SPX Closes -6.41 as Euro Moves Lower...JPM Reports...

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All nine sectors moved lower on Friday, XLU, XLP and XLY were the strongest sectors.

Money Flow

Euro    -133 pips   1.2679

TNX      -0.80             18.53

TLT     +1.19           120.88

XLF      -0.10             13.82

SPX      -6.41        1,289.09

VIX      +0.44             20.91

INDU -0.39%

NDX -0.42%

SPX -0.49%

COMPQ -0.51%

RUT -0.81%

Money Flow did follow the Euro lower as TNX fell and bonds rose.  XLF and the SPX moved lower. The VIX did confirm the falling SPX today.  The SPX bounced off its recent pennant pattern breakout, now short-term support, continuing its intermediate term up trend closing above its intra-day low.

Earnings start in number this week with C, CREE, GRPN, LLTC, WFC, EBAY, FFIV, FAST, GS, STT, XLNX, AMD, BAC, FLEX, FCX, GOOG, INTC, IBM, ISRG, MSFT, MS, SWKS, UNP, UNH, GE, STI and SLB reporting Tuesday through Friday.

Someone asked recently if “given the move in the market over the last few weeks…would a pull back be expected?”  My response is, not based on the chart.  Can the market pull back?  Absolutely!  A small pull back is possible every trading day.  However, looking at the weight of the evidence on the chart, it does NOT suggest an extended pull back is imminent.  What could change the current net buying?  Weak guidance for Q1 and 2012 during earning releases starting this coming week.  Trade the direction of the chart this next week.

  

(click image to enlarge)

SPY moved down 67cents on volume of 179.7 million shares.

Breadth weakened as decliners led advancers 1.89 to 1 on the NYSE and 2.09 to 1 on the NASDAQ.

Exchange        NYSE        NASDAQ

Advancers       1,035             803

Decliners         1,957           1,680

AMZN, NFLX PCLN and QCOM moved higher. AAPL, BIDU and GOOG moved lower. 

Leading stocks > +2% on Friday ZAGG, CF, POT, SOHU, NGLS, FAZ, CMG

Losing stocks < -2.0% included TSLA, PCX, ANR, TSL, WLT, AKS, X, CREE, FFIV, LDK, MCP, ENTR, IL, VECO, CRUS, VMW, C, BAC, NVDA, RCL, KKD, SLB, DECK, CDE, HAL, GS, FAS

NDX 100 stocks stronger than the NDX included WFM, NFLX, CTRP, MNST, NUAN, PNRA, FAST, AMZN, SIRI and PCLN.

Stocks weaker than the NDX include EA, AKAM, FSLR, FFIV, LRCX, ALTR, VOD, EBAY, WCRX and CHKP.

Seven NDX stocks CTXS, EBAY, FFIV, LLTC, LRCX, MAT and VOD closed below the 30 DMA leaving 76 NDX stocks above their 30 DMA. 

Stocks to Watch on Tuesday

Holding Above 30 DMA = 62

V, WDC, LDK, DLR, IL, URE, CMG, DE, DOW, ENTR, FAS, HUM, SWK, UNP, F, NKE, ATI, CIEN, CRUS, SMH, SWKS, ZION, JDSU, NGLS, AKS, BAC, CF, CHL, DHR, STI, X, A, C, CAT, CLF, FCX, MOS, POT, TPX, ESI, RVBD, SNDK, GLW, KKD, CREE, GS, JNPR, CROX, HLF, LNKD, LVS, RCL, SLW, SOHU, TSL, CSTR, SINA, TLT, VECO, COH, GES, MCP

Moving Above 30 DMA = 0

Moving Below 30 DMA = 6

ANR, ARUN, CDE, FFIV, HAL, NDAQ

Staying Below 30 DMA

UCO, NVDA, SLB, TBT, TIF, PCX, ANF, IBM, ICE, GRPN, NTES, FAZ, TSLA, INFA, CRM, DECK, VMW, SWN, WLT, ZAGG

Fifteen Week Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral