Only one of nine sectors moved higher on Friday… XLU, XLV and XLP were
the strongest sectors…XLF was the
weakest sector.
Breadth weakened… decliners
led advancers…1.17 to 1 on the NYSE and
2.54 to 1 on
the NASDAQ…
Friday
– weakened, decliners led
Thursday – strengthened,
advancers led
Wednesday –
strengthened, decliners led
Tuesday – weakened,
decliners led
Monday - mixed
SPY
down 1.04…volume 141.1 million shares
VIX
up .74 at 17.15…
TNX
down .48 at 21.26…
TLT
down .27 at 113.82...
XLF
down .26 at 19.55…volume 44.3 million shares
AAPL
down 5.91 at 430.05…volume 9.7 million shares
FB
down .10 at 23.63…volume 30.6 million shares
Technical Commentary:
IWM – 0.78%, DIA – 0.72%, QQQ – 0.66%, and SPY – 0.63%.
The SPY drifted lower on
Friday forming a potential intra-day double bottom at the S1 level of Thursday’s
large white candle. The SPY was
down –0.986% from last Friday’s close.
What do we know going into next week about the SPY, SPX and
ES futures?
On Monday the SPY completed
a 59.2% retracement bounce in three days from the prior 10 day
selloff that started on May 22.
On Thursday the SPY bounced
+1.52% from
a low higher than its 10 day selloff low on June 6. That Thursday low and bounce formed a
potential higher low W pattern creating a base from which the SPY could
bounce to its 167 resistance area of its current sideways consolidation
beginning on May 22.
On Friday a pull back to Thursday’s
S1 level occurred creating a daily higher low that looks like a buyers not
being aggressive day going into the weekend as opposed to a sellers being
aggressive day.
Chart Signals technical conclusion based on institutional price
action on the chart is that the current sideways range and recent support lows
are still intact, that buyers are stronger than sellers at this week’s price
levels and that Thursdays’ bounce rally is likely to continue next week. The SPY diagonal breakout level of 164.50
would indicate an opportunity for diagonal breakout traders.
Trade what you see on the chart of your position. The intermediate term trend is up and the short-term trend is neutral
with the shorter two-day trend down. Adjust stops and trade to targets according
to your rules.
Chart Signals Strategy Guidelines
When the market
is trending up Chart Signals looks
for support bounce and resistance breakout entries.
When the market
is trending down Chart signals looks
for resistance pull back and support break entries.
When the market
is sideways in consolidation Chart Signals
will look for support bounce, diagonal breakouts and pull backs
at resistance where price action stays between support and resistance.
Technical setups for
short-term option trades be in and out by earnings release.
Over earnings release use earnings option strategies such as straddles, strangles, OTM calls
or puts.
After earnings look for
bullish setups in positive reaction stocks and bearish setups in negative
reaction stocks.
EPS Reaction Summary
EPS Gainers – ULTA, CIEN, GES, SPLK, PWRD, HPQ,
NTAP, AZO, MDT, CSCO, A, MCP, WCRX, NVDA, PCLN,
GMCR, GRPN, TSLA, EA, DVA, WFM, CTSH, DTV, LBTYA, AIG, ADP, CBOE,
REGN, FB, BZH, EXPD, GM, MDC, STX, V, YELP, ICE, JRCC, VIAB,
CMCSA, DDD, AVP, HLF, CERN, CVX, DHI, TWC, ANGI, AKAM,
ALXN, ALTR, BIIB, COG, CLF, CROX, DOW, ESI, FFIV, HOG, LRCX, LVS, MO, PHM, RCL,
SIAL, XLNX, BA, BRCM, GLW, HES, DAL, COH, DD, NFLX, ILMN, VECO,
LCC, RF, ZION, TRV, LMT, CAT, CHKP, HAL, HAS, CMG, GOOG, KMB, STI, MSFT,
BTU, PEP, UNP, VZ, MAT, AXP, JNJ, INTC, KO, C, APOL
EPS Losers – CPRT, COST,
TSL, CRM, GME, SHLD, DISH, XRAY, ATVI, RAX, MNST, Z,
LNKD, TPX, ZAGG, CTRX, GRMN, MRK, SWI, AMZN, BIDU,
CRUS, DECK, EXPE, HSY, KLAC, MXIM, QCOM, PTEN, ABC, MMM, AMGN, T,
JNPR, PNRA, VMW, GE, IBM, ISRG, MCD, MS, PM, UNH, SNDK, EBAY, BAC, USB,
GS, LLTC
The Market Forecast Green Line is
below the Upper Zone and is pointed up.
