NDX, SPX, RUT, DJI Continues Thursday’s Bounce as Above Average Volume Continues …

ADSK did gap Friday morning following earnings after the close on Thursday.  AMAT had a small gap that filled and is a potential horizontal breakout setup.

SPY, DIA, QQQ bounce in bull flag pattern on Friday.

Ten sectors were positive, led by industrials XLI and energy XLE.

SPY up 1.54 at 238.31 on 115.0 million shares, 48% above average.

VIX falls -2.62 to 12.04.

Oil rises +1.25 to 50.90

TLT up .29 at 123.71…on 11.2 million shares

CAT +2.21% and GE +2.01% lead the DJIA.

MCK +8.18%, and DE +7.30% following earnings, led the SPX.

ADSK +14.69% following earnings, VIAB +3.56% and BIDU +3.47% led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is still down but has bounce the past two days.

Up: QQQ, SPY, DIA, IWM,

Down:

Uptrend sectors:  XLK, XLY, XLRE, XLV, XLI, XLP,

Breadth strengthened as advancers led 2,231 to 707 on the NYSE and led 1,790 to 1,020 on the NASDAQ.

The SPY MFC green line is pointed down at 71, and is clearly lagging the Thursday and Friday SPY bounce.  Be defensive but take advantage of the short-term trend in ways that your rules allow.

Look for a potential bounce in: QQQ, XLY, RCL, NFLX, WDC, YHOO, EA, SWKS, ATVI, AVGO, EXPE, PYPL, MSFT, AMZN, MAR, AAPL, HD, FB, TSLA, V, MU,

(click image to enlarge)

One Day Pullback:

Bounces included: NVDA, JD, MCHP, LRCX, ADBE, HAS, SBUX, GOOGL, SPY, DIA, COST, KLAC, BABA, TXN,

Break of short-term support:

Potential Breakouts include: WB, AMAT, TLT, UNH, NVDA, JD, LRCX, SBUX, COST, KLAC, BABA, MCHP, ADBE, GOOGL, TXN, SPY, DIA

Breakouts:

New Highs WMT, XLNX, MCD,

78 of 100 NDX stocks closed higher on Friday.

58 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 2

MU, TXN

Moving Below 30 DMA = 2

MYL, TRIP

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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