54.4% versus 52.5% versus 47.1% versus 41.6%

Bears: 17.5 versus 18.3
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 versus 22.6 versus 22.8
versus 20.6 Versus 20.2 versus 20.0 versus 20.9% versus 21.2% versus 21.6%
versus 23.3% versus 24.7% versus 24.5% versus 23.8% versus 23.2% versus
23.5% versus 23.8% versus 23.7% versus 24.0% versus 21.7% versus 21.6%
versus 21.7 versus 20.6% versus 21.7% versus 27.8% versus 27.8% versus 28.9%
versus 27.8% versus 30.3% versus 35.4%


Bonds (10 year): 2.232% versus 2.264%. Impressive break higher on the
week, pausing Thursday, but only after adding a bit more to the rally.
Again, bonds are not giving the economy a vote of confidence.

Historical: the last sub-2% rate was in November 2016 (1.867%). 2.264%
versus 2.30% versus 2.36% versus 2.37% versus 2.34% versus 2.33% versus
2.34% versus 2.33% versus 2.35% versus 2.40% versus 2.41% versus 2.382%
versus 2.418% versus 2.376% versus 2.40% versus 2.41% versus 2.40% versus
2.43% versus 2.463% versus 2.50% versus 2.529% versus 2.502% versus 2.602
versus 2.617% versus 2.58% versus 2.60% versus 2.55% versus 2.51% versus
2.49% versus 2.48% versus 2.46% versus 2.260% versus 2.367% versus 2.31%
versus 2.38% versus 2.42% versus 2.43% versus 2.42% versus 2.45% versus
2.50% versus 2.473% versus 2.43% versus 2.41% versus 2.398% versus 2.340%

EUR/USD: 1.06138 versus 1.0671. After a Wednesday surge on the Trump weak
dollar comments, the dollar recovered and euro failed to move through the 50
day MA.

Historical: 1.0671 versus 1.06068 versus 1.05984 versus 1.05906 versus
1.0645 versus 1.06760 versus 1.06804 versus 1.06702 versus 1.06584 versus
1.06855 versus 1.07546 versus 1.0815 versus 1.08640 versus 1.07894 versus
1.07670 versus 1.07920 versus 1.08117 versus 1.0748 versus 1.07395 versus
1.07710 versus 1.0732 versus 1.06070 versus 1.0636 versus 1.06746 versus
1.06746 versus 1.05384 versus 1.0566 versus 1.05764 versus 1.06266 versus
1.05214 versus 1.05327 versus 1.05710 versus 1.05877 versus 1.05616 versus
1.05830 versus 1.0557 versus 1.05474 versus 1.06108 versus 1.06665 versus
1.06148 versus 1.05762 versus 1.06023 versus 1.06411 versus 1.06557 versus
1.06825 versus 1.06814 versus 1.07219 versus 1.07880 versus 1.07605 versus
1.07892 versus 1.0791 versus 1.07294 versus 1.06957 versus 1.06843 versus
1.0683 versus 1.0756 versus 1.07274 versus 1.0761 versus 1.07027 versus
1.06394 versus 1.06381 versus 1.07114 versus 1.06450

USD/JPY: 109.170 versus 108.926. Modest recovery after breaking the 200
day SMA Tuesday. Dollar still below the 200 day, however.

Historical: 108.926 versus 109.691 versus 110.704 versus 111.096 versus
110.85 versus 110.794 versus 110.705 versus 111.386 versus 111.255 versus
111.114 versus 110.581 versus 111.335 versus 111.242 versus 111.295 versus
111.502 versus 112.289 versus 112.707 versus 113.349 versus 113.447 versus
114.726 versus 114.833 versus 114.807 versus 115.259 versus 114.563 versus
113.498 versus 113.966 versus 114.042 versus 114.169 versus 113.951 versus
112.966 versus 223.982 versus 112.169 versus 112.745 versus 113.324 versus
113.399 versus 112.906 versus 113.356 versus 113.880 versus 114.306 versus
113.65 versus 113.856 versus 113.265 versus 113.401 versus 112.207 versus
112.332 versus 111.815

Oil: 53.18, +0.07. Oil has slowed as the rally reaches the resistance at
the 54 - 55 level.

Gold: 1288.50, +10.40. Gold continued upside, gapping to a doji Thursday
to end the week at least in the US.


Three day weekend with a two week fade leading in. Earnings are starting,
and financial results were not bad, but the market was in no mood. That
pretty much reflects the mood you hear on the financial stations and the
websites: the Trump rally has run its course. The same people are calling
for a major crash that were calling for a major crash in November, others
have just dialed back the bullishness.

