Sector Trend Strength:
Up Trend: XLF, XLI, XLB, XLY, XLE, XLK
Sideways: XLV, XLRE, XLP
Down Trend: XLU
Breadth strengthened as advancers led 1,712
to 1,333 on the NYSE and led 1,693 to 1,109 on the
NASDAQ.
Thursday
– strengthened, advancers led, +8
Wednesday – weakened, decliners led, +0
Tuesday –
strengthened, advancers led, +8
Monday – weakened, decliners led, +5
Friday – weakened, advancers led on NASDAQ, +9
SPY up .93 at 226.81 on 121.7
million shares, 27% above average volume
VIX down
.40 at 12.79
TLT up .59 at 117.41…on
12.3 million shares, 5% above average volume
Technical Commentary:
IWM +0.75%, SPY +0.41%, DIA +0.26%, QQQ +0.16%,
After
Wednesday’s post FOMC announcement pull back, the financial sector and airline stocks
were among Thursday’s leaders in the broad market bounce.
Look for entry opportunities in the direction of the trend according to
your rules.
As we wrote in Wednesday’s post…”Wednesday’s
pullback which is price fluctuation and is more likely a buying opportunity than a reversal.
As always follow your rules.”
SPX up 8 points at
2,262
SPX Leaders UHS, XLNX, LLY, ILMN, MDLZ, ALK, QRVO, KR, GCI, PRU, ZTS,
AMAT, ALXN, SWKS, SYF, SRCL, ADSK, LUV, NAVI, UAL, CERN, NVDA, RIG, KMX, CFG,
NTAP, BAC, UNM, CLX, PH, KLAC, ZION, URI, CNC
QQQ
is tested its horizontal resistance breakout on
Tuesday and closed above resistance.
NDX point gainers: AAPL, MDLZ, KHC,
AMGN, NVDA, INTC, AMAT and CELG
Follow
your rules and look for potential re-entry if you were stopped out of any
profitable trades.
Continue
to move up stops on short term bullish trades that could pull back. All according to your profit protection rules.
If you moved stops you may have been stopped out today.
Remember
breakouts typically test about 70% of the time.
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
Bull Flag Setups include: X, STLD, NUE, SCHN, ATI, MGM, CC, CE, CFG, CMA,
ETFC, HBAN, HIG, ICE, KEY, MS, RF, ZION, PWR, BA, GD, APA, BHI, CHK, HAL, BBY,
FTI, AAP, AAL, ADI, ADSK, BBBY, CHKP, CSX, DISCA, EBAY, FAST, MU, PCAR, PCLN,
IWM, FDX, HES, TRV, SPY, ADBE, COST, MSFT, QCOM, SBUX, STX, WBA, UTX, MMM, UPS,
LNG,
One Day Pullback: MCD,
Bull Flag Bounces include: BAC, C, GS, SCHW, USB, ALK,
DAL, LUV, SAVE, SKYW, UAL, CCL, BURL, AMAT, AVGO, LRCX, NCLH, NFLX, TMUS, WDC,
DISH,
AKS, STI,
Horizontal Breakout Setups include: QQQ, DIA, ADP, INTC, EA,
TSLA, FB, FISV, GILD,
Horizontal Breakouts include: NVDA, CTXS, NTAP,
New Highs include: XLNX, AAPL, CHTR, MAR, SQ, JPM, PAYX, RCL
______________________
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 at
94, bullish.
62 of 100
NDX stocks closed higher on Thursday.
73
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 5
CELG, HSIC, MNST, MXIM, SWKS,
Moving Below 30 DMA = 5
AMZN, BIDU, JD, PCLN, YHOO
6-month Intermediate Term
Market Trend: Up
3-day Short Term Market
Trend: Neutral
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