SPY
moved lower prior to the long weekend on lighter volume. The
Euro fell to a one year low and
TNX interest rates pulled back -0.14. Financial stocks were down slightly and bonds rose. The SPX closed at 1,320.68 above its 1,300 support area.
Markets will be closed on Monday in observance of Memorial Day.
Eight of nine sectors moved slightly lower on Friday. XLU, XLP, and XLY were the
strongest sectors.
Breadth
weakened slightly as advancers led decliners
1.07 to 1 on the NYSE and 1.003 to 1 on the NASDAQ.
Exchange
NYSE NASDAQ
Advancers 1,545 1,237
Decliners 1,437
1,233
SPY moved down 43 cents on 135.4
million shares…
AAPL
was down -3.03 at 562.29 on 11.7 million shares...
FFIV +0.48, +0.44% following Thursday’s -7.88 drop after DB dropped its target to $140
FB -1.12 at
31.91 on 37.2 million shares had another higher close.....
GRPN +16
cents, +1.35% in bull flag
following reversal pattern…
C Pattern Continuation: ZAGG, SHLD, SIAL,
WFM, ALXN, SRCL, V, DLTR
C Pattern Entry: SWKS, AVGO, A,
C Pattern Setup: CRM, DHR, GOOG, AAPL, INTU,
CTXS, CMCSA
Breakout Setup: CRUS, SWI, MNST, BBBY, ROST
Bounce: CROX, ALTR, BMC, ORLY, CERN,
Daily/Weekly Bull Flags: WCRX, VRSN, CTXS,
GRPN, VECO, BIIB, NWSA
MACD Histogram Bullish Divergence: RVBD, CIEN, MCP, SOHU, VMW, TPX, JDSU, MOS, INFA, F,
BIDU, NFLX, QCOM, NVDA, SBUX, SHLD, VMED, PNRA, MSF, MRVL, MCHP, INFY, GOLD,
FISV, EXPD, CTRP, CHKP, CELG, ADBE, AKAM
Technical Commentary:
The
SPY moved slightly lower on lower volume prior to the long Memorial Day weekend. The SPY again stayed above last Friday’s
support low of 129.55 and closed above Monday’s large white candle. The weight of the evidence suggests bounce
continuation as more likely.
Friday Highlights:
SPY
closes down 43 cents
The
Euro fell 21 pips, closed 1.2514
TNX
-0.14
VIX
moved higher +0.22, below 25 at 21.76
XLF
closed down 5 cents
53 of 100 NDX stocks closed higher on Friday…
Leading NDX 100
stocks included SNDK, MU, RIMM, NVDA, VMED, LRCX, AVGO, ALTR, APOL, ESRX
Lagging NDX stocks included
SIRI, PCLN, GOOG, MNST, INFY, CELG, GRMN, WYNN, AMZN, CTRP
Leading stocks > +2% on Friday included RVBD, TPX, DECK, ESI, ANF, CDE, CSTR, CROX
Losing stocks < -2.0% included LDK, FB, TIF
Stocks to Watch on Tuesday
Holding
Above 30 DMA = 9
TLT,
CRUS, SWI, VECO, FAZ, GRPN, ZAGG, UAL, V
Moving Above 30 DMA = 3
A,
DECK, SWKS
Moving Below 30 DMA = 0
Staying
Below 30 DMA
CRM,
LDK, NTES, LNKD, CHL, URE, CREE, TSL, STI, WDC, DLR, NKE, ANF, ATI, CSTR, DE,
GLW, IBM, SLB, VMW, CMG, DHR, ESI, FAS, FCX, SMH, TIF, UCO, AKS, ANR, JNPR, X,
HLF, SOHU, HUM, CROX, LVS, CIEN, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, ZION,
INFA, BAC, TBT, F, JDSU, C, GS, TSLA, COH, MOS, ICE, SINA, GES, CDE
Eight
Week Intermediate Term Market Trend:
Down
Short Term Market Trend: Up
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