SPX Inches Higher as Financials, Interest Rates Fail to Move Higher...

The SPX formed a white spinning top and closed +2.92 at 1,343.60, a horizontal resistance level.  The VIX fell to 15.52 confirming the move higher.

(click image to enlarge)

SPX spinning top, close above 30 DMA +0.22%

INDU spinning top, close above 30 DMA +0.36%

COMPQ doji, close above 30 DMA +0.30%

RUT potential hanging man, at 30 DMA +0.21%

Breadth weakened as advancers led decliners 1.45 to 1 on the NYSE and 1.01 to 1 on the NASDAQ …

Exchange       NYSE        NASDAQ

Advancers      1,774            1,316

Decliners        1,220            1,306

Index              Chg.    Close   Direction    Confirmation

VIX                 -0.71     15.52      Down           Yes – SPX

SOX               -3.72   433.87      Down           No – COMPQ

Leading stocks > +2% on Thursday included SINA, MCP, FWLT, IAG, UAL, RVBD, CIEN

Losing stocks < -2.0% included NETL, LDK, TSL, MOS, POT, UNG, ATI, UCO, WLT

Key Earnings this week:  ADSK, ANF, ARUN, CRM, DE, DELL, HPQ, LDK, TSL, HD, JCP, LOW, WMT, GME, SHLD, TGT

Positives – VIX, breadth and sectors were positive, AMZN, BIDU, QCOM

Negatives – TNX, breadth and sectors weakened

Interest rates TNX +0.00 was unchanged and bond ETF TLT moved down 4 cents.  Financial stocks XLF closed unchanged. The Euro moved up 61 pips to 1.4309 at 5 pm on Thursday.

Six of nine sectors moved higher on Thursday.  Industrials XLI +0.64% and Consumer Staples XLP +0.56% were the strongest sectors.  Financials XLF closed unchanged.

SPX

Resistance: 1,344, 1,352, 1,367

Support: 1,330, 1321, 1310

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 +0.66 – potential hanging man, below 30DMA

AMZN +1.71 – spinning top, above 30 DMA

BIDU +4.04 – large white candle, below 30 DMA

GOOG +1.44 – potential shooting star, below 30 DMA

NFLX +0.19 – spinning top, close above 30 DMA

PCLN +3.72 – potential shooting star, below 30 DMA

QCOM +0.85 – white candle, above 30 DMA

NDX 100 stocks stronger than the NDX include CTRP, BIDU, INTU, DLTR, YHOO, EXPE, LINTA, VOD, ORCL, NTAP, FLIR, ADBE, QCOM, ATVI and SBUX.

Stocks weaker than the NDX include KLAC, ORLY, RIMM, SHLD, DELL, BRCM, STX, ALTR, ALXN, NVDA, INTC, ROST, LRCX, AMAT and VRTX.

Stocks to Watch on Friday

Holding Above 30 DMA

HUM, HLF, CSTR, DHR, A, ANF, DLR, TIF, V, URE, TLT, MHS, GES, SMH, UNP, VECO, HAS, UAL, GMCR, RVBD, FAZ, JNPR, ACN, ICE, CMG, SWN, VMW, ARUN, ATW, CF, CREE, JDSU, STI, SWK

Moving Above 30 DMA = 2

CRM, IAG

Moving Below 30 DMA = 1

AMD

Staying Below 30 DMA

ESI, GLW, SNDK, ATI, CIEN, NYX, CHL, DOW, F, NVDA, FWLT, ZION, CAT, IL, NDAQ, SWKS, VLO, WDC, MCP, SINA, WLT, FAS, LVS, SOHU, UNG, UCO, DE, NETL, NGLS, PCX, AGU, AKS, FCX, IPI, LDK, SLB, TSL, CLF, DECK, NTES, POT, JEC, SLW, GS, CDE, TBT, MOS, X, CAM, BAC, CRUS

Intermediate Term Market Trend: Up

Short Term Market Trend: Up