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All nine sectors moved lower on Friday…XLU, XLP and XLK were the strongest sectors while XLF was the weakest sector.
All nine sectors moved lower on Friday…XLU, XLP and XLK were the strongest sectors while XLF was the weakest sector.
Breadth strengthened as decliners led advancers 2.19 to 1 on
the NYSE and 2.45 to 1 on the NASDAQ.
Friday
– strengthened, decliners led
Thursday- weakened, decliners led
Wednesday – weakened, decliners led
Tuesday –
strengthened, advancers led
Monday – weakened, decliners led
SPY down 2.12 at 191.92 on 209.8 million shares, 70% above average volume
VIX up 2.02
at 27.01…
TNX down .23 at 21.30…
TLT up .55 at 123.36…on
9.5 million shares, 19% above average volume
XLF down .35 at 22.10…on
67.4 million shares, 51% above average volume
AAPL up .51 at 96.96 on 70.7 million shares, 61% above average volume
FB down .59 at 97.33 on 35.4
million shares, 66% above average volume
Technical Commentary:
QQQ -0.82%, DIA -1.04%, SPY
-1.10%, IWM -1.72%.
On
Wednesday we highlighted the need to “be prepared to trade to the downside in down trending
stocks if support is broken.” If
one did that, Thursday and Friday were actually terrific trading days.
Notwithstanding
that the first week of 2016 was a bearish week there was buying in certain
stocks. This occurs because institutions
rotate money from losing stocks into stocks that
generally have positive business developments.
This becomes apparent through earnings announcements, analysts upgrades
and other corporate announcements. This rotations lifts some stocks higher while
the majority move lower. This week TWX, FLIR, WMT, SE, ED, STZ, RRC, EQT,
TMUS, DLTR and VOD were among
the winners of this down week.
The
short-term trend is down and as traders we
should trade with the direction of the stock that we trade, there are some technical evidences that suggest
the market may be near support. This includes
the VIX which we discussed on Thursday, the SPX 78.6% Fib level, the horizontal
support levels from September/August and the SPX MFC Green Line at 11 on
Friday.
This
is only the seventh time in the last two years that the MFC Green Line has
closed below 20. In the prior six times, this has occurred within days of the market pullback bottom including Oct 2014 and Sept, Oct 2015.
Just two stocks in the DJIA, AAPL and MSFT rose on Friday.
Even with Friday’s late selloff,
there were NDX leaders which included VIAB +5.37%,
VOD +2.88%, DISCA +2.08%,
CERN +1.86%, YHOO +1.56%, MAR +1.34% and
EA +1.07%.
YTD:
SPX Leaders: TWX, FLIR, RRC, EQT, WMT, SE, ED, STZ
SPX Losers: WMB, FCX, AA,
FOSL, AN, MRO, APA, CF, ESV, WYNN, APC, THC
NDX Leaders: TMUS, VOD, DLTR
NDX Losers: MXIM, JD,
ILMN, NTAP, SWKS, INCY, ENDP, TSAL, VRTX
DJI Leaders: WMT,
DJI Losers: JPM, BA, GS, CSCO,
CVX, GE. INTC, AXP, DD
Remember: “It’s
a market of stocks, not just a stock market.”
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 pointed down at 11.
Short-term Chart Targets:
SPY =...195.85…
QQQ = 106.29…
IWM = 106.49…
Support Levels
SPY = 191.08…
QQQ = 104.81, 102.08…
IWM = 103.50
IWM = 103.50
__________________
Setups
Horizontal Breakout: FINL, RRC, SE
Diagonal Breakout: DPS, NFLX,
KR, WUBA, DRI, TERP, RUN,
Bull Flag: SONC, , STX, KMB, PLAY, DLTR, CCL, CNC, FIVE,
FSLR, MCD, SCTY, SOHU, SEDG, W, SPWR,
Potential Bullish
Divergence: AAPL, MNST, CRM, SONC, QRVO,
TPX, YELP, ZION, LNKD
At Support: CSIQ, SLCA, JASO, STI, SBUX
Moves
New Highs:
H Breakout: EQT, ED
MACD Divergence Bounce:
CRUS
Support Break: YNDX, AIG, CAH, MYL, FAS, NKE, V
______________________
15 of 100
NDX stocks closed higher and one was
unchanged on Friday.
7
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 1
VOD
Moving Below 30 DMA = 2
SRCL,
WFM
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Down
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