IWM Leads as SPX Bull Flag Bounce Continues...Jobs Report Friday Before the Open...

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SPX +32.77, +0.90%, gapped higher, traded in a range and gained more than Wednesday’s pullback making its highest close this week.  Today’s action was a bull flag bounce continuation. 

Thursday’s Weekly Jobless Claims was 3,169 million above estimate of 3.041 million.  The April Employment Situation jobs report will be out Friday before the open.

SPY up 3.43 at 287.68 on 74.8 million shares, below average volume, Up on higher volume.

VIX down 2.68 at 31.44

BA, DIS, AXP led the DJIA, 16 advancers, +10

FTNT, LNC, AMP, IRM led the SPX, 385 advancers

PYPL, TMUS, MAR, WDAY led the NDX, 77 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, QQQ, SPY, DIA,

Down:

Breadth strengthened on Thursday as advancers led 2,146 to 770 on the NYSE and led 2,295 to 956 on the NASDAQ

The SPX MFC green line is pointed down at 85 and is counter-trend defensive.  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

77 of 100 NDX stocks closed higher on Thursday.

84 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,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 4

BIIB, BKNG, FOXA, TMUS,  

Moving Below 30 DMA = 1

CERN,   

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