All nine sectors moved lower on Friday…XLV, XLK and XLU were the strongest sectors while
XLE was the weakest sector. Oil futures
fell .02 to close at 46.37.
For the week ended May 13, XLU +1.15%, XLP +0.00%,
XLV -0.06%, XLK -0.09%, XLE
-0.43%, XLB -0.45%
led SPY
-0.47%
Lagging sectors XLI -1.06%%, XLF -1.08%, XLY
-1.48%
YTD 92
Leading Sectors: XLU +14.12%, XLE +7.74%,
XLB +5.83%, XLP +5.45%,
XLI +3.85%
SPY +0.44%
Lagging Sectors: XLY -0.06%, XLK -1.45%, XLF
-3.99%, XLV –4.01%
Breadth weakened as decliners led 2,028 to 1,010 on the NYSE and led 1,466 to 1,086 on the
NASDAQ.
Friday
– weakened, decliners led
Thursday - strengthened, decliners led
Wednesday – weakened, decliners led
Tuesday –
strengthened, advancers led
Monday – weakened, decliners led on the NYSE
SPY down 1.80
at 204.76 on 96.4 million shares, 19% above average volume
VIX up .63
at 15.04
TLT up
1.27 at 132.28…on 8.7 million shares, 32% above average volume
Technical Commentary:
QQQ -0.37%, IWM -0.66%, SPY
-0.87%, DIA -1.09%,
After
a strong 30 point SPX rally on Tuesday, retailers M, KSS and JWN reported
weak results and lowered sales guidance which sank retail stocks across the board sending the SPX back to short-term
support.
EA,
CA and NVDA did report strong results Wednesday, Thursday and Friday, that gapped each stock higher to new highs.
QQQ and IWM were
relatively stronger than SPY and DIA on Friday combined with a moderate
VIX were the positives on the day. Traders
are again tasked with trading either another bounce off support or being prepared for a potential break of support if that occurs, next week.
Earning’s Announcements:
Positive Reactions: NVDA,
Negative Reactions: JWN,
It is
important to be defensive until a price
bounce occurs.
Watch for potential bearish trades on the ETFs below last week’s
low:
SPY
support low = 203.88, next support
203.09
DIA
support low = 175.68, next support 174.55
QQQ
support low = 104.40, next support 103.66
IWM
support low = 109.54, next support
108.13
Technical analysis based trades should be closed before earnings.
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: AMZN, JNJ,
MDLZ, LUK, ULTA, TSCO, AXP, SCI, FTNT, BG, STI, ZION, MRO, MUR, CHTR, FISV,
MNST, FIS, HAL, JEC, NWL, NOC, MDT, LMT, GD, MCD, MMM, XOM,
Bull Flag Bounces include:
Horizontal Breakout Setups include: FB, SVXY, TSN, BSX, AFL, CL,
ADBE, AGN, CMG, FFIV, WRK, NTES, CA, INCY, AFL, CL, EGN, NEM, AEM, RRC, CTXS,
MMM, CHTR, GLPI, CMCSA, WFM,
Horizontal Breakout include: ATVI, NVDA, CA, EA,
Support Breakout Setups include: IWM, DIA, XLF, FAS, DFS,
MJN, SDRL, BAC, MS, SWN, NXPI, WBA, CBS, UNH, UTX,
Break of Support include: C, WFC, ADP, AVGO, ESRX, ORLY, CAT, DD, GS, WMT,
______________________
Short-term Movers:
SPX gainers: MON, AGN, DNB, IFF, CMG, FFIV, WRK, 4
SPX losers: FOSL, SPLS, GPS, JWN, KORS, M, RIG, KSS, FCX, CHK, CF,
URBN,, HOT, PVH, AA, NWSA, CBS, TIF,NOV, SPG, MAC, COH, FC, FSLR, NAVI, TGT,
TDC, CSRA, GGP, SU, FL, DO, CNC, TJX, RL, WMT, DIS, XRX, R, HST, SIG, WHR, SWN,
CAT, MOS, AET, PRGO, UNP, IVZ, HP, FMC, NSC, EM, LB, UAL, WYN, UA, 4
NDX gainers: EA, NVDA, NTES, CA, AMZN, TRIP, INCY, 3
NDX losers: ENDP, JD, BIDU, BBBY, SWKS, NCLH, WDC, VRTX, ROST, AAL,
DLTR, VIAB, MU, LMCA, CSX, TSLA, MAR, CTRP, NFLX, 3
YTD:
SPX Leaders: NEM, RRC, OKE, SWN, FCX, IRM, MLM, COG, EQT,
NRG, (301, -5 > 10p 141, -4)
SPX Losers: HRB, PRGO, CF, MPC,
LB, ABC, GPS, AGN, TSO, ADS
NDX Leaders: NVDA, PCAR, CHTR, KHC, ISRG, FB, MAT, FISV, FAST,
ULTA, (39, -1)
NDX Losers: ENDP, LMCA, STX,
WDC, VRTX, INCY, MU, REGN, JD, ILMN
DJI Leaders: XOM, CVX, MMM, JNJ, VZ, UNH, MCD, IBM, WMT,
KO (16, -2)
DJI Losers: AAPL, GS, INTC, BA,
NKE, MSFT, AXP, JPM, DD, GE
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 SPY MFC green line turned down at 44, time to be defensive and ready to turn bearish if
price breaks below short-term support.
30 of 100
NDX stocks closed higher on Friday.
26
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 2
NVDA, TRIP
Moving Below 30 DMA = 4
ESRX, QCOM, VOD, YHOO
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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