SPY Support Holds Rallies Off Lows Forms Hammer as Euro Bounces...

The Euro moved lower around 4 am ET to a low of 1.2405 before moving sideways for most of the day until a rally in the late afternoon that moved the Euro to a close at 1.2442.   Financial stocks and the broad indexes alsor rallied going into the close.  VIX volatility and Bonds moved up slightly as TNX interest rates and moved slightly lower.

Four of nine sectors moved higher on Thursday.  XLE, XLP, and XLU were the strongest sectors.

Breadth weakened as advancers led decliners 1.30 to 1 on the NYSE and decliners led advancers 1.60 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     1,701          957

Decliners       1,299       1,538

SPY moved down 38 cents  on 169 million shares closing above its 30 DMA.  The SPX moved down -2.81 at 1,329.04. 

The Market Forecast green line is pointed up.

AAPL down -5.45 at 569.05 on 10.1 million shares...

FB down 87 cents at 31.36 on volume of 17.7 million shares...

GRPN -0.28, -2.76%…

Daily Bull Flags Setups: EXPE, CRUS, AKAM, MLNX, QQQ, AVGO, AAPL, ALGN, PCLN, C, MCHP, GOLD. MSFT, TSLA, ADP, ADSK, AKAM, AMAT, INTU, KLAC, LLTC,

Flag Bounce:  NFLX, MU,   

Bounce Continuation:  CSTR, JDSU, IWM, SPY, DIA, SHLD, CTXS, CIEN, DE, ICE, SXCI, COF, URE, COP, FAS, SPG, AMZN

Bounce Pause: VRSN, HSY, INFA, MCD, SHW, ULTA

Bounce Failure:  CMG, MNST, ROST, ORLY, PNRA, INFA, EBAY

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 Setup: SWI, CRM, HIBB, ODFL, PIR, A, DHR, SWKS, SAVE, AAPL

Break of Support: BIDU, VMW,

Support Bounce: ZAGG, VECO

At Support:  QCOM, MRVL, TPX, EXPD, F, ALTR, LVS, RVBD, MCP, TFM, CROX, GOOG

Breakout: X, CREE

Breakout Continuation: VMED, APOL, MOS, POT

Breakout Setup: AKS, APOL, COST, ESRX, CL, ALXN, URE, DIS, KMB, LEN,  

 

Technical Commentary:

SPY rallied from intra-day lows and formed a hammer.  XLF flat against weaker Euro, moderate VIX, RUT strength indicate market looking to move higher.

Thursday Highlights:

SPY closes down -38 cents

The Euro moved down 25 pips, closed at 1.2442

TNX -0.44

VIX rose +0.26 at 19.71

XLF closed -1 cent at 14.27

15 of 100 NDX stocks closed higher on Thursday…

Leading NDX 100stocks included MU, ESRX, WCRX, COST, NFLX, GMCR, SHLD, NVDA, FAST, HSIC

Lagging NDX stocks included VRTX, STX, FFIV, FSLR, CHKP, EBAY, MNST, ROST, DELL, ALXN

Leading stocks > +2% on Thursday included X, AKS, RVBD, CREE, ANF, PCX, TPX, ANR, SLB

Losing stocks < -2.0% included VMW, UCO, INFA, SWI, CMG, WDC, CDE, CRM, GRPN, FB, COH, C, DECK, LNKD, SINA

Stocks to Watch on Friday

Holding Above 30 DMA = 24

TLT, CRUS, CIEN, ICE, GES, CSTR, HUM, BAC, DLR, HLF, URE, LNKD, MOS,  TSLA, V, UAL, CHL, ESI, DE, FAS, RCL, STI, AKS, JDSU

Moving Above 30 DMA = 2

CREE, X

Moving Below 30 DMA = 3

C, INFA, ZAGG

Staying Below 30 DMA

CMG, TSL, MCP, SINA, SMH, SWI, SWKS, NTES, A, CDE, CLF, DHR, F, FCX, GLW, GS, IBM, RVBD, SLB, VECO, GRPN, FAZ, DECK, NKE, CRM, LDK, CREE, WDC, ANF, ATI, VMW, ESI, TIF, UCO, ANR, JNPR, X, SOHU, CROX, LVS, PCX,  SWK, TPX, ZION, TBT, COH

Five Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Up