SPY Rebounds, Tech and Seminconductor Stocks Down Follwing NTAP Guidance...

The day after lower guidance from DELL, NTAP delivered earnings with cautious guidance and the NDX tech stocks including semiconductor stocks moved lower.  SPY rallied from intra-day lows again late in the trading day on talk that Euro leaders were committed to keeping Greece in the Euro zone.  The Euro fell to a one year low and TNX interest rates rose +0.38.  Financial stocks were up slightly and bonds pulled back.  The SPX closed at 1,320.68 above its 1,300 support area.

Markets will be closed on Monday in observance of Memorial Day.

Six of nine sectors moved higher on Thursday. XLY, XLP, and XLB were the strongest sectors.

Breadth weakened slightly as advancers led decliners 1.41 to 1 on the NYSE and 1.05 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ

Advancers       1,763          1,298

Decliners         1,250          1,228

SPY moved up 26 cents on 167.1 million shares…

AAPL was down -5.24 at 565.32 on 17.7 million shares...

NTAP -4.04, -12.29% following earnings and cautious guidance on Wednesday

FFIV -9.28, -7.88% following DB dropping target to $140

FB +1.03 at 32.03 on 50.2 million shares had another higher close.....

GRPN -14 cents, -1.16% in bull flag following reversal pattern…

ALXN was added to the SP500 after the close…

C Pattern Continuation: ZAGG, SHLD, SIAL, WFM, ALXN, SRCL

C Pattern Entry: V

C Pattern Setup: SWKS, CRM, AVGO, DHR, A, GOOG, AAPL, INTU, DLTR, CTXS, CMCSA

Bounce: CRUS, SWI, MNST, BMC, ORLY, BBBY, CERN, ROST

Daily/Weekly Bull Flags: WCRX, VRSN, CTXS, GRPN, VECO, BIIB, NWSA

MACD Histogram Bullish Divergence: RVBD, CIEN, MCP, CROX, SOHU, VMW, TPX, JDSU, MOS, INFA, F, BIDU, NFLX, QCOM, NNVDA, SBUX, SHLD, VMED, PNRA, MSF, MRVL, MCHP, INFY, GOLD, FISV, EXPD, CTRP, CHKP, CELG, ADBE, AKAM, ALTR

Technical Commentary:

The SPY moved lower and reversed for another higher close  after the Euro sold off further.  The SPY again stayed above Friday’s support low of 129.55 and closed above Monday’s large white candle.

Wednesday Highlights: 

SPY closes up 26 cents

The Euro fell 50 pips, closed 1.2535

TNX +0.38

VIX moved lower -0.79, below 25 at 21.54

XLF closed up 1 cent

33 of 100 NDX stocks closed higher on Thursday…

Leading NDX 100 stocks included MNST, ALXN, DLTR, STX, BBBY, MYL, INFY, COST, GOLD, SRCL

Lagging NDX stocks included NTAP, FFIV, CTXS,CHKP, GMCR, BRCM, RIMM, BIDU, EA, AVGO

Leading stocks > +2% on Thursday included TSL, UAL, AKS, GES

Losing stocks < -2.0% included LDK, PCX, RVBD, TIF, VMW, ANR, LNKD, CLF, JDSU, MCP, VECO, CHL, ESI, NTES, CRM, SINA, INFA, ATI, SWKS, TSLA, SWK, CRUS, CREE

Stocks to Watch on Friday

Holding Above 30 DMA = 7

TLT, CRUS, SWI, VECO, FAZ, GRPN, ZAGG

Moving Above 30 DMA = 2

UAL, V

Moving Below 30 DMA = 4

CRM, LDK, NTES, SWKS

Staying Below 30 DMA

LNKD, CHL, URE, CREE, TSL, STI, WDC, DLR, NKE, ANF, ATI, CSTR, DE, GLW, IBM, SLB, VMW, CMG, DHR, ESI, FAS, FCX, SMH, TIF, UCO, AKS, ANR, JNPR, X, HLF, SOHU, DECK, HUM, CROX, LVS, CIEN, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, ZION, INFA, BAC, A, TBT, F, JDSU, C, GS, TSLA, COH, MOS, ICE, SINA, GES, CDE

Eight Week Intermediate Term Market Trend: Down

Short Term Market Trend: Up