Dow 17,068, SPX 1.985 All-time Closing Highs Headed into July 4 Weekend...AA Earnings Next Week...

Eight of nine sectors moved higher on Thursday…XLI, XLF and XLY were the strongest sectors…XLU was the weakest sector again.

Sector Posture – eight sectors are positive 

Positive trend: XLB, XLE, XLF, XLK, XLP, XLU, XLV, XLY

Neutral trend near resistance:

Neutral trend near support: XLI

Breadth strengthened…as advancers led decliners 1.37 to 1 on the NYSE and 2.09 to 1 on the NASDAQ.

Thursday - strengthened, advancers led

Wednesday – weakened, decliners led

Tuesday – strengthened, advancers led

Monday – weakened, advancers led

Friday – strengthened, advancers led

SPY up .97 at 198.20 on 52.9 million shares

VIX down .50 at 10.32…lowest close of the five-year+ bull market

TNX up .20 at 26.48…

TLT down .40 at 110.68...break of short-term support

XLF up .18 at 23.04 on 22.1 million shares

AAPL up .55 at 994.03 on 22.9 million shares

FB down .16at 66.45…on 25.2 million shares

Technical Commentary:

QQQ + 0.63%, DIA + 0.63%, IWM +0.60%, SPY + 0.49%.

The DJIA closed at 17,068.26, an all-time closing high and the first ever close above 17,000.  The SPX also closed at a record high of 1985.44.

                   (click image to enlarge)

QQQ, DIA and SPY powered to new highs on Thursday.  XLB, XLV and XLY also made all-time closing highs, while  XLF and XLK made new bull-market highs.

The VIX closed at a new bull market low.

AA reports on Tuesday July 7 after the close for the unofficial start of earnings season.  WFC reports Friday morning.

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

Short-term up trend Chart Targets:

SPY = 198.12, 199.06…

QQQ = 94.89, 96.31…

IWM = 120.67, 121.76…

Support Levels

SPY = 196. 59, 194.13, 193.11…

QQQ = 93.57, 91.73, 90.44…

IWM = 116.65, 116.05, 114.66…

Earnings this week:

Monday –

Tuesday – AA, HTZ,

Wednesday –

Thursday – FDO,

Friday – FAST, WFC

Q2 Earnings Reactions

Positive Reactions – STZ, APOL, BKS, KBH, MON, MU, NKE, SCHN,

Negative Reactions – CAMP, BBBY, GIS, CCL, WAG,

Reversal in progress –

Reversal of Initial Reaction –

The SPY Market Forecast green line is rising in the upper zone at 94.

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Setups

Horizontal Breakout: AIG, BX, C, LVS, MS, RCL, SOHU, STI, SWKS, TSL, UBNT, ADBE, ADSK, AMZN, CTSH, EBAY, GMCR, NTAP, PCLN, QCOM,

Diagonal Breakout: ANGI, CIEN, JASO, JNPR, RAX, UPL, CTXS,

Bull Flag: AAL, BBRY, CRM, CSIQ, DDD, FEYE, FSLR, GPRO, GTAT, JD, MFRM, P, PANW, QIHU, SCTY, SPLK, SPWR, SSYS, SUNE, TWTR, VJET, XONE, YELP, UNDX, YOKU, Z, FB, MNST, TRIP, TSLA,

Potential Bullish Divergence: 

Gap Up:  

Gap Down:

Bear Flag: ROST,

At Support: DAL, UAL, UNG,

C- Pattern:

Moves

New Highs:  QQQ, SPY, DIA, ATI, BBRY, GLW, GME, MTW, NTES, SCSS, TPX, X, AKS, AVGO, BIDU, CELG, CMCSA, EXPE, GILD, GOOG, GRMN, ILMN, INTC, MAR, SNDK, STX, TXN, WDC,

H Breakout: BAC, CREE, ETFC, FAS, SCHW, V,

Diagonal Breakout:

Bull Flag Bounce: NKE,

Gap Up:

Gap Down:

Breakout Test:

Bounce: 

MACD Divergence Bounce:    

Bear Flag:  

Support Break: TLT,

C- Pattern:

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93 of 100 NDX stocks closed higher and one unchanged on Thursday.

Leading NDX 100 stocks included: PCAR, BBBY, EXPE, NTAP, KLAC, SPLS, VIP, FAST, AMGN, FOXA

Lagging NDX stocks included: MYL, FB, MSFT, MU, TSLA, ALXN, SIAL

Leading stocks > +2% on Thursday included: CREE, ETFC, SCHW, GME

Lagging stocks < -2.0% included: JD, QIHU, ANGI, SPLK, SFUN

Stocks to Watch on Monday

Holding Above 30 DMA= 87

MAR, CHRW, SIAL, MU, SNDK, CHTR, AAPL, ADP, CELG, EQIX, NXPI, AVGO, ATVI, KRFT, GMCR, CTRX, ILMN, ADSK, NFLX, CSCO, ADBE, AMAT, INTU, MSFT, BIDU, CMCSA, TRIP BRCM, GOOG, SIRI, AKAM, AMGN, BIIB, EXPE, LLTC, SBUX, FB, ALTR, TXN, TSLA, AMZN, GRMN, KLAC, ADI, INTC, MYL, STX, WDC, ORLY, SRCL,  ISRG, LMCA, CHKP, XLNX, SYMC, CTSH, DTV, MAT, DISH, LINTA, VRTX, FISV, GILD, SBAC, WYNN, FFIV, VOD, VIAB, DLTR, LBTYA, MDLZ, MNST, NTAP, YHOO, CA, CTXS, EBAY, FOXA, HSIC, PCLN, QCOM, REGN, VRSK, ALXN, COST, PCAR, VIP

Moving Above 30 DMA = 3

FAST, PAYX, SPLS

Moving Below 30 DMA = 0

Staying Below 30 DMA

MXIM, NVDA, WFM, BBBY CERN, DISCA, ROST, ESRX, EXPD, TSCO

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Up