Monday, August 27, 2012

SPY Steady on Low Volume...AAPL Moves Higher...

Five of nine sectors moved higher on Monday…XLU, XLP and XLK were the strongest sectors.

Breadth weakened as decliners led advancers 1.10 to 1 on the NYSE and 1.00 to 1 on the Nasdaq…

Exchange      NYSE    NASDAQ
Advancers     1,418       1,229
Decliners       1,562       1,232

Monday Highlights:
SPY moved up 3 centsclosing at 141.54…volume was 68.7 million shares, the lightest volume of 2012…

VIX up 1.17 at 16.35
Euro down 14 pips at 1.2498
TNX -0.29 at 16.49
TLT up 73 cents at 125.54…
XLF down 1 cent at 15.12…

AAPL up +12.46 at 675.68volume 15.2 million shares
FB down 25 cents at 19.15… volume 20.7 million shares…

The Market Forecast green line is in upper zone.

Technical Commentary: The SPY opened higher, pulled back and moved sideways in a 74 cent range on Monday.  The SPY which bounced on Friday in its bull flag pattern,  paused Monday which periodically occurs after a bounce up at support.
 
Volume was its lowest of 2012, perhaps an indication that volume will be below average this week going into the 3-day Labor Day weekend. The VIX has been at its lowest levels of the year during August. The Euro is again pulling back from a higher high in a bull flag pattern.

Chart Targets
SPY = 143.10 S&R Measuring
ES = 1,425.75 S&R Measuring

Short-term support at
140.92, 139.80 = SPY
1,403, 1,387 = ES
2,743, 2,700 = NQ

Setup Chart Patterns
Bull Flag: SPY, WDC, EL, DAN, URI, TEN, PCAR, XRAY, MU, VRSN, NVDA, CMCSA, VOD, AVGO, BBBY, WYNN, ISRG, FOSL, RVBD, CLF, JDSU, GLW, JNPR, SMH, COH, SINA, VMW, GM, F, CREE, CIEN, ZION, CA, SHLD, BRCM, LLTC, MCHP, MU, VRSN,

Horizontal or Diagonal Breakout: SLB, SWKS, BMC, CTXS, MSFT

Bounce on Monday – FFIV, BIDU, SBUX, INTU, RAX, RCL, JDSU

32 of 100 NDX stocks closed higher on Monday…

Leading NDX 100 stocks included: FSLR, AAPL, FFIV, , RIMM, ADSK, BIDU, SBUX, INTU, CSCO, LIFE

Lagging NDX stocks included:  MXIM, EA, WCRX, SHLD, GMCR, CHKP, DLTR, EXPD, NVDA, EXPE

Leading stocks > +2% on Monday included: TIF, INFA

Lagging stocks < -2.0% included:  SOHU, TSLA, ANR, CLF, SWKS

Stocks to Watch on Tuesday…
Holding Above 30 DMA = 42
SLB, WDC, UCO, TPX, SWK, GS, JNPR, RVBD, SWI, CIEN, CROX, DHR, IBM SMH, SWKS, VECO, CRUS, CREE, C, FAS, FCX, JDSU, NKE, RCL, STI, TBT, TIF, BAC, CDE, CRM, SINA, SOHU, F, AKS, DECK, ZION, ANF, INFA, COH, ICE, LVS, LNKD, HUM, URE

Moving Above 30 DMA = 0

Moving Below 30 DMA = 0
 
Staying Below 30 DMA
ATI, TSL, TSLA, X, ANR, GES, MOS, V, VMW, DE, GLW, HLF, COH, VECO, LNKD, A, CHL, NTES, GRPN, ANR, CLF, DLR, TLT, ZAGG, FAZ, CMG, ESI, UAL, FB, CSTR, LDK, MCP

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

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