The SPX closed at 1,247.08, a new high close, up +3.17 or +0.25%. The SPX is in a 6 day neutral range, so stay prepared for a potential roll over move to the downside. This week is a holiday shortened week with market closed on Friday, Christmas Eve.
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Breadth weakened on Monday as decliners led advancers 1.03 to 1 on the NYSE and 1.06 to 1 on the NASDAQ…
Exchange NYSE NASDAQ
Advancers 1,495 1,302
Decliners 1,541 1,384
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Index Direction Confirmation
VIX Up No – SPX
SOX Down No – COMPQ
Leading stocks on Monday included DISH, LVS, LDK, UNG, GMCR, SWK, CLF, VECO, ESI, URE, AIV, CAM, AMD, V, BYI, TSL, SPG, UCO, CF, ZION, DE, GS, FWLT, HOLX, SLB, MA, FAS, CAT, DECK, WLT, ARUN, SNDK, GR, JEC, FDX
Leading stocks on Monday included DISH, LVS, LDK, UNG, GMCR, SWK, CLF, VECO, ESI, URE, AIV, CAM, AMD, V, BYI, TSL, SPG, UCO, CF, ZION, DE, GS, FWLT, HOLX, SLB, MA, FAS, CAT, DECK, WLT, ARUN, SNDK, GR, JEC, FDX
Losing stocks included TIE, ACN, BA, NTES, GES, CSTR, SOHU, GME, SINA, CRM, X, WHR, HSY, RVBD, ADS, NTRI, RMBS, FAZ, FLS, USD, CMG, POT, SWN, AGU, ATI, CAKE
SPX new high close
INDU spinning top above resistance
COMPQ new high close
RUT new high close
All four broad indexes and the TRAN and SOX closed above November’s old resistance now new support.
Interest rates moved higher on Monday and bonds moved slightly lower. The Euro pulled back again and was at 1.3122 at 5 pm ET.
The SOX fell -0.29%, closing at 410.24 on Monday. The SOX is still a leading group at this time and is forming a bull flag pattern. The VIX closed up +0.30 at 16.41.
Six of nine sectors moved higher on Monday with Energy XLE +0.65% and Consumer Discretionary +0.59% leading all sectors.
Moves on Monday
Continuation – ATI, NDAQ, X, AKS, NUE, STLD, IPI, WFMI, A, DHR
Resistance Breakout – SWK, STI, WLT, CLF, JEC
Bull Flag Bounce – SWK, SLB, DE, GS, AMD, BYI, UNG, RVBD, FFIV, VMW, AGU, CAKE, HAS, C
MACD Divergence Bounce – LVS
Bear Flag Break – GOOG
Break of Support – BIDU
Setup Charts to Watch
Bull Flag Setups – AKAM, HSY, WHR, ACN, NTRI, CAT, TBT, ATW, CREE, SINA, SNDK, NETL, GME, USD, UNP, CRUS, XLF, FAS, WFC, BAC, PNC, ZION, CSTR, F, FLS, RMBS
Horizontal Breakout – FCX, CF, NYX, WLT, JEC, GES, GR, WYNN, DOW
MACD Divergence – LDK, TSL, JASO
Bear Flag Setups – NFLX, LXK, CMG
Horizontal Support Breakout – SKX
Continue to trade with the trend of the chart you are trading.
SPX
Resistance: 1,241, 1,256
Support: 1,220, 1,209, 1,200
Enter bullish trades with a bounce off support and a break above the high of the low day or a break out of horizontal resistance. Monday was an entry signal for some stocks.
Enter bearish trades on a break of short term support or a bounce down from the 30 DMA.
The short term 3 day trend is neutral.
The two-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 of the chart and follow your rules.
The two-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 of the chart and follow your rules.
AAPL +1.60 –spinning top at resistance
AMZN +5.71 – large white candle breakout
NFLX -1.97 – spinning top in potential bear flag
QCOM -0.02 – spinning top close above resistance
GOOG +4.26 – doji support bounce
BIDU +0.05 – hammer/dragonfly doji
NDX 100 stocks stronger than the NDX include AMZN, NTAP, CMCSA, ISRG, ADBE, DTV, FLIR, ILMN, JOYG, URBN, PCLN, MRVL, SHLD, APOL and WYNN.
Stocks weaker than the NDX: AKAM, RIMM, FISV, DELL, CTRP, TEVA, ALTR, SYMC, DLTR, GRMN, MU, PAYX, NFLX, NIHD and INTC.
Stocks to Watch on Tuesday
Holding Above 30 DMA
SINA, CAKE, CAM, WLT, ATW, SLB, NDAQ, USD, DECK, GR, RVBD, WFMI, BYI, MHS, NETL, FFIV, CAT, X, CREE, GES, HAS, CLF, CRM, INFA, VMW, SNDK, CRUS, FCX, FDX, AKS, A, AMD, DHR, DOW, FLS, GME, ICE, PNC, TBT, UCO, DE, FAS, JEC, STI, SWK, WHR, ZION, ACN, BAC, NYX, ESI, IPI, HSY, NTRI, ATI, CF, PCP, HANS
Moving Above 30 DMA = 3
AIV, GS, URE
Moving Below 30 DMA = 3
AGU, HLF, TIE
Staying Below 30 DMA
UNP, MA, NTRI, SKX, V, CSTR, NFLX, UNG, VECO, ARUN, CMG, RMBS, SOHU, AKAM, GMCR, MCD, SPG, SWN, AMX, LVS, POT, UAL, FAZ, TLT, MOS, NTES, LDK, CHL, TSL, BA, LXK, DLR
UNP, MA, NTRI, SKX, V, CSTR, NFLX, UNG, VECO, ARUN, CMG, RMBS, SOHU, AKAM, GMCR, MCD, SPG, SWN, AMX, LVS, POT, UAL, FAZ, TLT, MOS, NTES, LDK, CHL, TSL, BA, LXK, DLR
Short Term Market Trend: Neutral
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