Eight of nine sectors moved lower on Wednesday. XLP, XLU and XLY were the strongest sectors.
On Wednesday all the broad indexes moved lower and the SPX moved lower after four up days. The SPX broke its 161.8% Fib extension at 1,375 today before retreating, after the Euro began to fall, and closing at 1,365.
AAPL rose and AMZN, BIDU, GOOG NFLX, PCLN and QCOM moved lower. AAPL again made a new all-time closing high.
Money Flow
Euro -134 pips 1.3322
TNX +0.48 19.77
TLT -0.72 117.43
XLF -0.06 14.76
SPX -6.50 1,365.68
VIX +0.47 18.43
NDX -0.39%
INDU -0.41%
SPX -0.47%
COMPQ -0.67%
RUT -1.56%
Money Flow was atypical on Wednesday as the Euro, bonds TLT, XLF and SPX moved down. Interest rates TNX and VIX moved higher. Generally with the Euro down this many pips interest rates would typically fall and bonds rise. The Jan 18 SPX breakout has an intermediate term chart target of 1,427 within 12 weeks of the breakout.
The VIX did confirm the SPX move on Wednesday. The trend of the SPX is still up after pulling back 13 points from its intra-day high, which is just 1/3 of the 33 point pullback that completed on Jan 30.
(click image to enlarge)
Breadth weakened as decliners led advancers 1.92 to 1 on the NYSE and 2.91 to 1 on the NASDAQ.
Exchange NYSE NASDAQ
Advancers 1,029 656
Decliners 1,979 1,911
The Euro sold off on Wednesday forming a bull flag price pattern on its way towards its 1.3534 chart target from its Jan 24 horizontal resistance breakout. This breakout chart target also aligns with old resistance from Dec 1.
Follow your rules in looking for entry opportunities created by today’s pull back.
Leading stocks > +2% on Wednesday included DLR
Losing stocks < -2.0% included JDSU, PCX, CSTR,CDE, ENTR, IL, MCP, ZAGG, TSL, ANF, JNPR, ARUN, SLW, LDK, ANR, CREE, VECO, CLF, CF, HAL, SWI, SINA, CIEN, MOS, FCX, X, DOW,SOHU, WLT, GLW, V
NDX 100 stocks stronger than the NDX included WYNN, EXPD, SIRI, VRTX, AVGO, SHLD, AAPL, MYL, COST and EXPE.
Stocks weaker than the NDX include FSLR, SPLS, MU, STX, AMAT, EBAY, BMC, RIMM, NFLX and GOLD.
Two NDX stocks WCRX and WYNN closed above the 30 DMA and ten stocks AMAT, AMGN, CELG, CSCO, CTSH, DELL, LLTC, SPLS, TEVA and VOD closed below the 30 DMA leaving 68 NDX stocks above their 30 DMA.
Stocks to Watch on Thursday
Holding Above 30 DMA = 56
WDC, CMG, FAS, SWK, NKE, CRUS, SMH, SWKS, NGLS, BAC, CF, CHL, STI, A, C, CAT, TPX, KKD, CREE, GS, HLF, LNKD, LVS, SLW, CSTR, VECO, COH, CRM, FFIV, SLB, INFA, NTES, SWI, VMW, IBM, ZAGG, TSLA, LDK, GES, V, ICE, ZION, NDAQ, TIF, RVBD, SWN, UCO, CDE, DHR, MOS, POT, DLR, SNDK, TLT, SINA
Moving Above 30 DMA = 0
Moving Below 30 DMA = 8
ANF, CROX, DOW, ENTR, HAL, JDSU, JNPR, UNP
Staying Below 30 DMA
ARUN, ESI, IL, NVDA, URE, CIEN, GLW, CIEN, GLW, DECK, MCP, TBT, TSL, F, HUM, RCL, UAL, WLT, DE, CLF, FCX, X, GRPN, ANR, PCX, SOHU, AKS, ATI, FAZ
Four Month Intermediate Term Market Trend: Up
Short Term Market Trend: Up
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