All nine sectors moved lower on Friday… XLF, XLY, and XLV were the strongest sectors. XLE was the weakest sector for the
second day in a row.
Breadth weakened on Friday as decliners led advancers…2.16 to 1 on the NYSE and 1.96 to 1 on the NASDAQ…
Friday – weakened, decliners led
Thursday – strengthened, decliners led
Wednesday – weakened,
decliners led
Tuesday - closed
Friday – weakened,
decliners led
If short-term trades
were exited through target or stop, continue to look for re-entry on a valid
bullish or bearish signal.
SPY down -1.53 at 140.03...volume 138.6 million
shares…
VIX up 3.25 at 22.72…
TNX down -0.04 at 17.11…
TNX down -0.04 at 17.11…
TLT up 70 cents at 123.31…
XLF down 13 cents at 16.18…volume 32 million shares
XLF down 13 cents at 16.18…volume 32 million shares
AAPL down -5.47 at 509.59…volume 12.6 million shares …
FB down 14 cents at`25.91…on volume of 56.5 million shares…
__________________
Technical Commentary:
The SPY closed down 1.53
at 140.03 and formed an
inverted hammer like candle near the low of Thursday’s long tailed hammer,
closing below its 30 DMA. IWM and QQQ did form an inverted
hammer as did FAS, XLI, XLK and XLY.
The VIX had its biggest jump in weeks that many attribute to fears
over the so-call “Fiscal Cliff.” This
is a cliff which the media acknowledges can be avoided retroactively after
the first of the year. How many
cliffs can you drive a car over and then retroactively not go over the cliff? Chart Signals concludes that “cliff”
is an inaccurate metaphor chosen because the media respects the public
and does not want to cause undo fear or maybe they had other motivations.
The weight of the
evidence continues to suggest that the current 6 week uptrend is
likely to continue. Friday’s close
is just below its 38.2% Fib retracement off its Nov 16 low. The four week trend is neutral.
The Euro closed down 19 pips at 1.3216 on Friday. TNX was slightly lower, TLT, bonds rose 70 cents and XLF was down 13 cents at 16.18.
Disk storage stocks WDC and STX were down slightly on Friday and
coal stocks ANR, ACI, BTU and WLT also moved lower.
The Market Forecast Green Line closed below the upper reversal zone and
is pointed down.
____________________
Chart Targets:
SPY = 146.82 short-term
resistance flagpole target
ES = 1,449 161% Fib extension
ES = 1,449 161% Fib extension
1,459 = 200% measuring
EUR/USD = 1.3281 161%
Fib extension
Short-term support at
1.3126 = Euro
1.3126 = Euro
139.92, 139.15 = SPY
85.18 = SPXL
1,1390.50, 1,376 = ES
2,585, 2,577 = NQ
1,1390.50, 1,376 = ES
2,585, 2,577 = NQ
Setups:
Bull Flag: IWM, FAS,
WFC, NFLX, ORCL, FB, GOOG, VMW, MCP, MNST, ZION, STI, SBUX, TRIP, ADI, ALTR, XLNX, ADBE, ADSK, CHKP, CSCO, CTSH, CTXS,
FOSL, MU, NVDA, SWK, JNPR, GLW, V, URE, EXPD, SNDK, LLTC, A, CRM, CREE, DHR,
LVS, NKE, TPX
At Support: NTAP,
IBM, CELG, DELL, SMH, BIIB, INTC, INTU, GRMN, LCC, SPY, DIA, QQQ, ADP, MSFT,
AMZN, AAPL, VIAB, TSLA, EBAY, RCL, SLB, TIF, VECO
Moves:
Bull Flag Bounce: SSYS
Bounce Continuation: DLR, FAST, RIMM, F,
Pause: DECK, EXPE, BIDU, AKS, BAC, WDC,
STX, AMAT, SIAL, C, ATI, PCAR, LNKD, ALXN, YHOO,
GMCR, EXPD, URI, COST, DISCA
____________________
97 of 100 NDX stocks
closed lower and one was unchanged on Friday…
Leading NDX 100 stocks included: SHLD, ROST, VRSK, LINTA, CTRX, PCLN
Lagging NDX stocks included: GRMN, VRTX, NTAP, INTU, FOSL, ISRG, MYL, EXPE,
AKAM, MSFT
Leading stocks> +2% on Friday included: LDK, HLF, SSYS, SOHU, SINA, FAZ
Lagging stocks < -2.0% included: VECO, X, GMCR, FAS, JNPR
Stocks to Watch on Monday…
Holding Above 30 DMA = 48
YHOO, SBUX, CSCO, NTAP, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, MNST, ADBE, GOOG, GRMN, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, AKAM, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK
YHOO, SBUX, CSCO, NTAP, VMED, SBAC, EXPD, LLTC, PCAR, XLNX, TXN, ADI, SIAL, FISV, ADSK, DELL, FFIV, ORCL, COST, MNST, ADBE, GOOG, GRMN, NWSA, DISCA, AMAT, CTSH, FOSL, KLAC, VIAB, NUAN, STX, LBTYA, WDC, AKAM, ALTR, CHKP, FAST, MCHP, SNDK, EQIX, LMCA, CTXS, CHRW, INTC, SIRI, BIDU, VRSK
Moving Above 30 DMA =0
Moving Below 30 DMA = 14
ADP, AMZN, BRCM, CMCSA,
ESRX, EXPE, INTU, MU, MXIM, MYL, NVDA, PRGO, VRTX, WYNN
Staying Below 30 DMA
CA, CELG, FB, HSIC, WFM, XRAY, ALXN, BIIB, BMC, CERN, DTV, EBAY, LIFE,
LINTA, MAT, MSFT, REGN, DLTR, SYMC, MDLZ, AMGN, ORLY, PAYX, QCOM, SPLS, CTRX,
BBBY, GILD, ISRG, SRCL, ATVI, VOD, AVGO, PCLN, AAPL, SHLD, GOLD, ROST
Fifteen Week Intermediate
Term Market Trend: Neutral
Short Term Market Trend: Down
No comments:
Post a Comment