Gold, Bonds, Euro Rise, Stocks Break Support After Weak Jobs Report...

Gold jumped $66, TLT bonds rose 2.76 or 2.16% and the Euro climbed 70 pips to 1.2432.  TNX interest rates closed at a new all-time low at 14.67.  Financial stocks collapsed 52 cents and bonds hit another new high.  The SPX closed at 1,278.04 breaking its 1,300 support area and the short-term trend turned down.

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

Breadth weakened as decliners led advancers 6.13 to 1 on the NYSE and 5.09 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ

Advancers          427             423

Decliners         2,618          2,154

SPY moved down 3.31 cents on 253.2 million shares…While closed with sellers in control at its low, volume was 20% lower than May 18 indicating a potential lower low W Pattern and potential MACD bullish divergence.  This sounds ridiculous to point this out but it is on the chart. Declining volume on a lower low is an indication of a potential reversal.

AAPL was down -16.74 at 560.99 on 18.6 million shares...

FB -1.88 at 27.72 on 41.8 million shares a new low.....

GRPN -95 cents, -8.93% a new closing low, no longer in a bull flag pattern but a potential double bottom…

C Pattern Continuation: COST, SRCL

C Pattern Reversal: SWKS, AVGO, CMG, AAPL, WFM, ALXN,

C Pattern Entry:

C Pattern Setup: CSTR, FAST, FISV, SBUX, CRM, GOOG, INTU, CTXS, CMCSA, MSFT, ZAGG, SHLD, V, DHR, TSLA, A, SIAL

Breakout: CRUS,

Breakout Setup: MNST, ROST

Bear Flag Bounce: WCRX, CROX, ALTR, BMC, ORLY, VRSN, BIIB

Daily/Weekly Bull Flags: BBBY, DLTR

MACD Histogram Bullish Divergence: CTXS, RVBD, CIEN, MCP, SOHU, VMW, TPX, JDSU, MOS, INFA, F, BIDU, NFLX, QCOM, NVDA, VMED, PNRA, MSFT, MRVL, MCHP, INFY, GOLD, EXPD, CTRP, CHKP, CELG, ADBE, AKAM

Technical Commentary:

As interest rates hit new lows financial stocks and the SPY broke support and shifted into short-term down trend along with the eight-week intermediate down trend.  The Euro rallied along with gold which made a W Pattern reversal breakout.  TLT bonds made a new high.

 

Friday Highlights: 

SPY closes down -$3.31

The Euro rose 70 pips, closed 1.2432

TNX -1.14

VIX rose +2.60, above 25 at 26.66

XLF closed down -52 cents

2 of 100 NDX stocks closed higher on Friday…

Leading NDX 100 stocks included GOLD, INFY

Lagging NDX stocks included STX, MU, AVGO, FSLR, FFIV, WYNN, GMCR, SBUX, FOSL, SNDK

Leading stocks > +2% on Friday included FAZ, CDE, TSL, PCX, TLT

Losing stocks < -2.0% included FAS, CRUS, GRPN, UCO, LDK, SWI, LVS, TPX, CIEN, COH, FB, SWKS, A, CREE, ATI, CRM, JDSU, X, URE, LNKD, DECK, STI, TBT, TSLA, CSTR, BAC, CROX, RCL, SINA, ZION, C, ANF, F, DHR, WDC, SOHU, GES, SWK, CMG, VMW, SMH, NTES, VECO, MOS, CLF, RVBD, INFA, NKE, ICE, UAL, GS, DE, GLW, V, JNPR, CHL

Stocks to Watch on Monday

Holding Above 30 DMA = 4

TLT, FAZ, UAL, NTES

Moving Above 30 DMA = 0

Moving Below 30 DMA = 6

CIEN, CMG, CRUS, SWI, SWKS, VECO

Staying Below 30 DMA

A, CSTR, DECK, DHR, GRPN, NKE, TSLA, V, ZAGG, CRM, LDK, LNKD, CHL, URE, CREE, TSL, STI, WDC, DLR, ANF, ATI, DE, GLW, IBM, SLB, VMW, ESI, FAS, FCX, SMH, TIF, UCO, AKS, ANR, JNPR, X, HLF, SOHU, HUM, CROX, LVS, PCX, RCL, RVBD, CLF, MCP, SWK, TPX, ZION, INFA, BAC, TBT, F, JDSU, C, GS, COH, MOS, ICE, SINA, GES, CDE

Eight Week Intermediate Term Market Trend: Down

Short Term Market Trend: Down