Five of nine sectors moved higher and one was unchanged on Thursday …XLE, XLF and XLI were the strongest
sectors while XLP was the weakest sector. Oil futures fell .10 to close at 41.45.
Breadth weakened as decliners led advancers 1.26 to 1
on the NYSE and 1.01 to 1 on the NASDAQ.
Thursday - weakened, decliners led
Wednesday – strengthened, advancers led
Tuesday –
strengthened, advancers led
Monday – weakened, advancers led on NYSE
Friday – strengthened, advancers led
SPY up .01 at 208.01 on 65.1
million shares, 29% below average volume
VIX down .12
at 13.72…
TLT down .63
at 130.76…on 6.9 million shares, 6% above average volume
Technical Commentary:
DIA +0.11%, QQQ +0.01%, SPY +0.00%, IWM
-0.12%.
SPY paused
today after breaking out on Wednesday of its April 1 short-term resistance at
207.14. SPY’s modest pull back
stayed above Wednesday’s S1 level. SPY short-term
price target of 211.19. SPY does
have intermediate-term resistance levels at
208.50 and 209.75. Wednesday’s breakout suggests that a dividend adjusted new all-time high is achievable.
Our view has been that for the SPX to break out of all-time highs, the
financial sector would have to revive and help lead the SPX higher. JPM’s
positive earnings reaction may be the catalyst the sector needed to help lift
the SPX.
SPY two-week support is 202.40. Last
week SPY pulled back -1.96% to
its weekly low on Thursday of 203.09 before buyers appeared.
SPY is almost $5 above last week’s support with today’s breakout. The multi-week trend continues to be up.
AA continued
higher for the second straight day.
BLK +6.62, +1.90%, DAL +0.45,
+0.94%, BAC +0.35, +2.54% on positive earnings reactions.
WFC -0.24, -0.49% on a
slightly negative earnings reaction.
Monday – AA
Tuesday – FAST, CSX
Wednesday – JPM
Thursday – BLK, DAL, BAC, WFC
Friday- C, RAI, RF, SCHW
The broad market one year trend is
sideways and the short-term trend is near resistance. Risk can be balanced with bear call spreads
above resistance, VXX short put
spreads below support, TLT positions
and bearish trades in stocks that are already below support in a down trend.
All according to your rules.
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.
______________________
Strong Stocks: Setups and Moves You Can Use
See Wednesday’s list
______________________
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 89.
44 of 100
NDX stocks closed higher and one was
unchanged on Thursday.
76
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 2
AAL, EXPE
Moving Below 30 DMA = 6
FISV, KHC, NTAP, SIRI,
SYMC, VIAB
6-month Intermediate
Term Market Trend: Neutral
3-day Short Term Market
Trend: Up
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