Stocks Pullback on Friday...SPX Flat Week...Earning Reactions Mixed...AMZN, F, KLAC Gap Down...DECK, DV Gap Up...

Two of nine sectors moved higher on Friday…XLU, XLP and XLE were the strongest sectors…XLY was the weakest sector.   

Breadth weakened as decliners led advancers 1.99 to 1 on the NYSE and 4.87 to 1 on the NASDAQ.

Friday - weakened, decliners led

Thursday – strengthened, decliners led

Wednesday – weakened, decliners led

Tuesday – strengthened, advancers led

Monday – strengthened, advancers led

SPY down 1.54 at 186.29 on 100.3 million shares

VIX up .74 at 14.06…

TNX down .22 at 26.66…

TLT up .16 at 111.33...

XLF down .18 at 21.85 on 28.6 million shares, below average volume

AAPL up 4.17 at 570.94on 13.9 million shares, above average volume

FB down 3.16 at 57.71…on 92.5 million share, above average volume

Technical Commentary:

IWM -1.76%, QQQ -1.60%, SPY -0.82%, DIA -0.81%.

As bearish as the market felt on Friday the SPX was essentially unchanged for the week closing down just 1.45 points at 1,863.40.  This week was about earnings. The biggest story of all AAPL.  Good earnings, increased buyback and a 7 for 1 stock split has some thinking inclusion in the DJIA is coming.

Other notable positive reactions included AET, BA, TRV, DAL, HOG, BIDU, GILD, NFLX, SWKS and SPWR.  Negative reactions included F, AMZN, AMGN, CREE, KLAC, XLNX, V, VZ, P, PG and F.  Positive and negative reactions in the end balanced to a flat SPX for the week.

As of Friday the SPX and DJIA bounced down from resistance in an eight-week trading range.  The NDX bounced down from a higher low after a reversal breakout and RUT bounced down form resistance in a bear flag pattern.

Are you bearish?   You can make a case for it especially on the RUT and to a lesser extent the NDX.  If you are, focus on those bearish charts that are in Staying Below 30 DMA, bearish Setups and in the Negative Reactions lists below.  Lots of setups for you.

Are you bullish?  You can make a case for it on the SPX, DJIA and to a lesser extent the NDX, all of which are closed on Friday at a higher low pulling back from a higher high.  If you are, focus on those bullish charts that are in Staying Above 30 DMA, and bullish Setups and in the Positive Reactions lists below.  There are many setups for you, especially check out the Bull Flag Setups which are plentiful.

Also there are several hundred more earning announcements this next week. 

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 = 187.17, 189.70…

QQQ = 86.90, 87.88…

IWM = 113.84, 115.25…

Support Levels

SPY = 183.37, 181.38

QQQ = 85.09, 84.16, 83.15, 82.03

IWM = 110.12, 108.91, 106.99

Earnings This Week:

Monday: BWLD, GLW, SOHU

Tuesday:  DDD, ADM, BMY, CHRW, CHKP, COH, CNX, EBAY, ESRX, FISV, MAR, MRK, MGM, NOK, PCAR, PNRA, STX, SWI, SAVE, S, GT, TWTR, X, VLO, VRSK

Wednesday: GRMN, JDSU, MET, TSO, TWX, WDC, YELP

Thursday:  AKAM, ANR, CTRX, CLX, DVA, EXPE, XOM, ESI, K, KRFT, LNKD, MDC, MA, TMUS, TPX, VRTX, VIAB, WYNN

Friday:  LNG

Earnings Reactions as of Friday:

Monday: NFLX, HAL, HAS, KMB, STI, ZION

Tuesday:  AMGN, GILD, MCD, TRV, UTX, AKS, ATI, T, ACI, CREE, HOG, JNPR, LXK, RF, SPG, SWKS, VMW, XRX

Wednesday: AAPL, BIIB, CTXS, FFIV, FB, LRCX, NXPI, ORLY, QCOM, TSCO, XLNX, PG, ANGI, BA, DAL, ETFC, ZNGA, DAVE, JCI, NSC

Thursday:  ALXN, COG, DHI, DO, TKR, ALTR, AMZN, BIDU, BRCM, CELG, CLF, KLAC, MXIM, MSFT, SIRI, SRCL, MMM, LLY, V, VZ, AET, DECK, FCX, LVS, NUE, P, BTU, POT, RCL, LUV, SWK, SPWR, NDAQ, UA, UPS, YNDX

Friday: DV, F, LPNT, STT

Q1 Earnings Reactions

Positive Reactions – DV, LPNT, ALXN, AET, BIDU, COG, DECK, DHI, DO, FCX, BTU, POT, SWK, SPWR, TKR, AAPL, CTXS, LRCX, NXPI, AET, ANGI, ETFC, DAVE, SWKS, BA, DAL, GILD, NFLX, HOG, RF, TRV, XRX, HAL, HAS, STI, BHI, BX, C, GE, GME, IBKR, INTC, JNJ, KO, MS, SCHW, SNDK, UNP, URI, WFC, YHOO

Negative Reactions – F, STT, ALTR, AMZN, BRCM, CLF, KLAC, MXIM, SIRI, MMM, LLY, V, VZ, LVS, NUE, P, UA, UPX, YNDX, BIIB, CELG, FFIV, QCOM, UA, XLNX, YNDX, ZNGA, PG, AMGN, CREE, JCI, JNPR, NSC, T, VMW, LXK, KMB, ZION, AKS, ATI, ACI, BAC, BBRY, FAST, GOOG, IBM, JPM, LLTC, MU, STLD, UNH

Reversal in progress – ATI, IBM, LLTC, STLD, ZION

Reversal of Initial Reaction – AKS, BAC, MU, PG, ANGI, NFLX, RF, INTC

The SPY Market Forecast green line is flat at 71.

____________________

Setups

H Breakout: TLT, CSIQ, BIDU, SNDK

Diagonal Breakout: FAS, FSLR, IBM, NKE, STI, MNST, MSFT, TSLA, WFM,

Bull Flag: ATI, ETFC, HOG, KKD, MS, PANW, SCHW, SCSS, SPY, SWKS, BX, LVS, NTES, UNG, CMCSA, GILD, MU, TXN, YHOO

One Day:  

Potential Bullish Divergence: SINA, TRIP, JNPR, MFRM,

Gap Up:

Gap Down:

Bear Flag: BBRY, SBUX,

At Support: CTRP, LNKD, CRM, SFUN, YOKU, FFIV, GOOG, INTC, NFLX, PCLN, QCOM

C- Pattern:   

Moves

New Highs: AAPL,

Gap Up: DV, ITRI, THC, UHS, DECK, CLH, HBI,

Gap Down: P, AMZN, BRCM, MAS, KLAC, F, V, YNDX

H Breakout: SPWR,   

Diagonal Breakout: GLD,

Breakout Test:

Bull Flag Bounce:   

Bounce:  

MACD Divergence Bounce: GLD,

Bear Flag: IWM, RCL, BAC, TSL,

Support Break: ILMN, TRIP, UAL, P, RAX, SINA, SPLK, VRSN, YELP, YNDX, TRIP 

______________________

14 of 100 NDX stocks closed higher on Friday and one was unchanged.

Leading NDX 100 stocks included: MYL, BIDU, INTU, SPLS, MAT, SRCL, AAPL, VOD, CELG, SBUX

Lagging NDX stocks included: AMZN, ILMN, TRIP, KLAC, NFLX, VIP, WYNN, CERN, FB, NXPI

Leading stocks > +2% on Friday included:

Lagging stocks < -2.0% included: Z, CTRP, MFRM, UAL, CREE, X, AAL, FAS, JNPR, SCSS, JDSU, TPX, FSLR, PANW, MTW, UPL, GLW, GME, RCL

Stocks to Watch on Monday

Holding Above 30 DMA= 27

MAR, KRFT, INTC, CSCO, CHRW, SPLS, NVDA, SYMC, LINTA, COST, EXPD, MDLZ, SIAL, MU, NXPI, SNDK, BIDU, CMCSA, FOXA, ORLY, CHTR, GILD, MYL, AAPL, CTXS, EQIX, SRCL

Moving Above 30 DMA = 1

VOD

Moving Below 30 DMA = 15

ADI, ADP, ALXN, AVGO, BRCM, CHKP, DTV, FAST, GRMN, ILMN, MSFT, MXIM, PCAR, TXN, WDC

Staying Below 30 DMA

CELG, FFIV, QCOM, VIP, EXPE, FB, FISV, REGN, SBAC, STX, TSLA, YHOO, ISRG, AMAT, KLAC, LLTC, MAT, NTAP, XLNX, BBBY, ROST, DISH, ALTR, AMGN, ATVI, CTSH, HSIC, PAYX, VIAB, DISCA, SBUX, TSCO, UINTU, AKAM, EBAY, ESRX, WFM, LMCA, TRIP, ADBE, AMZN, BIIB, DLTR, GMCR, CERN, PCLN, WYNN, LBTYA, MNST, NFLX, CA, VRSK, ADSK, VRTX, SIRI, CTRX, GOOG

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Down