All nine sectors moved
higher on Friday…XLE, XLB, XLV were the strongest
sectors while XLF was the weakest sector.
Breadth strengthened as
advancers led decliners 3.11 to 1 on the NYSE and 2.18 to 1 on the NASDAQ.
Friday – strengthened, advancers led
Thursday – mixed, mixed
Wednesday – strengthened, advancers
led
Tuesday – strengthened, decliners
led
Monday – weakened, decliners led
SPY up 2.87 at 195.00 on 211 million shares
VIX down 1.61 at 20.94…
TNX down .53 at 19.89…
TLT up .75 at 124.56…on
13 million shares
XLF up .03 at 22.70…on
61.2 million shares
AAPL up .80 at 110.38 on 58
million shares
FB up 1.12 at 92.07 on 37.8 million
shares
Technical Commentary:
QQQ +1.75%, SPY +1.49%, IWM +1.49%, DIA
+1.29%.
This was a volatile week
with the SPY and QQQ down on Monday and Tuesday and a lower open on
Friday after the September Jobs Report was released. As we have pointed out on many occasions,
economic reports can create extra volatility in the price action but seldom do
they actually change the intermediate term trend.
Friday was a good example of extra volatility that then reversed into the
direction of the bounce up from support in a sideways trend that started on
Wednesday. Some reports indicate this was
the strongest intraday reversal in four years.
(click image to enlarge)
VIX closed at 20.94
its lowest close since Sep 21 and only its second close below 21
since Aug 20. The charts
indicate that our view of a VIX in the mid-teens or lower is still likely.
At the close on Friday SPY, QQQ and DIA all closed above their 30
DMA. This is the first close above the
30 DMA for SPY since Aug 18, DIA since July 21 and QQQ
since Sep 21.
The NDX finished the week with 50 stocks closing above their 30
DMA. Forty-two new stocks closed above
their 30 DMA and were still above at Friday’s close. This included: ADP, TXN, ADBE, CHKP,
CMCSA, CSCO, CTSH, FISVE, FOXA, INTU, JD, KLAC, LLTC, MSFT, ORLY, SNDK, VRSK,
WDC, XLNX, AMZN, CA, FB, LVNTA, MAR, NFLX, SIRI, SRCL, TSCO, ADI, BIDU, CHRW,
CHTR, CTXS, GOOG, HSIC, LMCA, MDLZ, MU, PCLN, QCOM, WBA and WFM.
Many of these stocks also broke through horizontal resistance.
(click image to enlarge)
Many of these stocks also broke through horizontal resistance.
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 20
__________________
Setups
Horizontal Breakout: SPY, QQQ, CRM, CRUS, CYBR, EXPE, JCP,
MBLY, NKE, NTES, P, SHOP, SOHU, TSL, W, ANGI, GOGO, JUNO, SFUN, CMCSA, COST, EBAY,
GOOG, NFLX, SBUX, TXN, WDC,
Diagonal Breakout: CCL, DAL,
ETFC, ETSY, FIT, FL, JBLU, SEDG, SWKS,
Bull Flag: JBL, RPD,
Potential Bullish
Divergence: GPRO
Moves
H Breakout: FSLR, QIHU,
SINA, VRSN, YOKU, JASO, JNPR, INTC, JD, MSFT, MU, SNDK, WFM,
D Breakout: BBY, JCP, RCL, YHOO
Bull Flag Bounce: PLAY
MACD Divergence Bounce: AMBA,
MACD Divergence Bounce: AMBA,
Bounce: BABA, CIEN, CSIQ, HPQ, SHAK, TAN, VSLR, COST, FB, MAR, LVS,
Gap Up: GLD, WYNN,
MGM
______________________
Watch List Stocks
Leading stocks > +2% on Friday: SUNE, YOKU, LVS, QIHU, SUM, SCTY, JCP,
TSL, CTRP, FSLR, SOHU, SINA, MBLY, SVXY, NTES, JNPR, SEDG, PYPL, P, GME, EXPE,
GLD, SHOP, PANW
Lagging stocks < -2.0% included:
VXX, SCHW, UAL
94 of 100
NDX stocks closed higher on Friday.
Leading NDX 100 stocks included: VRSK, CELG, BMRN, CHTR, LMCA, VRTX, SNDK, MYL,
MAR, NFLX
Lagging NDX stocks included: AAL, EA, PAYX, DLTR, BBBY, MNST
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 14
ADI, BIDU, CHRW, CHTR, CTXS, GOOG, HSIC, LMCA, MDLZ, MU,
PCLN, QCOM, WBA, WFM
Moving Below 30 DMA = 0
6-month Intermediate
Term Market Trend: Down
3-day Short Term Market Trend: Up
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