Tuesday, January 11, 2011

SPX Bounces In Trading Range...Closes Near Resistance...

The SPX bounced off of Monday’s support to close +4.73 at 1,274.48 on Tuesday. 
(click image to enlarge)
SPX support bounce bull flag
INDU support bounce bull flag
COMPQ spinning top new high close
RUT doji support bounce bull flag

Breadth strengthened on Tuesday as advancers led decliners 1.45 to 1 on the NYSE and 1.69 to 1 on the NASDAQ…

Exchange       NYSE          NASDAQ
Advancers      1,772              1,663
Decliners        1,219                 981
(click image to enlarge)
Index  Chg.   Close   Direction     Confirmation
VIX      -0.65     16.89    Down           Yes – SPX
SOX  +1.35    431.52    Up                Yes – COMPQ

Leading stocks > 1% on Tuesday included PCX, SINA, ESI, ATI, CAM, WLT, FWLT, NTES, UCO, SWK, X, CLF, TSL, HUM, JEC, ATW, FCX, UNG, TIE, VECO, DISH, BAC, SLB, SOHU, A, CREE, AKS, USD, MHS, FLS, STI, CHL, NETL, ACN, FAS, NDAQ, DE, RVBD, TBT, CRUS

Losing stocks < -1% included AMD, CAKE, AIV, LVS, GMCR, MCP, GME, UAL, SNDK, IPI, CSTR, DECK, ICE, GES, CMG, FAZ, BYI, CRM  


Positives – NDX, SOX, RUT, EURO, XLF, Stronger advancers/decliners, GOOG

Negatives –PCLN


SPX
Resistance: 1,281, 1,300
Support: 1,256, 1, 241, 1,220

The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.

Trade with the trend of the chart you are trading.

Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.

Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
 
AAPL -0.81dark cloud cover
AMZN -0.34spinning top
NFLX -1.23black candle bounce support  and MACD bullish divergence
QCOM +0.38white candle
GOOG -2.23spinning top
BIDU +0.30spinning top

NDX 100 stocks stronger than the NDX include APOL, SHLD, ISRG, EXPE, CELG, AMAT, ILMN, BIIB, MU, INTC, FISV, JOYG, WFMI, LRCX and MXIM.

Stocks weaker than the NDX: CTXS, PCLN, SNDK, SBUX, NVDA, INTU, NWSA, VMED, STX, WYNN, VOD, SPLS, ORLY, TEVA and DLTR.

Stocks to Watch on Wednesday
Holding Above 30 DMA

SINA, WLT, NDAQ, USD, GR, RVBD, BYI, CAT, FWLT, PCX, CLF, INFA, VMW, SNDK, CRUS, HOLX, FCX, AKS, A, AMD, DHR, DOW, FLS, PNC, DE, FAS, JEC, STI, SWK, WHR, ZION, ACN, BAC, NYX, IPI, MCP, ATI, CF, GS, URE, AGU, MOS, POT, UNP, BA, SWN, UNG, ARUN, NETL, LVS, VECO, CRM, PCP, TBT, TSL, DLR, GMCR, HANS, HUM, HLF, HSY, UAL, LDK, MHS, NTES, UCO
Moving Above 30 DMA = 7
CAM, CHL, CREE, SLB, SOHU, TIE, X
Moving Below 30 DMA = 2
AIV, FDX
Staying Below 30 DMA
ESI, DECK, GME, ICE, SPG, ATW, GES, TLT, HAS, CAKE, MA, SKX, V, CSTR, CMG, MCD, FAZ, LXK

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

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