Seven of nine sectors moved higher on Friday…XLI,
XLU and XLV were the strongest
sectors…XLE was the weakest
sector.
Breadth strengthened… as decliners
led advancers…1.22 to 1 on the NYSE and decliners led advancers 1.42 to 1 on the NASDAQ.
Friday – strengthened, decliners led
Thursday –weakened,
decliners led
Wednesday – weakened,
decliners led
Tuesday – strengthened,
advancers led
Monday – weakened,
decliners led
SPY up .42 at 176.21…volume 142.8 million shares
VIX down -.47 at 13.28…
TNX up .78 at 26.20…
TLT down -1.16 at 106.19...
XLF up .05 at 20.62 volume 33.4 million shares
AAPL down 2.67 at 520.03…volume 9.8 million shares
FB down -.46 at 49.75…volume 94.9 million shares…
Technical
Commentary:
DIA +0.37%,
SPY +0.24%, QQQ +0.02%, IWM -0.44%.
After
trading within 34 cents of its 161.8% Fib target the SPY pulled back
into a bull flag pattern and formed a hammer on Friday. DIA also rose in a bull flag pattern. QQQ was neutral in its bull flag
pattern. The trend of the market is
still up. Look at the large number of
individual stocks that are in bull flag patterns on Friday in our list below.
IWM -0.47,
-0.44%, the
weakest of the broad ETFs over the past three days, fell to its horizontal resistance
(new support) breakout at 107.92 where buyers stepped in a created a lower
shadow on its red candle. IWM has
formed a bull flag pattern at support.
FSLR +8.34,
+17.56% soared
following earnings Thursday after the close.
Solar stocks CSIQ, GTAT, JASO, JKS, SCTY, SUNE, TAN, TSL and YGE were
sizzling on Friday.
Continue
to trade with trend of the individual stock that you are trading and be
vigilant in protecting profits from the last three weeks. Chart Signals has been alerting
readers to, “Move profit
protection stops according to your rules,” since Monday.
Chart Targets:
QQQ = 83.17…
IWM = 110.96, 112.83…
SPY = 177.85, 180.99…
Remember it is big money
that creates and sustains the trend. As Granville once
wrote, “technical analysis is the art of tracking the market, following
the footsteps of the ‘smart money’ crowd.
The ‘smart money crowd’ is no mysterious ‘THEY.’ It is simply a collection of people who are
reading the market correctly, seeing through the maze, unconfused by this hall
of mirrors.”
Short-term SPY posture is
neutral.
Support Levels
ES = 1,741, 1,726
SPY = 174.44, 172.76
QQQ = 81.87, 80.76,
79.76
IWM = 107.83
Earnings to Watch
Earnings releases continue with a large list of major companies reporting
this week including:
Monday – AAPL,
STX, BIIB, HLF
Tuesday – X, LNKD,
YELP, BIDU, FISV, GILD, VRTX, XRAY
Wednesday – FB, GRMN, CMCSA, EXPE, KRFT, MCHP, SBUX
Thursday – CTRX, DISCA, MYL, FSLR
Q3 Earnings Reactions
Positive Reactions – FSLR,
TRMB, MDVN, NATI, SPR, ONNN, EXPE, CRR, HAR, GTI, ATML, THOR, TRN, FLT,
MCHP, ITT, DICSA, ANR, SWKS, FB, CMCSA, GILD, DWA, LVLT, EA, SEE, SPW,
TFX, X, XRAY, XYL, JLL, PBI, ALR, HUN, ACT, DECK, AMZN, MSFT,
FLS, AVY, ALXN, WOOF, COG, BA, CLGX, ESI, EQIX, WLL, TSCO, RRD, PHM,
RCL, ALXN, APOL, BCR, NDAQ, NSC, WHR, ILMN, NUS, GNTX, LXK, DD, VFC,
CMG, GOOG, BHI, GE, KSU, MS, SLB, STI, LVS, VZ, SNDK, NUE, BTU, AXP,
KEY, STLD, URI, USB, INTC, JNJ, SCHW, COST, AA
Negative Reactions – IPGP,
AIG, BRKR, HME, NEM, XLS, NIHD, AVP, WTW, ROVI, JDSU, OSK, CNW, ITRI, CTRX, KRFT,
GRMN, MYL, DLR, XCO, WU, LNKD, IACI, MSM, INGR, HTS, VRTX, AAPL,
PMCS, MWV, AGNC, AGCO, PCL, GT, CMI, VSH, ALSN, ROP, EW, MRK, RYN, RMD, NCR, KBR, FSL, ESRX, EMN, FIO,
CAM, TKR, SYMC, CVA, CDNS, AKAM, XRX, CRI, ORLY, CAT, NFLX, COH, ZION,
WAT, EMC, UTX, TXN, HON, ISRG, GS, UNP, UNH, EBAY, IBM, XLNX,
SCSS, SWK, MU, FAST
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.
