SPX, NDX Pause for Second Straight Day...ADBE Gaps Higher on EPS...AMD, RJF and ARE to Join SPX Monday March 20...

Technical Commentary

The SPX, NDX and DJIA paused for a second day on Friday after Wednesday’s post-FOMC announcement rise.  Friday’s SPX price action stayed above Wednesday’s S1 area.  The RUT rose on Friday.

ADBE +4.66, +3.81% gained on Friday on a positive EPS reaction.

The intermediate and long-term trends are still up.

S&P Dow Jones announced on Mar 10 that AMD, RJF and ARE will replace URBN, FTR and FSLR in the S&P 500 before the open on Monday March 20.  The change is occurring because S&P has raised the market cap guide for inclusion in the SPX to $6.1 billion from $5.3 billion.

IWM +0.40%, DIA -0.08%, SPY -0.17%, QQQ -0.24%,

                  (click image to enlarge)

QQQ = Test of Wednesday’s HBO

SPY = Two day pause at resistance

IWM = Rallied for the third straight day to mid-channel of sideway trading range

DIA = Bull Flag bounce on day 10

Up Trend: XLF, XLI, XLY, XLK, XLP, XLU, XLV

Sideways: XLB, XLRE

Down Trend: XLE

Breadth strengthened as advancers led 1,802 to 1,215 on the NYSE and led 1,673 to 1,167 on the NASDAQ.

Friday – strengthened, advancers led, +6

Thursday – weakened, advancers led, +3

Wednesday – strengthened, advancers led, +9 sectors

Tuesday – weakened, decliners led, +0

Monday – steady, advancers led, +8

SPY down .41 at 237.03 on 89.0 million shares, 17% above average volume, after a 1.033118 dividend on Friday, March 17

VIX up .07 at 11.28

TLT up .74 at 118.64…on 6.5 million shares 17% below average volume

Oil futures were up .49 to close at 49.26 on Friday.

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

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

SPX and NDX Highlights

SPX down 3 points at 2,378.

SPX  gainers CTAS, ADBE, WYNN, BBY, SPLS, TIF, IFF, LB, NAVI, NVDA, RTN, ALB, PKI, ZBH, VAR, EVAY, SBUX, DRI, NOC, YPL, EW, LMT, IRM, AES, GS, O, BDX, FMC, FRT, AEE, AZO, TDG, FAST, CTL, BHI

                  (click image to enlarge)

QQQ closes down .32 at 131.69.

   

NDX percentage leaders: ADBE, MSFT, SBUX, NVDA, GOOG, TMUS, PYPL, BAY, GOOGL, GILD, INTC, CHTR, NTES and CTAS

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

79 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 6

CHTR, EBAY, GILD, MAT, NVDA, ROST,

Moving Below 30 DMA = 4

AMGN, BMRN, CMCSA, MYL

Earnings

Next week:

Monday –

Tuesday – GIS, LEN, FDX, NKE

Wednesday – CTAS,

Thursday – ACN, PVH, CAG, MU

Friday –

2016 Q4 EPS (since Mar 7)

EPS Positive Reactions

TIF, ADBE, ORCL, ULTA, SIG, HRB

EPS Negative Reactions

URBN,

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