SPY New High Close at Horizontal Resistance...

Eight of nine sectors moved higher on Friday…XLF, XLK and XLY were the strongest sectors while XLB was the weakest sector.  Oil futures rose .16 to close at 49.56.

For the week ended May 27, XLK +3.21%, XLF +2.59%,

led SPY +2.31% 

Lagging sectors XLV +2.14%, XLY +2.08%, XLB +1.94%, XLI +1.64%,XLP +1.61%, XLE +1.47%, XLU +1.12%,

YTD 102

Leading Sectors: XLU +12.82%, XLE +11.29%, XLB +8.66%, XLI +5.51%, XLP +4.97%,

SPY +3.12%,

Lagging Sectors: XLK +2.97%, XLY +1.48%, XLF -0.08%, XLV –1.18%, 

Breadth strengthened as advancers led 2,044 to 990 on the NYSE and led 1,751 to 824 on the NASDAQ.

Friday – strengthened, advancers led

Thursday - weakened, advancers led on NYSE

Wednesday – weakened, advancers led

Tuesday – strengthened, advancers led

Monday – weakened, advancers led on NASDAQ

SPY up .90 at 210.24 on 64.2 million shares, 20% below average volume

VIX down .31 at 13.12

TLT down .19 at 129.85…on 5.2 million shares, 23% below average volume

Technical Commentary:

IWM +1.00%, QQQ +0.52%, SPY +0.43%, DIA +0.24%,

SPY closed at 210.24 a new high close (dividend adjusted) by 14 cents and just 68 cents below its all-time intraday high of 210.92.  SPY closed just one cent off its high of the day even though Friday preceded the three-day Memorial Day weekend.

SPY closed at a new high even though not one of it nine sectors XLB, XLE, XLF, XLI, XLK, XLP, XLU, XLV and XLY closed at a new high.  This suggests that SPY could be headed higher as individual sectors gain strength and move higher.

Ninety four NDX stocks rose for the week led by DLTR, MU, WDC, VIAB, ULTA and NFLX.

Earning’s Announcements:

Positive Reactions:  ULTA, VEEV

Negative Reactions: PANW, GME

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:  SWN, RRC, MLM, WYNN, ISRG, KHC, TSN, SYY, GD, SWKS, WMB, CTXS, ZION, STI, JPM, BAC, C, CERN, CHKP, NXPI, XLNX, VMW, XLB, CE, ORCL, NUE, STLD, XEC, MS,

Bull Flag Bounces include:  GLPI, REGN, ADSK, BMRN, MSFT,

Horizontal Breakout Setups include: OKE, FCX, EQT, NRG, MUR, MAT, FISV, FTNT, WM, ADSK, BMRN, MSFT, DIA, XLI, XLF, FAS, PCAR, SCHN, TSCO, UTX, FLIR, ADP, LUK, JEC, CLR, JNJ, ATVI, EA, BSX, YELP, AMZN, FMC, WWAV, ADI, RSPP, WRK, CRZO, CMCSA, MXIM, AVGO, MU, AXP

Horizontal Breakout include: CNP, TXN,

New Highs include: NVDA, AMAT, ULTA, DLTR, EQIX, ALB, CNP, TXN, 

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Short-term Movers:

SPX gainers:  HPE, HPQ, SWN, ULTA, CHK, DG, ADM, CNC, WYNN, MON, XRX, SPLS, LM, LB, PDCO, AAP, IVZ, PVH, EQIX, NAVI, RIG, TDC, LKQ, FLR, EQT, MCO, GLW, DNB, ABBV, FLS, BEN, WRK, HST, AN, DVN, ROK, URI, CMI, RHT, M, ABT, APC, HES, MCPH, PHM, MUR, AMG, WFC, SYF, ETFC, ADS, PH, IP, COF, HAL, BS, SCHW, CMA, NUE, 4

SPX losers:  SIG, ROP, NEM, MPC, 4

NDX gainers:  DLTR, MU, WDC, VIAB, ULTA, NFLX, INCY, BIDU, LRCX, AMAT, BIIB, VRTX, STX, XLNX, CTRP, ADS, ALXN, AAPL, NTES, DISH, DISCA, CELG, ATVI, AKAM, INTU, INTC, NTAP, COST, AVGO, PAYX, AMGN, BBBY, TRIP, TXN, NXPI, PCAR, MAT, LMCA, GILD, MYL, YHOO, LLTC, GOOGL, EA, NVDA, ORLY, JD, CSCO MXIM, ADBE, ADI, MSFT, MDLZ, BMRN, TSCO, VOD, ADP, EBAY, SWKS, 3

NDX losers:  CHTR, 3

YTD:

SPX Leaders:  SWN, NEM, OKE, RRC, FCX, MLM, EQT, WYNN, NRG, MUR (326, +27 > 10p 171, +49)

SPX Losers:  HRB, PRGO, MPC, CF, LB, ABC, GPS, TSO, AGN, FSLR

NDX Leaders:  NVDA, AMAT, ULTA, CHTR, PCAR, MAT, ISRG, KHC, DLTR, FISV (49, +11)

NDX Losers:  ENDP, LMCA, STX, VRTX, REGN, AAL, WDC, ILMN, JD, ALXN

DJI Leaders:  XOM, WMT, UNH, CVX, MMM, IBM, JNJ, VZ, PFE, MRK (20, +3)

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

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 pointed up at 68, bullish.

84 of 100 NDX stocks closed higher and one was unchanged on Friday.

74 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 10

ADP, ADSK, AMGN, BIDU, CTRP, EBAY, MYL, ORLY, STX, YHOO

Moving Below 30 DMA = 1                                                                        

CHKP

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Up