QQQ Makes New All-time Closing High as Real Estate, Health Care Rise and Financials and Semiconductors Pause...

Sector Trend Strength:

Up Trend: XLF, XLI, XLB, XLY, XLE, XLK, XLP, XLRE

Sideways: XLV, XLU

Down Trend:

Breadth weakened as decliners led 1,661 to 1,345 on the NYSE and led 1,673 to 1,142 on the NASDAQ.

Thursday – weakened, decliners led, +5

Wednesday – strengthened, advancers led, +8 sectors

Tuesday – strengthened, advancers led, +9

Monday – New Year’s Holiday Observance

Friday – weakened, decliners led, +2

Oil futures were up .41 to close at 53.76 on Thursday.  

SPY down .18 at 226.40 on 78.3 million shares, 5% below average volume,

VIX down .18 at 11.67

TLT up 1.88 at 121.98…on 13.2 million shares, 31% above average volume

Technical Commentary:

QQQ +0.57%, SPY -0.08%, DIA -0.20%, IWM -1.15%,

SPY, IWM and XLF all pulled back on Thursday after making a new all-time closing high on Wednesday.

QQQ, SPY, IWM and DIA are each a horizontal resistance breakout setup.

SPX down 1 at 2,269

SPX  gainers ALXN, MAT, NEM, HAS, YHOO, DVN, AMZN, O DLR, CMG, VRTX, CHK, AGN, VIAB, HCP, HCN, CI, CVS, ETFC, COST, RRC, NRG, NFLX, AKAM, SYM, ADBE, CCL, BMY, FB, FTR, SWK, CHTR, ATVI, HUM, NI, EQR, EXR, AA

QQQ made a new all-time closing high at 120.87.

  

NDX point leaders: AMZN, FB, AAPL, ALXN, GOOG, BIDU, COST, YHOO, CHTR, NFLX, ADBE, NTES and PCLN

Earnings Reports

STZ -11.24, -7.11% on a negative earnings reaction.

2016 Q4 EPS

EPS Positive Reactions

MU, CAG, NKE, KMX, CCL, JBL

EPS Negative Reactions

STZ, RHT, BBBY, FINL, AGN, FDX, GIS, ADBE

Trade with the trend of the chart you are trading and continue to move your profit protection stops.  Continue to follow your rules.

Follow your rules and look for potential re-entry if you were stopped out of any profitable trades.

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.

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: MU, NVDA, XLNX, AVGO, MAR, LRCX, CTXS, INTC, TXN, KLAC, PAYX, SOXL, ALK, UAL,

One Day Pullback: ADP,

Bull Flag Bounces include: COST, CMCSA, CHTR, AAPL, CHKP,

At Support Setups include: 

Support Bounce: 

Horizontal Breakout Setups include: QQQ, SPY, DIA, IWM, FAS, ATVI, COST, CHKP, X, AKS, NCLH, GM, F, FISV, MGM, STI, JPM, C, GS, ADP,

Horizontal Breakouts include: NTES, NFLX, CHTR, STLD, TLT, LNG,

New Highs include: QQQ, NFLX, TSLA,

Break of Support: 

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The SPY MFC green line is in the upper zone at 83 bullish. 

 

80 of 100 NDX stocks closed higher on Thursday.

72 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 9

AMZN, CTRP, HAS, INCY, JD, MAT, NTES, SYMC, VRTX

Moving Below 30 DMA = 8

AMAT, AVGO, DISCA, EA, MAR, TSCO, TXN, XRAY

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up