Breadth weakened slightly as
advancers led decliners 1.17 to 1 on the NYSE and
decliners led advancers on Nasdaq 1.25 to 1…
Exchange NYSE
NASDAQ
Advancers 1,613
1,092
Decliners 1,368 1,369
Friday
Highlights:
SPY +23 cents at 140.84 on 99.8 million shares, sitting at horizontal resistance
from May. Friday was the sixth
highest close ever, eclipsed only by March 26 and April 2 this year and
three trading days in Oct 2007. Closed
above its 30 DMA for the twelfth consecutive day …
VIX down -0.54
at 14.74…
Euro moved down
-22 pips, at 1.2282…
TNX down -39 cents at 16.49…
TLT up +63 cents…
XLF up 1 cent at 14.94…
AAPL up +97 cents at 621.70 on 7
million shares...
FB up +79 cents at 21.80 on 25.7
million shares…
The Market Forecast green line is pointed up.
Technical
Commentary:
The Euro is in a bull flag
pattern with a bullish hammer on Friday.
XLF broke out of horizontal resistance on Monday and stayed
above resistance all week even though the Euro pulled back. The SPY is holding just below
horizontal resistance poised to break out to the upside. The SOX made a new near term high every
day this past week which generally bodes well for tech stocks.
(click on chart to enlarge)
Chart Signals
looks for the ten week up trend
to continue and look for a potential SPY breakout this next week. A bull flag bounce to T1 in the
Euro could set up the SPY breakout.
Chart Target
Insight:
SPY = 141.66 Fib extension 161.8, 143.10
S&R Measuring
ES = 1,411 Fib extension 161.8, 1,425.75 S&R Measuring
Setup Chart
Patterns for Monday
Horizontal or Diagonal
Breakout: ANR,
ATI, CHL, CLF, CRM, DECK, F, FB, FCX, GES, GRPN, IBM, JDSU, MOS, SINA, STI,
SWK, SWKS, VMW, ZION, SPY, DIA, QQQ
Bull Flag: HLF, TPX, UCO, SOHU, LNKD,
LVS, NTES, CROX, C, URE, SWI, RCL, GS, DHR, IWM
Pennant:
BAC, CIEN, FAS, JNPR, RVBD, X
Earnings Reaction Week August 6
Stocks
Up
CREE, CTSH, SOHU, ESRX, FOSL, SIRI
Stable
EXPD, LINTA, NUAN, NWSA, NVDA
Stocks
Down
PCLN, MNST
56 of 100 NDX
stocks closed higher on Friday…
Leading
NDX 100 stocks included: RIMM, STX, NUAN, NFLX,
SIRI, DTV, BRCM, CHKP, BIIB, SYMC
Lagging
NDX stocks included: MNST, LINTA, YHOO, EXPE, DLTR, FAST, FSLR,
BBBY, NWSA, VMED
Leading
stocks > +2% on Friday included: GRPN, FB, CDE, WDC, SWKS
Losing stocks < -2.0% on Friday included: TPX, TSL, SOHU
Stocks to
Watch on Monday…
Holding Above 30 DMA = 48
MOS,
CHL, SLB, WDC, UCO, TPX, SWK, GS, JNPR, RVBD, SWI, CIEN, CROX, CRUS, DHR, HLF,
IBM SMH, SWKS, V, VECO, X, CREE, A, C, DE, FAS, FCX, GES, JDSU, LNKD, NKE, RCL,
STI, TBT, TIF, ATI, BAC, CDE, CRM, SINA, SOHU, F, ZION, AKS, CLF, DECK, INFA
Moving Above
30 DMA = 3
ANR, ICE, LVS
Moving Below 30
DMA = 0
Staying Below 30 DMA
NTES,
URE, DLR, TLT, ANF, ZAGG, COH, FAZ, TSLA, CMG, ESI, UAL, FB, CSTR, LDK, MCP,
GLW, TSL, HUM, GRPN
Ten Week Intermediate
Term Market Trend: Up
Short Term Market Trend: Up
2 comments:
Dave
Would you say that the SPY in addition to being close to a horizontal breakout is also close to breaking an upward trend channel?
If yes, would a break of both indicate a stronger uptread?
Thanks for your continued efforts towards making us better traders?
Mike
Mike,
It would depend on where you draw your rising resistance line. No it's not necessarily a stronger up trend.
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