SPY, DIA, IWM Pause at Resistance Form Horizontal Breakout Setup...

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Eight of nine sectors moved lower on Thursday…XLU, XLI and XLB were the strongest sectors while XLE was the weakest sector.  Oil futures rolled to a new month and fell .92 to close at 32.73. 

                         

Breadth was mixed as advancers led decliners 1.04 to 1 on the NYSE and decliners led 2.56 to 1 on the NASDAQ.

Thursday- weakened, decliners led on NASDAQ

Wednesday – mixed, advancers led

Tuesday – strengthened, advancers led

Monday – Washington’s Birthday Holiday

Friday – strengthened, advancers led

SPY down .79 at 192.09 on 102.3 million shares, 39% below average volume

VIX down .67 at 21.64…

TNX down .60 at 17.59…

TLT up 1.59 at 130.90…on 10.1 million shares, 8% below average volume

XLF down .12 at 20.98…on 64.5 million shares, 15% below average volume

AAPL down 1.86 at 96.26 on 39.0 million shares, 30% below average volume

FB down 1.73 at 103.47 on 29.5 million shares, 34% below average volume

Technical Commentary:

DIA -0.25%, SPY -0.41%, IWM -0.48%, QQQ -1.14%.

QQQ, DIA, SPY and IWM each pulled back after a strong three day rally.  SPY, DIA, and IWM held at S1 of Wednesday’s large white candle and are poised to make a horizontal resistance breakout.

Eight sectors fell, TLT bonds rose and TNX interest rates fell.

Ten of 30 Dow stocks rose on Thursday led by gains in IBM, JNJ, Z, BA, AXP, NKE, XOM, KO, UTX and MMM.

Stocks below support should generally be traded bearishly until a reversal pattern forms.

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Horizontal Breakout Setups include: SPY, DIA, FCX, AAPL, AXP, CVX, DD, DIS, GE, JNJ, JPM, PG, UTX, VZ, CNX, CSRA, QRVO, AAL, ADI, CTRP, CTXS, EBAY, EXPE, MU, MXIM, PYPL, QCOM, STX, TRIP, TXN, YHOO

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Short-term Movers:

SPX gainers:  FCX, WYNN, FOSL, WMB, CF, CTL, KMI, NAVI, GRMN, CNX, CHK, GPS, CSRA, CMG, QRVO

SPX losers:  DVN, IFF, TSO, PRGO, NFX, RTN, XRAY, RRC, ED, MRO, WMT

NDX gainers:  PCLN, NVDA, CSCO, TSLA, MU, TRIP, QCOM, EXPE, VIAB, BIDU, BMRN, AKAM, CTRP, WDC, PYPL, CTXS

NDX losers:  MYL, CERN, ATVI, INCY, EA

YTD:

SPX Leaders:  NEM, KORS, FOSL, SE, ADT, CTL, KMI, SWN, URBN, TSN (160, -4)

SPX Losers: CHK, MRO, ESV, MPC, DVN, WMB, TSO, URI, VRTX, RCL

NDX Leaders:  MAT, FAST, PCAR, FISV, HSIC, DLTR, CA, XLNX, ROST, CMCSA (17, -5)

NDX Losers:  INCY, VRTX, TSLA, REGN, NCLH, BMRN, WDC, TRIP, ATVI, ALXN

DJI Leaders:  VZ, XOM, WMT, MMM, PG, KO, JNJ,

DJI Losers: AXP, BA, GS, INTC, JPM, DD, DIS, HD, AAPL, PFE  

Remember:  “It’s a market of stocks, not just a stock market.”

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 32. 

26 of 100 NDX stocks closed higher on Thursday.

49 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 1

NVDA

Moving Below 30 DMA = 5

AAPL, BIDU, CELG, COST, DISCA

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up