Eight of nine sectors moved lower on Friday…XLB,
XLV and XLU were the
strongest sectors while XLY was the weakest sector. Only one sector XLU was positive
for the week. XLB was negative
as the second strongest sector for the week while XLY -4.53% and XLE
-5.47% were the weakest.
(click image to enlarge)
Breadth strengthened as decliners led advancers 1.65 to 1 on
the NYSE and 1.58 to on the NASDAQ.
Friday – strengthened, decliners led
Thursday – weakened, decliners led
Wednesday – weakened, decliners led
Tuesday – strengthened, advancers
led on NYSE
Monday – weakened, decliners led
SPY down 2.30 at 202.54 on 153.5 million shares
VIX up 1.71
at 20.08…
TNX down .39 at 22.80…
TLT up .68 at 119.68…on
7.9 million shares
XLF down .20 at 23.92…on
43.7 million shares
AAPL down 3.38 at 112.34 on 48.5
million shares
FB down 4.07 at 103.95 on 30.7 million
shares
Technical Commentary:
IWM -0.72%, SPY -1.12%, DIA -1.18%, QQQ
-1.96%.
The SPX -22.93, -1.12% fell
for the third straight day and the seventh time in eight days. The SPX is down -4.46% since its high on Nov 3.
While the SPX has made just
a 38.2% retracement since its low on Sep 29 traders should be defensive at
this time. Potential support levels
are at 2,017, 1,994 and 1,990.
Consumer discretionary stocks were hard hit on above average
volume on Friday following earnings from FOSL -36.50%,
JWN -14.98% and JCP -15.36%. Other retailers GME -16.51%,
ROST -6.86%, DLTR -6.55%,
KSS -6.42%, URBN -6.35% and
TJX -5.92% also moved lower. Even online
retail juggernaut AMZN -3.49% moved lower on
Friday.
(click image to enlarge)
Among the top leaders on
Friday were basic materials sector stocks including ARG +7.64%, PX, +3.04%, AA, FMC, CF, LYB, EMN, MOS, PPG, APD, DD,
SEE and DOW.
Energy stocks SWN +6.99%, RRC +6.95% CMX +3.93%, ESV, APC, COG and DO were also rising.
ILMN +10.26, +6.60% gained after it was chosen to replace SIAL in the SP500 beginning next Wednesday.
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 Market Forecast is pointed down at 75.
Short-term Chart Targets:
SPY =...204.67…
QQQ = 111.69…
IWM = 115.34, 116.49…
Support Levels
SPY = 202.21, 201.65, 199.30
QQQ = 109.05
IWM = 113.10
__________________
Setups
Horizontal Breakout: YELP
Bull Flag: QQQ, SUM, SLCA, CIEN, BA, ETFC, CSIQ, BAC,
ATVI, NVDI, PAYX, XLNX, AMZN, LMCA,
BIDU, LRCX, JPM, WFC, BABA, FSLR,
SCHW, SOHU, STI, TPX, ZION, FAST, GRMN
Bear Flag: VRSK,
At Support: COST, CTSH, EA, SBUX, KHC, WYNN, TSLA, SWKS, ESRX
Moves
H Breakout: VXX
Bounce: SEDG
Gap Up: ILMN, AMAT, SFUN,
Gap Down: FOSL, JWN, JCP, GME, ROST, BBBY
Bear Flag: TRIP, NXPI, QCOM,
Support Break: AAPL, CMCSA, CTXS, LLTC, NFLX, ORLY, AKAM, EXPD, PCLN, AVGO,
MAR
______________________
10 of 100
NDX stocks closed higher on Friday and one
was unchanged.
37
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on
Monday:
Moving Above 30 DMA = 1
MYL
Moving Below 30 DMA = 20
AAPL, BRCM, CHKP, CHTR,CMCSA,COST,
CTSH, CTXS, DLTR, EA, FAST, GRMN, JD, LLTC, NFLX, ORLY, SBUX, SPLS, TRIP, TSCO
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market Trend: Down
1 comment:
The stock market is a very good way to making money, but you must hire an investment advisor for better results.
Epic Research
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