SPX Rallies, Sells Off, Closes Slightly Higher...Bull Flags Bounce FCX, X, WYNN, NEM, NAVI...More Flags Still Flying...

Six of nine sectors moved higher on Thursday…XLB, XLY and XLE were the strongest sectors while XLI was the weakest sector.  Oil futures slipped .16 to close at 38.02. 

                         

Breadth weakened as decliners led advancers 1.34 to 1 on the NYSE and 1.84 to 1 on the NASDAQ.

Thursday - weakened, decliners led

Wednesday – strengthened, advancers led

Tuesday – weakened, decliners led

Monday – strengthened, advancers led

Friday – weakened, advancers led

SPY up .16 at 199.54 on 156.8 million shares, 19% above average volume

VIX down .29 at 18.05…

TNX up .37 at 19.29…

TLT down .53 at 128.66…on 10.0 million shares, 3% above average volume

XLF down .02 at 21.92…on 77.3 million shares, 4% above average volume

AAPL up .05 at 101.17 on 33.5 million shares, 16% below average volume

FB down .19 at 107.32 on 24.8 million shares, 39% below average volume

Technical Commentary:

SPY +0.08%, DIA +0.02%, QQQ -0.15%, IWM -0.81%.

Rally, selloff, rally was Thursday pattern.  Several leading stocks bounced in their bull flag pattern including NAVI, NEM, FCX, CPGX, DLTR, OKE, NUE, X, STLD, WYNN, AES,

SPY, QQQ, IWM, XLB, XLE, XLF, XLI, XLK and XLY are forming bull flag patterns.

SPX leaders CHK, DVN, FCX, ESV, CNX, MPC, NBL, WMB, MRO, MOS and APC are in bull flag patterns.

Trade what you see, not…

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

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include:  SPY, QQQ, IWM, XLB, XLE, XLF, XLI, XLK, XLY, FOSL, WMB, ESV, LNC, WRK, AAPL, ADBE, AMZN, CMCSA, EA, JD, NFLX, PYPL, ROST, SBUX, STX, WDC, CF, GPRO, GT, TASR, CAT, DD, DIS, GE, GS, JPM, NKE, WDC, C, WFC, ETFC, MS, SCHW, CYBR, RIG, MU, QRVO, GME, BIDU, CTB, PG, XOM

Bull Flag Bounces include: FCX, AVGO, ATVI, INTC, LRCX, PCLN, JNJ, NXPI, CAVM,

Horizontal Breakout Setups include: MYL, TSO, NFX, XLP, WMT, GLD, HD, PANW, UNH, XLP, XLV, CTXS, GILD,

Horizontal Breakouts include: CPGX, MCD, RHT,

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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 the upper zone at 91. 

40 of 100 NDX stocks closed higher and one was unchanged on Thursday.

76 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 3

ATVI, DLTR, GOOG

Moving Below 30 DMA = 3

ESRX, LBTYA, VIAB

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Neutral