Market Still Holding at Resistance

DJIA - 16.61, -0.13% SP500 + 1.09, +0.08% NASDAQ Comp. + 7.58, +0.32% Russell 2000 + 0.16, +0.02% Oil 106.23, +2.40, +2.31% After the worse than expected Jobs Report, before the market opened on Friday, stock prices moved slightly lower, then slightly higher and then finished very close to where they had closed on Thursday. So another economic report goes by, again not changing the intermediate term trend of the market. Overall this was a very positive week in the market with the big move on Tuesday and many individual stocks continuing higher through the end of the week. The major indices are holding just below resistance again on Friday. Stay focused for either a breakout to the upside or the bounce down from resistance. The market won’t stay here too long.

Friday’s Action AAPL continued to move higher ISRG potential support bounce setup AFL potential support bounce after return move on ascending triangle breakout Stocks Moving Higher on Thursday had mixed results on Friday with several stocks pausing after big moves and other stocks continuing to move higher IYR -1.14, -1.63% potential bearish Harami forming MON +1.51, +1.29% doji NSM -0.07, -0.35% POT +3.32, +1.92% RIMM -2.59, -2.11% a typical pause after earnings SNDK -0.63, -2.39% potential bearish Harami WYNN -3.56, -3.06% potential bearish Harami X +2.79, +2.02% Support Bounces from Thursday DE +2.74, +3.30% MOS + 10.55, 10.09% announced record earnings Unconfirmed Bearish Harami from Thursday EXPE -0.14, -0.56% JASO +3.28, +16.69% Most of the unconfirmed bearish Haramis we have posted this week have not confirmed the following day. This is a sign of short-term technical strength.

Intermediate Term Market Trend: Neutral Short Term Market Trend: Up