© 2018
Futures rose overnight and fell from the open on
Friday after indications from Russia about possibly not selling titanium to BA
if sanctions were imposed. The SPX closed down 7.69 points. QQQ, IWM, SPY and DIA all closed higher for the week.
Initial
positive EPS reaction on JPM and C turned negative after the SPX pulled back on Friday. A look at the charts indicates that it is
common for JPM and C to have price fluctuation in the
opposite direction following an EPS reaction.
In the past pullbacks following an initial positive reaction have little
impact on the intermediate term trend.
Earning season continue on Monday.
The DJIA, closed down 122 points at 24,360, led by weakness in BA, GS, JPM, IBM, TRV, and
MMM. (125 points)
Four sectors were higher on Friday, led by energy XLE +1.10% and
industrials XLU +0.79%.
SPY down .78 at 265.15 on 85.0 million shares, 22% below average
volume. Down on higher volume.
VIX down 1.08 at 17.41
Oil up .23 to 67.39
TLT up .28 at 120.90 on 4.9 million shares.
GE +2.35%, KO
+1.09%, led the DJIA, 12 advancers.
ALK +6.11%, FFIV
+4.52% and
CXO +3.21%, led the SPX.
AVGO +3.14%, TSLA +2.13%, ULTA +1.41%, and STX +1.24%, led the NDX.
Intermediate
and long term up trend intact. 3-day short term trend is up.
Up:
Down:
SPY, DIA, QQQ, IWM,
Breadth weakened on Friday, as decliners led 1,609 to 1,265 on the NYSE and led 1,725 to
1,160 on the
NASDAQ.
The SPY MFC green
line is pointed
up and is at 38, bullish.
Uptrend
sectors: XLRE,
XLU,
Neutral
sectors: XLY, XLF, XLV, XLI, XLB, XLE,
XLK
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 considering entry… ADBE, IBKR, ETFC, EL, TPR, WIX,
NDAQ, WYNN, MU, VRSN, ANET, AKAM, COP, CRM, HRS, KORS, NTAP,
SQ, CMA,
CME, RNG, AA, WUBA, FCAU, MA, V, ALGN, TAL,
BA, DLTR,
NVDA, MAR, ISRG, WB, RACE, SHOP,
22 of 100 NDX stocks closed
higher on Friday.
29
NDX stocks are above their 30
DMA. WYNN, SHPG,
ADBE, HSIC, SBUX, VRSK, DLTR, ULTA, VOD, ADP, ASML, CTXS, INTC, PCAR, STX, SYMC,
AAPL, ADI, ALGN, BMRN, CELG, CHKP, COST, ILMN, MSFT, NFLX, AVGO, FOXA, HAS,
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 3
AVGO, FOXA, HAS,
Moving Below 30 DMA = 8
ADSK, CSCO, CSX, CTAS, INTU,
MYL, ROST, TMUS,
The
intermediate and long-term trends are still up. The three-month trend is sideways. The ten-day trend is sideways.
6-month Intermediate Term
Market Trend: Up
3-day Short Term Market Trend: Up
