Seven sectors moved
higher on Friday… XLU, XLY, XLP were the strongest
sectors while XLE was the weakest sector.
Breadth weakened
slightly as advancers led decliners 1.13 to 1 on the NYSE and 1.28 to 1 on the NASDAQ.
Friday – weakened slightly, advancers
led
Thursday – strengthened,
advancers led
Wednesday – weakened,
decliners led
Tuesday – strengthened,
advancers led
Monday – Closed for
Labor Day
SPY up .89 at 196.74 on 119.6 million shares
VIX down 1.17 at 23.20…
TNX down .39 at 21.83…
TLT up .76 at 121.39…on 5.8 million shares
XLF up .10 at 23.12…on
21.7 million shares
AAPL up 1.64 at 114.21 on 49.9
million shares
FB up .07 at 92.05 on 21.1 million
shares
Technical Commentary:
DIA +0.61%, SPY +0.45%, QQQ +0.55%, IWM
+0.47%.
The SPX rose 40 points for the week and closed at 1,961 and
the VIX dropped 4.60 to close below 25 at 23.20, its lowest close in
four weeks. Key short-term horizontal
resistance for the SPX is 1,993 its 3-week high. The SPX has made a higher low for each
of the past two weeks and needs to establish a higher high to move back into a
multi-week up trend.
A number of reversal breakout patterns are on the charts today including AAPL,
FB, GILD and SBUX:
(click image to enlarge)
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 =...199.13…
QQQ = 105.61, 106.93…
IWM = 115.70, 116.42…
Support Levels
SPY = 194.25, 192.59...
QQQ = 103.59, 100.63…
IWM = 113.66, 111.60...
The SPX Market Forecast is pointed up at 33.
__________________
Setups
Horizontal Breakout: IWM, QQQ, SPY, AAPL, FB, GILD, SBUX, AMZN,
AVGO, CELG, EA, INTC, MAR, ROST, SWKS, CRM, EXPE, NKE, NTES, PANW, RCL, SCTY,
SEDG, SVXY, TASR, UA,
Diagonal Breakout: P,
Bull Flag: ETFC, FSLR, JCP, SCHW, SUNE, TPX, UBNT, MU,
SNDK, TXN,
Potential Bullish
Divergence: AMBA, BABA, GPRO, MBLY, PYPL,
QIHU, SHOP, SLCA, SOHU, V, VRSN, W, X, MSNT, NFLX
Moves
New Highs: BBY, RCL,
H Breakout: NCLH, SHAK,
ILMN
Bull Flag Bounce: CCL,
WBA,
______________________
Watch List Stocks
Leading stocks > +2% on Friday: SHAK, IMGN, MBLY, SEDG, CTRP, SHOP
Lagging stocks < -2.0% included: AMBA, FIT, GPRO, VXX, TPX, RPD
71 of 100
NDX stocks closed higher on Friday.
Leading NDX 100 stocks included: ILMN, AAL, GILD, KHC, SBUX, ORLY, AVGO, MYL,
NXPI, AAPL, AMZN
Lagging NDX stocks included: WYNN, MU, WFM, NFLX, BIDU, VOD
NDX Stocks to Watch on
Friday:
Moving Above 30 DMA = 9
AAPL, EXPD, ILMN, LLTC, ORLY, SBUX, VIAB, VRTX, WBA
Moving Below 30 DMA = 2
MU, SIRI
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market Trend: Neutral
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