SPX Rises to 1,007 Again...

DJIA + 70.89, +0.76% SP500 + 10.91, +1.09% NASDAQ Comp. + 19.98, +1.01% Russell 2000 + 7.03, +1.25% Exchange NYSE NASD Advancing 2,233 1,766 Declining 814 927 Oil $72.54 +$0.12 Gold $940.30 -$3.00 SOX 296.41 +2.99 VIX 25.09 -1.17 The VIX moved down and did confirm the move up in the SPX on Thursday. The SOX confirmed the move up in the Nasdaq. Strongest Sectors: XLF +2.59%...XLI +1.23%...XLK +1.12% Weakest Sectors: XLB +0.20%...XLP +0.49%...XLV +0.71% All nine sectors moved higher on Thursday. Financials, Industrials and Technology were stronger than the SPX +1.09%. Financial stocks stronger than XLF +2.59%: C, ICE, STT, ZION, SPG, ;PNC, PRU, IVZ, WFC, MET and ETFs UYG and FAS. Tech stocks stronger than XLK +1.12%: GOOG, CSCO, QCOM, MA, AMT, EBAY, AMAT and ADBE. Sector Watch Up Trending: XLK, XLB, XLY Horizontal Breakout: XLV Sideways: XLE, XLF, XLP, XLI, XLU Down Trending: SPX Key resistance levels: 1,007 = Nov horizontal resistance 1,025 = 950 Chart target 1,044 = October horizontal Key support levels: 992 - 996 = recent support low 980 = last broken resistance now support 962 = July 23 S1, 30 DMA, 38.2% Fib extension 944 – 956 = old January/June/July resistance The SPX again rose and closed at 1,007.32, after touching 1,008.92. This is the November and early August resistance level from which prices fell in the futures market early Monday morning. Thursday’s rally again occurred on lighter volume typical for the end of August. DJIA volume was an average 151 million shares. Many stocks continued their bull flag support bounces and moved towards T1 and a Breakout Setup. Guidance: The intermediate term trend is still up. What we don’t know at this time is whether sellers that have been at the 1,007 to 1,018 resistance level are still here or whether institutions are willing to now buy aggressively at this level move the SPX to the 1,025 target. At 1,007 you must be prepared for a breakout or bounce down. Flag Setups and Bounces in Progress: JCI, FLS, WYNN, JOYG, GRMN, WHR, AGCO, AGU, X, FWLT, SPG, BDK, DE, CAT, DD, DOW, CERN, MA. Breakout Setup: AXP, BAC, FLS, JCG, JEC, HOLX, STT, WHR, WLT, ZION Key stocks BA, CSCO, GE, JPM and UTX were strong on Thursday. AAPL +1.73 QCOM +1.37 GOOG +16.44 BIDU +8.47 NDX 100 stocks stronger than the NDX included PDCO, XRAY, ROST, JNPR, GOOG, EXPE, ESRX, STLD, QCOM, GENZ, RIMM, BRCM, BIDU, HSIC, HANS, MICC, AMZN, EBAY and ISRG. Stocks to Watch on Thursday Leading Stocks Holding Above 30 DMA PWRD, CPLA, ACN, PSYS, MHS, AMED, AMX, BYI, CTSH, AAPL, PETS, USD, FUQI, JOSB, BAP, CAM, DLB, EBAY, FAS, NIHD, PCLN, SNHY, TDG, UYG, WRC, ESI, MOS, WCG, SNA, X, CBST, WAB, BLUD, CLB, JOYG, PCP, URE, WMT, EZPW, RBN, AFAM, CHL, FLS, VAR, BKC, DV, GR, CLB, HANS, JEC, HLF, BIIB, VPRT, ATW, GES, HDB, ORCL, STRA, MON, APEI, MUR, NFLX Moving Above 30 DMA = 9 BIDU, DECK, ESRX, GPRO, GXDX, ICE, JW.A, RIMM, TRLG Moving Below 30 DMA = 1 GME Staying Below 30 DMA RCI, VPRT, DLTR, JCOM, SLGN, SPWRA, AMZN, GMCR, PPD, PWR, SWN, MYGN, ALGT, GILD, K, FSLR, SYNA, BDX, MCD, FAZ, NTLS, Intermediate Term Market Trend: SPX, DJIA, RUT = Neutral, Nasdaq = Up Short Term Market Trend: Up