SPX Falls to Support After Jobs Report...Legend John Wooden Passes Away...

After new concerns in Europe and a falling Euro and a weaker than expected jobs report, the SPX fell from 1,103 resistance to 1,064 support.

It was announced this evening that legendary basketball coach John Wooden passed away.  He was 99.  John epitomized being the best that one can be and at the same time inspiring others to become their best.   My father gave me a copy of John Wooden's Pyramid of Success when I was a teenager to show me the characteristics that I would need to develop to be successful.

Here it is for your consideration...

Click image to enlarge

DJIA                           9,931.97 -323.31 -3.15%

SP500                         1,064.88   -37.95 -3.44%

COMPQ                       2,219.17  -83.86 -3.64%
Russell 2000                   633.97  -33.40 -5.00%

Exchange                  NYSE              NASD
Advancing                    292                  312
Declining                   2,805               2,396

 
The SPX traded in a 45 point range between a high of 1,105 and closing on Friday near its low of 1,060. The SPX rose Wednesday and Thursday to its 1,105 resistance after falling on Tuesday following the three day Memorial Day weekend. With more concerns in Europe and a weaker than expected jobs report on Friday the SPX fell to support continuing its trading range of the past two weeks. Trading range support is 1,040 and resistance is at 1,105.

Look at these Charts

(click image to enlarge) 

 

Stocks that were stronger than the SPX and were up for the week included: AKAM, GOOG, UNG, HSY, SWN, CRM, UAUA, CAL, ALK, DECK, LVS, ICE, VMW and CMG.

Look at these Charts

(click image to enlarge) 

Dave's Insight: Continue to Follow Your Rules.


Guidance:
The SPX fell to Wednesday's, May 26, support low closing at 1,064. If this support level is broken on Monday look for price to test the 1,040 support.

Watch for a potential support bounce with short term resistance at 1,081 the mid-section R1 level of Friday's large black candle.

PCLN, RIMM, MOS, FCX, X, CAM, MA, CLF, WLT, WFC are down trending and present continued bearish opportunities if the market breaks support.

The VIX rose +6.02 and closed at 35.48.

The short term trend is neutral.

The six-month trend is neutral.
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 of the chart and follow your rules.

AAPL -7.15
QCOM -1.16
GOOG -6.88
BIDU -3.46
NDX 100 stocks stronger than the NDX include: CEPH, HANS, EBAY, XLNX, GOOG, INFY, VRSN, IACI, AMGN, GRMN, NTAP, APOL, RYAAY, SBUX and TEVA.

Stocks weaker than the NDX: FWLT, ADSK, PCAR, FLEX, LBTYA, URBN, JOYG, LIFE, ERTS, KLAC, EXPE, WYNN, BRCM, MXIM and STX.

Stocks to Watch on Monday
Holding Above 30 DMA
CSTR, FAZ, NFLX, SNDK, CMG, VMW, AZO, DECK, HSY, CRM, ICE, LVS, SWN, UAUA, UNG
Moving Above 30 DMA = 0

Moving Below 30 DMA = 6
DE, HLF, LXK, MHS, NTRI, WFMI
Staying Below 30 DMA
HAS, ATI, WHR, ESI, BYI, DHR, GR, MCD, WMT, ZION, STI, PNC, AIV, AMD, CAT, CREE, SPG, SWK, UNP, URE, WFC, BA, JEC, CHL, GME, HANS, ACN, AMX, DOW, FAS, FLS, PCLN, PCP, TSL, USD, USO, ATW, BAC, GES, MA, V, CAM, BUCY, WLT, CLF, GMCR, GS, FCX, X, AGU, IPI, POT, MOS

Added = CMG, CSTR, HSY, VMW
Deleted = EXBD, OSTK, SYNA, UYG

Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral