Eight of nine
sectors moved higher on
Friday…XLE, XLB and XLK were the strongest sectors.
Breadth strengthened by more than double as advancers led decliners 2.35 to 1 on the NYSE and 1.68 to 1 on the NASDAQ…
Exchange NYSE NASDAQ
Advancers
2,046 1,547
Decliners 870 919
Friday Highlights:
SPY gained 67 cents…closing at 141.16…volume was 151.9 million shares, its highest
level of the week and more than 50% above its 20 day average volume…
VIX down -.36 at 17.47…confirms gain in SPY
Euro up 67 pips
at 1.2572…
TNX - .58 at 15.62…non-confirmation of falling dollar
TLT up 1.78 at 127.72…
XLF up 11 cents at 15.16…
Gold +35.50 at 1692.62…confirms falling dollar
Oil +1.94 at 96.56…confirms falling dollar
AAPL up 1.37 at 665.24…volume 12.1 million shares …formed a bullish hammer
FB down 1.03 at 18.05… volume 58.7 million shares…made a new low
The Market
Forecast green line is in upper zone.
YTD At a Glance
YTD At a Glance
August YTD
Sector ETF
XLY +4.62% +17.52%
XLK +4.20% +20.70%
XLF +3.41% +17.52%
XLE +2.70% +4.38%
XLB +2.32% +7.41%
XLI +1.54% +8.73%
XLV +1.17% +13.14%
XLP -0.47% +10.47%
XLU -4.14% +2.92%
Industry ETF
XHB +12.12% +38.93%
XSD +4.41%
+2.67%
XRT +3.57% +16.99%
XOP +2.95% +0.51%
XME +2.86% -15.92%
XPH +1.71% +15.02%
XES +0.70% -3.85%
XBI -1.50% +33.33%
SPY +2.51% +13.55%
AAPL +9.39% +64.96%
STX +7.67% +98.82%
EBAY +7.16% +56.51%
EXPE -9.66% +78.27%
Technical
Commentary: The SPY moved up 67 cents on 151.9 million shares bouncing up at horizontal
support rising near diagonal resistance.
With Friday’s bounce protecting
to the downside became unnecessary.
The current diagonal channel on the SPY is a trend continuation pattern. Chart Signals sees that the current uptrend is likely to continue. Friday’s strength in bellwethers INTC, MSFT and ORCL along with strength in the Euro support this view.
The current diagonal channel on the SPY is a trend continuation pattern. Chart Signals sees that the current uptrend is likely to continue. Friday’s strength in bellwethers INTC, MSFT and ORCL along with strength in the Euro support this view.
(click image to enlarge)
The INDU and SOX also bounced today as did
some individual stocks like QCOM and IBM
and SHLD.
The Euro rose
to resistance in its sideways consolidation and the RUT formed a hammer above
short-term support. XLF bounced off
support and confirmed its bullish hammer.
A strengthening
Euro led to a bounce in gold as we had expected last week. The move was delayed but did occur on Friday.
Chart Targets:
SPY = 143.10 S&R Measuring
ES = 1,425.75 S&R Measuring
Short-term support at
140.22, 139.80
= SPY
1,403, 1,395, 1,387
= ES
2,750, 2,743,
2,700 = NQ
SETUPS…
At Support: DECK, HLF, MOS, RVBD, SOHU, SWI, ZION, BRCM, CHL, FFIV
Flag: CRUS,
ICE, INFA, JNPR, LVS, NKE, RCL, STI, AAPL, KORS, CROX, F
Channel at Support:
QCOM, NFLX, SHLD, GRMN, IBM, SLB, WDC, TSL
Hammer Candle: AAPL, BRCM, FFIV, FLEX, GMCR, QCOM, SNDK,
VRSN, XLNX, A, ATI, BAC, CREE, CROX,
DE, JDSU, RVBD, LVS, SWI, VECO,
VMW
Bounce:
CDE, FCX, SWKS, AKS, UCO, GLW, EA, ESI, GLD, NTES, TLT, ESRX, CRM, DE, DHR,
FAS, MOS, SDRL, SMH, V, ADSK, AMGN, APOL, CELG, EBAY, INTC, MSFT, ORCL
75 of 100 NDX
stocks closed higher on Friday…
Leading NDX 100 stocks included: GOLD, EA, ALTR, INTC, LRCX, ADSK, EBAY, FLEX, AMAT, LLTC
Lagging NDX stocks included: PNRA, NFLX, DELL, COST, FOSL, STX, ADBE, DTV, BIDU, CERN
Leading stocks > +2% on Friday included: CDE, AKS, FCX, MCP, SWKS, ESI, UCO, GLW, NTES
Lagging stocks < -2.0% included: FB, ZAGG, TBT
Stocks to Watch on Tuesday…
Holding Above 30 DMA = 36
WDC, UCO, TPX,
GS, RVBD, SWI, CROX, CRUS, DHR, SWKS, CREE, C, FAS, FCX, JDSU, NKE, RCL, STI, TIF,
BAC, CDE, CRM, SINA, SOHU, F, DECK, ZION, ANF, INFA, ICE, LVS, LNKD, HUM, URE,
COH, GLW
Moving Above 30 DMA = 5
CSTR, MOS, SMH, TLT, V
Moving Below 30 DMA = 1
TBT
Staying Below 30 DMA
CIEN, JNPR, SLB, VECO, AKS, IBM, SWK, ATI, TSL, TSLA, X, ANR, GES, VMW, DE, HLF,
A, CHL, NTES, GRPN, CLF, DLR, ZAGG, FAZ, CMG, ESI, UAL, FB, LDK, MCP
Twelve Week Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
