Friday, May 16, 2014

Stocks Intra-day Reversal on Friday...Poised to Bounce...

Eight of nine sectors moved higher on Friday…XLY, XLK and XLP were the strongest sectors…XLE was the weakest sector again.

Sector Posture 
Positive trend: XLB, XLE, XLI, XLK, XLP,
Neutral trend near resistance: XLF, XLU, XLY
Neutral trend near support:

Breadth strengthened…as advancers led decliners 2.05 to 1 on the NYSE and 1.56 to 1 on the NASDAQ.

Friday – strengthened, advancers led
Thursday – weakened, decliners led
Wednesday – weakened, decliners led
Tuesday – weakened, decliners led
Monday – strengthened, advancers


SPY up .65 at 188.05 on 97.4 million shares
VIX down .73 at 12.44…
TNX up .16 at 25.18…
TLT down .32 at 113.54...
XLF up .02 at 21.75 on 33.4 million shares

AAPL up 8.68 at 597.51 on 9.8 million shares
FB up .10 at 58.02…on 47.9 million shares, below average volume


Technical Commentary:
DIA + 0.29%, SPY + 0.35%, IWM + 0.63%, QQQ + 0.66%.

SPY, QQQ, DIA and IWM form higher low on Friday
IWM confirms Thursday’s hammer
SPY, QQQ, DIA form bullish harami in bull flag pattern
XLB, XLF, XLI, XLK, XPL, XLU, XLV, XLY form bullish candle pattern
ADSK, AMAT, DDS, JCP gap higher on positive earnings reaction

Chart Signals will watch for a potential support bounce entry on Monday.

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, 191.07, 192.27…
QQQ = 89.77, 90.77…
IWM = 113.84, 115.25…

Support Levels
SPY = 189.14, 188.21, 186.01
QQQ = 88.21, 87.07, 85.53
IWM = 111.22, 110.09, 108.28


Q1 Earnings Reactions
Positive Reactions – ADSK, AMAT, DDS, JCP, AAPL, AET, ALL, ALXN, ANGI, ANR, APA, ATVI, BA, BHI, BIDU, BTU, BWLD, BX, C, CHRW, CNX, COG, CTRP, CTRX, CTXS,  DAL, DAVE, DECK, DHI, DNB, DO, DTV, DV, EA, ENR, ETFC, ESI, FCX, FISV, FNMA, FOXA, GE, GILD, GMCR, GME, GRMN, HAL, HAS, HOG, HUM, IBKR, INTC, JNJ, KO, LPNT, LRCX, LVLT, MA, MAR, MGM, MNST, MRK, MS, NOK, NXPI, PBI, POT, PRU, RF, S, SCHW, SCTY, SNDK, SPWR, STI, SWK, SWKS, TKR, TMUS, TPX, TRIP, TRV, TSO, TWX, UNP, URI, UTHR, VRSK, WFC, WLP, WYNN, XRX, YELP, YHOO, Z

Negative Reactions – ACI, ADM,  AEIS, AIG, AKAM, AKS, ALTR, AMGN, AMZN, ARWR, ATI, BAC, BBRY, BIIB, BMY, BRCM, CAR, CBOE, CELG, CHKP, CLF, CLX, COF, CREE, CTSH, DDD, DIS, DISCA, DISH, DVA, EBAY, ESRX, EXPE, F, FAST, FEYE, FFIV, FXCM, GOOG, GRPN, IBM, JAZZ, JCI, JDSU, JPM, K,  KLAC, KMB, KRFT, LLTC, LLY, LNKD, LVS, LXK, MCP, MMM, MOS, MTW, MU, MXIM, NSC, NUE, NVDA, P, PCAR, PFE, PG, PNRA, PRGO, QCOM, REGN, SAVE, SEE, SFUN, SIRI, SOHU, SSYS, STLD, STT, STX, SUNE, SWI, T, TSLA, TSN, TWTR, UA, UBNT, UNH, UPS, V, VECO, VIAB, VMW, VRTX, VZ, WDC, WFM, XLNX, YNDX, YY, ZION, ZNGA, 

Reversal in progress – AKAM, BRCM, CHKP, CTSH, EXPE, GRPN, KMB, LLTC, LXK, MOS, NUE, STLD, SUNE, ZION

Reversal of Initial Reaction – ADM, AIG, AKS, ARWR, ATI, BAC, BMY, CAR, CELG, COF, DDD, DIS, F, IBM, K, KRFT, LLY, LVS, MMM, MU, NSC, NUE, NVDA, PG, SIRI, T, UPS, VZ, YNDX, ANGI, BIDU, NFLX, RF, INTC


The SPY Market Forecast green line is in the upper zone at 84.

