Reversal Day as Broad Rally Lifts IWM, SPY, DIA, QQQ , Energy Leads as All Sectors Rally...

 
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SPX opened higher and pulled back for the first two hours near Thursday’s low, then reversed and rallied to a higher close.  Non-farm payrolls were stronger than expected and the Senate moved closed to passing a $1.9 trillion stimulus bill.  Big tech stocks GOOGL, FB, MSFT, AAPL and AMZN rallied, volatility fell and TNX rose.
 
Friday’s reversal day seems to reenforce Thursday’s technical characteristics of a capitulation bottom.    
 
NDX +204.51 +1.64%, formed a long-tail white hammer.
SPX +73.47, +1.95%, closed at 3,841, a reversal day closing above Thursday’s close.
 
TSLA -3.78%, a three-month closing low.
 
All eleven sectors were higher on Friday, led XLE, XLI and XLC. 
 
Energy leaders: NOV, APA, DVN, HAL
Industrials leaders: KSU, GWW, TDY, IR
Communication Services leaders: FOXA, TMUS, NWSA, IPG
 
SPY up 6.93 at 383.63 on 152.0 million shares, above average volume, up on lower volume.
VIX down 3.91 at 24.66
 
CVX, INTC, UNH, CSCO led the DJIA, 28 advancers, +25
NOV, APA, DVN, HAL led the SPX, 464 advancers.
NXPI, WDC, FOXA, MU led the NDX, 86 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, SPY, DIA, QQQ,
Down:
 
Advancers strengthened on Friday as advancers led 2,546 to 725 on the NYSE and led 2,805 to 1,310 on the NASDAQ.
 
The SPY MFC green line turned up to 59.0 and is bullish.  Price action is a reversal day in a bull flag setup.
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Uptrend sectors:  XLF, XLE, XLI, XLC, XLB, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU, XLP,
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is down a little.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down a little
 
86 of 100 NDX stocks closed higher on Friday.
 
24 NDX stocks are above their 30 DMA:   GOOGL, WDC, CDW, CMCSA, KHC, MAR, TCOM, BKNG, FOXA, FISV, ADP, SBUX, ORLY, AMAT, CHTR, CSCO, CSX, CTAS, INTC, MDLZ, MU, NXPI, PAYX, TMUS,
 
 
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 11
AMAT, CHTR, CSCO, CSX, CTAS, INTC, MDLZ, MU, NXPI, PAYX, TMUS,
 
Moving Below 30 DMA = 0
 
 
 
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