Six sectors of nine moved higher
on Friday…XLY, XLV and XLK were the strongest sectors while XLE was the weakest sector. After a pullback last week all nine
sectors resumed their six week rally and close near resistance once again XLY,
XLK, XLI and XLF were the leading sectors for the week while XLE was
the weakest. XLI closed above
short-term resistance.
(click image to enlarge)
Breadth
strengthened
as advancers led decliners 1.45 to 1 on the NYSE and 1.71 to on
the NASDAQ.
Friday –
strengthened, advancers led
Thursday
– weakened, mixed
Wednesday
– strengthened, advancers led
Tuesday
– weakened, decliners led
Monday
– strengthened, advancers led
SPY up 0.76
at 208.55 on 83.3 million shares
VIX
down 1.52 at
16.99…
TNX up .14 at 22.62…
TLT down .37 at 120.45…on 5.9 million shares
XLF up .04 at 24.67…on 35.8 million shares
AAPL up
0.52 at 119.30 on
34.2 million shares
FB up
1.06 at 107.32 on 22.1 million
shares
Technical Commentary:
QQQ +0.68%, IWM +0.65%, DIA
+0.55%, SPY +0.36%.
Consumer
Discretionary stocks which were crushed last week on negative EPS reactions
from M, JWN, JCP and other retail
stocks, rallied and XLY was the
leading sector for the week. ROST +10.04% led
both the SPX and NDX with a positive EPS reaction on Friday. Other consumer discretionary leaders on Friday included GPS, NKE, KSS, TJX, LOW, URBN, UA, NFLX, COH, FOSL, DLPHHD, PVH and DG.
SPY, QQQ and
DIA finished
the week near bull market highs and horizontal resistance. Trading volume will be light in the Thanksgiving holiday week with markets closed on Thursday and a half day of trading on Friday. VIX, confirmed the SPX rally, falling on Friday near recent lows.
(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.
The SPX MFC green line is pointed
up at 68.
Short-term Chart Targets:
SPY =...210.12…
QQQ = 115.47…
IWM = 117.36, 118.34…
Support Levels
SPY
= 206.28
QQQ
= 111.64
IWM
= 114.52
__________________
Setups
Horizontal Breakout: SPY,
QQQ, AMBA, ADBE, ATVI, CMCSA, EA, INTC, JD, LLTC, LRCX, MSFT, MYL, NVDA, TRIP, TXN,
XLNX, CIEN, GLW, KWEB, SINA, SOHU, W
Diagonal Breakout: AMZN, FB,
GILD, ORLY, SWKS, TSLA, YHOO, BAC, C, CCL, ETFC, LNKD, PYPL, RCL, SCHW, SLCA, SONC,
UA, ZION
Bull Flag: ILMN, CRM, JUNO, QRVO
Bear Flag: AA, EXPE
Moves
New Highs: GOOGL, COST, NFLX, JBL, NTES, QIHU, V, VRSN, YELP,
YNDX
H Breakout: GOOGL, BABA, NTES, PANW, YELP
D Breakout: SBUX,
Bull Flag Bounce: FSLR
Bounce: W
Gap Up: ROST, GPS, NKE, UA,
Gap Down: ADSK
______________________
69 of 100 NDX stocks closed higher
and one was unchanged on Friday.
62 NDX stocks are
above their 30 DMA.
NDX Stocks to Watch on Monday:
Moving
Above 30 DMA
= 3
ADP, EA,
ROST
Moving Below 30 DMA = 0
6-month Intermediate Term Market Trend:
Neutral
3-day Short Term Market Trend: Up
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