Friday, June 26, 2015

NKE Jumps and Runs Up...MU Gaps Lower Leads Semis and NDX Down...Financials Stronger...

Six of nine sectors moved higher on FridayXLU, XLY and XLE were the strongest sectors and XLK was the weakest sector.
 
Breadth strengthened on the NYSE as decliners led advancers 1.31 to 1 on the NYSE and 1.42 to 1 on the NASDAQ.

Friday – mixed, decliners led
Thursday – strengthened, decliners led
Wednesday – weakened, decliners led
Tuesday – weakened, advancers led
Monday – strengthened, advancers led


SPY down .04 at 209.82 on 104 million shares, 10% above average volume
VIX up .01 at 14.02…
TNX up .83 at 24.76…
TLT down 1.31 at 115.23…
XLF up .08 at 24.89 on 24.9 million shares, 13% below average volume

AAPL down .75 at 126.75 on 44 million shares, 9% above average volume
FB up .03 at 88.01 on 38.2 million shares, 77% above average volume


Technical Commentary:
IWM -0.27%, QQQ -0.66%, SPY -0.02%, DIA +0.27%

MU -4.35, -18.15 fell on a negative earnings reaction after missing earnings estimates by 2 cents.  MU price target was lowered by several analysts including JPM, Raymond James, Pacific Crest, WFC and Wedbush

Led by the sellof in MU, SOX -17.47, -2.44% fell as INTC, AVGO, NXPI, NVDA, SNDK and XLNX were among the largest NDX losers on Friday.

Financials were among the stronger sectors on Friday and along with XLU, XLY and XLE kept the SPY near unchanged.

NKE +4.48, +4.27% gained on a positive earnings reaction and helped the DJIA in to positive gains on Friday.

Bull flags are waving during this week’s pullback.


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 = 212.67, 213.78...
QQQ = 110.81, 111.16
IWM = 128.99, 131.36…

Support Levels
SPY = 208.62, 206.76...
QQQ = 108.63, 106.80…
IWM = 126.54, 123.94...


The SPX Market Forecast is pointed down at 63.

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Setups
Horizontal Breakout: ESRX, EXPE, GOGO, JCP, SCHW, TBT, ZION
Diagonal Breakout: EBAY, TASR,
Bull Flag: IWM, SPY, QQQ, ADBE, AMZN, CELG, FB, GILD, GOOGL, GRMN, ILMN, ROST, TRIP, WBA, AIG, AMBA, ASNA, BAC, CIEN, CRM, CYBR, ETFC, FAS, FEYE, GLNG, GME, KKD, PANW, QIHU, RCL, SEDG, SFUN, SHAK, SINA, SPLK, STI, SUNE, SVXY, SWKS, UBNT,
Potential Bullish Divergence: AKAM, BX
At Support: COST, MAR, MYL, TXN, YHOO, C, GPRO, MS, SONC, SPWR, SUM, TLT, TSL  

Moves
New Highs: CMCSA, SBUX, CCL, TPX
Bull Flag Bounce: UA, W
Gap Up: NKE,
Gap Down: MU, INTC, BABA
Support Break: ADSK, AVGO, CSIQ, LC, SOHU,

______________________

Watch List Stocks
Leading stocks > +2% on Friday: NKE
                                                       
Lagging stocks < -2.0% included: YOKU, CSIQ, SOHU, SFUN, YY, CYBR, FEYE, LC, JUNO, GPRO, SINA, TSL, QIHU, MBLY, AMBA, UNG, CIEN, SPLK, SWKS, SPWR, SHAK, BABA, P, GOGO, HPQ, Z, X


32 of 100 NDX stocks closed higher on Friday.

Leading NDX 100 stocks included: BBBY, CHTR, MNST, DLTR, MAT, SBUX, ROST

Lagging NDX stocks included: MU, INTC, AVGO, YHOO, ADSK, NXPI, NVDA, BIDU, SNDK, XLNX, NFLX

NDX Stocks to Watch on Friday
Moving Above 30 DMA = 4
BBBY, ISRG, PCAR, SIRI
  
Moving Below 30 DMA = 6
ADI, AMAT, ATVI, AVGO, BIDU, BRCM

6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down

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