Stocks Break Support as Two-day Bounce Reverses on Weakness in MSFT, GILD, AMZN, FB...JPM, WFC Report Friday Morning...

All nine sectors moved lower on Thursday… however…XLU, XLP and XLE were the strongest sectors…XLV was the weakest sector on weakness in biotech stocks.    

Breadth weakened as decliners led advancers 3.58 to 1 on the NYSE and 6.58 to 1 on the NASDAQ.

Thursday – weakened, decliners led

Wednesday – strengthened, advancers led

Tuesday – strengthened, advancers led

Monday – weakened, decliners led

Friday – weakened, decliners led

SPY down 3.94 at 183.16 on 170.9 million shares

VIX up 2.07 at 15.89…

TNX down .56 at 26.28…

TLT up 1.01 at 109.84...

XLF down .51 at 21.54 on 76.6 million shares

AAPL down 6.84 at 523.48 on 8.5 million shares

FB down 3.25 at 59.16…on 114.7 million shares, almost double the volume

Technical Commentary: 

QQQ – 3.10%, IWM – 2.86%, SPY – 2.10%, DIA – 1.60%.

Broad market ETFs fell to or broke short-term support on Thursday as the NDX -112.68 led stocks lower with large drops in MSFT, GILD, AMZN, FB, GOOG, AAPL, AMGN, BIIB, QCOM, CELG, PCLN, CMCSA, INTC, CSCO, ALXN, EBAY, BIDU, TXN, ESRX, SBUX, TSLA, YHOO, ILMN, REGN, VIA, AMAT, CTSH and NFLX.  High profile tech and biotech were hard hit on Thursday. 

ALXN, GILD, TRIP, MNST, ABBV and BBBY were the weakest stocks in the SPX.

BBBY -4.19, -6.17% gapped lower after reporting earnings Wednesday after the close.

JPM, WFC and FAST report earning Friday morning.  JPM and WFC seldom have big reactions look for their reports to set the tone for financial stocks in general.

Trade bear flags and break of support entries until the market finds support.

Trade with the trend of the chart you are trading and continue to move your protective stops.  Continue to follow your rules.

Short-term up trend Chart Targets:

SPY = 185.30, 188.02…

QQQ = 86.36, 88.04…

IWM = 113.25, 116.23, 118.31, 120.25…

Support Levels

SPY = 182.94

QQQ = 84.95, 84.37

IWM = 111.35

Q1 Earnings Reactions

AA will reported today after the close, the traditional unofficial start of Q1 earnings season.

Positive Reactions – GME,

Negative Reactions – BBRY, MU

Reversal in progress –

Reversal of Initial Reaction –

The SPX Market Forecast green line is pointed down at 31.

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Setups

H Breakout: CTRP, KKD, TLT, Z, UNG, CELG, COST, DTV, FB,

Diagonal Breakout: CREE, GOGO, MTW, NKE, PANW, LNDK, NTES, SCTY, SFUN, SOHU, YOKU, BIDU, EBAY, PCLN, WYNN, YHOO, ADBE,

Bull Flag: 

One Day:  INTC,

Potential Bullish Divergence: 

Gap Up: 

Gap Down:     

Bear Flag: FB, AAPL, BIIB, CELG, BIDU, REGN,

At Support: BX, C, CIEN, MS, SCSS, SWI, TBT, V, ZION, P, SINA, SPLK, VRSN, YELP, YNDX, AMZN, CMCSA, CSCO, CTSH, FFIV, ILMN, MSFT, MU, NFLX, QCOM, SBUX, TRIP, TSLA, WFM,

C- Pattern:   

Moves

New Highs:  

Gap Up:   

Gap Down: 

H Breakout:   

Diagonal Breakout:    

Breakout Test:

Bull Flag Bounce:  

Bounce:  TLT, GLD,

MACD Divergence Bounce:  

Bear Flag:  AMZN, GOOGL, AMGN, PCLN, CMCSA, ALXN, EBAY, ESRX, SBUX, ILMN, VIAB, NFLX

Support Break: BAC, BBRY, ESI, FAS, GLW, GME, IWM, JDSU, MFRM, SCHW, SPWR, SPY, STI, TSL, UAL, UBNT, CSIQ, DDD, SSYS, XONE, ADSK, AKAM, AMAT, AMGN, CTSH, GILD, GMCR, GRMN, MNST, ROST, SNDK, STX, TXN, WDC, XLNX,

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WOW! Only 1 of 100 NDX stocks closed higher on Thursday.

Leading NDX 100 stocks included: CHRW

Lagging NDX stocks included: ALXN, GILD, TRIP, MNST, ILMN, BBBY, VRTX, CTRX, TSLA, FB, ADSK

Leading stocks > +2% on Thursday included: GOGO, NTES

Lagging stocks < -2.0% included: TSL, UBNT, SPWR, FAS, YELP, DDD, CSIQ, P, SPLK

Stocks to Watch on Friday

Holding Above 30 DMA= 17

MSFT, MAR, GRMN, KRFT, FAST, INTC, QCOM, STX, ADI, WDC, CSCO, CHRW, ISRG, SPLS, SYMC, NVDA, MDLZ,

Moving Above 30 DMA = 0

I

Moving Below 30 DMA = 18

AMAT, BRCM, CHKP, DTV, EXPD, KLAC, LINTA, LLTC, MAT, MXIM, NTAP, PCAR, SIAL, SNDK, XLNX, TXN, FOXA, NXPI

Staying Below 30 DMA

BBBY, ROST, DISH, AAPL, ALTR, AMGN, ATVI, AVGO, CMCSA, CTSH, FISV, HSIC, PAYX, VIAB, DISCA, ADP, EXPE, MU, SBUX, CHTR, TSCO, CTXS, INTU, AKAM, EBAY, ESRX, FFIV, MYL , WFM, LMCA, TSLA,TRIP, ADBE, AMZN, BIIB, DLTR, GMCR, ALXN, CERN, YHOO, FB, REGN, PCLN, WYNN, LBTYA,SBAC, COST, BIDU, MNST, ORLY, SRCL, EQIX, NFLX, ILMN, CA, VRSK, ADSK, VOD, CELG,GILD,VRTX,SIRI, CTRX, VIP, GOOG

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Down