Four sectors moved higher on Friday…XLE,
XLU and XLY were the
strongest sectors while XLF was the weakest sector.
For the week XLV, XLY and XLB were
the only sectors that rose. XLF
was down slightly.
(click image to enlarge)
Breadth strengthened on the NYSE as advancers led decliners 1.17 to 1 on the NYSE and 1.40 to 1
on the NASDAQ decliners led advancers.
Friday – mixed, mixed
Thursday – weakened, decliners led
Wednesday – strengthened, advancers
led
Tuesday – weakened, decliners led
Monday – weakened, decliners led
SPY down .90 at 207.93 on 131 million shares
VIX up .46
at 15.07…
TNX down .22 at 21.51…
TLT up .92 at 122.78…on
11.8 million shares
XLF down .35 at 24.08…on
51 million shares
AAPL down 1.03 at 119.50 on 49.3
million shares
FB down 2.91 at 101.97 on 33.4
million shares
Technical Commentary:
SPY -0.43%, QQQ -0.45%, IWM -0.46%, DIA
-0.50%.
(click image to enlarge)
The broad
markets SPY, QQQ, DIA exhibited slowing momentum both on Friday and for
the week. This should be expected with SPY
returning to the middle of its sideways consolidation channel from February to
August. Be prepared for a potential short-term
pull back going into next week, perhaps forming another bull flag.
(click image to enlarge)
Short-term Chart Targets:
SPY =...209.59, 211.05…
QQQ = 114.11, 118.17…
IWM = 117.14, 118.55…
Support Levels
SPY = 205.79
QQQ = 112.27
IWM = 113.10
The SPX Market Forecast is at 96.
FB will report earnings Wednesday after the close and saw
profit-taking on Friday after LNKD blew away its earnings estimates.
Big money continued to rotate money to earnings winners like FSLR,
LNKD, EXPE, ABBV, TRMB and NUS…
(click image to enlarge)
…and rotate money from earnings losers like SCTY, EA, CVS and AKAM…
(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.
Earnings this past Week:
Monday – BRCM, CHKP, GLW, PBR, SOHU, SWI
Tuesday – AAPL, AKAM, BMY, DD, FISV, GILD, GRUB, JBLU, PCAR, TWTR, SLCA, UHS, VDSI, VRSK, YNDX, MRK, PFE, CMCSA, ESRX,
Wednesday – AMGN, AXTA, BWLD, CAVM, GRMN, GD, GPRO, MCHP, NXPI, ORLY, PYPL, VLO, VLKAY, YELP, MAR, CRUS,
Thursday – AET, ALXN, MO, BIDU, CME, DB, EA, EXPE, FSLR, GT, LC, LNKD, MA, MGM, SCTY, TPX, VA, WWE
Friday – ABBV, CBOE, CVX, CVS, XOM, MYL
Earnings next Week:
Monday – AIG, ZU
Tuesday – ATVI, AFSI, ADM, CBS, CHK, DVA, DISCA, EXPD, HLF, K, MBLY, NCLH,
PZZA, PAYC, TASR, X, VMC
Wednesday – FB, CTSH, DDD, CDW, EPAM, ETSY, FEYE, HABT, LMCA, LVNTA, MRO,
MSI, SHOP, SUNE,
Thursday – MNST, NVDA, TRIP, ACAD, APA, CYBR, DWA, GLOB, LBTYA,
Friday – CI, HUM, VIP
__________________
Setups
Horizontal Breakout: BABA (long term), FIT, JBL, LVS, MPEL, NTES,
SCHW, SOHU, TPX, ULTA, SLCA, ADBE, ESRX, ROST,
Diagonal Breakout: IBM, JBLU,
MBLY, PANW, SUM, VXX, X, SHAK, TAN, NFLX,
Bull Flag: IWM, AIG, BAC, BX, C, ETFC, FAS, JUNO, SONC,
STI, AXTA, KNDI, XONE, CELG, EA, EBAY, INTC, MSFT, TXN, XLNX
(click image to enlarge)
At Support: UBNT, TSLA
Moves
New Highs: CCL
D Breakout: CYBR,
Bull Flag Bounce: CTRP, DAL,
RCL, UAL, TRIP, CY
MACD Divergence Bounce:
BBY, SWKS,
Bounce: UNG, UPL, VIAB,
Gap Up: EXPE, FSLR, LNKD,
BIDU, PCLN,
Gap Down: SCTY, SEDG
Support Break: RUN, FEYE
______________________
45 of 100
NDX stocks closed higher on Friday and two
were unchanged.
81
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on
Monday:
Moving Above 30 DMA = 4
AVGO, BBBY, BRCM, DLTR
Moving Below 30 DMA = 0
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
