Breadth Strengthens with SPX in Seven-week Up Trend...

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SPX +48.61, +1.69%, gapped higher, and traded up to close at its highest weekly close in nine weeks. 

• Friday’s price action was a bull flag bounce continuation.
• SPX is a horizontal resistance breakout setup.
• Highest weekly close in the current seven-week uptrend. 
• April Employment Situation was 20.5 million jobs lost vs. consensus of 21.5 million and the unemployment rate of 14.7% beat 16.4% consensus.

All eleven sectors were higher on Friday, led by XLE, XLI and XLB

SPY up 4.76 at 292.44 on 76.6 million shares, below average volume, Up on higher volume.

VIX down 3.46 at 27.98

DOW, CAT, XOM led the DJIA, 30 advancers, +14

NWSA, NBL, CARR GCI led the SPX, 449 advancers

UAL, LRCX EXC AAL led the NDX, 81 advancers

The two-year trend term is up.  The one-year trend is sideways.

A new uptrend has emerged following a higher low W pattern reversal. The trend is forming a bull flag setup and the 3-day short term trend is up.

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth strengthened on Friday as advancers led 2,479 to 488 on the NYSE and led 2,492 to 791 on the NASDAQ

The SPX MFC green line turned up at 87 and is short-term bullish.  Price action is a continuation in a bull flag bounce.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

The 6-month intermediate trend is down a little.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

81 of 100 NDX stocks closed higher on Friday.

91 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, INCY, AMGN, ATVI, CHKP, CSCO, EA, ILMN, INTC, KHC, VRSN, ANSS, AVGO, CHTR, COST, CSX, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, PCAR, PEP, SNPS, SWKS, TXN, ADI, FB, QCOM, SBUX, AAPL, ADP, ADSK, CDW, CTSH, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, ROST, SPLK, ULTA, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, PAYX, MAR, CTAS, EXPE, FISV, NXPI, CPRT, SIRI, TCOM, CTXS, AMD, ZM, AMAT, JD, MU, NTAP, NTES, XLNX, BIIB, BKNG, FOXA, TMUS, BIDU, CERN, CMCSA, DLTR, EXC, LRCX, WDC,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 7

BIDU, CERN, CMCSA, DLTR, EXC, LRCX, WDC,

Moving Below 30 DMA = 0

  

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