SPX Pulls Back to Thursday's S1...Interest Rates Rise...

Seven of nine sectors moved lower on Friday.  XLP +0.57%, XLU +0.42% and XLY -0.08%, were the strongest sectors.

On Friday the Euro was down 53 pips to 1.3375.  Interest rates TNX was up +0.82 to 20.68 and bonds TLT was down 88 cents which was a non-confirmation of the move down in stocks.  Financials XLF fell 44 cents.

The broad indices all moved lower with the INDU -0.18%, NDX -0.69%, SPX -0.82%, COMPQ -1.10%, RUT -2.61%.  The SPX moved down -9.51 and closed at 1,155.46.  The VIX moved down -0.07 to 36.20, another non-confirmation of the move down in stocks.

(click image to enlarge)

Friday is the high day of the recent short term up trend.  Short term traders will watch for a potential break of the low of the high day on Monday as a potential exit signal for bullish trades and a potential entry signal for bearish trades.  Remember, no break, no signal.

Earnings season starts with a trickle on Tuesday, October 11 with AA after the close.  JPM, GOOG and FAST report earnings on Thursday October 13.

Breadth weakened as decliners led advancers 2.47 to 1 on the NYSE and 3.09 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ

Advancers          867             620

Decliners         2,147          1,918          

Leading stocks > +2% on Friday FAZ, CREE, CRUS

Losing stocks < -2.0% included TSL, PCX, FAS, LDK, A, SINA, BAC, URE, CF, CHL, GS, C, STI, CLF, X, AKS, ZAGG, ANR, CDE, MOS, POT, SLW, UAL, HAL,CIEN, MCP, WLT, ICE, SWK, DLR, FWLT, CSTR, RVBD, ZION, SOHU, F, SWN, IL, ATI, FCX, KKD, DOW, CAT

NDX 100 stocks stronger than the NDX included KLAC, SBUX, NVDA, NWSA, DLTR, ROST, DTV, AMZN, MXIM and PAYX.

Stocks weaker than the NDX include ILMN, BMC, FSLR, LIFE, CTRP, QGEN, NFLX, NIHD, RIMM and URBN.

Five NDX stocks including BMC, EXPD, FAST, ORLY and VRSN moved below their 30 DMA leaving 54 NDX stocks now above the 30 DMA. 

Stocks to Watch on Monday

Holding Above 30 DMA = 9

TLT, IBM, ARUN, DECK, FFIV, ICE, INFA, SNDK, CRUS, CSTR, F, NDAQ, NKE, ANF, COH, ENTR, NVDA, UNP

Moving Above 30 DMA = 1

FAZ

Moving Below 30 DMA = 6

DLR, GLW, STI, SWK, UAL, VMW

Staying Below 30 DMA

CMG, HLF, HUM, SMH, STI, V, GMCR, TIF, CHL, CRM, CROX, DHR, IL, SWKS, TPX, JDSU, LVS, NGLS, SLW, SWN, A, CIEN, CREE, DE, RCL, URE, ATI, CF, DOW, GES, KKD, LNKD, MOS, RVBD, SINA, WDC, CDE, CLF, FAS, MCP, POT, UCO, WLT, ZION, AKS, CAT, FWLT, PCX, JNPR, NTES, SOHU, ZAGG, TSL, BAC, VECO, LDK, HAL, ESI, FCX, GS, SLB, ANR, C, TBT, X

Nine Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Up