SPY Pulls Back...TNX Rises, ADBE Gaps Up After the Close...

All sectors moved lower on Thursday… XLP, XLB, and XLI were the strongest sectors. 

Breadth weakened on Thursday as decliners led advancers …2.33 to 1 on the NYSE and 1.66 to 1 on the NASDAQ…

SPY down 88 cents at 142.63...volume 135.7 million shares…

VIX up 61 cents at 16.56…
TNX up 31 cents at 17.28…

TLT up 9 cents at 122.68…
XLF down 8 cents at 16.06…volume 41.3 million shares

AAPL down 9.31 at 529.69…volume 22.3 million shares …

FB up 66 cents at`28/24…on volume of 81 million shares…

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Technical Commentary:

The SPY formed a large black candle at horizontal resistance above its 30 DMA.  The VIX closed higher and did confirm the SPY move down today.

The ES closed down 8.00 at 1,418 as the ES continues above its 1,400 support area …NQ futures closed down 20. 25 at 2,650.25 as AAPL held above support again.

Coal stocks JRCC, ACI, BTU, continued higher on Thursday.

The weight of the evidence continues to suggest the Nov 16 low is likely to hold and Thursday’s price action pulled back in a bull flag pattern.

The Euro closed up 4 pips at 1.3076 on Thursday staying near horizontal resistance.

TNX, interest rates rose and TLT, bonds moved up 9 cents.  XLF moved down 8 cents to 16.06.

ADBE rose more than 5% in after hours trading following earnings relase.

SPY – gap down black candle, bull flag, above 30 DMA

AAPL – spinning top, lower close at support, below 30 DMA

FB –  white candle, bull flag bounce, BO target 29.63

FAS – black candle, bull flag

AMZN –  doji, horizontal bull flag

EXPE – black candle, bull flag bounce

STX – doji, bull flag, BO target 29.98

VIAB – large black candle bull flag

RIMM – white candle

CRUS – black candle at support, DBO or break of support setup

F – large black candle, channel

PHM – potential shooting star, channel above 30 DMA

SWK – bearish engulfing at resistance

SWI – spinning top, symmetrical triangle

RAX – black candle, bull flag bounce above 30 DMA

URI – black candle bull flag set up

YELP white candle, bull flag bounce above 30 DMA

XHB – spinning top, DBO setup, at 30 DMA

XRT – spinning top above 30 DMA

BO = breakout, DBO = diagonal breakout, CT = counter-trend, IT = intermediate term, ST = short term

The Market Forecast Green Line is in the upper reversal zone.

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Chart Targets:

SPY = 143.52 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

140.69 = SPY

83.20 = SPXL
1,396 = ES
2,626 = NQ

Moves:

Bounce:  OSK, EXPD, VMW, WLT, BTU, SHLD, CMG,

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26 of 100 NDX stocks closed higher and one unchanged on Thursday…

Leading NDX 100 stocks included: RIMM, FB, NFLX, APOL, SPLS, GOOG, WYNN, LRCX, VOD, DLTR

Lagging NDX stocks included: MNST, WCRX, GOLD, BRCM, VRSN, MXIM, BMC, AKAM, ORLY, AVGO

Leading stocks > +2% on Thursday included:  ZAGG, UAL, TPX, GRPN, TSL, FB, JNPR

Lagging stocks < -2.0% included: MCP, SWKS, CRUS, TSLA, VECO, CDE, LDK, CREE, STI

Stocks to Watch on Friday…

Holding Above 30 DMA = 84  
YHOO, MYL, ORLY, CERN, RIMM, XRAY, SBUX, QCOM, HSIC, GILD, FB, CSCO, NTAP GMCR, VMED, ATVI, EA, EXPD, LLTC, MXIM, PCAR, TXN, XLNX, AMGN, BIIB, CELG, EBAY, LIFE, SIAL, AMZN, FISV, ADSK, DELL, FFIV, MAT, MRVL, MU, ORCL, BRCM, SRCL, COST, MNST, ADBE, CMCSA, GOOG, GRMN, NWSA, SYMC, WYNN, AMAT, CTSH, PAYX, ADP, APOL, FOSL, INTU, KLAC, NFLX, VIAB, FLEX, NUAN, STX, AKAM, ALTR, CHKP, DTV, FAST, MCHP, SNDK, VOD, CTXS, ALXN, CHRW, LRCX, MDLX, NVDA, BBBY, ESRX, EXPE, INTC, ISRG, SPLS, SIRI

Moving Above 30 DMA = 1

VRTX

Moving Below 30 DMA =2

AVGO, BMC

Staying Below 30 DMA

PCLN, DLTR, AAPL, WCRX, LINTA, SHLD, GOLD, MSFT, BIDU, PRGO, VRSN, CA, ROST

Fourteen Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Neutral