The Euro moved higher overnight and stocks
gapped up on the open. TNX interest rates, financial
stocks and the broad indexes had a huge move up while VIX volatility and bonds moved lower. A support bounce and resistance breakout were
the most common price patterns on Friday as you can read in Chart Patterns
below.
All nine sectors moved higher on Friday. XLI, XLE, and XLB were
the strongest sectors.
Breadth
strengthened as
advancers led decliners 6.82 to 1 on
the NYSE and 5.75 to 1 on
the NASDAQ.
Exchange NYSE
NASDAQ
Advancers 2,682 2,176
Decliners 393 378
SPY gained $3.32 on
relatively heavy buying at 212.2 million shares closing above its 30
DMA for the fourth consecutive day. The SPX moved up +33.12 at 1,362.16.
The
Market Forecast green line is pointed up.
AAPL
up 14.95 at 584.00 on 15
million shares...
FB
down 26 cents at 31.10 on volume of 19.5 million shares...
GRPN
+0.78, +7.92%…
Chart Patterns
Breakout: CTXS, FAS, MU, GMCR, LEN,
JDSU, URE, AVGO, SHLD, INTU, CIEN, DE, LLTC, HSY, AMZN SPG, IWM, COST,
CL, ESRX, KMB, DIS, VMI, FMC, FISV,
Breakout
Continuation: VMED, CREE, APOL, ICE, MOS, POT
Breakout
Setup: SPY,
DIA, X, AKS, ALXN, COP, ADP, ADSK, AKAM, VECO, CSTR,
Daily
Bull Flags Setups: TSLA,
Flag Bounce: EXPE, CRUS, AKAM, MLNX, QQQ, AVGO, AAPL,
ALGN, PCLN, C, MCHP, GOLD. MSFT, ADP, ADSK, INTU, AMAT, KLAC, LLTC, EBAY,
Support
Bounce: BIDU,
VMW, MNST, ULTA, ORLY, PNRA, EXPD, ALTR, QCOM, LVS, RVBD, MCP, TFM, CROX,
GOOG, TPX
Bounce
Continuation: ZAGG, NFLX, SXCI, COF, VRSN, INFA,
MCD, SHW
Bounce
Pause:
Bounce
Failure: CMG, ROST, INFA,
At
Support: MRVL
Break
of Support:
F
C
Pattern Continuation: VMI, FMC, CSTR, FAS, SRCL, SIAL, FISV, SHLD, V, CTXS,
AVGO, TSLA, MSFT, DKS, INTU
C
Pattern Pullback: ISRG,
C
Pattern Reversal: SBUX,
C
Pattern Entry:
C
Pattern Setup: SWI, CRM, HIBB, ODFL, PIR, A, DHR, SWKS, SAVE, AAPL
Technical Commentary:
The
SPY is in an up trend over the past four weeks and the past four days and closed
at short-term resistance. After a large
up day, a pause or pull back on profit taking is common. A pull back that stays above Friday’s
mid-range is generally bullish. Stay with the trend and
watch for a potential pause or pull back on Monday.
Friday Highlights:
SPY
closes up +3.31
The
Euro moved up 218 pips, closed at 1.2660
TNX
+0.82
VIX
collapsed -2.63 at 17.08
XLF
soared +36 cents at 14.63
96 of 100 NDX stocks closed higher on Friday…
Leading NDX 100stocks included VRTX, FOSL, CTXS,CTSH, FFIV, ADSK,
NTAP, STX, CERN, BIDU
Lagging NDX stocks included RIMM, WCRX, SIRI, VOD
Leading stocks > +2% on Friday included UCO, ANF, VMW,
GRPN, FAS, SOHU, LDK, SWKS, WDC, BAC, FCX, MCP, ATI, TPX, RCL, JNPR, JDSU, CRM,
GES, CRUS,URE, CLF, A, DHR, VECO, COH, ANR, CIEN, STI, SMH, C, SWK, CDE, TIF,
RVBD, SLB, LNKD, CSTR, DE, CROX, SWI, INFA, SINA, HLF, TSL, LVS, GLW, ESI, TBT,
GS, CHL, IBM, ZAGG
Losing stocks < -2.0% included NKE, FAZ, PCX, F, AKS, HUM
Stocks to Watch on Monday
Holding
Above 30 DMA = 24
CRUS,
CIEN, ICE, GES, CSTR, BAC, DLR, HLF,
URE, LNKD, MOS, TSLA, V, UAL, CHL, ESI,
DE, FAS, RCL, STI, AKS, JDSU, CREE, X
Moving Above 30 DMA = 21
ANF, ATI, C, CLF, CRM, DHR, FCX, GLW, GS, IBM, INFA,
MCP, SLB, SMH, SOHU, SWK, SWKS, TBT, TSL, VECO, ZAGG
Moving Below 30 DMA = 2
HUM, TLT
Staying
Below 30 DMA
CMG, SINA, SWI, NTES, A, CDE, F, RVBD, GRPN, FAZ,
DECK, NKE, LDK, CREE, WDC, VMW, ESI,
TIF, UCO, ANR, JNPR, X, CROX, LVS, PCX,
TPX, ZION, COH
Four
Week Intermediate Term Market Trend:
Up
Short Term
Market Trend: Up