The SPX rose for the third straight closing above its 30 DMA for the first time since May 31 as Financials XLF +2.07% finished as the strongest sector on Wednesday. The SPX closed up +10.74 at 1,307.41.
Positive comments separately from Fitch and Moody’s preceded a rise in BAC +2.96% on above average volume of 301 million shares. ZION
NDX leaders AAPL, NFLX and QCOM slipped on Wednesday.
Earnings this week include FDO, GIS and MON on Wednesday, APOL, STZ, DRI and MKC on Thursday.
Technically the SPX stalled near its 1,310 resistance area at 1,309 before closing at 1,307. This is the SPX’s highest close since June 2.
Short term signs of exhaustion after three days up include weakening breadth and slowing momentum in COMPQ, RUT, SOX, AAPL, NFLX and QCOM. The coming 3-day weekend may also be a contributing factor.
(click image to enlarge)
SPX large white candle, close above 30 DMA +0.83%
INDU large white candle, close above 30 DMA +0.60%
COMPQ potential hanging man, above 30 DMA +0.41%
RUT doji, above 30 DMA +0.32%
Breadth weakened as advancers led decliners 2.28 to 1 on the NYSE and 1.13 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,100 1,373
Decliners 920 1,213
Index Chg. Close Direction Confirmation
VIX -1.39 17.27 Down Yes – SPX
SOX -0.35 400.17 Down No – COMPQ
Leading stocks > +2% on Wednesday included V, FAS, X, AKS, MOS, NDAQ, ZION, ATI, UCO, IAG, CSTR, POT, RVBD, CAM, BAC, STI, SLW, TSL, GS, COH, FCX, URE, FFIV
Losing stocks < -2.0% included FAZ, SWKS, JDSU, LDK
Positives – SPX, VIX, INDU, COMPQ, RUT, XLF, TNX, TBT, AMZN, BIDU, GOOG, PCLN, Euro,
Negatives – TLT, breadth and sectors strengthened, AAPL, NFLX, QCOM
All nine sectors moved higher on Wednesday. Financials XLF +2.07%, Materials XLB +1.59% and Energy XLE +1.17% were the strongest sectors.
Interest rates TNX rose +0.63, bond ETF TLT fell 63 cents and Financials XLF rose 31 cents, its largest gain in more than 3 months. The Euro moved up 65 pips to close at 1.4434 at 5 pm on Wednesday.
SPX
Resistance: 1,310, 1,321, 1,330
Support: 1,300, 1,288, 1,278
The short term 3 day trend is up.
The six-month trend is neutral.
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 -1.22– spinning top, above 30 DMA
AMZN +1.83 – spinning top, above 30 DMA
BIDU +1.41 – potential hanging man, above 30 DMA
GOOG +3.92 – potential hanging man, below 30 DMA
NFLX -0.15 – spinning top, above 30 DMA
PCLN +8.48 – white candle, above 30 DMA
QCOM -0.02 – spinning top, below 30 DMA
NDX 100 stocks stronger than the NDX include EBAY, ERTS, FSLR, VRTX, DELL, VRSN, VOD, AKAM, FLEX, FFIV, RIMM and MYL.
Stocks weaker than the NDX include NTAP, AMGN, LIFE, CTXS, ROST, URBN, SHLD, KLAC, VMED, MSFT, SNDK and CELG.
Stocks to Watch on Thursday
Holding Above 30 DMA
TIF, KKD, CROX, GMCR, HUM, INFA, TPX, AGU, CMG, CRM, HLF, NETL, VMW, ATW, NGLS, CHL, CLF, ENTR, ESI, ACN, CSTR, ARUN, FFIV, ICE, POT, RVBD, TBT, A, AKS, CAM, CAT, CF, COH, CRUS, DECK, DLR, DOW, FCX, LDK, LVS, NKE, NTES, PCX, SLB, TSL, UNP, WDC, ZION
Moving Above 30 DMA = 13
ATI, BAC, DE, FAS, GES, MCP, MOS, NDAQ, SWN, URE, V, WTW, X
Moving Below 30 DMA = 1
FAZ
Staying Below 30 DMA
TLT, SWK, UAL, UNG, IAG, CY, VECO, CREE, ANF, NVDA, SINA, ANR, DHR, FWLT, SMH, SNDK, STI, MHS, HAS, JDSU, JNPR, GLW, CIEN, F, IL, SWKS, WLT, SOHU, UCO, SLW, GS, CDE
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
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