All nine sectors moved
higher on Friday… XLE, XLK and XLY were the strongest sectors…XLU
was the weakest sector.
Breadth strengthened…advancers led decliners …2.94 to
1 on the NYSE and 2.15 to 1 on the NASDAQ.
Friday – strengthened, advancers led
Thursday – weakened,
decliners led
Wednesday –
strengthened, advancers led
Tuesday – strengthened,
decliners led
Monday – weakened,
decliners led
SPY up 1.56 at 197.90 on 94.3 million shares
VIX down .79 at 14.85…
TNX up .24 at 25.35…
TLT down .17 at 116.00...
XLF up .22 at 23.29 on 39.8 million shares
AAPL up 2.88 at 100.75 on 61.6 million shares
FB up 1.57 at 78.79…on 27.3 million shares, new all-time closing high
Technical Commentary:
QQQ +1.06%,
DIA +0.90%, IWM +0.90%, SPY +0.79%.
Stocks rebounded on
Friday after Q2 GDP was revised upward to 4.6%.
NKE +12.23%,
MU +6.72% and BBRY +4.69% gained on positive
earnings reactions. NKE, FB and GPRO
closed at new all-time highs. VRTX closed at its highest levels since
2000.
The NDX led the broad indexes with gains in FB, MSFT, AAPL, CSCO, MU, YHOO and GILD. AAPL reversed most of
Thursday’s selloff. YHOO +4.39% sold off on the BABA IPO last Friday, as many traders
shorted YHOO as a hedge against a
long position in BABA.
BABA +1.73% which found support in
86 – 88 area on Tuesday and Wednesday is scheduled to begin options trading on
Monday September 30.
Trade with the trend of
the chart you are trading
and continue to move your profit protection stops. Continue to follow your rules.
Short-term up trend Chart Targets:
SPY = 200.00, 201.37, 204.32...
QQQ = 99.75,
101.13…
IWM = 115.73, 117.06, 118.76...
Support Levels
SPY = 197.46, 196.24,
195.16...
QQQ = 98.87, 97.82, 96.94…
IWM = 112.89, 111.56,
109.86...
Sep Earnings Reactions
Positive Reactions – BBBY,
BBRY, MU, NKE, PAYX, LULU, PANW, ULTA, MFRM, SPLK,
More than 10% - NKE, ULTA, LULU, PANW,
MFRM,
Negative Reactions –
AZO, ADBE, KKD, CIEN,
More than -10% -
Reversal in progress –
Reversal of Initial
Reaction – KKD,
The SPY Market Forecast green line is at 60.
____________________
Setups
Horizontal Breakout: AMBA,
SWKS, TWTR, UA, ZU
Diagonal Breakout: SPY,
QQQ, FAS, MBLY, MFRM, PANW, SPLK, SSYS, SWI, TSL, UAL,
Bull Flag: BBY, C, ETFC, KKD, MS, RCL, SCHW, STI, X, ZION,
AVGO, CTXS, GMCR, KLAC, MAR, MAR, NTAP, NXPI, SNDK, TXN, XLNX, ALTR, AMGN,
DLTR, INTU
Potential Bullish
Divergence: CAR, CRM, HPQ, JCP, JD,
KNDI, NTES, SINA, SOHU, VRSN, Z
Moves
New Highs: FB, GPRO,
NKE, VRTX
Gap Up: NKE, MU
______________________
88 of 100 NDX
stocks closed higher on Friday.
Leading NDX 100 stocks included: MU, YHOO, VRTX, AAPL, DISCA, SNDK, DISH, GRMN,
SBAC, FOXA, FB
Lagging NDX stocks included: MAT, VIP, SPLS, MDLZ, SYMC, ESRX, PCAR, ADSK,
TSLA, CA
Leading stocks > +2% on Friday
included: NKE, AMBA,
BBRY, AA, UA, LNKD, TSL, KNDI, SPLK, MBLY, FAS, GOGO, AAL
Lagging stocks < -2.0% included:
JCP
Stocks to Watch on Monday
Holding Above 30 DMA= 28
NTAP,
COST, CERN, AMGN, MSFT, MNST, ROST, MAR, PAYX, AVGO, KLAC, ALTR, BRCM, TXN,
NXPI, DTV, VRTX, SPLS, DLTR, INTU, ADSK, FB, GILD, REGN, XLNX, SIAL, CELG, BBBY
Moving Above 30 DMA = 9
AAPL, ALXN, CSCO, GMCR, LBTYA, MU, SBAC, SNDK, YHOO
Moving Below 30 DMA = 0
Staying Below 30 DMA
ADP, AKAM, BIDU, BIIB, CHKP, CTXS, FAST, FISV, GOOG, INTC, QCOM, CHTR,
CMCSA, FFIV, LLTC, WFM, AMAT, CA, CHRW, ESRX, EXPD, ISRG, LMCA, MXIM, MYL, SYMC,
TRIP, VIAB, VRSK, DISH, EQIX, ILMN, MDLZ, NVDA, ORLY, SIRI, CTRX, EXPE, KRFT,
ADBE, AMZN, ATVI, FOXA, LINTA, NFLX, STX, TSLA, VIP, HSIC, EBAY, SBUX, SRCL,
TSCO, DISCA, MAT, ADI, VOD, WDC, GRMN, PCLN, PCAR, CTSH, WYNN
Sixteen Week
Intermediate Term Market Trend: Up
3-Day Short Term Market
Trend: Neutral
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