All nine sectors moved
higher on Friday…XLE, XLV and XLB were the strongest sectors and
XLI was the weakest.
Breadth was strengthened as advancers led decliners
4.38 to 1 on the NYSE and 3.10 to 1 on the NASDAQ.
Friday – strengthened, advancers
led
Thursday – weakened,
decliners led
Wednesday – weakened,
decliners led
Tuesday – strengthened,
decliners led
Monday – NASDAQ
strengthened, decliners led
SPY up 2.61 at 201.63 on 211.8 million shares, above average volume
VIX down 1.44 at 20.95…
TNX up .40 at 18.15…
TLT down 1.72 at 133.19...
XLF up .28 at 23.49 on 72.7 million shares, above average volume
AAPL down .83 at 105.99 on 78.5 million shares
FB up 1.13 at 75.18…on 21.7 million shares
Technical Commentary:
IWM +1.63%,
SPY +1.31%, QQQ +1.17%, DIA +1.02%.
A broad rally led by small caps, a
large number of advancing issues and all nine sectors saw the SPX close near
Friday’s high with a gain of 26.75 points. Friday was just the third up day for the
SPX in the first half of January.
Earnings will continue next week after a weak reaction on
earnings from JPM, BAC and C this week.
One subtle earnings positive was
the reversal on the initial negative reaction to INTC earnings after the
close on Thursday. On Friday INTC
opened only slightly lower and then closed slightly higher for the day,
significantly better that the initial gap lower reaction on Thursday.
SPX was led by gains in NFX, XEC,
NBR, MYL, SLB, PXD, LYB, NBL, BHI, RRC, NE GME, HP, and SWN, all but
three of the leaders were oil and gas related, as oil gained more than $2 on
Friday.
Many
charts had formed a MACD histogram bullish divergence this week including, SPY,
IWM, QQQ, DIA, AAPL, ADBE, ADSK, AKAM, AMZN, BIDU, BRCM, EA, FB, GMCR, LRCX,
MSFT, NTAP, STX WDC, EXPE, NKE, SCTY SPLK, SWI, UA and XONE. Many of these charts confirmed that
pattern on Friday.
Bull
flags on Friday included AVGO, GILD, XLP, AMBA, BX,
FEYE, JCP, PANW, RCL, SCSS, SPWR, SUNE and TWTR.
Two breakouts include MNST and GME.
RUT Movers: KITE, HLSS, PBYI, PE, MTDR, SLCA, CLVS, RCPT,
AXLL, ZLTQ, EIGI, BRS, XPO, PDCE, TTWO, AKRX
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 Chart Targets:
SPY = 203.91, 205.10, 208.97...
QQQ = 102.44, 103.11, 105.26…
IWM = 117.89, 118.72, 121.41…
Support Levels
SPY = 198.85, 196.77...
QQQ = 99.62, 98.20…
IWM = 114.36, 112.61...
Earnings this week:
Tuesday:
ATI, BHI, CREE, DAL, JNJ, MS, NFLX, TRV
Wednesday: AXP, EBAY,
FFIV, GD, SNDK, URI, UNH, XLNX
Thursday: ALK, ALTR, ETFC, ISRG, KLAC, MXIM, SWKS, LUV,
SBUX, UNP, UAL, VZ
Friday: GE, HON, KSU, KMB, MCD, ST
Q4 Earnings Reaction
Positive Reactions – SNX,
LLTC, TSM
More than 10% -
Negative Reactions – AA,
BAC, C, JPM, KBH, WFC,
More than -10% - KBH,
Reversal in progress –
Reversal of Initial Reaction –
The SPX Market Forecast is pointed down at 35.
___________________
92 out of 100 NDX stocks
closed higher on Friday.
Leading NDX 100 stocks included: ATVI, MYL, ALXN, VRTX, AMGN, NFLX, GRMN, BIIB,
CTRX, GILD
Lagging NDX stocks included: LBTYA, MU, VIP, AAPL, WYNN, MAR, DISCA, QCOM
Leading stocks > +2% on Friday:
UPL, GME, AMBA, MTW, STI, SSYS, P, SWI, CREE, SWKS, FAS, JD, SFUN, YOKU, UAL,
CIEN, CRM, TPX, YELP, PANW, MFRM, TSL, AA, SPLK, BBY
Lagging stocks < -2.0% included:
JCP, UNG, SCTY, GPRO
Stocks to Watch on
Tuesday
Holding Above 30 DMA = 19
SPLS, WFM, SIAL, CHKP,
KRFT, MNST, ISRG, SRCL, AVGO, HSIC, CA, CTSH, FISV, NXPI, PAYX, SIRI, CELG,
ESRX, DTV
Moving Above 30 DMA =
15
ADP, ATVI, BIIB, CERN, CMCSA, CSCO, CTRX, DISH,
EA, GILD, MYL, NFLX, ROST, VOD, VRTX
Moving Below 30 DMA = 0
Staying Below 30 DMA
WDC, CHRW, LMCA, TSCO, COST, DLTR, ILMN, MAR, QCOM, AAL, FB, GMCR, LVNTA,
STX, TRIP, BBBY, DTV, EBAY, FAST, MDLZ, MSFT, ORLY, SBUX, VRSK, ADI, AKAM,
AMAT, BRCM, CHTR, DISCA, FOXA, KLAC, LBTYA, LLTC, PCAR, PCLN, VIAB, ADSK, EXPD, MAT, MU, ADBE,
ALTR, CTXS, EQIX, GOOG, INTC, INTU, SYMC, TXN, YHOO, AAPL, LRCS, NVDA, REGN, NTAP,
SNDK, AMGN, XLNX, ALXN, SBAC, AMZN, GRMN, BIDU, TSLA, VIP, WYNN
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Neutral
1 comment:
Thanks for posting the fact that many other stocks had bullish divergence too. I'm learning I need to check them also (as I have positions in some of them) and not just the indices everyday for bullish divergence.
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