QQQ, IWM, SPY, DIA Form Neutral Spinning Top at Resistance Ahead of Friday's Job Report...

Four of nine sectors moved higher and XLK was unchanged on Thursday …XLY, XLI and XLB were the strongest sectors while XLU was the weakest sector.  Oil futures fell 2.70 to close at 45.19.

Breadth weakened as advancers led 1,614 to 1,372 on the NYSE and led 1,526 to 1,133 on the NASDAQ.

Thursday – weakened, advancers led, +4

Wednesday – strengthened, advancers led, +9

Tuesday – weakened, decliners led, +2

Monday – Independence Day Holiday

Friday – weakened, advancers led, +7

SPY down .13 at 209.53 on 85.5 million shares, 15% below average volume

VIX down .20 at 14.76

TLT down .01 at 142.55…on 9.6 million shares, 11% above average volume

Technical Commentary:

QQQ +0.30%, IWM +0.21%, SPY -0.06%, DIA -0.11%,

QQQ, IWM, SPY and DIA formed a neutral spinning top candle at resistance ahead of Friday’s Job report.  Last month the Jobs Report of 38,000 missed forecast of 158,000.  Tomorrow’s Jobs report for June is forecast at 180,000 new jobs.

Semiconductor stocks gained on strength in MU, SWKS, LLTC, AMAT, TXN, ADI and INTC.

QQQ led broad market ETFs on Thursday with point gains in COST, CMCSA, INTC, QCOM, TXN, NVDA, VIAB and WDC which accounted for 9.2 points of the 14.88 point gain in the NDX.

SPX was led by percentage gains in COST, WDC, VIAB, MU, AN, AAL, QRVO, SWKS, DLPH, NAVI, SYF, BWA, SCHW, HOLX and CFG.

FSLR -4.79, -9.75% was the largest decliner on the SPX after a downgrade at DB.

HUM -17.24, 9.58% and AET -4.77, -3.97% after article suggest the DOJ has significant concerns over merger.

Earnings season unofficially starts Monday, July 11, when AA reports after the close.

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:  NFX, NTES, NFLX, SBUX, MDLZ, MPC, CHD, HOG, BXP, RIG, SE, AWK, AMT, AES, CTRP, EQT, EQR, NRG, DLR, FRT, CNP, AIV, CMS, NEE, IRM, NI, O, VTR, PNW, SPG, KIM, MAC, CCI, EIX, WEC, HCN, UDR, FISV, MUR,

Bull Flag Bounces include:  CMCSA, TXN,

Divergence Bounces include: NTAP, SWKS, SWN, NOV, DD, DOW, CCL, FCX, QCOM, JD,

Horizontal Breakout Setups include: ROST, OKE, NUE, KMX, X, MSFT, TMUS, CVX, ESRX, DVN, AKAM, AMAT, BIDU, EXPE, TRIP, COG, SCHN, EW,

Horizontal Breakout include:  INTC, CERN, NKE, CHTR, FB, GPS, AMZN, EA, INCY, CELG, GGP,

New Highs include: INTU, ADP, BCR, MLM, DHI, ULTA, NEM, SYK, JNJ, XOM, DG, CINF, KHC, ORLY, PAYX, MNST, ATVI, UNH, DLTR

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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 in the upper zone at 84, bullish.

68 of 100 NDX stocks closed higher and one was unchanged on Thursday.

56 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 9

BMRN, EXPE, LMCA, LVNTA, PCLN, REGN, TXN, VIAB, WDC

Moving Below 30 DMA = 1

WBA,

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Neutral