SPX Horizontal Breakout...Chart Target 1,294...

The SPX broke through horizontal resistance to close +11.48 at 1,285.96 on Wednesday.  SPX short term breakout price target 1,294.

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SPX large white candle horizontal breakout new high close

INDU large white candle horizontal breakout new high close

COMPQ spinning top new high close

RUT white candle horizontal breakout new high close

Breadth strengthened on Wednesday as advancers led decliners 2.55 to 1 on the NYSE and 2.09 to 1 on the NASDAQ…

Exchange       NYSE          NASDAQ

Advancers      2,181              1,800

Decliners          855                 861

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Index  Chg.   Close   Direction     Confirmation

VIX      -0.65     16.24    Down          Yes – SPX

SOX   +8.49    440.01    Up               Yes – COMPQ

Leading stocks > 1% on Wednesday included IPI, TIE, CF, MOS, NYX, FAS, TSL, CLF, ESI, POT, VECO, JEC, FWLT, LXK, AGU, USD, CSTR, SLB, ICE, LDK, GME, F, ACN, WHR, DE, BAC, FDX, CAKE, BA, SWN, SKX, MA, ATW, TBT, GS, GMCR, AIV, DLR, HOLX, CAM, V, DOW  

Losing stocks < -1% included FAZ, AKS, HAS, NETL, INFA, MCP, SINA, CMG, WLT, LVS, ZION  

Positives – SPX, NDX, RUT, SOX, EURO, AAPL, NFLX, XLF, Stronger advancers/decliners, TNX, VIX, horizontal resistance breakout

Negatives – CTRP

Interest rates moved higher on Wednesday and bonds closed slightly lower.  The Euro rose 82 pips to 1.3131 at 5 pm ET. 

All nine sectors moved higher on Wednesday with Financials XLF +1.68% and Energy XLB +1.37% leading all sectors. 

Earnings

Thu – INTC

Fri - JPM

Moves on Wednesday

Continuation – LDK, TSL, BAC, MOS, SINA, CLF, UNP, FCX, NTAP, HSY, DE, USD, BIDU, NETL, CRUS, F, GOOG, VMW, DOW, GR, NUE, STLD, A 

Resistance Breakout – IPI, CF, C, JEC, NYX, ACN

Bull Flag Bounce – STI, GS, WHR, UNG, DHR, NDAQ

MACD Divergence Bounce –

Support Bounce – FFIV, JASO, TLT, SPG, ICE

Bear Flag Break –

Break of Support – GES, AZO, GME

Setup Charts to Watch

Bull Flag Setups – SNDK, AMD, LVS, WYNN, BYI, AMZN, V, CAT, TBT, ZION, URE, DECK, AIV, AKS, X

Horizontal Breakout – AGU, ATI, FLS, NFLX, CREE, PNC, ILMN, WLT, WFC, POT, XLF, FAS, SLB, SWK, SKX, ATW

MACD Divergence – CMG, CAKE, CSTR, AKAM

Bear Flag Setups – WFMI

SPX

Resistance: 1,281, 1,300

Support: 1,256, 1, 241, 1,220

The short term 3 day trend is up.
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 +2.78 – potential bearish harami

AMZN -0.26 – spinning top

NFLX +2.25 – potential bearish harami after MACD bullish divergence

QCOM +0.27 – hammer

GOOG +0.86 – spinning top

BIDU -0.35 – potential small bearish harami

NDX 100 stocks stronger than the NDX include NVDA, MU, SYMC, APOL, XRAY, SPLS, MRVL, DELL, INFY, VMED, ALTR, LINTA, ADBE, FLEX and GILD.

Stocks weaker than the NDX: CTRP, DLTR, BIIB, FAST, INTU, VRSN, NIHD, ADSK, ROST, SNDK, ILMN, VOD, MAT, NWSA and MICC.

Stocks to Watch on Thursday
Holding Above 30 DMA
SINA, WLT, NDAQ, USD, GR, RVBD, CAT, FWLT, PCX, CLF, VMW, SNDK, CRUS, HOLX, FCX, 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, TBT, TSL, DLR, GMCR, HANS, HUM, HLF, HSY, UAL, LDK, MHS, NTES, UCO, CAM, CHL, CREE, SLB, SOHU, TIE, X

Moving Above 30 DMA = 5

ATW, ESI, FDX, LXK, SKX

Moving Below 30 DMA = 4

AKS, BYI, INFA, PCP

Staying Below 30 DMA
AIV, DECK, GME, ICE, SPG, GES, TLT, HAS, CAKE, MA, V, CSTR, CMG, MCD, FAZ

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