Expiration Friday a 58-point Trading Range to Nowhere...

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NDX -66.72, -0.60%, fell below Tuesday’s low where selling exhausted and rallied to close 19 points above Tuesday’s low, creating bull flag setup at four-day support level.   The pullback was led by weakness in AAPL, AMZN, PYPL, NVDA, ADBE, MSFT and FB. 

On Friday the SPX opened 13 points higher then went down, up, down, up, down, up, down, up, down, up and down moving more than 260 points in an expiration Friday trading range that closed up +1.78 points.  That’s what volatility can produce.  A lot of movement back and forth resulting very little net change. 

SPX +1.78, +0.05%, closes at 3,340, after a 58-point trading range that closed just above the closing lows on Tuesday and Thursday. SPX is a bull flag setup.

Traders need to be prepared on Monday for a bull flag bounce up or a break of short-term support down.

Eight of eleven sectors were higher on Friday, led by XLI, XLB and XLF.

Industrials leaders:  HII, FDX, XYL, LMT

Materials leaders: LYB, MOS, AVY, FCX

Financials leaders: IVZ, TFC, MTB, USB

SPY up +.17 at 334.06 on 84.6 million shares, above average volume, up on lower volume.

VIX down -2.84 at 26.87

NKE, CAT, DOW led the DJIA, 22 advancers, +21

HII, UAA, LYB, IVZ led the SPX, 315 advancers

CTSH, MRNA, WDC, GILD led the NDX, 42 advancers

The two-year trend term is up.  The one-year trend is up.

Up: DIA, SPY,

Down: IWM, QQQ,

Breadth strengthened on Friday as decliners led 1,546 to 1,436 on the NYSE and led 1,982 to 1,426 on the NASDAQ

The SPY MFC green line is pointed down at 43.7 and is short-term bearish.  Price action is a pullback to a bull flag setup at four-day support.

Uptrend sectors:  XLB, XLY, XLI, XLK, XLP, XLC, XLV,

Neutral sectors:  XLRE, XLF, XLU,

Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

42 of 100 NDX stocks closed higher on Friday.

25 NDX stocks are above their 30 DMA:   CMCSA, ORLY, CPRT, CSX, SBUX, AVGO, ULTA, MAR, EXPE, FOXA, JD, WDAY, ZM, ALXN, ALGN, MDLZ, NVDA, PAYX, TSLA, CTAS, CTSH, INTC, NXPI, QCOM, WDC,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 6

CTAS, CTSH, INTC, NXPI, QCOM, WDC,

Moving Below 30 DMA = 4

ADBE, BKNG, ISRG, TCOM,  

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