Sector Trend Strength:
Up Trend: XLF, XLI, XLB, XLY, XLE, XLK
Sideways: XLV, XLRE, XLP
Down Trend: XLU
XLK
moved from Sideways to Up with new high and second
day closing above four month channel.
XLP
moved from Down to Sideways with
close above Nov 29 resistance high.
Watching XLRE for potential test of Thursday’s breakout.
Breadth weakened as decliners led 1,484 to 1,531
on the NYSE and advancers led 1,624 to 1,156 on the
NASDAQ.
Friday
– weakened, advancers led on
NASDAQ, +9
Thursday – weakened, advancers led, +7
Wednesday – strengthened, advancers led, +9
Tuesday –
weakened slightly, advancers led, +8
Monday – strengthened, advancers led, +8
Oil futures were up .52 to close at 51.48, bouncing
with a bull flag pattern entry on Friday.
SPY up 1.36 at 226.15 on 87.9
million shares, 6% below average volume
VIX down
.89 at 11.75
TLT down 1.48 at 117.50…on
14.6 million shares, 29% above average volume
Technical Commentary:
QQQ +0.78%, DIA +0.72%, SPY +0.60%, IWM +0.20%,
DIA,
IWM and SPY new all-time closing high.
QQQ within pennies of high.
Buying
started to lift lagging sector XLP, XLV and XLU on Friday.
IWM,
DIA, SPY, XLE, XLY, XLF and XLB each made another new closing high on Friday.
XLE breaks out of its pennant
pattern to a new high…
NVDA
and MUR are bull flag pattern setups
CCL is a horizontal
resistance breakout setup
NCLH
and RCL are new highs
Steel
stocks X, AKS, MT, CLF, VALE, STLD, NUE, SCHN and MTL dis start
a bull flag price pattern
on Thursday.
SPX up 13 points at
2,259
SPX Leaders AVGO, ALXN, MOS, RIG, GM, UAL, AAL, BMY, NRG, DPS, CAH, ABC,
CVS, WVA, KO, PFE, ESRX, TRIP, AA, MNST, GCI, EXC, FLR, AMGN, MCK, SWN, CAG,
AGN, COP, HSY, LKQ, EBAY, MRK, AEE, OXY, GOOGL, KHC
QQQ
is in sideways trend at its intermediate-term resistance
and is horizontal resistance breakout setup.
NDX point gainers: AAPL, MSFT,
GOOG, AVGO, WBA, AMGN, FB, KHC, ALXN, ESRX, COST, GILD and MDLZ
Follow
your rules and look for potential re-entry if you were stopped out of any
profitable trades.
Continue
to move up stops on short term bullish trades that could pull back. All according to your profit protection rules.
If you moved stops you may have been stopped out today.
Remember
breakouts typically test about 70% of the time.
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.
2016 Q3 EPS
EPS Positive Reactions
COST,
BOBE, FIVE, BIG, THO, CTRP, DE, VEEV,
GME, BURL, SINA, DLTR, WB, ADI, CPB, HRL, JEC, SIG, MRVL, ROST, INTU, BBY, NTAP, TGT, AAP, JD, NVDA, KSS, M, JWN, RL, DDS, QVCA,
JCI,
EPS Negative Reactions
WDAY,
AMBA, SWHC, ULTA, ADSK, URBN, PDCO, MDT,
TSN, GPS, CSCO, LOW, HD, TJX,
______________________
Strong Stocks: Setups and Moves You Can Use
Bull Flag Setups include: DLTR, MUR, BURL, FTI, BHI, STLD, NUE, AKS, X, SCHN,
CHTR, NFLX, FOSL, TGT, MGM, GD,
Bull Flag Bounces include:
Horizontal Breakout Setups include: JD, UTX, CCL, APA, JWN,
HIG, LRCX, ADI, INCY, FCX, STX, FB, CTXS, MU, WB, NTAP, FISV,
Horizontal Breakouts include: SKYW, SBUX, AAPL, ATI, MCD,
New Highs include: HES, RCL, NCLH, BA, MMM, STI, CE, CC, BBBY, COST,
JPM, BAC, GS, HBAN, ZION, MS, USB, CMA,
KEY, RF, ICE, TRV, UPS, CSX, ADP, PWR, LNG, ETFC, AAL, SAVE, LUV, ALK, DAL, UAL, XLNX, CHK, MAR, HES, HAL,
BBY, PCAR, MU, C, CFG, SCHW, FDX, AAP, PAYX, SQ, WDC,
______________________
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 is pointed up at
97, bullish.
55 of 100
NDX stocks closed higher on Friday.
67
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 3
AMGN, EA, KHC
Moving Below 30 DMA = 1
LVNTA
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market
Trend: Up
No comments:
Post a Comment