SPY Bounce on Bullish Engulfing...Points to Trend Contiuation...

Eight of nine sectors moved higher on Friday…XLP, XLV and XLY were the strongest sectors.

 

Breadth strengthened as advancers led decliners led 1.83 to 1 on the NYSE and 1.63 to 1 on the Nasdaq…

 

Exchange      NYSE    NASDAQ

Advancers     1,908       1,508

Decliners       1,039          920

 

Friday Highlights:

SPY moved up 84 cents…closing at 141.51…volume was 99.4 million shares…

 

VIX down 0.78 at 1518…confirmed bounce in SPY…

Euro down 49 pips at 1.2512…

TNX +0.12 at 16.78…

TLT down 12 cents at 124.81…

XLF up 8 cents at 15.13…

 

 

AAPL up 59 cents at 663.22…volume 15.6 million shares …

FB  up 3 cents at 19.41… volume 29.6 million shares…

 

The Market Forecast green line is in upper zone.

 

Technical Commentary:  Stocks opened lower and reversed following Fed Chariman Bernanke comments that Fed had more resources to ease financial condition.  Many stocks bounced with potential entry signals and many other bounced forming a new low day and setting up a potential entry signal on Monday.

 

Chart Targets: 

SPY = 143.10 S&R Measuring

ES = 1,425.75 S&R Measuring

 

Short-term support at

140.92, 139.80 = SPY

1,403, 1,387 = ES

2,743, 2,700 = NQ

 

 

ADSK -5.58 or -22.63%...following earnings…

 

NTES up +1.03 or 2.03%...

 

 

Setup Chart Patterns

Bull Flag: SPY, WDC, EL, DAN, URI, TEN, PCAR, XRAY, MU, VRSN, INTU, NVDA, CMCSA, VOD, AVGO, BBBY, WYNN, ISRG, CHKP, FFIV, FOSL, RVBD, BIDU,CLF, JDSU, GLW, JNPR, SMH, COH, SINA, VMW, GM, F, CREE, RCL, CIEN, ZION, CA,

 

Horizontal or Diagonal Breakout: SLB, SWKS, BMC, CTXS,           

 

Bounce – Friday – EXPE, GOLD, NTAP, RAX, AMZN, MSFT,

SHLD, CROX, ORCL, QCOM, DTV, ALTR, FAST, SOHU, F – bullish engulfing

ADP, BRCM, LLTC, MXIM, LIFE, VOD, RVBD, COH,   – gap engulfing

BIDU, XRAY, INTU  – inside day

MCHP, MU, VRSN, CLF, JDSU,   - hammer

NVDA, ISRG, SMH – bullish harami

GLW – dragonfly  doji

 

 

76 of 100 NDX stocks closed higher on Friday…

 

 

Leading NDX 100 stocks included: NTAP, SHLD, ALXN, GILD, FAST, NVDA, WFM, AMZN, SNDK, DTV

 

Lagging NDX stocks included:  ADSK, ADBE, RIMM, NFLX, SPLS, APOL, VRTX, GRMN, CHKP, INTC

 

Leading stocks > +2% on Friday included: CROX, SOHU, GES, NTES

 

Lagging stocks < -2.0% included:  TSL, TSLA, LDK, ANR, JNPR, ESI, ATI

 

 

Stocks to Watch on Monday…

Holding Above 30 DMA = 43

SLB, WDC, UCO, TPX, SWK, GS, JNPR, RVBD, SWI, CIEN, CROX, DHR, IBM SMH, SWKS, VECO, CRUS, CREE, C, FAS, FCX, JDSU, NKE, RCL, STI, TBT, TIF, BAC, CDE, CRM, SINA, SOHU, F, AKS, DECK, ZION, ANF, INFA, COH, ICE, LVS, LNKD, HUM

 

Moving Above 30 DMA = 1

URE

 

Moving Below 30 DMA = 4

ATI, TSL, TSLA, X

 

Staying Below 30 DMA

ANR, GES, MOS, V, VMW, DE, GLW, HLF, COH, VECO, LNKD, A, CHL, NTES, GRPN, ANR, CLF, DLR, TLT, ZAGG, FAZ, CMG, ESI, UAL, FB, CSTR, LDK, MCP

 

 

Twelve Week Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral