Friday, September 11, 2015

SPX Gains 40 on the Week...VIX Closes Below 25 at 23.20...

Seven sectors moved higher on Friday… XLU, XLY, XLP were the strongest sectors while XLE was the weakest sector.

Breadth weakened slightly as advancers led decliners 1.13 to 1 on the NYSE and 1.28 to 1 on the NASDAQ.

Friday – weakened slightly, advancers led
Thursday – strengthened, advancers led
Wednesday – weakened, decliners led
Tuesday – strengthened, advancers led
Monday – Closed for Labor Day


SPY up .89 at 196.74 on 119.6 million shares
VIX down 1.17 at 23.20…
TNX down .39 at 21.83…
TLT up .76 at 121.39…on 5.8 million shares
XLF up .10 at 23.12…on 21.7 million shares

AAPL up 1.64 at 114.21 on 49.9 million shares
FB up .07 at 92.05 on 21.1 million shares

Technical Commentary:
DIA +0.61%, SPY +0.45%, QQQ +0.55%, IWM +0.47%.

The SPX rose 40 points for the week and closed at 1,961 and the VIX dropped 4.60 to close below 25 at 23.20, its lowest close in four weeks.  Key short-term horizontal resistance for the SPX is 1,993 its 3-week high.  The SPX has made a higher low for each of the past two weeks and needs to establish a higher high to move back into a multi-week up trend.

A number of reversal breakout patterns are on the charts today including AAPL, FB, GILD and SBUX:
                     (click image to enlarge)

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 =...199.13
QQQ = 105.61, 106.93
IWM = 115.70, 116.42…

Support Levels
SPY = 194.25, 192.59...
QQQ = 103.59, 100.63
IWM = 113.66, 111.60...


The SPX Market Forecast is pointed up at 33.

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 Setups
Horizontal Breakout: IWM, QQQ, SPY, AAPL, FB, GILD, SBUX, AMZN, AVGO, CELG, EA, INTC, MAR, ROST, SWKS, CRM, EXPE, NKE, NTES, PANW, RCL, SCTY, SEDG, SVXY, TASR, UA,
Diagonal Breakout: P,
Bull Flag: ETFC, FSLR, JCP, SCHW, SUNE, TPX, UBNT, MU, SNDK, TXN,  
Potential Bullish Divergence: AMBA, BABA, GPRO, MBLY, PYPL, QIHU, SHOP, SLCA, SOHU, V, VRSN, W, X, MSNT, NFLX

Moves
New Highs: BBY, RCL,
H Breakout: NCLH, SHAK, ILMN
Bull Flag Bounce: CCL, WBA,  
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Watch List Stocks
Leading stocks > +2% on Friday: SHAK, IMGN, MBLY, SEDG, CTRP, SHOP
                                                       
Lagging stocks < -2.0% included: AMBA, FIT, GPRO, VXX, TPX, RPD

71 of 100 NDX stocks closed higher on Friday.

Leading NDX 100 stocks included: ILMN, AAL, GILD, KHC, SBUX, ORLY, AVGO, MYL, NXPI, AAPL, AMZN

Lagging NDX stocks included: WYNN, MU, WFM, NFLX, BIDU, VOD

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 9
AAPL, EXPD, ILMN, LLTC, ORLY, SBUX, VIAB, VRTX, WBA

Moving Below 30 DMA = 2
MU, SIRI


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

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