RUT Leads on Expiration Thursday Before 3-day Weekend...Earnings Heat Up as SNDK, BHI, MS, URI, GE Gap Higher...IBM, UNH Gap Lower...GOOG Down...

Six of nine sectors moved higher on Thursday heading into the three day weekend…XLE, XLI and XLB were the strongest sectors…XLU was the weakest sector.    

Breadth weakened as advancers led decliners 1.40 to 1 on the NYSE and 1.76 to 1 on the NASDAQ.

Thursday – weakened, advancers led

Wednesday – strengthened, advancers led

Tuesday – weakened, mixed

Monday – strengthened, advancers led

Friday – strengthened, decliners led

SPY up .27 at 186.39 on 105.2 million shares

VIX down .82 at 13.36…

TNX up .84 at 27.21…

TLT down 1.22 at 110.05...

XLF up .04 at 21.86 on 47.9 million shares

AAPL up 5.93 at 524.94 on 10.2 million shares

FB down .78 at 58.94…on 88 million shares

Technical Commentary: 

IWM + 0.50%, SPY + 0.14%, QQQ + 0.02%, DIA -0.08%.

The RUT led broad indexes on Thursday which traded in a narrow expiration day range going into the 3-day Easter holiday weekend.  Earnings reaction provided much of the action Thursday with SNDK +7.14, +9.41%, BHI +2.02, +3.05%, MS +0.87, +2.91%, URI +1.97, +2.16%, GE +0.44, +1.68% and BX +0.40, +1.29%.

GOOG -20.44, -3.67% and IBM -6.39, -3.25% were lower on a negative earnings reaction following earnings after the close on Thursday. 

MU +1.43, +6.36% gaps higher on heavy volume.  SHLD +4.73, +14.08% after a report of insider buying of 475,000 shares. 

The NDX +1.44 was led by 11.3 NDX points from AAPL, QCOM, MU, SNDK, VIP and GILD and offset by GOOG, MSFT and FB with -9.4 NDX points.

The SPX was led by SNDK, MU, WPX, NFLX and PPG while leading losers included ADS, CMG, WU, FITB and WLP.

LLTC rebounded +1.30, +2.88% on Thursday after moving down -2.06, -4.37% on a negative earnings reaction Wednesday. 

While short-term market direction will be highly influenced by earning reactions next week the weight of the evidence on the chart on Thursday suggests up trend continuation next week.

Earnings continue on Monday with a number of big names including NFLX, HAL, STI and ZION.

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 = 187.17, 189.70…

QQQ = 86.90, 87.88…

IWM = 113.84, 115.25…

Support Levels

SPY = 183.37, 181.38

QQQ = 85.09, 84.16, 83.15, 82.03

IWM = 110.12, 108.91, 106.99

Earnings This Week:

Monday: NFLX, HAL, HAS, KMB, STI, ZION

Tuesday: AMGN, GILD, MCD, TRV, UTX, AKS, ATI, T, ACI, CREE, HOG, HNPR, RF, SPG, SWKS, VMW, XRX

Wednesday: AAPL, BIIB, CTXS, FFIV, FB, NXPI, ORLY, QCOM, TSCO, XLNX, BA, PG, ANGI, BA, CLF, DAL, ETFC, DAVE, JCI, NSC,

Thursday: ALXN, ALTR, AMZN, BIDU, BRCM, CELG, KLAC, MXIM, MSFT, SIRI, SRCL, WYNN, MMM, LLY, V, VZ, AET, CNX, DECK, FCX, ESI, LVS, NUE, P, BTU, POT, RCL, LUV, SWK, SPWR, NDAQ, UA, UPS, YNDX

Friday:

Q1 Earnings Reactions

Positive Reactions – SNDK, YHOO, BHI, BX, GE, MS, UNP, URI, IBKR, INTC, JNJ, KO, SCHW, C, GME, WFC,

Negative Reactions – GOOG, IBM, STLD, UNH, BAC, LLTC, BBRY, FAST, JPM, MU

Reversal in progress –LLTC,

Reversal of Initial Reaction –

The SPY Market Forecast green line is pointed up at 34.

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Setups

H Breakout: C, GME, KKD, NKE, PANW, SCSS, SPY, Z, BX, CRM, LNKD, NTES, QIHU, SINA, SWI, UBNT, UNG, ADSK, CTSH, INTC, MNST, SNDK, TRIP, WDC,

Diagonal Breakout: CTRP, FSLR, IWM, JDSU, MFRM, QQQ, GMCR, GRMN, PCLN,

Bull Flag: YHOO 

One Day:  

Potential Bullish Divergence:

Gap Up: 

Gap Down:     

Bear Flag: CSIQ, DDD, GOGO, TSL, XONE,

At Support:  

C- Pattern:   

Moves

New Highs: ATI,    

Gap Up: SNDK, MU, BHI, MS, URI, GE, BX,     

Gap Down: IBM

H Breakout: SPLK, ADBE, MU, QCOM,

Diagonal Breakout: GLW, MTW, MNST,

Breakout Test:

Bull Flag Bounce: UPL, 

Bounce:

MACD Divergence Bounce:

Bear Flag: 

Support Break: 

   

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63 of 100 NDX stocks closed higher on Thursday.

Leading NDX 100 stocks included: SNDK, VIP, MU, NFLX, MNST, LLTC, AVGO, ADSK, ADBE, EXPD

Lagging NDX stocks included: GOOG, CTRX, LMCA, FB, BBBY, ESRX, REGN, MAT, NTAP, MSFT

Leading stocks > +2% on Wednesday included: MS

Lagging stocks < -2.0% included: IBM

Stocks to Watch on Monday

Holding Above 30 DMA= 20

MAR, GRMN, KRFT, FAST, INTC, QCOM, STX, WDC, CSCO, CHRW, SPLS, NVDA, SYMC, LINTA, MSFT, COST, EXPD, SIAL, YHOO, MDLZ

Moving Above 30 DMA = 6

ADI, FISV, MU, NXPI, SNDK, VIP

Moving Below 30 DMA = 0

Staying Below 30 DMA

ISRG, AMAT, BRCM, CHKP, DTV, KLAC, LLTC, MAT, MXIM, NTAP, PCAR, XLNX, TXN, FOXA, AMGN, AVGO, BBBY, ROST, DISH, AAPL, ALTR, ATVI, CMCSA, CTSH, HSIC, PAX, VIAB, DISCA, ADP, EXPE, SBUX, CHTR, TSCO, CTXS, INTU, FFIV, TSLA, AKAM, AMZN, EBAY, ESRX, MYL, WFM, LMCA, TRIP, ADBE, BIIB, DLTR, GMCR, ALXN,CERN,FB, REGN, PCLN, WYNN, LBTYA, SBAC, ILMN, BIDU, MNST, ORLY, SRCL, EQIX, NFLX, CA, VRSK, ADSK, VOD, CEELG, GILD, VRTX, SIRI, CTRX, GOOG

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Up