SPY Closes Near Even as Euro, Stocks Continue in Bull Flag Pattern...

Four of nine sectors again moved higher on Friday…XLV, XLK and XLE were the strongest sectors. 

Breadth strengthened on Friday as advancers led decliners 1.43 to 1 on the NYSE and 1.55 to 1 on the NASDAQ…

Exchange      NYSE    NASDAQ 
Advancers     1,762     1,535
Decliners       1,238       986 

SPY down 6 cents at 145.87...volume 108.7 million shares 
VIX down .09 at 13.98... 
Euro up 9 pips at 1.2977… 
TNX down .17 at 17.60… 
TLT up 14 cents at 121.55...
XLF down 5 cents at 15.83…
Gold up 4.10 at 1,774.80… 
Oil unchanged at 92.96… 

AAPL up 1.39 at 700.09…volume 20.4 million shares … 
FB up 27 cents at 22.86… volume 51.2 million shares…

The Market Forecast green line is in the upper zone. 

Technical Commentary: 
Typical of many expiration Friday’s the broad indices and sector ETFs traded up and down in a range and finished near unchanged.  Overnight the Euro and stock futures were higher resulting in a gap up open for SPY, XLF and many individual stocks.  As Friday wore on, the gaps were filled and the bull flag bounce faded. 

The currency, interest rate, bond, financials and stock relationships were in classic form this past week with the Euro, TNX, XLF and SPY in classic bull flags and TLT in a bear flag.  The Euro which rose Thursday night and Friday morning faded to a small gain and formed an inverted hammer/bullish harami.

 (click image to enlarge)

The SPY, IWM, DIA and QQQ are still in a strong intermediate term up trend and trading above their respective 10 DMA.  The SPY and IWM are forming a five day diagonal bull flag.  The DIA and QQQ are in a horizontal bull flag.

 (click image to enlarge)

Chart Signals will look for a potential bounce and strength in the Euro as an alert that interest rates, financials and the SPY may bounce and continue their up trend.  Over the past severals weeks, Monday has been a pause to slightly down day.  Stay alert for whenever a bounce occurs.

New Chart Targets:
SPY = 147.88 2.61 Fib 
ES = 1,466.00 2.61 Fib on ESZ2 
EUR/USD = 1.3095 1.60 Fib, 1.3345 S&R Measuring.

Short-term support at

144.39, 143.09 = SPY

1,438.75, 1,421.50 = ES

2,802.50, 2,775, 2,750 = NQ

Setups:

Bull Flag:  SPY, IWM, XLF, FAS, BAC, C, JPM, WFC, GS, MS, STI, ZION,

A, ANR, ATI, CLF, CMG, CRM, ESI, FCX, IBM, ICE, INFA, JDSU, JNPR, LVS, MCP, NTES, RVBD, SINA, SLB, SOHU, TBT, TIF, TSLA, UAL, URE, VECO, BTU, WLT, JRCC, ACI, CA, CTSH, EA, EBAY, FFIV, FOSL, GMCR, NUAN, ORCL, PNRA, QCOM, SHLD, VRSN,

Pennant: FB, F, LNKD, GRMN, WYNN,   

Breakout: GLW, YELP, Z, PHM, RCL, SWI, V, ADP, CERN, KFT, SBUX, STX, WFM,

Bounce:  DE, SWK, VMW, AVGO, ESRX, EXPE, FISV, GOLD, GOOG, INFY, ISRG, LIFE, NTAP, PCLN, VRTX, KORS

Earnings Posted:  ADBE, BBBY, ORCL

46 of 100 NDX stocks closed higher on Friday…

Leading NDX 100 stocks included: AVGO, EXPE, GOLD, STX, ISRG, NTAP, INFY, VRTX, ESRX, ATVI

Lagging NDX stocks included: RIMM, FSLR, GMCR, VMED, ADBE, EXPD, SYMC, MRVL, EA, DLTR

Leading stocks > +2% on Friday included: SWKS, WDC, GRPN, SWK

Lagging stocks < -2.0% included: ANF, ESI, COH, TPX, CLF, CRUS, TSLA, ANR, GES, LVS

Stocks to Watch on Monday…

Holding Above 30 DMA = 50 
TIF, GS, RVBD, SWI, CRUS, FAS, FCX, STI, JDSU, C, RCL, BAC, CRM SINA, SOHU, CDE, F, ZION, ANF, INFA, ICE, LVS, LNKD, HUM, URE, GLW, MOS UAL, ESI, DE, DHR, SWK, CMG, VMW, TBT, IBM, ATI, ANR, V, CLF, SLB, MCP, JNPR, ZAGG, FB, A, TSLA, CHL, GRPN

Moving Above 30 DMA =1
CREE

Moving Below 30 DMA = 1

COH

Staying Below 30 DMA 
CROX, NKE, NTES, TPX, VECO, CSTR, UCO, X, AKS, DLR, GRPN, WDC, CIEN, TSL, GES, CHL, NTES, FAZ, LDK

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