All nine sectors moved
down on Friday…XLU, XLP, XLK were the strongest
sectors while XLE was the weakest sector.
Breadth weakened as decliners led advancers 2.29 to 1 on the NYSE and
1.72 to 1 on the NASDAQ.
Friday – weakened, decliners led
Thursday – weakened, advancers led
Wednesday – mixed,
advancers led
Tuesday – strengthened,
advancers led
Monday – weakened,
decliners led
SPY down 3.24 at 195.45 on 223.6
million shares, above average volume
VIX up 1.14 at 22.28…
TNX down .87 at 21.30…
TLT up 1.85 at 122.10…on
14.9 million shares
XLF down .44 at 22.66…on
69.2 million shares
AAPL down 0.47 at 113.45 on 74.2
million shares
FB up .06 at 94.40 on 62.2 million
shares
Technical Commentary:
IWM -1.38%, SPY -1.63%, QQQ -1.66%, DIA -1.77%.
The day after the Fed choose to leave interest rates unchanged the SPX
dropped 32 points. For the week the SPX
was down just three points. Friday’s
action in being interpreted by some as increased concerns over global economic growth. The selloff however was not as severe as Aug
24 or Sep 1. Key short-term support
levels 1,911 and 1,903 the last two pullback lows on Sep 1 and Sep 4.
Cruise line stocks CCL, RCL and NCLH which have among the
strongest market components over the past three weeks, pulled back on Friday
with the rest of the market. CCL reports earnings Tuesday morning
before the open.
Social media stocks LNKD, TWTR, GRUB, P and FB rose as some of the
strongest stocks 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 =...199.84…
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 44.
__________________
Setups
Horizontal Breakout: QQQ, SPY, EXPE, ADBE, FB, AMZN, P, RPD,
SINA, SUM, SWKS, AA,
Diagonal Breakout: BABA, SUNE,
UBNT,
Bull Flag: IWM, AAPL, BBY, CRM, CTRP, GME, NCLH, NKE,
RCL, SEDG, TPX, TSL, UA
Bear Flag: GPRO, MBLY, QIHU,
At Support: AIG, BAC, C, FAS, HOG,
JCP, LVS, MS, NTES
Moves
New Highs: P,
H Breakout: ETSY, FIT
Gap Up: GLD, TLT, VXX,
Gap Down: ETFC, SCHW, STI, SVXY, TBT, ZION
Support Break: FSLR
______________________
Watch List Stocks
Leading stocks > +2% on Friday: VXX, RPD, FIT
Lagging stocks < -2.0% included: SVXY, TSL, FAS, SCHW, BX, LVS, ETFC, FSLR,
STI, GP;RO, GME, AMBA, SUNE, MS, JCP, CTRP, C, ZION, HOG, TPX, UA, UAL
8 of 100
NDX stocks closed higher on Friday.
Leading NDX 100 stocks included: ADBE, VIAB, SYMC, MYL, ATVI, CHKP, AMZN, FB
Lagging NDX stocks included: VRTX, WDC, MU, STX, JD, EXPD, SNDK, AKAM, WBA,
MAR
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 1
ADBE
Moving Below 30 DMA = 18
AKAM, BMRN, CA, CELG, CHRW, GILD,
GOOG, ISRG, LLTC, LMCA, LRCX, MAR, SIRI, SNDK, VIP, VRTX, WBA, WFM
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market
Trend: Down
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