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
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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3 comments:
Thanks Dave
Hope it was short trip, didn't expect anything on blog
until late Sunday early Monday morning
Michael
Michael, you're welcome...
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