All nine sectors moved
higher on Friday…XLF, XLE and XLU were the strongest sectors and
XLU was the weakest.
Breadth strengthened as advancers led decliners 3.95
to 1 on the NYSE and 1.65 to 1 on the NASDAQ.
Friday – strengthened,
advancers led
Thursday – mixed, mixed
Wednesday –
strengthened, advancers led
Tuesday – weakened, mixed
Monday – strengthened,
advancers led
SPY up .91 at 210.41 on 177.7 million shares, 77% above average volume
VIX down 1.05 at 13.02…
TNX down .47 at 19.30…
TLT up .69 at 131.51…
XLF up .24 at 24.71 on 38.5 million shares, 28% above average volume
AAPL down 1.59 at 125.90 on 68.6 million shares, 19% above average volume
FB up 1.84 at 82.75…on 44.4 million shares, 79% above average volume
Technical Commentary:
IWM +0.88%,
DIA +0.72%, SPY +0.43%, QQQ +0.42%.
The support bounce that started on
Thursday March 12 continued this week. SPY, QQQ and DIA, which paid
dividends on Friday, closed near horizontal resistance. Weekly gains after adjusting for
dividends SPY +3.26%, QQQ +2.76%, DIA +2.09%.
IWM, which broke out of horizontal
resistance on Wednesday, gained +2.76% for
the week and paid no dividend.
SPY and QQQ are horizontal
resistance breakout setups. XLF financials and SOX semiconductors
which are important subsets of the broad market gained for the week also. Any breakout will likely be supported by
positive moves in these two groups. Watch for a potential breakout on
SPY and QQQ next week.
CTRP +24.79%,
MFRM +5.76% and NKE +3.72% gapped higher on Friday on positive earnings
reactions.
IWM, MS, SUNE, VSLR, AMBA, BBY, DAL,
EXPE, FAS, GME, JASO, MTW, PANW, RAX, SCSS, STI, SWKS, TLT, UA, UAL closed higher
for the second straight week on Friday.
We daily watch 45 NDX stocks for short-term
setups. AAL, AKAM, MAR, MYL, ROST, SBUX
and SNDK, closed
higher for the second straight week. This
week thirty-four
more of those NDX stocks closed higher: AAPL, ADSK, AMZN, AVGO, BIDU,
BRCM, CELG, CMCSA, COST, DTV, EA, ESRX, FB, GILD, GOOGL, GRMN, ILMN, INTC,
LRCX, MNST, MSFT, NTAP, PCLN, QCOM, STX, TRIP, TSLA, TXN, WDC, WYNN, XLNX
and YHOO.
GPRO formed a spinning top after
forming a dragonfly doji last week on the weekly chart.
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 = 212.24...
QQQ = 108.94…
IWM = 126.22…
Support Levels
SPY = 205.86...
QQQ = 105.62…
IWM = 122.77...
Earnings this Week
BBRY, CMGE, DGLY, GME
Q4 Earnings Reaction
Positive Reactions – CTRP, JUNO, KBH, MFRM, NKE, AVGO, CRM, MNST, ROST,
ADSK, GOGO, SPWR, ESRX, CMCSA, ANGI, CAR, INTU, JWN, RAX, MAR, NEM, PCLN, Z,
TRIP, FEYE, CSCO, NVDA, AKAM, WFM, Z, EEFT, TMH, CTLT, SKX, NTES, WCG, ADP,
ATVI, CTSH, FISV, ONNN, ORLY, SIRI, UA, VRSN, AMZN, AAPL, ALXN, BRCM,
BX, CAVM, CELG, EA, FB, FSL, GLW, HOG, JNPR, TSCO, TSS, TUP, VIAB, WDC, X, NFLX,
ALK, BHI, CREE, DAL, EBAY, ETFC, GE, HON, KMB, LUV, MXIM, SBUX, SWKS, TRV, UAL,
UNH, UNP, SNX, LLTC, TSM
More than 10% - CTRP, JUNO, AVGO, MNST, CRM, SPWR,
ANGI, UPL, TRIP, FEYE, EEFT, TMH, MLM, SEE, LNKD, TWTR, UBNT,
ONNN, AMZN, BIIB, NFLX, FSL, EA, TUP, X
Negative Reactions – YOKU, XONE, JCP, SPLK, LL, LC,
HPQ, SCTY, ZU, ZNGA, NTAP, BIDU, TSLA, HSIC, KRFT, SFUN, SOHU, ATML,
CHRW, FOXA, GILD, GMCR, SRCL, SYMC, WYNN, QCOM, JDSU, RCL, BABA, PCAR,
YHOO, MSFT, STX, VRTX, AAL, ZION, AXP, ALTR, FFIV, IBM, ISRG, JNJ, KLAC,
KSU, MCD, STT, XLNX, AA, BAC, C, JPM, KBH, WFC,
More than -10% - YOKU, LL, LC, TPX, ZU, ZNGA, EXPE,
GPRO, YELP, P, TPX, QCOM, FFIV, KBH,
Reversal in progress – ZNGA, AXP, BIDU, FFIV,
GILD, ISRG, JNJ, KLAC, MSFT, NTAP, SOHU, STX
Reversal of Initial Reaction – AA, AAL, ALTR, ATML, C, BAC, CHRW, IBM, KSU, MCD, FOXA, GMCR, HSIC, JDSU, JPM, KSU, PCAR, QCOM, SFUN, SRCL, SYMC, WYNN,
XLNX, STT, TPX, TSLA,WDC, VRTX, WFC, ZION
The SPX Market Forecast is rising and at 73.
