All nine sectors moved
lower on Friday…XLU, XLE and XLV were the strongest sectors and XLY
was the weakest.
Breadth weakened
as decliners
led advancers 4.11 to 1 on the NYSE and 3.61 to 1 on
the NASDAQ.
Friday - weakened, decliners led
Thursday – weakened,
decliners led
Wednesday –
strengthened, advancers led
Tuesday - mixed
Monday – weakened, decliners led
SPY down 2.42 at 207.95 on 191.1 million shares, 80% above average volume
VIX up 1.29 at 13.89…
TNX down .28 at 18.50…
TLT up 1.49 at 131.45…
XLF down .32 at 24.13 on 39.8 million shares, 39% above average volume
AAPL down 1.42 at 124.75 on 51.9 million shares, 13% above average volume
FB down 1.53 at 80.78…on 24.2 million shares, 3% above average volume
Technical Commentary:
SPY -1.15%, QQQ
-1.56%, DIA -1.58%%, IWM
-1.62%.
SPY closed below 208.61 short-term
support.
QQQ closed below 106.82 short-term
support.
IWM closed above
its 123.77 short-term support.
SPY and IWM are in a bull flag
pattern. The VIX moved higher on
Friday but remains near its nine week low.
Technically the long and
intermediate-term trends are up and the short-term is a one-day pullback. Friday’s close on the SPY was above
the S1 level of the April 10 weekly candle.
Strong stocks
in a bull flag pattern include: WBA, RAI, CAG, KMX, CCK, GIS, STZ, M, CCL,
LULU, CPB, NVS
Stocks
with a potential MACD bullish divergence: DRI, PNC, HD, INTU, DLTR
U.S. markets moved lower with
weakness in Asia and Europe following news that China trading rules were being
changed to allow short-selling on Chinese stocks.
FXI -4.21% was down after gaining 29% over the past five plus weeks.
Bloomberg terminals were affected by a worldwide
outage on Friday illustrating once again the susceptibility that electronic
markets have when technology glitches.
Traders were forced to use telephones and email in a back to the
future reprise.
Next week more than 150 SPX companies will report earnings.
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 = 208.95, 210.33...
QQQ = 106.95…
IWM = 125.55…
Support Levels
SPY = 207.01, 205.39...
QQQ = 105.55, 104.50…
IWM = 123.77, 122.90...
Earnings Week of April 6 – AA, BBBY, WBA, STZ
Earnings Week of April 13 – JNJ, JPM, FAST, WFC, INTC, BAC, CSX, DAL, LLTC, SNDK, NFLX, GS,
C, AMD, AXP, CE, MAT
Earnings Week of April 20 – CHKP, HAL, HAS, MS, RCL, STI, IBM,
LRCX, ZION, ATI, BHI, CAT, DD, HOG, LMT, PCAR, TRV, UA, VZ, AMGN, BRCM, CMG, ISRG, URI, UTX, YHOO, YUM,
ABT, BA, EMC, KO, MCD, CTXS, EBAY, ETFC, FB, FFIV, ORLY, QCOM, T, TSCO, TXN,
XLNX, ABBV, ALXN, BAX, CAM, DHR, DOW,
DPS, FCX, HP, HSY, LLY, LUV, MMM, MO, NDAQ, PEP, PG, SIAL, SWK, UNP, WHR, ALTR,
AMZN, GOOGL, HBI, JNPR, KLAC, MSFT, SBUX, SRCL, SWN, AAL, BIIB, STT
Q1 Earnings Reaction
Positive Reactions – NFLX, CE, MAT, C, DAL, FAST, INTC, JPM, LLTC,
STZ, WBA, KMX, DGLY, CTRP, JUNO, KBH, MFRM, NKE,
More than 10% - NFLX, CE, DGLY, CTRP, JUNO,
Negative Reactions – AXP, BAC, GS, JNJ, SNDK, AA, BBBY, MU,
GME, YOKU, XONE,
More than -10% - AMD, YOKU,
Reversal in progress –
Reversal of Initial
Reaction – GME, MU, YOKU, XONE
The SPX Market Forecast is
pointed down at 74.
___________________
Setups
Horizontal Breakout: CIEN,
LOCO, VSLR, WDC,
Diagonal Breakout: AMBA,
PANW, SINA,
Bull Flag: IWM, SPY, AIG, BBRY, BX, C, CCL, CMGE, CSIQ,
CTRP, DDD, EXPE, FEYE, GME, GOGO, GPRO, JASO, JD, LNKD, MBLY, NTES, QIHU, RAX,
SCTY, SLCA, SOHU, SUNE, TWTR, UPL, X, YELP, YOKU, ADSK, ESRX, GILD, INTC, MU, NTAP,
PCLN, TSLA,
Potential Bullish
Divergence: BBY, MAR
At Support: BABA, CRM, NKE, SWKS, V, TRIP, WYNN
Moves
New Highs: JUNO,
NFLX
H Breakout: STX
Bull Flag Bounce: MYL
Support Break: ROST
Support Break: ROST
______________________
11 of 100
NDX stocks closed higher on Friday.
Leading NDX 100 stocks included: MAT, MYL, STX, NFLX, WDC, ALTR, TSCO, BIDU,
SIAL, TSLA
Lagging NDX stocks included: VIP, CHKP, VRTX, ROST, YHOO, WBA, CTSH, AVGO,
AMZN, ADBE
Leading stocks > +2% on Friday:
VXX, EMC
Lagging stocks < -2.0% included: MTW, CMGE, VSLR, GOGO, SSYS, QIHU, TSL,
FAS, SPLK, DGLY, XONE, CSIQ, GME, CRM, SLCA, NTES, SWI, PANW, X, FEYE, SOHU,
LOCO, RAX, TWTR, MBLY, BABA, ETFC, P, AMBA, JNPR, JD, YELP, SUNE, SCSS
Stocks to Watch on Monday
Holding Above 30 DMA = 41
WBA, LVNTA,
SIAL, KRFT, ORLY, ADI, ALTR, VRSK, XLNX, CTRX, ESRX, ISRG, MDLZ, VIP, CTXS,
DISCA, TSLA, MYL, AMGN, CMCSA, DTV, NFLX, PCLN, SBUX, VRTX, YHOO, GILD, PCAR, VIAB,
ALXN, STX, TSCO, VOD, MAT, AKAM, CSCO, ILMN, INTC, MU, WDC, SYMC
Moving Above 30 DMA = 0
Moving Below 30 DMA = 24
AAPL, ADSK, AMZN, ATVI,
BIIB, BRCM, CERN, CHKP, CHTR, CTSH, EA, FB, HSIC, MNST, MSFT, NTAP, NVDA, NXPI,
REGN, SBAC, SIRI, SPLS, SRCL, TXN
Staying Below 30 DMA
BIDU, FAST, FISV, INTU, LMCA, WYNN, DLTR, ADBE, ADP, BBBY, CA, COST, AVGO, AAL, EXPD,
ROST, PAYX, GOOG, CELG, CHRW, EBAY, FOXA, MAR, SNDK, TRIP, KLAC, LBTYA, LLTC, AMAT,
GMCR, QCOM, DISH, LRCX, WFM, GRMN
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Down