____________________
Setups
H Breakout: ATVI, COST,
CSCO, DTV, GOOG, INTC, MU, MYL, NTAP, PCLN, ROST, STX, ANGI, CMG, CREE, DDD, GMCR,
GME, SOHU, TSLA, YELP,
Diagonal Breakout: ADBE,
ADSK, CELG, CMCSA, ESRX, GILD, MAT, NFLX, NVDA, QCOM, SIRI, WFM, WYNN, YHOO, BBRY,
CLF, CNX, CRM, FAS, FIVE, GLD, GLW, LVS, NFLX, P, SPY, SSYS, TLT, TPX, UAL, Z,
Bull Flag: BIDU, MNST,
MSFT, ESI, PWRD,
Potential Bullish Divergence: EBAY, RAX, UAL,
Gap Up:
Gap Down:
Bear Flag:
At Support:
Moves
New Highs: BBBY, SCSS,
Gap Up: GRPN,
Gap Down:
H&D Breakout: LNDK,
Breakout Test:
Bounce: BRCM, XLNX, SCTY,
SWI,
MACD Divergence Bounce:
Bear Flag:
Support Break:
______________________
77 of 100 NDX stocks closed higher on Friday…and one was unchanged…
Leading NDX 100 stocks included: SPLS, DTV, AVGO, BIIB, MYL,
LMCA, SBAC, BRCM, MXIM, GILD, DISCA, ATVI
Lagging NDX stocks included:
MNST, VRTX, CTRX, ADSK, FAST, BIDU, KLAC, NUAN, CTSH, SHLD, NTAP, ORCL
Leading stocks > +2% on Friday included: GRPN, SGOC, TSL, YELP, SWI, LNKD, HLF,
FAZ, UCO, DECK, TSLA
Lagging stocks < -2.0% included: CLF,
ZAGG, ANR, LDK, MCP, FAS, VECO, ESI, STI, C, ZION
Stocks to Watch on Monday
Holding Above 30 DMA= 34
MSFT, LIFE, INTC, WFM, WDC, AMAT,
STX, CA, CERN, PCLN, MU, NTAP, SPLS, BIDU, HSIC, SNDK, AVGO, CSCO, ISRG, AMZN,
MNST, MYL, SBUX, BBBY, VRTX, CTRX, DELL, EXPE, KLAC, MCHP, ORLY, KRFT, LMCA
Moving Above 30 DMA = 0
Moving Below 30 DMA =8
DLTR, ESRX, EXPD, NVDA, ORCL, PCAR, ROST, YHOO
Staying Below 30 DMA
CHKP, GOOG, VOD, XLNX, DTV, FOSL,
GOLD, LINTA, SIAL, WYNN, TXN, ADI, BIIB, CTSH, INTU, SIRI, VIAB, LBTYA, REGN,
COST, AAPL, ALTR, NFLX, ADBE, FAST, LLTC, NWSA, ADP, AKAM, BMC, FFIV, PAYX,
SRCL, XRAY, DISCA, BRCM, CELG, GILD, ALXN, ATVI, CTXS, EBAY, GRMN, FISV, MAT,
MDLZ, CHRW, CMCSA, SHLD, SBAC, QCOM, EQIX, VRSK, ADSK, AMGN, SYMC, MXIM, FB,
NUAN
Five Month Intermediate Term Market Trend: Up
Short Term Market Trend:
Neutral
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