___________________
Setups
Horizontal Breakout: SPY,
AAL, BIDU, BRCM, EA, ESRX, GRMN, LRCX, MAR, MSFT, ROST, TXN, XLNX, YHOO, AIG, BABA,
CRM, CSIQ, DAL, ESI, FAS, FSLR, JASO, JD, JUNO, PANW, RCL, SOHU, TSL, TWTR, UAL,
X, ZNGA
Diagonal Breakout: AAPL,
EBAY, GILD, GMCR, MNST, TSLA, CAR, FEYE, UPL,
Bull Flag: MYL, BBY, C, ETFC, GOGO, MS, STI
Bear Flag: INTC, QCOM, STX, WYNN, GLD, GPRO, HPQ,
At Support: YELP
Moves
New Highs: IWM, AKAM,
AVGO, CELG, COST, FB, AMBA, EXPE, SCSS, SUNE, SWKS, UA,
H Breakout: CELG, COST,
SNDK, TXN, EXPE, FAS, JASO, TPX,
D Breakout: EA, V, ZION,
Breakout Test: RAX,
Bull Flag Bounce: TRIP,
LOCO
Bounce: SCHW, SLCA
MACD Divergence Bounce:
MU, NFLX,
Gap Up: CTRP, MFRM, NKE
C- Pattern: CREE
______________________
81 out of 100 NDX stocks
closed higher on Friday.
Leading NDX 100 stocks included: BIIB, TRIP, GRMN, SNDK, NXPI, CELG, BRCM, VOD,
FOXA, EA
Lagging NDX stocks included: VRTX, ILMN, MYL, DISH, AAPL, BBBY, BIDU, ALXN,
MNST, FAST
Leading stocks > +2% on Friday:
CTRP, ESI, SOHU, MFRM, SLCA, QIHU, X, AMBA, LOCO, NKE, ZION, FAS, JUNO, CREE,
NTES, TPX, SWKS, GPRO, SCSS, SCHW
Lagging stocks < -2.0% included:
YOKU, VJET, FEYE, XONE, SPLK
Stocks to Watch on Monday
Holding Above 30 DMA = 59
MNST,
CTSH, NXPI, SIRI, ATVI, BIIB, DLTR, VRSK, COST, GOOG, EXPD, VIP, LMCA, NVDA,
ROST, ADBE, CHTR, PAYX, ADI, AKAM, AVGO, INTU, MAR, LVNTA, TRIP, CHKP, EBAY,
SRCL, VRTX, CHRW, SNDK, EQIX, REGN, MYL, ORLY, CERN, FB, SBUX, TSCO, AAL, ALTR, AMGN, CELG, FISV, ISRG, LLTC, SIAL, TXN,
XLNX, ALXN, FAST, YHOO, BIDU, BRCM, CA, PCLN, CTXS, ESRX, HSIC, ILMN
Moving Above 30 DMA = 14
ADP, AMZN, CMCSA, DISCA, EA, FOXA, GILD, KLAC,
LBTYA, LLTC, MSFT, PCAR, SBAC, VIAB
Moving Below 30 DMA = 2
AAPL, ADSK
Staying Below 30 DMA
AMAT, GMCR, BBBY, ILMN, QCOM, CSCO, DISH, DTV, LRCX, NTAP, WFM, ESRX, MDLZ, NFLX,
WDC, CTXS, HSIC, MU, SPLS, STX, TSLA, CTRX, SYMC, VOD, WYNN, GRMN, KRFT, INTC,
MAT
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Up
