SPY Double Bottom Breakout...Multi-week Target at 207.07...PANW Soars on EPS...

All nine sectors moved higher on Thursday…XLF, XLI and XLB were the strongest sectors while XLE was the weakest sector.  Oil futures rose. 

                         

Breadth strengthened as advancers led decliners 2.83 to 1 on the NYSE and weakened slightly on the NASDAQ where advancers led 1.48 to 1.

Thursday - strengthened, advancers led

Wednesday – strengthened, advancers led

Tuesday – weakened, decliners led

Monday – strengthened, advancers led

Friday – mixed, advancers led on NASDAQ

SPY up 2.34 at 195.54 on 109.7 million shares, 31% below average volume

VIX down 1.61 at 19.11…

TNX down .45 at 16.97…

TLT up .47 at 131.68…on 6.0 million shares, 43% below average volume

XLF up .29 at 21.17…on 71.2 million shares, 5% below average volume

AAPL up .66 at 96.76 on 27.5 million shares, 47% below average volume

FB up 1.19 at 108.07 on 29.8 million shares, 33% below average volume

Technical Commentary:

DIA +1.32%, SPY +1.21%, QQQ +0.98%, IWM +0.92%.

SPY breaks out of double bottom resistance at 194.58 on Feb 1, closes at 195.54.  SPY has a six-week chart target of 208.07.

All nine sectors rose, TLT bonds rose and TNX interest rates fell.

All 30 Dow stocks rose on Thursday led by UTX, NKE, DD, V, PFE, GS, GE, JPM, INTC, MSFT, AXP, WMT, JN IBM, MMM, MCD and BA.

PANW +12.35, +6.65% in front of earnings and in after-hours gains +6.21, +4.43% on a positive earnings reaction.

In after-hours trading…

BIDU +16.78, +10.61% on positive earnings reaction.

KHC +3.04, +4.06% on positive earnings reaction.

MNST -9.61, -7.22% on negative earnings reaction.

SBAC -3.35, -3.47% on negative earnings reaction.

BMRN -1.67, -2.19% on negative earnings reaction.

Stocks below support should generally be traded bearishly until a reversal pattern forms.

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Strong Stocks:

Bull Flag Bounces include: CSCO, UNH, ADP, AMZN, CA, EBAY, FAST, FB, ILMN, LLTC, MYL, PCAR, SBUX, TRIP, TXN

Bull Flag Setups include:  DIS, XOM, CTRP, EXPE, LBTYA, NTAP, PCLN, STX, WFM

Horizontal Breakouts include: SPY, DIA, JNJ, KO, MMM, PGE, UTX, AAL, ADBE, ATVI, CHTR, CTXS, EA, FISV, ISRG, KHC, LRCX, MAR, MAT, ORLY, VRSK

Horizontal Breakout Setups include: IWM, XLB, XLI, XLY, AXP, DD, HD, IBM, INTC, MCD, NKE, PG, TRV, WMT, ADI, AVGO, CHKP, COST, CTSH, DLTR, MXIM, NCLH, NFLX, NXPI, SWKS, TMUS, ULTA

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Short-term Movers:

SPX gainers:  CHK, FTR, MSI, FSLR, TSO, CRM, UTX, DHI, UAL, AA, XRAY, LO, LUV, MPC, ALLE, TGT, IR, WHR, NFX, EIX, ADS, SEE, PWR, COH, CCL, TSS, MAS, HCN, VTR, MRO, AGN, RCL, NKE, WY, WMT, KORS, EQIX, AIZ, DAL, HD, SLG, HCP, TSN, LEN, VFC, ETFC, EFX, QRVO, PNW, MLM, M, GPS, HOT, HAS, HUM

SPX losers:  SWN, RRC, CNX, ESV, EQT, SIG, NOV, CXO,

NDX gainers:  NCLH, TSLA, ATVI, EA, AMAT, VRSK, DISH, ADBE, LRCX, YHOO, CHTR, ULTA, NVDA, MYL, LMCA, AMZN, ORLY, MAT, QCOM, MAR

NDX losers:  MU, STX, EXPE

YTD:

SPX Leaders:  NEM, KORS, FOSL, TSN, M, ADT, CTL, SE, CPB, KMI, (196, +22)

SPX Losers: ESV, CHK, MRO, DVN, WMB, MPC, RIG, VRTX, URI, COP

NDX Leaders:  MAT, FAST, PCAR, FISV, HSIC DLTR, ORLY, ROST, AKAM, CA (25, +0)

NDX Losers:  VRTX, INCY, REGN, TRIP, BMRN, WDC, ALXN, MU, JD, TSLA

DJI Leaders:  WMT, VZ, MMM, XOM, PG, JNJ, UNH, KO, UTX, MCD

DJI Losers: AXP, BA, GS, INTC, JPM, DD, DIS, AAPL, GE, MSFT   

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 up at 77. 

84 of 100 NDX stocks closed higher on Thursday.

76 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 16

AAPL, ADBE, AMZN, BMRN, DISH, EBAY, INTC, KHC, LMCA, MNST, NFLX, NXPI, SRCL, SYMC, TMUS, TSLA

Moving Below 30 DMA = 2

BIDU, JD

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up