Six of nine
sectors moved higher on Thursday… XLY, XLK, and XLE were the strongest sectors.
Breadth strengthened on Thursday as advancers led decliners …1.10 to 1 on the NYSE and decliners led advancers 1.01 to 1 on the NASDAQ…
SPY up 48 cents at 141.98...volume 103.2 million shares…
VIX up 0.12 at 16.58…
TNX down -0.10 at 15.81…
TNX down -0.10 at 15.81…
TLT up 27 cents at 125.59…
XLF up 5 cents at 15.90…volume 34.6 million shares
XLF up 5 cents at 15.90…volume 34.6 million shares
AAPL up 8.45 at 547.24…volume 42 million shares …
FB down 74 cents at`26.97…on volume of 46 million
shares…
__________________
Technical
Commentary:
The SPY
formed bullish engulfing pattern above its 30 DMA. Support is
holding in its current
bull flag pattern. The VIX closed
up slightly and did not confirm the SPY move up today.
The ES closed up
4.50 at 1,412.75 as the 1,400 support area held
again on Thursday…NQ futures closed up 17.75 at 2,656.25 as AAPL found support and bounced.
Coal stocks WLT, BTU, CNX continued
higher and ANR, ACI and JRCC paused as hard drive storage stocks WDC and STX continued to
move big.
The weight of
the evidence continues to suggest the Nov 16 low is likely to hold and Thursday’s price action
suggests the current pullback may be near its end, forming a higher low and
leading to a continuation to higher levels.
The Euro closed down 100 pips at 1.2965 on Thursday.
TNX, interest rates
slipped again and TLT, bonds moved up 27 cents. XLF
moved 5 cents to 15.90.
SPY – white candle
bounce, bull flag, above 30 DMA
AAPL – piercing
line, below 30 dma
FB – black candle,
bull flag, BO target 29.63
FAS – white candle
bounce, BO setup
AMZN – spinning top,
BO setup, BO target 259.24
EXPE – spinning top,
bull flag
STX – large white
candle v bottom BO
VIAB – large white
candle BO, above 30 DMA
RIMM – spinning top,
BO setup
CRUS – spinning top,
DBO setup
F – spinning top,
bull flag setup
PHM – hammer, symmetrical
hammer below 30 DMA
SWK – white candle
bounce in bull flag above 30 DMA
SWI – bullish
harami, bull flag
RAX – hammer, bull
flag setup above 30 DMA
URI – potential
hanging man, high close, BO setup
YELP black spinning
top, bull flag pull back under 30 DMA
XHB – black candle,
DBO setup, below 30 DMA
XRT – spinning top
bounce at 30 DMA
BO = breakout, DBO = diagonal breakout, CT = counter-trend, IT =
intermediate term, ST = short term
The Market Forecast Green Line is pointed
up above the lower reversal zone.
____________________
Chart Targets:
SPY = 143.52 short-term resistance
ES = 1,419.50…1,425 short-term resistance
ES = 1,419.50…1,425 short-term resistance
EUR/USD = 1.3140, 1.3172 short-term resistance
Short-term support at
1.2954, 1.2878 = Euro
1.2954, 1.2878 = Euro
140.69 = SPY
83.20 = SPXL
1,396 = ES
2,626 = NQ
1,396 = ES
2,626 = NQ
Setups:
Bull Flag: DECK, F, MCP, RAX, RCL, EXPE, GMCR, EBAY, FFIV, ORCL, BIG, KAR, COH, GRPN, YELP, OSK, ROVI, CHL, PXP, EXPD, PCAR,
Bull Flag: DECK, F, MCP, RAX, RCL, EXPE, GMCR, EBAY, FFIV, ORCL, BIG, KAR, COH, GRPN, YELP, OSK, ROVI, CHL, PXP, EXPD, PCAR,
Horizontal
Setup: WDC, SMH, URI, AMZN, RIMM, TXN,
Diagonal
Setup: CMG, CRUS, DE, STI, TER
Moves:
Gap Up: AKAM, GRMN, WLT,
Gap
Down: UTIW, FCX
Breakout: ADSK, JNPR, ULTA, IBM,
Bounce:
CREE, LVS, CRM, VMW, MOS, NKE, TIBX, CIE, C, PAY, FAS, SWK, CTSH, EA, IACI, PCS, TSCO, ACI, WLT, BTU, CNX
____________________
65 of 100 NDX
stocks closed higher on Thursday…
Leading NDX 100 stocks included: AKAM,
GRMN, SBUX, SNDK, MU, STX, NFLX, BRCM, VRSN, FOSL
Lagging NDX stocks included: GMCR, SHLD, CHRW, EXPD, PCAR, KRFT, INFY, WCRX, GILD, ESRX
Leading stocks > +2% on Thursday included: CIEN, JNPR, UAL, CREE, LVS, WDC, FSLR, TRIP
Lagging stocks < -2.0% included: FCX, LDK, YELP, UCO, FB, TSL, NTES
Stocks to
Watch on Friday…
Holding Above 30 DMA = 67
YHOO, MYL, ORLY, CERN, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, NTAP, CSCO, EXPE, GMCR, VMED, ATVI, EA, EXPD, LLTC, MXIM, PCAR, TXN, XLNX, AMGN, BIIB, CELG, DLTR, EBAY, LIFE, SIAL, AMZN, FISV, ADSK, AVGO, DELL, FFIV, MAT, MRVL, MU, ORCL, BRCM, SRCL, COST, KRFT, MNST, ADBE, ALXN, CMCSA, GOOG, GRMN, NWSA, SYMC, WYNN, AMAT, CTSH, PAYX, ADP, APOL, FOSL, INTU, KLAC, NFLX, VIAB, FLEX, NUAN, STX
YHOO, MYL, ORLY, CERN, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, NTAP, CSCO, EXPE, GMCR, VMED, ATVI, EA, EXPD, LLTC, MXIM, PCAR, TXN, XLNX, AMGN, BIIB, CELG, DLTR, EBAY, LIFE, SIAL, AMZN, FISV, ADSK, AVGO, DELL, FFIV, MAT, MRVL, MU, ORCL, BRCM, SRCL, COST, KRFT, MNST, ADBE, ALXN, CMCSA, GOOG, GRMN, NWSA, SYMC, WYNN, AMAT, CTSH, PAYX, ADP, APOL, FOSL, INTU, KLAC, NFLX, VIAB, FLEX, NUAN, STX
Moving Above
30 DMA = 11
AKAM, ALTR, BMC, CHKP, DTV, FAST, MCHP, SIRI, SNDK,
VOD, WFM
Moving Below 30 DMA = 2
CHRW, INFY
Staying Below 30 DMA
AAPL, NVDA, BBBY, WCRX, SPLS, CTXS, LRCX, ISRG, LINTA, SHLD, GOLD, MSFT, PNRA, INTC, BIDU,
ESRX, VRSN, VRTX, CA, ROST
Fourteen Week
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
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