Stocks Continue Slide on Friday...Bonds Rise...Euro Near Resistance...Gold Mid-channel...

All nine sectors moved lower on Friday… however…XLU, XLE and XLP were the strongest sectors for the second day in a row…XLY was the weakest sector on weakness in biotech stocks.    

Breadth strengthened as decliners led advancers 2.55 to 1 on the NYSE and 2.42 to 1 on the NASDAQ.

Friday – strengthened, decliners led

Thursday – weakened, decliners led

Wednesday – strengthened, advancers led

Tuesday – strengthened, advancers led

Monday – weakened, decliners led

SPY down 1.64 at 181.51 on 167.1 million shares

VIX up 1.14 at 17.03…

TNX down .09 at 26.19…

TLT up 0.89 at 110.73...

XLF down .26 at 21.28 on 79.7 million shares

AAPL down 3.87 at 519.61 on 9.7 million shares

FB down .63 at 58.53…on 91.4 million shares, above average volume

Technical Commentary: 

SPY -0.90%, DIA -0.90%, QQQ -1.16%, IWM -1.38%.

Broad market ETFs slowed their descent on Friday with QQQ and IWM nearing their Feb 3 closing low and DIA and SPY well above that low.  The NDX -40.91 on Friday had dropped -112.68 on Thursday. Friday’s move was led by point drops in AAPL, BIIB, GOOG, AMZN, AMGN, DTV, CELG, GB, INTC, MSFT, SBUX and PCLN.  High profile tech and biotech stocks continued to fall on Friday. 

AGN, CHRW, COP, PXD and WAG led the SPX while BIIB, CVC, GM DTV and VRTX were the weakest.

Strength in the DJIA continues to come from strong trending stocks CAT, MCD, T, IBM, INTC, JNJ, MMM, CSCO, CVX, DD, GE, PG, WMT and XOM.

JPM -2.10, -3.66% gapped lower, FAST -0.87, -1.71% gapped higher and closed lower while WFC +0.37, +0.78% opened lower and closed higher all after reporting earnings Friday before the open.

Trade with the trend of the chart you are trading and continue to move your protective stops.  Continue to follow your rules.

Short-term up trend Chart Targets:

SPY = 183.59, 184.96…

QQQ = 84.95, 86.46…

IWM = 112.08…

Support Levels

SPY = 181.38, 180.01, 177.80

QQQ = 84.16, 83.15, 82.03, 80.23

IWM = 110.12, 108.91, 106.99

Earnings This Week:

Monday: C

Tuesday: KO, INTC, JNJ, LLTC, SCHW, YHOO

Wednesday: AXP, BAC, GOOG, IBM, KSU, SNDK, STLD, URI

Thursday: BHI, DD, GE, GS, MAT, MS, BTU, SCSS, SLB, BX, UNP, UNH

Q1 Earnings Reactions

Positive Reactions – WFC, GME,

Negative Reactions – JPM, FAST, BBRY, MU

Reversal in progress –

Reversal of Initial Reaction –

The SPY Market Forecast (formed a cluster on Friday) green line is pointed down at 19.

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Setups

H Breakout: UNG, COST,

Diagonal Breakout: PANW, NTES, SFUN, FB,

Bull Flag:  CTRP, GLW, GME, IBM, GRMN, STX, WDC,

One Day:  

Potential Bullish Divergence: SWKS, ANGI, CRM, P, QIHU, RAX, SCTY, SINA, SOHU, SPLK, TWTR, WLT, XONE, YELP, YNDX, YOKU, ADBE, AKAM, AMZN, EBAY, ESRX, GILD, MSFT, NFLX, PCLN, TRIP, WYNN,

Gap Up: 

Gap Down:     

Bear Flag: 

At Support: AAL, BX, CREE, ETFC, FSLR, GOGO, HOG, RCL, SWI, TSL, UBNT, X, Z, ANR, LVS, CTSH, FFIV, GMCR, MU, NTAP, QCOM, SBUX, TSLA,

C- Pattern:   

Moves

New Highs:  TLT,

Gap Up:   

Gap Down: 

H Breakout:   

Diagonal Breakout:    

Breakout Test:

Bull Flag Bounce: NKE,

Bounce: 

MACD Divergence Bounce: MTW,

Bear Flag: 

Support Break: BAC, BBRY, CIEN, MS, JNPR, SPWR, SPY, TBT, UAL, V, ZION,

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11 of 100 NDX stocks closed higher and two were unchanged on Friday.

Leading NDX 100 stocks included: CHRW, SIRI, VIP, LMCA, GILD, ESRX, EXPE, WYNN, AMAT, EXPD

Lagging NDX stocks included: BIIB, DTV, VRTX, TRIP, BRCM, ALXN, ISRG, CA, CHTR, LLTC

Leading stocks > +2% on Friday included: none

Lagging stocks < -2.0% included: GOGO, Z, SPWR, BBRY, AAL, TSL, FAS, FSLR, X, MS, RCL, V, ETFC, JDSU, JNPR, BAC, CREE, CIEN, CSIQ, XONE, P, WLT, ANGI, SOHU, TWTR, CRM, SSYS, YELP, SCTY LNKD, RAX, VRSN, ANR

Stocks to Watch on Monday

Holding Above 30 DMA= 11

MAR, GRMN, KRFT, FAST, INTC, QCOM, STX, WDC, CSCO, CHRW, SPLS

Moving Above 30 DMA = 0

Moving Below 30 DMA = 6

ADI, ISRG, MDLZ, MSFT, NVDA, SYMC

Staying Below 30 DMA

AMAT, BRCM, CHKP, DTV, EXPD, KLAC, LINTA, LLTC, MAT, MXIM, NTAP, PCAR, SIAL, SNDK, XLNX, TXN, FOXA, NXPI, BBBY, ROST, DISH, AAPL, ALTR, AMGN, ATVI, AVGO, CMCSA, CTSH, FISV, HSIC, PAYX, VIAB, DISCA, ADP, EXPE, MU, SBUX, CHTR, TSCO, CTXS, INTU, AKAM, EBAY, ESRX, FFIV, MYL , WFM, LMCA, TSLA,TRIP, ADBE, AMZN, BIIB, DLTR, GMCR, ALXN, CERN, YHOO, FB, REGN, PCLN, WYNN, LBTYA,SBAC, COST, BIDU, MNST, ORLY, SRCL, EQIX, NFLX, ILMN, CA, VRSK, ADSK, VOD, CELG,GILD,VRTX,SIRI, CTRX, VIP, GOOG

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Down