SPY Falls on Light Volume Moving Towards Three-day Weekend...Markets Closed Friday...

Two of nine sectors moved higher on Wednesday …XLU, XLP and XLK were the strongest sectors while XLE was the weakest sector.  Oil futures fell 

Breadth weakened as decliners led advancers led 2.85 to 1 on the NYSE and 3.75 to 1 on the NASDAQ.

Wednesday – weakened, decliners led

Tuesday – weakened, decliners led

Monday – weakened, advancers led

Friday – weakened, advancers led

Thursday - strengthened, advancers led

SPY down 1.35 at 203.21 on 81.0 million shares, 29% below average volume

VIX up .77 at 14.94…

TNX down .60 at 18.75…

TLT up 1.45 at 129.49…on 10.6 million shares, 22% above average volume

XLF down .17 at 22.45…on 45.4 million shares, 31% below average volume

AAPL down .59 at 106.13 on 25.7 million shares, 29% below average volume

FB up .29 at 112.54 on 18.5 million shares, 37% below average volume

Technical Commentary:

DIA -0.51%, SPY -0.66%, QQQ -0.82%, IWM -2.14%.

SPY, DIA and IWM long with sector ETFs XLB, XLE, XLF, XLI, XLK, XLP, XLU and XLY are in bull flag price patterns pulling back this week after a strong rise over the past five weeks.  Thursday is the last day of trading before the holiday weekend which begins with Good Friday. 

The Healthcare Sector XLV paused after three strong day up an pulled back to Tuesday’s S1 level.

NDX -35.06 on Wednesday was led lower by point losers GILD, CSCO, QCOM, VRTX, INTC, TSLA, CMCSA, AMGN, REGN, BIDU, CELG, BIIB, MSFT, MU and GOOG.  AMZN, COST, FB and NVDA were point leaders on the upside.

The DJIA was led by selloffs in NKE, CAT, CVX, IBM, BA, CSCO, INTC, DIS and PFE as 21 of 30 stocks moved lower.

Trade what you see, not…

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

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include:  FDX, OI, LUK, STX, FCX, NCLH, ADBE, VIAB, R, JBHT, BA, RRC, FTI, CAT, CNX, CLF, WYNN, CMCSA, EXPE, JD, NTES, DIS, MSFT, MAR, INTC, MNST, ROST, DD, DG, CAVM, DO, FSLR, TRIP, GS, UTX, NFLX

Bull Flag Bounces include: EA,

Horizontal Breakout Setups include: WDC, UHS, SCHW, NWSA, NTAP,

ADSK, EBAY, ULTA, JPM, ATVI, ETFC, XOM, PG, AMGN, QRVO

Horizontal Breakouts include: THC, ZTS, STT,

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Short-term Movers:

SPX gainers:  POM, FDX, THC, MNK, TXT, WYNN, EMR, APD, OI, LUK, ZTS, BXLT, STT, R, CBG, ADBE, JBHT, IRM, UHS, FLIR, BA, SCHW  3

SPX losers:  RIG, MRO, NEM, HP, SWN, ESV, WMB, RRC, COG, NRG, KMI, CHK, FSLR, CMG, NOV, APC, GME, COP, DO, FCX, HST, AA, NFX 4

NDX gainers:  INCY, WDC, ADBE, SRCL, CTRP, NVDA, AMGN 3

NDX losers:  ENDP, TRIP, EXPE, MDLZ, JD, ESRX, WFM, PCLN, NTES, DLTR 3

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 at 96.9. 

17 of 100 NDX stocks closed higher and one was unchanged on Wednesday.

85 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 8

BIIB, CELG, MU, MYL, TMUS, TRIP, VRTX, XLNX

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Down