SP500 1,202.26 +15.57 +1.31%
COMPQ 2,498.74 +37.55 +1.53%
Russell 2000 732.82 +16.22 +2.26%
Exchange NYSE NASD
Advancing 2,373 1,986
Declining 702 761
Oil $86.70 +0.55
Gold $1,182.70 +2.60
SOX 385.97 +9.90
VIX 20.19 -1.86
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLY+2.01%…XLI +2.00%...XLF +1.92%
Weakest Sectors: XLB -0.08%...XLV +0.49%...XLP +0.58%
Eight of nine sectors moved higher on Monday. Consumer Discretionary, Industrials, Financials and Technology and were stronger than the SPX +1.31%.
Sector Watch
Up Trending: XLY, XLI, XLP, XLF, XLK
Horizontal Breakout: XLE
Sideways: XLB, XLV, XLU
Down Trending:
Key Resistance Levels
1,200 = Jul 2008 support
1,216 = Fib extension
Key Support Levels
1,178 = Fib extension
1,155 = 1,119 BO chart target – Dec 23
The SPX is currently in a consolidation trading range between 1,180 and 1,220 closing on Monday in the middle of the range at 1,202. In a consolidation individual stocks will be stronger, consolidating or weaker. One strategy is to be selective and only trade stronger stocks up and weaker stocks down.
Bull flags with bounces today include: SNDK, URE, WHR, BA, DHR, GR, AKAM, SBUX, AAPL, DOW, SHLD, CRM, FAST, WFC, PNC, ADSK, KLAC, NKE, FSLR and PCLN.
Bull flag setups that could bounce on Tuesday include CAT, ZION, SYNA, ACN, ATI, NFLX, SWK, ILMN, CMG, LRCX and DECK.
Stocks in range include FAS, UYG and DE.
Look at these Charts
(click image to enlarge)
Guidance:
The SPX closed at 1,202 forming a large white candle closing in the middle of its trading range. Dave’s Insight: A trader must determine the difference between price fluctuation and trend change and trade trend change.
Continue to trade with the trend. Be mentally flexible.
The intermediate term chart target is still 1,255 in approximately nine weeks after the 1,150 breakout on March 16.
The VIX fell -1.86 and did confirm the higher close on Wednesday.
The short term trend is neutral.
The four-month trend is up.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch trade with the trend and follow your rules.
Adjust your stops according to your rules for up and down trending trades.
AAPL +5.26
QCOM -0.04
GOOG +4.90
BIDU +20.03
NDX 100 stocks stronger than the NDX include: SBUX, GRMN, WYNN, NWSA, KLAC, EXPD, DISH, PCAR, FAST, STX, LINTA, ISRG, INTU, CMCSA, BIDU, PCLN, LRCX, ADSK, BRCM, YHOO, URBN, JBHT, CHRW, AKAM, EXPE, FLIR, CERN, CSCO, ALTR, TEVA, XLNX, BBBY, FSLR, AAPL, FLEX, FISV, MICC, CTXS, INTC, ROST, LBTYA, ERTS, IACI, CTSH, ORLY, LLTC, SIAL, MXIM, AMAT, APOL, VRSN and MCHP.
Stocks to Watch on Tuesday
Holding Above 30 DMA
NFLX, WHR, UNP, CAT, URE, DHR, JEC, CRM, SNDK, FLS, ZION, MCD, GME, TSL, BYI, SYNA, SWK, ACN, HLF, ICE, PCLN, PCP, SPG, DECK, GR, HANS, DOW, UAUA, WFC, AMX, MYGN, USO
Moving Above 30 DMA = 6
BA, BKC, FAS, USD, UYG, DE
Moving Below 30 DMA = 1
ATW
Staying Below 30 DMA
AMD, BAC, CREE, GES, MA, V, CAM, CHL, SWN, UNG, ATI, FAZ, BUCY, WLT, CLF, MHS, WCG, ESI, GMCR, GS, FCX, X, WMT, PWRD, AGU, IPI, POT, MOS
Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
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