All nine sectors moved lower on Thursday…Though weak XLF, XLV and XLP were
the strongest sectors…
Breadth weakened as decliners led advancers 2.55 to 1 on the NYSE and 2.98 to 1 on the Nasdaq…
Exchange NYSE NASDAQ
Advancers 823 618
Decliners 2,103 1,843
Thursday Highlights:
SPY moved down 1.02…closing at 140.49…volume was 96.5 million shares…
VIX up .77 at 17.83…
Euro down 24
pips at 1.2505…
TNX - .34 at 16.20…
TLT up .65 cents at 125.94…
XLF down 8 cents at 15.05…
Dow down -107
Nasdaq down -
32
AAPL down 9.60 at 663.87…volume 10.8 million shares …
FB down .01 cents
at 19.09… volume
30.6 million shares…
CIEN -3.26, -19.50% gapped down following earnings…
The Market Forecast green line is in upper zone.
Technical Commentary: The SPY moved down $1.02 on 96.5
million shares to horizontal support and appears to be forming a potential M top pattern with a $3 price
target if support is broken. Friday is the last trading day before the
three-day Labor Day weekend. While the
old adage is “never short a dull market,” protect
and hedge your portfolio according to your rules if price breaks support on any
charts you are trading.
The INDU and SOX broke
short term support today as did some individual stocks like QCOM, IBM and SHLD.
The Euro pulled back slightly in its sideways
consolidation and the RUT is above short-term support. XLF rallied off support and formed a
bullish hammer.
Chart Targets:
SPY = 143.10 S&R Measuring
ES = 1,425.75 S&R Measuring
Short-term support at
140.22, 139.80 = SPY
1,403, 1,387 = ES
2,750, 2,743, 2,700 = NQ
SETUPS…
Gap Down: CIEN, JDSU, STX
At Support: DECK, DHR, FAS, HLF, MOS,
RVBD, SOHU, SWI, ZION, BRCM, CHL, FFIV
Flag: CRUS, ICE, INFA, JNPR, LVS, NKE, RCL, STI, UCO,
SDRL, CRM, AAPL, KORS, EBAY, GLD,
Break of Support: QCOM, NFLX, SHLD, IBM, SLB, WDC, TSL
11 of 100 NDX stocks closed higher on Thursday…
Leading NDX 100 stocks included: COST, EA, SBUX, WCRX, BBBY, CERN, VMED PCLN
Lagging NDX stocks included: FSLR, SHLD, NFLX, FFIV, STX, CHKP, GMCR, RIMM, MRVL, EXPE, KLAC, FOSL, SNDK, NTAP, LRCX, FLEX, NUAN
Leading stocks > +2% on Thursday included: ZAGG
Lagging stocks < -2.0% included: CIEN, MCP, TSL, JDSU, LDK, TPX, JNPR, INFA, VECO, ANR, WDC, CLF, ATI, GRPN
Stocks to Watch on Friday…
Holding Above 30 DMA = 37
WDC, UCO, TPX, GS, RVBD,
SWI, CROX, DHR, SWKS, CRUS, CREE, C, FAS, FCX, JDSU, NKE, RCL, STI, TBT, TIF,
BAC, CDE, CRM, SINA, SOHU, F, DECK, ZION, ANF, INFA, ICE, LVS, LNKD, HUM, URE,
COH, GLW
Moving Above 30 DMA = 0
Moving Below 30 DMA = 6
CIEN,
JNPR, SLB, SMH, V, VECO
Staying Below 30 DMA
AKS, IBM, SWK, ATI, TSL, TSLA, X, ANR, GES, MOS, VMW, DE, HLF, A,
CHL, NTES, GRPN, ANR, CLF, DLR, TLT, ZAGG, FAZ, CMG, ESI, UAL, FB, CSTR, LDK,
MCP
Twelve Week Intermediate Term Market Trend: Up
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