SPX Resistance...Sell Off After Ichan Reports Closed AAPL Position...FB New High...AMZN, EXPE, LNKD, BIDU After-hours Gap Up on Earnings...

One of nine sectors moved higher on Thursday …XLB, XLU and XLV were the strongest sectors while XLE was the weakest sector.  Oil futures rose .55 to close at 45.88, its highest close since Nov 5, 2015.

Breadth weakened as decliners led 1.90 to 1 on the NYSE and 1.93 to 1 on the NASDAQ.

Thursday - weakened, decliners led

Wednesday – weakened, advancers led

Tuesday – strengthened, advancers led

Monday – weakened, decliners led

Friday – strengthened, advancers led

SPY down 1.90 at 207.45 on 97.2 million shares, 18% above average volume

VIX up 1.45 at 15.22

TLT up .53 at 129.05…on 7.9 million shares, 20% above average volume

Technical Commentary:

SPY -0.91%, IWM -1.14%, DIA -1.14%, QQQ –1.21%,

The SPX futures traded lower overnight but were higher on Thursday.  Late in the day it seemed that traders reacted after a statement from Carl Icahn regarding the closing of an AAPL position due to China, and sold broad markets down to a lower close.

FB +7.84, +7.20% gapped up to a new all-time intra-day and closing high on a strong earnings reaction.

Earning’s Announcements:

Positive Reactions:  FB, NOV, CCE, MJN, WM, F, UHS, COMM, OSK, DLB, PPC, LGF, CSGP, INGR,

Negative Reactions:  GNC, IPGP, HAR, UTHR, HOLX, FE, DPZ, CAH, XLNX, FSLR, SEE, AME,

After-hours Reactions:

AMZN +76.00, +12.62% beat EPS and revenues

BIDU +7.98, +4.29%

LNKD +9.97, +8.11%

EXPE +11.51, +10.76%

GILD -5.31, -5.47% on a negative earnings reaction

Technical analysis based trades should be closed before earnings.

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:  SPY, DIA, SVXY, XLB, XLI, XLY, FAS, CTXS, UA, SLB, CAT, JNJ, MMM, CTRP, ISRG, PCLN, VOD, X, AKS, STLD, SCHN, SCTY, DFS, RIG, PCAR, AA, AXP, ATVI, MDLZ, TSCO, TSLA, ULTA, CELG, MXIM, CNX, SKX, PXD, KMX, COH, PNR,

Bull Flag Bounces include: GM, SLB,

Horizontal Breakout Setups include: FCX, NUE, RIG, MU, TXN,

Horizontal Breakout include:  

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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 SPY MFC green line is pointed down at 80. 

16 of 100 NDX stocks closed higher on Thursday.

47 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 1

FB

Moving Below 30 DMA = 17

ADBE, ADI, ADP, AKAM, ALXN, AMAT, BBBY, CA, CSCO, CTSH, DLTR, EXPE, INTU, LBTYA, ORLY, ROST, XLNX

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Down