The SPY opened higher on Friday, rose to 136. 85 and then pulled back
to close at 136.02. The SPY formed an inverted hammer at the mid section of Wednesday’s range, which is the low day of the recent short term down
trend.
The SPY has been going
sideway’s at support for four days.
Two of nine sectors moved higher on Friday. XLK, XLU, and XLV were the strongest
sectors.
Breadth weakened as decliners led advancers led 1.50 to 1 on the NYSE and 1.52 to 1
on the NASDAQ.
Exchange NYSE
NASDAQ
Advancers 1,198 985
Decliners 1,803 1,502
SPY moved down 41 cents on 153 million shares…
AAPL was down -3.81 to 566.71 on 14.2 million shares and formed an inverted hammer…
NVDA +0.79, +6.36% after reporting
earnings on Friday morning
Technical Commentary:
Financial stocks opened lower after JPM disclosed in a conference call on Thursday that it
has a $2 billion trading loss from
large positions in credit-default swaps that will affect its Q2 results.
JPM was down -3.78 or -9.28% on
Friday.
C and BAC were lower on
Friday, however WFC, STI and ZION
closed higher after opening lower. Investment banks GS and MS also closed lower.
XLF opened
near its low and closed higher
notwithstanding the JPM selloff.
The Euro was slightly lower. TNX was down and the VIX
higher.
We will continue to watch the Euro and TNX Monday morning to observe to see if trading holds
above recent support and if TNX
bounces from the area of its nine month lows.
Breakout – GILD, UAL, BIIB
Breakout Setup – ADM, WDC, EBAY, GOOG, AMZN,
CATM
Flag Bounce – CRUS, STI, ORLY, AMGN
Flag Setup – CHL, FIRE, BGC, LULU, GRMN,
URE, DLR, LNKD, TSL, SWI, ROST, VRSN, DLTR, WCRX, CTXS, EXPE, SHLD, BA, CERN,
DDD, GWR
Confirmed MACD Divergence – ZION, BRCM, FAST
Potential MACD Divergence - AKAM, SWK, BAC, FLEX
Bear Flag Setup - ADP, KLAC, PAYX, SPLS
53 of 100 NDX stocks closed higher on Friday…
Leading NDX 100 stocks included NFLX,
NVDA, BBBY, VRTX, LRCX, MYL, MRVL, BIIB, FFIV, INTC
Lagging NDX stocks included GMCR, APOL, SIRI, CSCO, INFY, YHOO, GOOG,
GOLD, BIDU, EBAY
Leading stocks >
+2% on Friday included LDK,
CIEN, TPX, CROX, FAZ, ZAGG, DECK, NTES
Losing stocks <
-2.0% included C, PCX, GS,
ANR, LNKD, CSTR, FAS, TSLA
Stocks to Watch on Monday
Holding Above 30 DMA = 11
TLT, URE, CHL, LNKD, CRUS,
CREE, SWI, TSL, VECO, FAZ, UAL
Moving Above 30 DMA = 2
LDK, STI
Moving Below 30 DMA = 1
WDC
Staying Below 30 DMA
DLR, NTES, NKE, ATI, ANF,
AGI, ZAGG, CRM, FCX, IBM, SLB, CMG, DHR, ESI, FAS, FCX, SMH, SWKS, TIF, UCO, V,
AKS, ANR, JNPR, X, HLF, SOHO, DECK, HUM, CROX, LVS, FAZ, CIEN, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, X, ZION, INFA, BAC,
A, TBT, F, JDSU, C, GS, TSLA, COH, GRPN, MOS, ICE, SINA, GES, CDE
Six Week Intermediate Term Market Trend: Neutral
Short Term
Market Trend: Neutral
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