Eight of nine sectors moved higher on
Friday… XLF, XLI and XLV were
the strongest sectors…XLU was the
weakest sector.
Breadth strengthened advancers led decliners…1.31
to 1 on the NYSE and 2.62 to
1 on the NASDAQ…
Friday
– strengthened, advancers led
Thursday – closed 4th
of July
Tuesday – weakened,
decliners led
Monday – strengthened,
advancers led
Friday – weakened,
advancers led
SPY
up 1.74…volume 122.4 million shares
VIX
down 1.31 at 14.89…
TNX
up 2.14 at 27.15…
TLT
down 3.75 at 106.26...
XLF
up .35 at 19.82…volume 37.8 million shares
AAPL down 3.38 at 417.42…volume
9.7 million shares
FB
down .15 at 24.37…volume 20.2 million shares
Technical Commentary:
IWM + 1.41%, SPY + 1.08%, DIA + 0.99%, QQQ
+ 0.76%.
(click image to enlarge)
The SPY MACD histogram
bullish divergence bounce on June 25 again has led to a nice +2.81% gain
with its close on Friday again above its 30 DMA. SPY, DIA and QQQ all closed above
their 30 DMA on Friday joining IWM which closed above its 30
DMA on Monday.
Chart Signals Wednesday comments regarding… “The past five days
consolidation suggests a pause before continuing to move higher towards
resistance” materialized on Friday and we still see short-term moves to resistance
targets of SPX 1,675 and SPY 167.
Bonds TLT -3.71% continued to
collapse hitting their lowest level since March 19, 2012.
Solar stocks JASO, YGE, SPWR,
TSL, CSIQ and FSLR were sizzling hot on Friday as both sides of the Chinese
European solar talks indicated discussions were progressing positively and that
definitive terms looked to be in sight.
TSLA +4.21% made
another all-time closing
high at 120.09. Reaching its short-term breakout target of
118.96 this week, the chart indicates a six-week potential price target of
141.55. Enjoy the trend-ride and
protect profits according to your rules.
SWI +6.76% formed a
mega-white candle and is setting up a potential double bottom breakout.
Many other stocks made new highs on Friday so be sure to
check out the New Highs
list below…
The unofficial start of
earnings season is Monday, July 8 with AA reporting earnings
after the close.
Earnings of Interest
Monday – AA
Wednesday – FAST, YUM
Friday – JPM, WFC
Chart Signals Strategy Guidelines
When the market
is trending up Chart Signals looks
for support bounce and resistance breakout entries.
When the market
is trending down Chart signals looks
for resistance pull back and support break entries.
When the market
is sideways in consolidation Chart Signals
will look for support bounce, diagonal breakouts and pull backs
at resistance where price action stays between support and resistance.
Technical setups for
short-term option trades be in and out by earnings release.
Over earnings release use earnings option strategies such as straddles, strangles, OTM calls
or puts.
After earnings look for
bullish setups in positive reaction stocks and bearish setups in negative
reaction stocks.
The Market Forecast Green Line is
below the Upper Zone and is pointed up.
____________________
Setups
H Breakout: ATVI, CELG, COST, CSCO, ESRX, GILD, NTAP, ROST,
SNDK, WDC, MFRM, RCL, SCSS, TPX, TSLA,
Diagonal Breakout: AAPL, FAST, GOOG, MYL, NFLX, NUAN, YHOO,
ALK, GLW, JCP, LVS, NFLX, SPY, VECO,
Bull Flag: PWRD,
Potential Bullish Divergence:
Gap Up:
Gap Down:
Bear Flag:
At Support:
Moves
New Highs: ADBE, AMZN, BBBY, PCLN, SBUX, STX, CMG, CREE, F,
GME, JNPR, LNKD, NTES, P, SPLK, STI, ZION,
Gap Up: AMGN, ANGI,
BAC, TBT,
Gap Down: GOLD, TLT,
H&D Breakout: AMAT, BRCM, CTSH, INTC, MNST, SYMC, TXN,
WFM, DDD, SSYS, SWI,
Breakout Test:
Bounce: ADSK, BIDU, ORCL, ATI, C, FAS, GS, TIF,
MACD Divergence Bounce:
Bear Flag:
Support Break:
______________________
89 of 100 Leading NDX stocks closed higher on Friday.
Leading NDX 100 stocks included:
NWSA, SYMC, CHKP, CERN, BIDU, GILD, KLAC, CTXS, VRTX, ATVI, WDC, ADSK,
Lagging NDX stocks included:
GOLD, SIRI, DELL, AAPL
Leading stocks > +2% on Friday included: TSL, SSYS, TBT, SWI, LDK, ZION, FAS,
STI, TSLA, UCO, SOHU, HLF, ANR, CREE, RCL, JDSU, A V
Lagging stocks < -2.0% included: FAZ, MCP, TLT, CDE, CLF
Stocks to Watch on Monday
Holding Above 30 DMA= 57
MU, SPLS, AVGO, CSCO, ISRG, AMZN,
DLTR, ADBE, INTU, SBUX, BBBY, EXPE, GRMN, MCHP, PCLN, SNDK, SRCL, VRTX, ALTR,
CA, LINTA, MAT, MNST, ORLY, PCAR, ROST, STX, VOD, VIAB, FB, LBTYA, KRFT, LMCA,
CMCSA, GOOG, HSIC, DISCA, VRSK, ADP, ALXN, CHKP, CTSH, DTV, EBAY, FOSL, NTAP,
SYMC, WFM, WDC, NFLX, BMC, CELG, ESRX, FISV, LLTC, XLNX, ADI
Moving Above 30 DMA = 17
AMAT, ATVI, BBIB, CERN, CHRW, COST, CTXS, EXPD, GILD, ISRG,
KLAC, LIFE, MYL, NUAN, PAYX, XRAY, TXN
Moving Below 30 DMA = 1
SIRI
Staying Below 30 DMA
DELL, INTC, MSFT, NVDA, CTRX,
ORCL, WYNN, YHOO, MDLZ, BIDU, GOLD, SIAL, REGN, AAPL, FAST, AKAM, FFIV, BRCM,
SHLD, SBAC, QCOM, EQIX, ADSK, AMGN, MXIM
Four-Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
1 comment:
Dave:
Thank you for all the comments, observations and ideas-and the continued mentor-ship.
Robert
CANI_212
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