Stocks Rise as Greek Election Looms...

The SPY, DIA, XLF, FAS and many individual stocks had horizontal resistance breakouts on Friday in front of the Sunday elections in Greece.  Additionally many stocks that have been in recent downtrends have formed W Pattern reversal setups and either broke out on Friday or are poised to breakout.   This includes NUAN, NFLX, CTXS, ADSK, SNDK, ADBE, AKAM, LIFE, MSFT, RCL, ICE, MOST, CRM and CREE among other stocks in the NDX and the Chart Signals watchlist.

After a trade reaches its chart target, Chart Signals begins to look for re-entry.  After reaching a horizontal resistance target, a typical entry would be the breakout. 

All nine sectors moved higher for the second straight day on Friday.  XLE, XLF, and XLB were the strongest sectors.

Breadth held steady as advancers led decliners 2.26 to 1 on the NYSE and 2.33 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     2,079       1,760

Decliners          918          755

SPY moved up $1.35 on 169.3 million shares closing above its 30 DMA and closing above its 133.93 horizontal resistance from May 29.  This appears to be a W Pattern reversal breakout.  The SPX gained +13.74 at 1,342.84 breaking out of resistance at 1,335.

The Market Forecast green line is pointed up.

AAPL was up 2.60 at 574.13 on 12 million shares...

FB gained $1.72 at 30.01 on increased volume of 43.5 million shares...

GRPN +63 cents, +6.68%…

C Pattern Continuation: SWKS, AVGO, AAPL, CSTR, INTU, SIAL, SRCL, FISV

C Pattern Pullback:

C Pattern Reversal:

C Pattern Entry: FAS, AKAM, ORLY, MSFT, V, TSLA, A, CTXS,

C Pattern Setup: CMG, QCOM, SBUX, DHR, GOOG, SHLD VMW, ZAGG, CRM,

Breakout: WFM, MCHP, SPY, DIA, ICE, FAS,

Breakout Continuation: COST, VRSN, ROST, MNST, DLTR

Breakout Setup: GOLD, AVGO, CSTR, C, EXPD, ALXN, QQQ, IWM, VECO, URE, CRUS, PNRA, LVS, INTU, SIAL, FISV, SRCL

Bounce: EXPE, JDSU, INFA, AAPL, VMED, RVBD, VECO, BIDU, PNRA, NFLX, CROX

Daily/Weekly Bull Flags: F, MCP, SOHU

MACD Histogram Bullish Divergence Confirmed: ALTR, TPX, MRVL

Technical Commentary:

The Euro rallied and XLF and SPY broke out of short term resistance.  Breakout price target on XLF is 14.80 and SPY 136.64.  The VIX and TNX moved lower while TLT bonds moved higher.

Friday Highlights:

SPY closes up $1.35

The Euro moved up 5 pips, closed at 1.2636

TNX -0.24

VIX fell -0.57, below 25 at 21.11

XLF closed +14 cents at 14.34

86 of 100 NDX stocks closed higher on Friday…

Leading NDX 100stocks included NUAN, FOSL, EXPE, NFLX, RIMM, CTXS, ADSK, AKAM, FSLR, SNDK

Lagging NDX stocks included GMCR, CHKP, WCRX, WYNN, TEVA, ATVI, MRVL, QCOM, MXIM, DELL

Leading stocks > +2% on Friday included TSL, LDK, GRPN, FB, PCX, RCL, GES, ICE, MOS, CREE, TPX, CRM, LNKD, FAS, RVBD, AKS, ANF, ANR, BAC, INFA, CIEN, CLF, CROX, VMW, JDSU, SWI, SWKS, COH, SWK, IBM

Losing stocks < -2.0% included FAZ, UAL

Stocks to Watch on Monday

HoldingAbove 30 DMA = 17

TLT, CRUS, SWKS, CIEN, ICE, CDE, GES, CSTR, HUM, BAC, DLR, C, FCX, GLW, HLF, NTES, URE

Moving Above 30 DMA = 13

A, FAS, IBM, LNKD, MOS, RCL, RVBD, SLB, SMH, SWI, TSL, TSLA, V

Moving Below 30 DMA =0

Staying Below 30 DMA

FAZ, F, CMG, DECK, NKE, UAL, VECO, SINA, DHR, GRPN, ZAGG, CRM, LDK, CHL, CREE, STI, WDC, ANF, ATI, DE, VMW, ESI, TIF, UCO, AKS, ANR, JNPR, X, SOHU, CROX, LVS, PCX, CLF, MCP, SWK, TPX, ZION, INFA, TBT, JDSU, GS, COH

Seven Week Intermediate Term Market Trend: Down

Four Day Short Term Market Trend: Up