Friday, May 29, 2015

SPX Pulls Back, Semiconductors Continues to Lead...HUM Jumps 20% on Takeover Chatter...

All nine sectors moved lower on Friday…All moved lower…XLE, XLU and XLV were the strongest sectors and XLI was the weakest. 
 
Breadth weakened as decliners led advancers 2.21 to 1 on the NYSE and 1.66 to 1 on the NASDAQ.

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


SPY down 1.32 at 211.14 on 122.7 million shares
VIX up .53 at 13.84…
TNX down .35 at 20.95…
TLT up .27 at 122.71…
XLF down .22 at 24.60 on 25.4 million shares

AAPL down 1.50 at 130.28 on 50.4 million shares
FB down .95 at 80.14 on 16.1 million shares


Technical Commentary:
IWM – 0.60%, QQQ -0.60%, SPY – 0.62%, DIA -0.65%.

The SPX settled back in a pennant pattern on Friday as HUM +20.31% jumps on takeover speculation and semiconductors continue to trend up. ALTR +4.00% a take over target by INTC gained on Friday.  Semiconductor stocks AVGO, ON, SWKS, INTC, NXPI, ATML, FSL, BRCM, MXIM and AMBA all moved higher on Friday.


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 Chart Targets:
SPY = 212.91, 213.91...
QQQ = 110.38, 111.16
IWM = 124.04, 125.47…

Support Levels
SPY = 208.62, 206.76...
QQQ = 108.76, 106.80, 105.55…
IWM = 122.52, 120.87, 120.24...



The SPX Market Forecast is pointing down at 72.

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Setups
Horizontal Breakout: UA, INTC (long term),  
Diagonal Breakout: SCSS,  
Bull Flag: BABA, CRM, CTRP, EXPE, GOGO, NTES, YOKU, ESRX, ILMN,  
Potential Bullish Divergence: DAVE
At Support: FAS, IBM, SWI, Z, COST, MAR, MNST, PCLN, TRIP, WFM  

Moves
New Highs: PANW, AVGO, EBAY,   
H Breakout: LC, UBNT, MFRM
Bull Flag Bounce: SHAK,  
Bounce: DAL, UAL, AAL
Gap Up: GME
Support Break: CCL, SCTY, SPWR, BBRY, MTW, AKAM, GMCR,  


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Watch List Stocks
Leading stocks > +2% on Friday: SHAK, GME, JUNO,
                                                       
Lagging stocks < -2.0% included: YY, SPLK, GLNG, SFUN, SUNE, CYBR, CSIQ, QIHU, SCTY, SPWR, FAS, GPRO, YOKU, UNG, SUM, SWI,


23 of 100 NDX stocks closed higher on Friday.

Leading NDX 100 stocks included: ALTR, AVGO, MDLZ, DISCA, LVNTA, SIRI, CHTR, EBAY, INTC, NXPI

Lagging NDX stocks included: PCAR, FAST, ESRX, WFM, GMCR, WYNN, WDC, ATVI, SNDK, GRMN

NDX Stocks to Watch on Monday

Moving Above 30 DMA = 1
LMCA
  
Moving Below 30 DMA = 10
AMAT, BBBY, BIIB, FAST, FOXA, GOOG, GRMN, MSFT, ORLY, TSCO

6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down