Friday, April 7, 2017

Indexes Pause on Friday Following Syrian Air-strikes and Missed Jobs Report...SPX 7 Points Lower for the Week...Gorsuch Confirmed...



Setups to Watch for Monday

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Technical Commentary

After a strong rally in the SPX last week ending March 31, the SPX was on pause falling 7 points for the week.  Various factors plagued the index this week. 

On Monday lower oil, a below forecast auto sales report and an ISM Mfg. report that just beat forecast and dropped from the Feb report.

Wednesday the FOMC minutes combined with the President’s comments on Syria and an EIA Petroleum report that showed crude oil inventories rose reversed a strong morning rally and the SPX closing 7 points lower and the VIX closed at 12.89 after being as low as 10.90.

Thursday an analyst sell recommendation on AMD.

Friday a below expectations Jobs Report combined with overnight news report on a Syrian missile strike kept the SPX in a narrow 13 point range closing down 2 points.  Neil Gorsuch confirmed as Supreme Court Justice.


Considering all the missed announcements this week, political developments and a rising VIX, the SPX was resilient with all selling being met with buying.  


The NDX price pattern was even more impressive forming an intra-day new high on Wednesday and another higher low bull flag on Friday.

The intermediate and long-term trends are still up.


DIA -0.03%, IWM -0.04%, QQQ -0.05%, SPY -0.10%,

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QQQ was slightly negative on Friday with weakness in AAPL, CHTR, AMZN, GOOG, FB, CSCO, BIIB and CMCSA contributing the largest NDX point declines.


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Up Trend: XLY, XLK, XLU, XLV, XLRE,
Sideways: XLB, XLF, XLI, XLP, XLE
Down Trend:

Breadth weakened as decliners led 1,562 to 1,397 on the NYSE and led 1,419 to 1,386 on the NASDAQ.

Friday – weakened, decliners led, +4 sectors
Thursday – strengthened, advancers led, +8
Wednesday – weakened, decliners led, +2
Tuesday – strengthened, advancers led on the NYSE, +6
Monday – weakened, decliners led, +2


SPY down .24 at 235.20 on 74.4 million shares, 9% below average volume,
VIX up .48 at 12.87
TLT down .49 at 120.71…on 9.5 million shares 29% above average volume

Oil futures were up .55 to close at 52.29 on Friday.


The SPY MFC green line is pointed down at 47, defensive with the SPY remaining above short-term support/resistance zone of 233.91 to 234.72.

6-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Neutral



SPX and NDX Highlights

SPX down 2 points at 2,355.

SPX gainers VMC, FMC, QRVO, FOSL, LUV, WMT, AMD, LLL, PRGO, MLM, RTN, HPE, WY, KORS, HCP, KR, LMT, EW, NUE, TSO, BBBY, MNK, SIG, TDG, PLD, HCN, CBOE, UAL, GD

 
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QQQ closes down .07 at 131.97.
   
NDX percentage gainers: INCY, SWKS, CTRP, MYL, VRTX, STX, TSLA, WDC, BMRN, MXIM, ILMN, ESRX, CELG and AMAT

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54 of 100 NDX stocks closed higher and three were unchanged on Friday.

49 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 2
MXIM, STX

Moving Below 30 DMA = 5
BIDU, CSX, DISH, NFLX, XRAY


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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: FB, MAR, AMZN, AAPL, CCL, VIAB, CC, NFLX, LVS, NXPI, MCD, MSFT, HUN, PCLN, SPY, XLY, CLX, UNH, MNST, RCL, JNJ, WYNN, DIS, CHK, SWN, AVGO, EA,

Bull Flag Bounces include: AMAT, ATVI, TSLA, KLAC, BABA, (5)

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One Day Pullback: STZ,

MACD Histogram Bullish Divergence: CF, EA, AVGO, MMM, IBM, AMBA,

Divergence Bounces include: PANW,

Horizontal Breakout Setups include: QQQ, ADBE, CBOE, KLAC, CTRP, MSFT, CERN, MOMO, DIA, XLE, PANW, LUV, BA, COST, LRCX, STX, TLT, LNG, EBAY, HOLX, NRG, MU, NUE, CSX, STI, UAL, IYR, XLU, AAL, HD, ATVI, ADP, X,

Horizontal Breakouts include: SWKS, WDC,

New Highs include: ADBE, CC, WIX, AAPL

At Support Setups include: AMD, FLEX, CTSH, ALK, V, DAL, HAS, MAT, NTES, ADI, ROST, NVDA, PAYX,

Support Bounce: SOXL, PYPL, EXPE,


Break of Support:


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Add Comments here

3 comments:

Michael Hayes said...

Thanks Dave
Hope it was short trip, didn't expect anything on blog
until late Sunday early Monday morning

Michael

Michael Hayes said...
This comment has been removed by the author.
Dave Johnson said...

Michael, you're welcome...