Tuesday, September 4, 2012

RUT +1.24%, AAPL Confirms Hammer as Traders Return...

Three of nine sectors moved higher on Tuesday…defensive sectors XLP, XLU and XLV were the strongest sectors.  The RUT, which has been lagging for several weeks, led the broad indexes with a large white candle rising to short term resistance.


Breadth weakened slightly on Tuesday as advancers led decliners 1.45 to 1 on the NYSE and 1.58 to 1 on the NASDAQ…

Exchange      NYSE    NASDAQ
Advancers     1,767       1,509
Decliners       1,215          951


Tuesday Highlights:
SPY lost 13 centsclosing at 141.03…volume was 120.1 million shares, up more than 50% from last Tuesday at 75.6 million shares…

VIX up +0.51 at 17.98…confirms gain in SPY
Euro down 7 pips at 1.2565
TNX +0.19 at 15.81non-confirmation of rising dollar
TLT down 12 cents at 127.72…
XLF unchanged at 15.16…
Gold +5.98 at 1698.60
Oil -0.93 at 95.63…confirms rising dollar

AAPL up 9.73 at 674.97volume 13.1 million shares …confirmed Friday’s bullish hammer
FB down 33 cents at 17.73… volume 46.6 million shares…made a new low


The Market Forecast green line is in upper zone.


YTD At a Glance
                       September   YTD
SPY                -0.09%           +13.45%

AAPL             +1.46%          +67.37%
EXPE             +1.23%          +80.46%
STX                +1.22%          +101.2%
EBAY             -0.24%           +56.13%


Technical Commentary: The SPY moved down 13 cents on 120.1 million shares down 30 million shares from Friday.  The Unemployment and Jobs Report will be out this Friday morning.
 
The current diagonal channel on the SPY is a trend continuation pattern.  Chart Signals expects the current uptrend to continue.  Stay prepared for the smaller probability of a break of support.  

The Euro paused at resistance in its sideways consolidation on Tuesday and the RUT +1.24% confirmed its hammer leading the broad indexes. above short-term support.  XLF formed a spinning top.


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

Short-term support at
140.22, 139.80 = SPY
1,403, 1,395, 1,387 = ES
2,750, 2,743, 2,700 = NQ


SETUPS…
At Support: DECK, MOS, SOHU, ZION, BRCM, CHL

Flag:  CRUS, ICE, LVS, NKE, RCL, KORS, MCP, MAKO, VHC

Channel at Support:  JNPR, WDC, SHLD, JDSU, QCOM, NFLX, GRMN, IBM, SLB, TSL,

Bullish Engulfing:  SWI, SOHU, ZION, CROX, RVBD, VECO

Hammer Candle: CRUS, ICE, RCL, BRCM, GMCR, SNDK, XLNX, CREE, VMW, SWKS, EBAY, ORCL


Bounce:  SINA, HLF, RVBD, SWI, INFA, STI, AAPL, CROX, F, VRSN,
Friday: FCX, SWKS, AKS, UCO, GLW, EA, NTES, TLT, CRM, DE, DHR, MOS, SDRL, SMH, CELG, EBAY, INTC, MSFT, ORCL

Continuation: YELP, AH, SREV, GME, CDE, ESI, APOL, GLD, ESRX, FAS, V, ADSK, AMGN,

Support Break: FFIV, NVDA, CLF, ANR, NAV



47 of 100 NDX stocks closed higher on Tuesday…

Leading NDX 100 stocks included: WCRX, BIDU, APOL, VRTX, LINTA, YHOO, KLAC, AAPL, BMC, EXPE

Lagging NDX stocks included: NFLX, NVDA, FSLR, FFIV, MNST, WYNN, EA, MU, PCAR, AVGO

Leading stocks > +2% on Tuesday included: SINA, SWI, ZAGG, INFA, RVBD, HLF, CROX, CDE, GRPN

Lagging stocks < -2.0% included: ANR, TSL, CLF, LDK, AKS, X, ATI, ANF, NTES, TIF, MOS

Stocks to Watch on Wednesday…
Holding Above 30 DMA = 38
WDC, UCO, TPX, GS, RVBD, SWI, CROX, CRUS, SWKS, CREE, C, FAS, FCX, JDSU, NKE, RCL, STI, TIF, BAC, CDE, CRM, SINA, SOHU, F, DECK, ZION, ANF, INFA, ICE, LVS, LNKD, HUM, URE, COH, GLW, CSTR, TLT, V

Moving Above 30 DMA = 0


Moving Below 30 DMA = 3
DHR, MOS, SMH

Staying Below 30 DMA
TBT, CIEN, JNPR, SLB, VECO, AKS, IBM, SWK, ATI, TSL, TSLA, X, ANR, GES, VMW, DE, HLF, A, CHL, NTES, GRPN, CLF, DLR, ZAGG, FAZ, CMG, ESI, UAL, FB, LDK, MCP

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

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