All ten sectors moved lower on Thursday …XLE, XLY and XLK were the strongest sectors while XLV was again the weakest sector. Oil futures rose .56 to close at 47.72.
Breadth weakened as decliners led 2,421 to 645 on the NYSE and led 2,149 to 688 on the NASDAQ.
Thursday – weakened, decliners led, +0
Wednesday – strengthened, advancers led, +8
Tuesday – strengthened, advancers led, +7
Monday – strengthened, advancers led, +1
Friday – weakened, decliners led, +1
SPY down 1.96 at 214.68 on 128.0 million shares, 38% above average volume
VIX up 1.63 at 14.02
TLT up .35 at 138.75…on 8.3 million shares, 7% above average volume
QQQ -0.72%, SPY -0.90%, DIA -1.03%, IWM -1.46%,
The NDX fell -36.97 lead by weakness in MSFT, AMGN, FB, GOOG, GILD, AAPL, BIDU, CLEG, REGN, YHOO and BIIB.
EPS Positive Reactions
RHT, FDX, ADBE
EPS Negative Reactions
Consider moving up stops on short term bullish trades that could pull back. All according to your profit protection rules.
Remember breakouts typically test about 70% of the time.
Technical analysis based trades should be closed before earnings. After-hours
Trade what you see, not…
Stocks below support should generally be traded bearishly until a reversal pattern forms.
Trade with the trend of the chart you are trading and continue to move your profit protection stops. Continue to follow your rules.
The SPY MFC green line is pointed down at 57, defensive.
55 of 100 NDX stocks closed higher on Thursday.
47 NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 2
Moving Below 30 DMA = 18
AMAT, BIIB, BMRN, CTXS, ENDP, FOXA, HSIC, JD, KHC, MSFT, NFLX, NTAP, ORLY, PCAR, SBAC, SIRI, SWKS, YHOO
6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Neutral