____________________

Setups
Horizontal Breakout: CTRP, JNPR, KKD, Z, GOGO, SOHU, YNDX, AAPL, ADBE, EBAY, ESRX, MNST,
Diagonal Breakout: MS, CIEN, ESI, LNKD, P, QIHU, SFUN, TWTR, YELP, STX,
Bull Flag: DIA, QQQ, SPY, XLB, XLI, XLP, XLV, AAL, ALK, AVGO, AXP, BA, CAT, CJES, DAL, FDX, GE, KS, MAR, MCD, UPS, UAL, CELG, GMCR, TRIP, ABG, GPK, TRN, URI,     
Potential Bullish Divergence: SCHW, TSL, YOKU,  
Gap Up:  
Gap Down:  
Bear Flag:  
At Support: C, FSLR, SWKS, ANR, BBRY, LVS, INTC, WFM, XLNX,
C- Pattern

Moves
New Highs
Gap Up: RAX, ADSK, AMAT, DDS, JCP
Gap Down: CSIQ,
H Breakout:
Diagonal Breakout
Breakout Test:  
Bull Flag Bounce:  
Bounce:  AAL, ATI, HOG, MS, NKE, SCSS, SPY, V, XONE, AMZN, COST, DTV, EBAY, MU, ROST, SBUX, SNDK,
MACD Divergence Bounce: ETFC, GME, IBM, IWM, MFRM, MTW, PANW, RCL, SWI,
Bear Flag
Support Break: WLT,  

______________________

76 of 100 NDX stocks closed higher and one was unchanged on Friday.


Leading NDX 100 stocks included: AMAT, ADSK, SNDK, ISRG, ADBE, REGN, INTU, VIP, SPLS, NFLX

Lagging NDX stocks included: NTAP, MYL, WFM, TRIP, YHOO, ISRG, CELG, CHKP, INTC, VRTX

Leading stocks > +2% on Friday included: RAX, GOGO, XONE, Z, PANW, MFRM, SCSS

Lagging stocks < -2.0% included: CSIQ, ANR, WLT, SCTY, UPL,


Stocks to Watch on Monday
Holding Above 30 DMA= 38
MAR, CHRW, SPLS, EXPD, SIAL, MDLZ, MU, SNDK, GILD, CHTR, AAPL, CTXS, DTV, ADP, CELG, FISV, EQIX, NXPI, AVGO, MAT, VRSK, LBTYA, SBAC, QCOM, ATVI, KRFT, COST, FOXA, GMCR, ALXN, MNST, SYMC, CTRX, DISH, ILMN, ADSK, NFLX, CSCO

Moving Above 30 DMA = 13
ADBE, AMAT, BIIB, DLTR, HSIC, INTU, MSFT, MXIM, PAYX, REGN, ROST, SBUX, VIAB

Moving Below 30 DMA = 0


Staying Below 30 DMA
AKAM, BIDU, ORLY, SIRI, SRCL, VOD, VRTX, TRIP, INTC, TXN, FB, LMCA, CMCSA, GRMN, NVDA, YHOO, CTSH, EXPE, LINTA, MYL, WYNN, TSLA, BRCM, FAST, CHKP, PCAR, ADI, WDC, FFIV, VIP, STX, ISRG, KLAC, LLTC, NTAP, XLNX, BBBY, ALTR, AMGN, DISCA, TSCO, EBAY, ESRX, WFM, AMZN, CERN, PCLN, CA

Sixteen Week Intermediate Term Market Trend: Up
3-Day Short Term Market Trend: Down

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