Five sectors moved
higher on Friday…XLV, XLK, XLI were the strongest
sectors while XLE was again the weakest sector.
Breadth weakened slightly as advancers led decliners 1.31 to 1 on the NYSE and 1.22 to 1 on the NASDAQ.
Friday – weakened, advancers led
Thursday – weakened, advancers led
Wednesday – strengthened, advancers
led
Tuesday – weakened, mixed
Monday – strengthened, advancers led
SPY up .12 at 201.33 on 107 million shares, below average volume
VIX down .34 at 17.08…
TNX down .09 at 20.99…
TLT up .32 at 122.28…on
9 million shares
XLF down .15 at 23.24…on 47.3 million shares, above average
volume
AAPL up 2.62 at 112.12 on 52.7
million shares
FB up .77 at 93.24 on 20 million
shares
Technical Commentary:
SPY +0.06%, IWM +0.20%, DIA
+0.23%, QQQ +0.45%.
SPY formed a doji closing
pennies higher on Friday making its highest daily close since Aug 2, which was
the first day of the big selloff. The VIX
dropped to 17.08 its lowest close since Aug 20. Conclusion:
Price is poised to break out of horizontal resistance and fear
continues to drop. If SPY
successfully breaks out of horizontal resistance look for VIX to drop
back into its 12 to 15 range.
Even though oil was near unchanged on Friday airline stocks AAL, UAL,
JBLU, LUV and DAL gained between two and six percent.
AA -6.81% dropped after reporting 7 cents EPS vs.
13 forecast.
JBL initiated by B. Riley
with a Buy and $29 price target.
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 =...197.68, 199.99…
QQQ = 105.61, 106.93…
IWM = 113.92…
Support Levels
SPY = 190.56, 189.12...
QQQ = 102.27, 101.34…
IWM = 106.99...
The SPX Market Forecast is pointed up at 83.
__________________
Setups
Horizontal Breakout: CYBR, EXPE, FAS, FSLR, LVS, MBLY, NKE, RPD,
SCTY, SFUN, STI, SVXY, TSL, UA, V, VSLR, ANGI, ATI, BBRY, CIEN, DDD, DGLY, ESI,
JASO, LNKD, MTW, SCSS, SSYS, VIAV, XONE, YELP, MAR, MNST, MSFT, NFLX, PCLN, SNDK,
TRIP,TXN, WDC,
Diagonal Breakout: QQQ, FIT,
GPRO, RCL, ULTA, AXTA, AAPL, AKAM, CELG, ESRX,
Bull Flag: AA, CRUS, CTRP, QIHU, YY
Moves
New Highs: COST,
H Breakout: GME, CSIQ,
EMC, KNDI, LOCO, SBUX,
D Breakout: IWM, SUM, SPLK, ZNGA, NTAP (long term),
Bull Flag Bounce: JCP,
P, ADBE, JD
Bounce: ETSY, JBLU, NCLH, PANW, GIMO, KKD, ILMN,
Gap Up: DAL, UAL, YNDX
______________________
Watch List Stocks
Leading stocks > +2% on Friday: SWI, P, UAL, GPRO, SCTY, JBLU, MBLY,
DAL, ETSY, EXPE
Lagging stocks < -2.0% included:
AA, SEDG, QIHU, TASR, PLAY
53 of 100
NDX stocks closed higher on Friday and one
was unchanged.
Leading NDX 100 stocks included: ADSK, AAL, ILMN, JD, NTAP, REGN, AAPL, BIDU,
DLTR, CTXS
Lagging NDX stocks included: BIIB, MU, SNDK, TSLA, TRIP, ALXN, ADI, NFLX
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 3
AAL, BIDU, NXPI
Moving Below 30 DMA = 1
CELG
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market
Trend: Up
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