SPY, AAPL Hold Support, XLF Pulls Back as Euro Rises...

Two of nine sectors moved up on Friday…XLI, XLP and XLY were the strongest sectors.

Breadth weakened on Friday… led decliners led advancers 1.76 to 1 on the NYSE and 1.95 to 1 on the NASDAQ…

Exchange     NYSE    NASDAQ

Advancers    1,068         826
Decliners      1,890       1,614

SPY down 47 cents at 142.89...volume 124.2 million shares

VIX up 0.55 at 16.14…

TNX down -0.126 at 16.75…
TLT up 31 cents at 123.97…
XLF down 22 cents at 15.81…

Euro up 27 pips at 1.2954…

AAPL up 16.1 at 629.71…volume 16.4 million shares …

FB down 23 cents at`19.52… volume 18.8 million shares…

The Market Forecast green line is pointed down.    

Technical Commentary:

The Euro rose and the broad stock indexes opened higher and pulled back during the day with IWM and SPY closing lower.  Financials, XLF was the weakest index while the VIX rose.

A lot of non-confirmations this week which is more typical during consolidating markets of the past five weeks.  Financials, interest rates, and bonds were out of sync, non-confirmation with the rise in the Euro on Friday.  So either the Euro is lagging or vice versa.  We’ll look to Monday to see which was lagging.

Coal stocks JRCC, ANR, ACI, BTU, CNX and WLT pulled back after Thursday’s mega-day.  JRCC rose after pulling back.  Steel stocks AKS, X and ATI paused on Friday.

Be prepared to follow your rules and take additional bearish positions if the market breaks support.

Earnings Season brings more reports this next week...

 

Earnings to Watch:

Monday - C

Tuesday – INTC, GS, ISRG, APOL, LLTC, MAT, STT

Wednesday – BAC, AXP, EBAY, WYNN, LRCX, XLNX, CHKP

Thursday – GOOG, MSFT, SNDK, MS, ALXN, FLEX

Friday –

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
143.09, 142.33 = SPY
1,424, 1,414.50, 1,400 = ES
2,695, 2,650 = NQ

Setups:

Bull Flag: NTES, TPX, SINA, UAL, SWK, XLF, BAC, PHM, HLF, OI, AMGN, ADP, CELG, CTSH, GILD, LIFE, NFLX, PRGO, RCL, FAST, S, ANR, ANR, ACI, BTU, CNX, WLT, SM, RSH, ZION, C, CLF, FAS, X, LCC

Resistance Setup: GRPN, GTI, CDE, GS, HUM, UCO, AKS, MA, DECK, DE, DHR, SLB

At Support: F, MSFT, FFIV, NWSA, ORLY, A, CRM, TIF, WDC, ZAGG, CSTR,

RVBD, ATI, COH, ICE, JDSU, JNPR, NKE, BIIB, CA, GRMN, KLAC, AKAM, ALXN, CERN, CMG, CTXS, XRAY, EXPE, FOSL, HSIC, ISRG, MU, NTAP, ORCL, SRCL, SYMC, TXN, SOHU, SWKS, URE, VECO, ADSK, AMAT, BRCM, NUAN, SBUX, BAC, CIEN, CROX, CRUS, LNKD, MCP, MOS, MS

Break of Support:  MYL, DLTR, FB, AMZN, MRVL, MCHP, IWM, DTV, EXPD, INTC, NVDA, QCOM, STX

Gap Down:  WFC, STI, INFY

Resistance BO:  KWK, UPL

Bounce: IBM, BIDU, PAY, CHRW, CMCSA, VECO, ESRX, LVS, CLWR, JRCC,  EBAY, TLT, V

37 of 100 NDX stocks closed higher on Friday…

Leading NDX 100 stocks included:  MNST, DELL, EA, MAT, BIDU, CMCSA, SIRI, CHRW, CHKP, WYNN

Lagging NDX stocks included: INFY, VRTX, DLTR, SPLS, NFLX, SHLD, FFIV, MRVL, MU, RIMM

Leading stocks > +2% on Friday included:  FAZ

Lagging stocks < -2.0% included: LDK, ANR, MCP, ESI, STI, FAS, AKS, LNKD, CROX, TSLA, ZION, BAC, SWK, C, MOS, CIEN

Stocks to Watch on Monday…

Holding Above 30 DMA = 27

GS, C, FAS, FCX, RCL, STI, BAC, CDE, ZION, HUM, GLW, DE, DHR, IBM, V, CHL, GRPN, NTES, UAL, HLF, TPX, CLF, X, ANR, CRM, F, TLT

Moving Above 30 DMA =0   

Moving Below 30 DMA = 2

 AKS, TIF

Staying Below 30 DMA

RVBD, TBT, A, LNKD, LVS, SWK, TSL, TSLA, VMW, FB, ZAGG, SWI, SINA, ATI, CMG, INFA, JDSU, SOHU, MCP, ESI, ICE, MOS, SLB, ANF, CREE, CRUS, JNPR, URE, COH, CROX, NKE, VECO, CSTR, DECK, UCO, DLR, SMH, SWKS, X, WDC, CIEN, GES, FAZ, LDK

Five Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Down