Choppy Market as SPY moves back and forth within a range. Long term trend up is intact and recently moving sideways in larger volatility.

Weekly Chart: SPY, QQQ and DIA closing and bouncing above  30 weeks simple moving average. IWM closing lower and below 30w sma.
Support trendlines were violated and recovered to finish above support, with the exception of IWM. 

SPY range day on Friday showing indecision and finding support at 290 and resistance at 293 zones.
SPY found support at 281 zone on Monday and Wednesday. If broken it will reinforce the bearish case.

VIX :   17.97 +6.27%                            

/CL : 54.27 2.55%                            

TLT :  140.05 -0.20%                            

                             

SPY Market Forecast 35.32 Short-term Defensive and pointing up and in the neutral zone                   

  6-months Up                           

  10-days Down                           

  3-days Up                           

                             

Indices                              

Up                              

Down       DIA:     263.18 -0.36%  ;    SPY:     291.62 -0.68% ;     QQQ :     186.49 -0.94% ;     IWM:     150.62 -1.26%                 

                             

Nasdaq Above 30MA  31                           

AMGN, MYL, AMD, SYMC, MELI, XEL, VRSK, SBUX, VRTX, INTU, FISV, CELG, CTAS, MDLZ, WLTW, JBHT, SIRI, MSFT, KLAC, BKNG, GOOG, GOOGL, ROST, ADP, NXPI, WDC, HAS, TTWO, EBAY, ATVI, TXN

                             

                             

Stocks to watch on  Monday                           

Nasdaq100  xsing above30      1                          

MYL                              

                             

Nasdaq100  xsing below30   9                          

COST, BIIB, AMAT, REGN, ULTA, ASML, LULU, LRCX, EA                      

                             

NDX Leaders      

AMGN +5.95% NTES +2.05% MYL +2.04% 

DJIA Leaders      

MCD +1.44% MRK +0.93% AXP +0.70% 

SPX Leaders      

AMGN +5.95% MCD +1.44% ABT +1.24% FOX +1.06%

                             

Sectors   2 sectors closed higher led by      XLV         91.4   +0.12%     and  XLU      60.87 +0.12%                     Lower:  9

                  

  XLRE / XLP / XLU closing above 30d. SMA      - 8 Sectors below.                      

Uptrend     XLK, XLY, XLRE, XLP                         

Neutral     XLU, XLB, XLV, XLF, XLI, XLC                       

Downtrend     XLE                            

                             

Breath:         Weakened as decliners led    NYSE:     980       1923    and  decliners led   Nasdaq:     1011    2103                  

                             

MACD Crossover: AMD, SYMC, CSX, CHKP, BKNG, ULTA