IWM Makes New All-time Closing High...Happy Mothers Day...

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Wishing all mothers a Happy Mother’s Day this weekend!

Although breadth weakened on Friday, DIA, SPY and IWM closed higher.  SPY closed above it April 18 high for the second straight day, while DIA closed above its April 17 high for the first time.

IWM made a new all-time closing high at 159.84, 25 cents above its previous closing high of 159.59 on Jan 23.

VIX 12.65, made its first close below 13 since Jan 26.  New high in IWM and lower VIX are just two of the bullish indications that the broad market may be resuming its long-term and intermediate term trend in the near future.

The DJIA, closed up 91 points at 24,831, led by strength in UNH, HD, JNJ, MRK, VZ and CVX.

Five sectors were higher on Friday, led by healthcare XLV +1.49% and utilities XLU +0.21%.

SPY up .83 at 272.85 on 59.8 million shares, 33% below average volume. Up on lower volume.

VIX down .58 at 12.65

Oil down .89 to 70.51

TLT up .30 at 119.23 on 4.2 million shares.

VZ +3.01%, MRK +2.81%, led the DJIA, 19 advancers.

TRIP +22.80%, FOSL +9.06% and GCI +5.63%, led the SPX.

REGN +6.24%, VRTX +3.28%, ALGN +3.15%, and BIIB +3.06%, led the NDX.

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

Up: DIA, SPY, IWM

Down: QQQ,

Breadth weakened on Friday, as advancers led 1,599 to 1,270 on the NYSE and led 1,646 to 1,250 on the NASDAQ.

The SPY MFC green line is pointed up and is at 86, bullish. 

Uptrend sectors:  XLE, XLK, XLRE, XLU

Neutral sectors: XLF, XLY, XLV, XLI, XLB,

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

52 of 100 NDX stocks closed higher on Friday.

69 NDX stocks are above their 30 DMA. 

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 3

AMGN, ESRX, KHC,

Moving Below 30 DMA = 3

CHKP, CTRP, SYMC,

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend is sideways.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

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