Seven of nine sectors moved higher and one was unchanged on Thursday…XLE, XLI and XLF were the strongest sectors
while XLV was the weakest sector.
Oil futures fell -.04 to close at 34.69.
Breadth strengthened as advancers led decliners 3.19 to 1 on the NYSE and weakened on the NASDAQ where advancers led 1.53 to 1.
Thursday
- strengthened, advancers led
Wednesday – weakened, advancers led
Tuesday –
strengthened, advancers led
Monday – weakened, mixed
Friday – mixed, advancers led
SPY up .78 at 199.78 on 95.1
million shares, 31% below average volume
VIX down .39
at 16.70…
TNX down .18
at 18.30…
TLT up .47 at 129.43…on
6.3 million shares, 34% below average volume
XLF up .15 at 22.19…on
73.0 million shares, 16% below average volume
AAPL up .75 at 101.50 on 36.9 million shares, 20% below average volume
FB down .37
at 109.58 on 21.3 million shares, 49% below average volume
Technical Commentary:
IWM +1.05%, SPY +0.39%, DIA
+0.27%, QQQ -0.19%.
Small
cap IWM again led the broad market ETFs on Thursday.
The
SPX was led by gains in energy stocks
including CHK, SWN, ESV, MUR, RIG, MRO and CNX.
The
VIX 16.70 made
its lowest close in 2016 and its lowest close since Dec 29, confirming the continuing rise today in SPX.
Last Thursday SPY broke out of double
bottom resistance at 194.58 on Feb 1 with a six-week chart target of 208.07.
Monday’s pullback test was
successful and old resistance became a new level of buying or new support on Tuesday. The 208 price target which
on Monday may have looked unrealistic to some now appears achievable as SPY continued higher on Wednesday.
Trade
what you see, not…
Stocks below support should generally be traded bearishly until a reversal pattern forms.
______________________
Strong Stocks: Setups and Moves You Can Use
Bull Flag Setups include: CF, SBUX,
LRCX, BIDU, WMT, NKE, JNJ, NFLX, LUV, AMZN, EBAY, CTRP, MYL, DLTR, ATVI, FISV,
KHC, XLU, MAT, DD, MAR, CTSH, NKE,
Bull Flag Bounces include: HD, XLP, XLU, UTX,
Horizontal Breakout Setups include: TSLA, ESV, MUR, RIG, MRO, GLD, AAPL, AXP, MU,
NXPI, TRIP, HOG, AVGO, SWKS, INTC, BA, UNH, JPM, C, WFC, ETFC, MS, PG
Horizontal Breakouts include: CHK, SWN, PCAR, DIS, STX,
DO, CNX, SCHW
______________________
Short-term Movers:
SPX gainers: CHK, ESV, MRO, CNX, RRC, RIG, MUR, FCX, OKE, NFX, APA, DO,
COP, WRK, HES, SIG, AMG, QRVO, NRG, NOV, HP, COG, APC, LM, THC, WMB, CPGX,
SCHW, DVN, URI, MOS, CFG, HBAN, DISCA, ZION, C, FTI, TSO, RF, FITB, IP, BAC,
WYNN, CXO, LNC, PSX, F, MHK, GME, CF, UNM, MPC, NWL, SNI, PRU, KMX, ETFC, CMA,
SWKS, FOSL, SWN, NTRS, STI, CBS, LEN 8
SPX losers: ENDP, POM, BF/B, DLTR, MNK, MON, EQR, CLX, ZTS, KR, PNW,
MSI, NEE, ES, MYL, MDT, FSLR, PCG, MNST, DTE, AEP, ICE, PPL
NDX gainers: BMRN, STX, BIDU, DISCA, ADSK, WDC, MU, SWKS, LMCA, PYPL, WFM,
DISH, SNDK, LVNTA, NTAP, TRIP, VIAB, NXPI, BBBY
5
NDX losers: ENDP, DLTR, MNST, CTRP, LLTC, FISV, MYL, EBAY
YTD:
SPX Leaders: NEM, KORS, FOSL, FCX, CNX, WYNN, KMI, M, SE, COG
(241, +13)
SPX Losers: DVN, WMB, ESV, MPC, RCL, URI, CBG ADS, LNC, MRO
NDX Leaders: MAT, FAST, PCAR, PYPL, ROST, FISV, KHC,
DISCK, CMCSA, HSIC (33, +3)
NDX Losers: INCY, ENDP, VRTX,
REGN, ALXN, TRIP, JD, WDC, ATVI, TSLA
DJI Leaders: VZ, WMT, MMM, XOM, CAT, PG, JNJ, UNH, KO, IBM
(11, +1)
DJI Losers: BA, AXP, GS, INTC, JPM, PFE, DD, DIS, MSFT, V
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 at 94.
46 of 100
NDX stocks closed higher and one was
unchanged on Thursday.
90
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 2
CTSH, EBAY
Moving Below 30 DMA = 5
ATVI, DLTR, GILD, INCY,
XLNX
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Up
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