New High Close on RUT, SPX, NDX & INDU...Bull Flags Continue to Bounce...

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Listen to Dave on tastytrade today at the 124:30 minute mark, Click Here: https://www.tastytrade.com/#/

All nine sectors moved higher on Friday following the better than expected U.S. jobs report of 243,000 new jobs and an 8.3% unemployment rate for January.  XLF, XLY and XLE were the strongest sectors.

The rally was broad as 86 of the NDX 100 stocks moved higher and 65 of the 89 stocks in our 30 DMA Watchlist outperformed the 1.46% gain in the SPX.

The SPY gapped open and broke out of horizontal resistance following Thursday’s inside day doji.  Indicating once again why we wait for confirmation on neutral and bearish candles in up trends.  The bearish candle is a counter-trend move and needs additional bearish evidence before trading against the trend. 

The SPY made a new high close for the almost three year old bull market.  The old closing high was April 29, 2011 at 134.21, which was exceeded on Friday with a close of 134.54.  The intermediate term trend is still up.

Money Flow

Euro       +9 pips     1.3153

TNX      +1.24            19.49

TLT       -2.56           116.57

XLF      +0.38            14.73

SPX    +19.36       1,344.90

VIX        -0.88           17.10

RUT +2.24%

COMPQ +1.61%

SPX +1.46%

NDX +1.34%

INDU +1.23%

Money Flow was typical as the Euro moved slightly higher and TNX jumped and bonds fell.   XLF and the SPX moved higher with the SPX making its biggest move in a month.  The most recent SPX breakout has a chart target of 1,428 within 12 weeks of the breakout.

The VIX moved down and did confirm the SPX on Friday.

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SPY moved up $1.86 on volume of 160.6 million shares.

Breadth strengthened as advancers led decliners 3.64 to 1 on the NYSE and 4.02 to 1 on the NASDAQ.

Exchange        NYSE        NASDAQ

Advancers       2,361          2,039

Decliners           648             506

Bull flags with entry signals on Tuesday SPY, X, LVS, A, CF, PCLN and CRM continued to move higher on Friday.

ESI, VMW, INFA, CHKP, CTXS, CREE and VECO which gave bull flag entry signals on Wednesday continued to move higher on Friday.  LRCX paused at resistance.

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NFLX and SOHU which gave entry signals on Thursday continued to move higher.  CAT gave an entry signal on Friday.  CTRP is still in a bull flag, look for potential entry on Monday.   

 

Leading stocks > +2% on Friday included FAS, RCL, GRPN, PCX, ANR, BAC, VECO, GLW, CRM, TPX, CIEN, C, LDK, STI, JNPR, ARUN, F, RVBD, TBT, CREE, ZION, LNKD, SWKS, UAL, GS, A, FFIV, SWK, CAT, CROX, DECK, TSLA, ATI, URE, CRUS, GES, TSL, SOHU, WLT, INFA, WDC, COH, CMG, X, CLF, UCO, KKD, HLF, CF, ESI, TIF, ICE, NVDA, SNDK, FCX

Losing stocks < -2.0% included FAZ, ENTR, AKS, TLT

NDX 100 stocks stronger than the NDX included GILD, SHLD, FISV, AKAM, LINTA, EXPE, FFIV, AMZN, MYL and PNRA.

Stocks weaker than the NDX include WYNN, VRTX, RIMM, EA, CELG, LRCX, GOLD, BMC, AMGN and TEVA.

Five NDX stocks ADP, AMZN, ATVI, VOD and YHOO closed above the 30 DMA making 95 NDX stocks above their 30 DMA.  Only CHRW, SPLS, APOL, SNDK and GOOG remain below their 30 DMA. 

Stocks to Watch on Monday

Holding Above 30 DMA = 75

WDC, DLR, IL, URE, CMG, DE, DOW, ENTR, FAS, SWK, UNP, F, NKE, CIEN, CRUS, SMH, SWKS, JDSU, NGLS, BAC, CF, CHL, DHR, STI, X, A, C, CAT, CLF, FCX, MOS, POT, TPX, ESI, KKD, CREE, GS, CROX, HLF, LNKD, LVS, RCL, SLW, SOHU, TSL, CSTR, SINA, VECO, COH, MCP, ARUN, CDE, CRM, FFIV, HAL, SLB, INFA, NTES, NVDA, VMW, WLT, IBM, ZAGG, UAL, TSLA, LDK, GES, DECK, GRPN, JNPR, V, ANR, ICE, PCX, ZION 

Moving Above 30 DMA = 4

GLW, NDAQ, TBT, TIF

Moving Below 30 DMA = 2

AKS, TLT

Staying Below 30 DMA

ANF, HUM, SWN, RVBD, UCO, ATI, SNDK, FAZ

Eighteen Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up

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