Six of nine sectors
moved higher on Friday…XLU, 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.
___________________
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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