Again, it makes sense there is a belief in a pullback with the Trump agenda
now geopolitical. Perhaps he is just playing the game, appeasing the war
mongers with war, diverting their attention while he resets the attempt at
the ACA. That is what we heard last night and today, and tonight I see a
headline about Trump 'threatening' to shut down the pilfering of the GSE
dividends. Perhaps the market gets caught expecting the worse and then
rather quickly gets a pleasant surprise.

That is a low probability play, not one you can really count on. If the
stocks set up good patterns, and we are ready for them, if it does happen
then we are ready to be in the move. If current positions hold we let them
work as long as they hold trends and patterns. The market is not being
destroyed by this move, at least not yet. NASDAQ is hardly dead while SP500
and DJ30 are still over their March lows. Leadership is a bit worrisome as
it is thinning again for the second time in a couple of months.

The areas that are good are quite good, e.g. biotechs. Retail looks as if
it can be a winner as many stocks are pretty solid, but you still have to
look at the real winners such as AMZN. And AMZN looks good for a new move.
If it doesn't make that move, that is quite a market tell.

Heading into next week it behooves you to look upside and downside. NASDAQ
is still trending higher so some plays look that way. Other areas are
breaking lower from metals, to materials, industrials, and one of the
recently promising areas, oil. As Elrond said in one of the 'Lord of the
Rings' books, the list off allies grows thin. Lack of leadership or a
significant decline in leadership is a warning flag. There you have it.

Been closing positions but letting some work as some are working very well.
Downside likely needs a bit of a rebound to get some good entries. As some
downside plays gapped lower on us, a relief move to test helps set up better

The market is in transition, looks weak, has not broken yet. No need to
press to get into plays though we did pick up some IWM puts just to have
some more downside exposure. After a test of this week's breaks below
support there will be some more downside setups if and when any relief move
runs out of gas. And if the market reversed sharply again, well there will
be upside from those still solid upside patterns and others setting up after
that test.

Hate these times but they are inevitable. Just keep watching the sectors
and see how they are setting up, whether upside or downside.

Have a great Easter, Passover, etc.


NASDAQ: Closed at 5805.15

The 50 day SMA at 5832
5928 is the March all-time high.

The 50 day EMA at 5802.20
5800 from the February consolidation lows
The 2016 trendline at 5747
5661 is the late January upper gap point
5601 is the January lower gap point
The 200 day SMA at 5417
The November prior all-time high at 5404
5340 is the September and October 2016 twin peaks
5287.61 is the September 2016 high
5271.36 is the August 2016 intraday prior all-time high
5231.94 is the 2015 all-time high
5170 is the October intraday low.
5162 is the early November peak, 5176 is the December intraday peak
5100 from the April peak and early May peak
5042 is the March 2015 high
5008.57 is the early March 2015 post-bear market high
5007 is the 12/31 upper gap point from that big gap lower
4999 is the October upper gap point
4980 is the June 2016 peak

S&P 500: Closed at 2328.95

The 50 day EMA at 2341
The 50 day SMA at 2352
The 2016 trendline at 2379
2390 is the March interim recovery high
2401 is the all-time high

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 200 day SMA at 2228
The November 2016 all-time high at 2213.25
2194 is the August 2016 prior all-time high
2175 is the June 2016 high
2135 is the May 2015 all-time high
2130 is the June 2015 peak
2126 was the April 2015 prior all-time high
2120 is the June 2016 peak
2119 is the September 2016 low; February 2015 intraday high
2116 is the November 2015 high
2111 is the April 2016 recovery high
2104 is the December 2015 high
2094 is the December 2014 high
2079 is the intraday all-time high from November 2014
2062 is the January 2015 lower high
2046 is the July 2015 closing low
2040 is the March 2015 closing low

Dow: Closed at 20,453.25

The 50 day EMA at 20,542
The 50 day SMA at 20,655
21,100 is the March interim recovery high
21,169 is the all-time high

20,412 is the March 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
The 200 day SMA at 19,254
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
18,288 from March 2015
18,262 is the upper gap point from the Monday gap lower.
18,247 is the August 2016 low
18,168 is the April 2016 recovery high
18,100 to 18,181: interim peaks in the December 2014 to July 2015 range
18,016 is the June 2016 peak
17,992 is the early September low
17,978 is the November 2015 peak
17,960 is the October intraday low
17,600 is the rough bottom of the April to June range.
17,351 is the September 2014 all-time high.

End part 1 of 3
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