SPX Drifts Lower on Light Volume...Markets Closed Monday for Memorial Day...

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SPY drifted lower on Friday on the lowest daily volume in over three months.  QQQ bucked the broader market closing higher on strength in AMZN, INTC, AVGO and AAPL. 

Friday was the last trading day before the three-day Memorial Holiday weekend.  Markets are closed on Monday.    

IWM and DIA are bull flag setups while SPY and QQQ are horizontal breakout setups.   

The DJIA, closed down 58 points at 24,753, led by weakness in CVX, CAT, XOM, and GS.

Four sectors were higher on Friday, led by real estate XLRE +0.82% and utilities XLU +0.44%.

SPY down .65 at 272.15 on 56.3 million shares, 22% below average volume. Down on lower volume.

VIX .69 at 13.22

Oil down 3.17 to 67.50

TLT up .74 at 119.62 on 8.4 million shares.

INTC +1.26%, UNH +0.91%, led the DJIA, 13 advancers.

FL +20.16%, DGX +4.88% and LH +3.84%, led the SPX.

BMRN +4.77%, AAL +3.10%, AVGO +2.67%, and INCY +2.64%, led the NDX.

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

Up: QQQ,

Down: IWM, DIA, SPY,

Breadth was mixed on Friday, as decliners led 1,547 to 1,314 on the NYSE and advancers led 1,504 to 1,348 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 91, bullish. 

Uptrend sectors:  XLE, XLK, XLRE,

Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

64 of 100 NDX stocks closed higher on Friday.

69 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

AAL, KHC,

Moving Below 30 DMA = 3

PCAR, ROST, STX,

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

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