All nine sectors moved lower
on Friday…XLU, XLF and XLP were the strongest sectors while XLE was the weakest sector.
Breadth
weakened as decliners led advancers 7.12 to 1 on
the NYSE and 5.63 to 1 on the NASDAQ.
Friday – weakened,
decliners led
Thursday
– mixed, mixed
Wednesday
– mixed, decliners led
Tuesday – strengthened, decliners led
Monday
– weakened, decliners led
SPY down 3.99 at
201.88 on 211.1 million shares, heaviest volume since
Oct 2
VIX
up 5.05 at
24.39…
TNX down 1.00 at 21.39…
TLT up 1.92 at 123.76…on 12.3 million shares
XLF down .53 at 23.45…on 72.7 million shares
AAPL down
2.99 at 113.18 on 46.8 million shares
FB down 3.30 at 102.12 on 26.4 million
shares
Technical Commentary:
DIA -1.79%, SPY -1.94%, IWM
-2.23%, QQQ -2.30%.
Oil fell to
a seven-year low at 35.41 as the SPX broke short-term support and fell to its
lowest level in seven weeks.
SPY closed just below
November’s support low of 202.18 closing below horizontal support.
VIX jumped to a nine-week high.
TNX fell below
its 21.78 close on Dec 2 the day Fed Chair Yellen indicated the Fed may raise
rates in Dec. On Sep 17 when the FOMC
chose not to raise rates due to global volatility concerns, the SPX sold off more than 140 points by
Sep 29 and VIX jumped from 18 to 28. Since Yellen’s Dec 2 comments VIX has moved
from15 to 24.
FOMC meets
Tuesday and Wednesday with the announcement Wed afternoon to raise or not
raise.
WFM +8.59% on buyout rumors.
ADBE +2.77% on strong EPS.
GLW +5.60% selling joint venture interest to DOW.
Trade with the trend of the chart you are trading
and continue to move your profit protection stops. Continue
to follow your rules.
The SPX MFC green line is down at 34.
Short-term Chart Targets:
SPY =...204.18…
QQQ = 111.84, 112.81…
IWM = 113.60…
Support Levels
SPY
= 201.65, 198.94
QQQ
= 109.48
IWM
= 111.54
__________________
Setups
Horizontal Breakout: MYL, ALXN,
STX, ADBE, PLAY, SEDG, NCLH,
Diagonal Breakout: AMBA,
AA,
Bull Flag: ATVI, NVDA,
AMAT, ISRG, MNST, AVGO, JD, NFLX, DLTR, ROST, SWKS, VRSK, LRCX, NTES, VRSN,
YELP, QRVO, PANW, SONC, CSIQ, CRUS, W, DAL, ULTA, LC
At Support: ILMN, SCHW, ETFC, BABA
Moves
New Highs: MAT, WFM,
H Breakout: WFM
Gap Up: TLT, VXX, ADBE, GLW
Support Break: CRM
______________________
6 of 100 NDX stocks closed higher
on Friday.
26 NDX stocks are
above their 30 DMA.
NDX Stocks to Watch on Monday:
Moving
Above 30 DMA
= 2
ADBE, CERN
Moving Below 30 DMA = 17
AAL, ADSK,
AMGN, AMZN, CA, COST, FAST, GOOG, GRMN, LVNTA, MSFT, NXPI, SBUX, SNDK, TSLA,
WYNN, YHOO
6-month Intermediate Term Market Trend:
Neutral
3-day Short Term Market Trend: Down
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