The Market Forecast Green Line is above
80.
____________________
Setups
H Breakout: JCP, FIVE, NKE, X, AMGN,
COST, DTV, QCOM, SBUX,
Diagonal Breakout: A, KKD,
STI, TIF, NTAP, TSLA, XLNX, YHOO, IBM,
Bull Flag: SPY, QQQ,
IWM, DIA, ATI, CNX, ESI, F, FAS, GLW, GME, LCC, LVS, P, QIHU, RAX, RCL, SPWR, SWKS,
TLT, AAPL, ADBE, AMZN, BIDU, CELG, CTSH, GILD, GOOG, GRMN, INTC, MNST, MSFT,
NFLX, PCLN, SNDK, STX, WDC, WFM, WYNN, AXP, DD, DIS,
Potential Bullish
Divergence:
Gap Up:
Gap Down:
Bear Flag: SYMC,
At Support: LNKD, UNG,
Moves
New Highs: ALK, ANR, CLF,
DDD, FSLR, ROST, SSYS, TIF, UAL, VRSN, WLT, X, TXN, BA, GE, MMM
Gap Up: FSLR, TRMB,
MDVN, SPR, ONNN,
Gap Down: IPGP, AIG,
BRKR, DRC, HME,
H Breakout: FSLR, UAL, WLT,
CMCSA,
D Breakout:
Breakout Test:
Bounce: GRPN, JCP, BX, CRM,
SCTY, TBT, TSL, V, X, YNDX, ADSK, MAT,
MACD Divergence
Bounce:
Bear Flag:
Support Break:
______________________
57 out of 100 NDX
stocks closed higher on Friday.
Leading NDX 100 stocks included: ADSK, EQIX, CHTR,
LMCA, CMCSA, AMGN, NFLX, EXPE, CELG, DTV
Lagging NDX stocks included: VRTX, GOLD, FFIV,
AVGO, EBAY, AMZN, ALTR, DISCA, MXIM, KLAC
Leading stocks > +2% on Friday
included: FSLR, GRPN, JCP, WLT, CLF, ANR, UAL, QIHU, TSL, ANGI, FIVE,
SSYS, X, P, YNDX, BX, SCTY, SPWR, ALK, LCC, TBT
Lagging stocks < -2.0% included: ESI
Stocks to Watch on Monday
Holding Above 30 DMA= 62
WYNN,
AVGO, CTSH, VOD, ROST, ADBE, SNDK, WFM, BIDU, SBUX, STX, AMAT, CERN, CMCSA,
BBBY, MSFT, XRAY, VRSK, AAPL, HSIC, SPLS, FISV, FOSL, GILD, INTC, INTU, KLAC,
LINTA, PAYX, PCLN, SBAC, WDC, LMCA, FOXA, CHKP, DTV, VIP, MNST, VIAB, GOOG,
ADP, AMGN, AMZN, BIIB, MAT, MDLZ, DISCA, KRFT, CA, EXPD, SIAL, ALXN, COST, QCOM, BRCM, LLTC,
TXN, ADI, MCHP, MU, EXPE, NFLX
Moving Above 30 DMA = 6
ADSK, CHRW, CHTR, LBTYA, SRCL, YHOO
Moving Below 30 DMA = 2
FAST, GOLD
Staying Below 30 DMA
CTRX,
GRMN, SHLD, CELG, DLTR, ISRG, VRTX, ATVI,
PCAR, FB, REGN, MXIM, ESRX, EQIX, AKAM, ORLY, SIRI, FFIV, MYL, NVDA, SYMC,
ALTR, TSLA, XLNX, EBAY, NTAP, CSCO, CTXS, NUAN, GMCR
Sixteen Week
Intermediate Term Market Trend: Up
5-Day Short Term Market
Trend: Neutral, RUT = Down
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