SPX Falls Back to Support...

DJIA 10,120.46 -115.70 -1.13% SP500 1,084.53 -12.97 -1.18% COMPQ 2,179.00 -42.41 -1.91% Russell 2000 607.93 -10.45 -1.69% Exchange NYSE NASD Advancing 807 767 Declining 2,243 1,926 Oil $73.50 -0.17 Gold $1,074.50 -10.00 SOX 327.25 -10.20 VIX 23.73 +0.59 Index Direction Confirmation VIX Up Yes – SPX SOX Down Yes – COMPQ Strongest Sectors: XLP -0.27%…XLF -0.49%...XLY -0.58% Weakest Sectors: XLK -2.87%...XLB -1.80%...XLI -1.14% All nine sectors moved lower on Thursday. Consumer Staples, Financials, Consumer Discretionary, Healthcare Utilities, Energy and Industrials were stronger than the SPX -1.18%. Sector Watch Up Trending: XLK, XLB, XLY, XLV, XLP, XLE, XLI, XLU Horizontal Breakout: XLF Sideways: Down Trending: Key Resistance Levels: 1,101 = October High 1,105 - 1,113 = November High 1,119 = December High 1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low 1,145 = 1,133 BO chart target – Dec 31 Low 1,155 = chart target\ Key Support Levels 1,087 = Nov 10 Channel low 1,082 = Nov 9 S1 level 1,075 = 875 Breakout Chart Target 1,050 = Oct 08 High A sell off that began after the open sent the SPX to a new intra-day low in its current pull back reaching 1,078.46 before rebounding to 1,092. Another sell off during the last 20 minutes sent the SPX to its recent closing low at 1,084.53. Technology was the weakest sector, being led lower by drops after weak guidance from QCOM and MOT. Remember a break of support will likely lead to the index falling to its next support level. Follow your rules. On Thursday NFLX gained +12.07 or +23.68% and GILD +7.58 or +9.47% after reporting earnings. QCOM fell -6.72 or -14.24%, MOT -0.92 or -12.43% and SYMC -1.20 or -6.45% after reporting earnings and lowering guidance. While many stocks have gapped up after reporting earnings over the past two weeks a large number of those gaps have faded. A relatively small number have held their gap so far. This continues to be a weak reaction earnings season even with many companies reporting better than expected earnings. AAPL -8.59 QCOM -6.72 GOOG -7.81 BIDU -6.51 NDX 100 stocks weaker than the NDX include: QCOM, FLEX, SYMC, LRCX, JBHT, KLAC, BRCM, AAPL, INFY, STX, FWLT, NTAP, YHOO, NVDA, CTSH, AMAT, URBN, NIHD and MRVL. NDX 100 stocks stronger than the NDX include: AMZN, CTXS, LIFE, RIMM, CHKP, AMGN, FSLR, PPDI, ROST, SPLS, GENZ, TEVA, RYAAY, COST, BIIB, SRCL, PAYX, LBTYA and ADBE. Stocks to Watch on Friday Leading Stocks Holding Above 30 DMA ALGT, CBST, SNDK, AMED, GMCR, HANS, ESI, VAR, BA, CEDC, ZION, K, MCD, FAZ, CHL, DLB, WFC Moving Above 30 DMA = 1 NFLX Moving Below 30 DMA = 5 DECK, HANS, JEC, MA, UAUA Staying Below 30 DMA BYI, ACN, FLS, TDG, UNG, BUCY, DE, DOW, FAS, HLF, SYNA, UNP, UYG, X, ATW, CAM, HDB, MHS, MOS, PCP, GR, URE, GS, HEAT, WHR, CAT, FCX, BAC, DHR, AGU, FUQI, ICE, IPI, SWN, USO, WLT, WMT, BKC, WAB, USD, PWRD, AMD, AMX, CGA, GES, MON, POT, TSL, BDX, MYGN, WCG, SPG, VPRT, GME, MELI, PCLN Intermediate Term Market Trend: Neutral = 3 month, Up = 10 month Short Term Market Trend: Down