Friday, March 16, 2018

Choppy Range on Quarterly Expiration Friday...WDC, MU, MCHP Bull Flag Bounce...ADBE Up on EPS...Bull Flags Continue to Form...

© 2018

Stocks traded in a range on quarterly expiration Friday.  Numerous bull flags continued to form on this pull back including QQQ, IWM, SPY, TXN, MSFT, BAC, NTAP, JPM, AAL, INTC, STX, IBKR, and AAPL.  WDC, MU and MCHP triggered bull flag bounce entries on Friday.

After the close ADBE +3.71% beats on revenues, EPS and raises guidance.

The DJIA, up 72 points to 24,946, led by strength in CAT, WMT, MMM, AXP and V

Six sectors were higher on Friday, led by energy XLE +0.89% and utilities XLU +0.88%.

SPY up .30 at 274.20 after dividend of 1.097, on 100.3 million shares, 25% below average volume.  Up on higher volume.
VIX down .79 at 15.80
Oil up 1.14 to 62.33
TLT down .43 at 119.81 on 6.0 million shares, 42% below average volume.  Down on lower volume.

WMT +1.90%, and AXP +1. 92%, led the DJIA, 21 advancers.
BHF +4.23%, SWN +4.21%, and BHGE +3.45%, led the SPX.
ULTA +7.64%, WDC +4.13%, CTRP +3.12%, ADBE +3.05% and MU +2.96% led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is down.

Down: QQQ,

Breadth strengthened on Friday, as advancers led 1,941 to 932 on the NYSE and led 1,764 to 1,097 on the NASDAQ.

The SPY MFC green line turned down at 72, defensive

Uptrend sectorsXLK,
Neutral sectors: XLY, XLF, XLV, XLI, XLB, XLE, XLRE,
Down trend sectors: XLP, XLU,

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past month and it is appropriate to wait for the uptrend to resume before considering entry… ADBE, MU, SQ, RNG, IBKR, SHOP, BA, NVDA, RACE, VRSN, ATVI, WB, V, ANET, ISRG, TAL, EA, EBAY, LYV, CAT, MAR, ALGN, CCL, RCL, TRU, WYN, PYPL, A, AABA, BABA, FCAU,  FB, CBOE, TTWO, WYNN, AA, WUBA, EDU, CC,

53 of 100 NDX stocks closed higher on Friday.

71 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 4                            

Moving Below 30 DMA = 2

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down

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