Friday, June 23, 2017

IWM Leads QQQ, SPY… SPY, DIA in Bull Flag Price Pattern…Horizontal Breakout Setups Present…



SPY and DIA in a bull flag pattern
QQQ broke out of the horizontal resistance of a short-term reversal pattern
IWM bounced and was a second chance bull flag bounce entry.

Six sectors were positive, led by energy XLE and technology XLK.

SPY up .29 at 243.13 on 66.9 million shares, 5% below average
VIX down -.46 to 10.02.
Oil up .39 to 43.17
TLT down -.06 at 127.78…on 4.3 million shares, 40% below average.

V +1.73% and BA +1.40% lead the DJIA.
EQT +8.00%, AA +4.33% and SWN +4.32% led the SPX.
JD +3.92%, WDC +3.42%, TRIP +3.41% and LBTYA +3.27% led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is neutral.

Up: IWM, QQQ, SPY, DIA
Down:

Uptrend sectorsXLV, XLF, XLI, XLU, XLRE, XLB, XLY, XLP, XLK,

Breadth strengthened as advancers led 1,974 to 921 on the NYSE and led 1,840 to 977 on the NASDAQ.

The SPY MFC green line is pointed down in upper zone at 86, bullish.


Look for a potential bounce in: SPY, DIA, XLY, C, MMM, LRCX, DDD, TAL, CC, BBY, KLAC, MAR, WB, EA,

One Day Pullback: MCD,

Bounces included: IWM, AMAT, MCHP,

Break of short-term support: COST, BBRY, WMT

Potential Breakouts include: TSLA, FB, ADSK, CSX, ATVI, SWKS, AMZN, NVDA, PYPL, BABA, SQ, RCL, RACE, MOMO, SHOP, KWEB, BIDU, AVGO, AAPL, XLNX, GOOGL, V, AMD,

Breakouts: QQQ, NFLX, MNST, ADBE, HUN, WDC, ANET, GOOGL, JD, AABA, MCD,

New Highs: EXPE, ADBE, WDC, WYN, MCD, TLT, ANET,


64 of 100 NDX stocks closed higher and two were unchanged on Friday.

58 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 3
ADSK, CSCO, JBHT

Moving Below 30 DMA = 2
CHTR, EA


The intermediate and long-term trends are still up.

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


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