DJIA 10,403.79 +78.53 +0.76%
SP500 1,115.71 +11.22 +1.02%
COMPQ 2,273.57 +35.31 +1.58%
Russell 2000 642.65 +14.09 +2.24%
Exchange NYSE NASD
Advancing 2,431 2,041
Declining 636 693
Oil $78.70 -0.96
Gold $1,117.80 -0.50
SOX 349.48 +10.62
VIX 19.26 -0.24
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLY +1.57%…XLB +1.52%...XLU +1.44%
Weakest Sectors: XLF +0.27%...XLP +0.70%...XLE +0.93%
All nine sectors moved higher on Monday. Consumer Discretionary, Materials, Utilities, Industrials and Technology were stronger than the SPX +1.02%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,119 = December High
1,125 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,105 - 1,113 = November High
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
Guidance:
The support bounce following Thursday’s hammer continued on Monday with a large white candle.
The SPX broke through the February 19 high of 1,112 short term resistance and closed at 1,115.71 forming another higher low and higher high candle.
Thursday was the low of this pull back.
The short term 3-week trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
With a new high on Monday, intermediate term stops can be moved under last Thursday’s low.
Adjust your stops according to your rules for up and down trending trades.
AAPL +4.37
QCOM -1.12
GOOG +5.89
BIDU +4.23
NDX 100 stocks stronger than the NDX include DISH, STX, PCLN, AMZN, CTSH, NTAP, ILMN, WYNN, NVDA, EXPE, MRVL, EBAY, LRCX, KLAC, AKAM, SIAL, ISRG, BIIB, YHOO, URBN, IACI, LINTA, CELG, NWSA, ATVI, FLEX, INFY, DELL, ALTR, LIFE, CMCSA, CERN, XLNX, VTRX, JOYG, STLD, AAPL, AMAT, LBTYA and VRSN.
Stocks to Watch on Monday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, HANS, JEC, WMT, FAS, GES, GMCR, SNDK, TDG, USD, UYG, X, DECK, FUQI, MELI, CEDC, POT, FLS, HDB, HLF, MHS, MYGN, VAR, CGA, IPI, FCX, ATI
Moving Above 30 DMA = 6
BKC, MOS, WAB, GS, DOW, AMD
Moving Below 30 DMA = 2
PWRD, ZION
Staying Below 30 DMA
BYI, WFC, SYNA, TSL, AMX, FAZ, K, MA, ACN, UNG, ATW, HEAT, SWN, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up
Monday, March 1, 2010
Futures Point to a Higher Open...
10:15 am ET - I have a question for you do hammer confirmations and bull flag breakouts work or not?
Who knows (they are just an accident, right?), but they are certainly following through this Monday morning!
SPY and SNDK are breaking out of horizontal resistance, PCLN, PCP and DE bull flag bounces are nearing horizontal breakout and FCX and X are just a little behind. UAUA continues to fly high this morning...CREE is making another new high...
9:40 am ET - SPY is making a higher high and higher low this morning and nearing the Feb 22 horizontal high and could make a horizontal breakout...check the news on SNDK, apparently several firms have raised their target for the stocks this morning...
BMO – ES +3.75 and NQ +6.25 futures are higher in pre-market trading pointing to a higher open. AAPL +0.96, AMZN +0.00, GOOG +2.70 and BIDU +2.29 are mostly higher in pre-market trading.
If SPY opens where it is trading in the pre-market at this time, SPY will be trading higher than Friday’s high of 111.12. Since Friday was a hammer confirmation and a bull flag breakout, a higher high this morning than Friday should be a bullish move.
The Euro is down 82 pips in overnight trading. Oil is quoting up 35 cents in electronic trading. XLE is up 16 cents in pre-market trading.
SPY is up 46 cents in pre-market trading. XLF is up 4 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087
Resistance = 1,105 - 1,1113
Trading Down: PWRD, AMED, CEDC, IPI, BA, STT, FAZ
Trading Up: FCX, AGU, POT, GMCR, FAS, BDX, SNDK, JEC, X, MON, CAT, SWN, MOS, WLT, GS, UNP, CREE, V, FUQI, USO, ATW
At the Open on Monday
SPY –
QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Who knows (they are just an accident, right?), but they are certainly following through this Monday morning!
SPY and SNDK are breaking out of horizontal resistance, PCLN, PCP and DE bull flag bounces are nearing horizontal breakout and FCX and X are just a little behind. UAUA continues to fly high this morning...CREE is making another new high...
9:40 am ET - SPY is making a higher high and higher low this morning and nearing the Feb 22 horizontal high and could make a horizontal breakout...check the news on SNDK, apparently several firms have raised their target for the stocks this morning...
BMO – ES +3.75 and NQ +6.25 futures are higher in pre-market trading pointing to a higher open. AAPL +0.96, AMZN +0.00, GOOG +2.70 and BIDU +2.29 are mostly higher in pre-market trading.
If SPY opens where it is trading in the pre-market at this time, SPY will be trading higher than Friday’s high of 111.12. Since Friday was a hammer confirmation and a bull flag breakout, a higher high this morning than Friday should be a bullish move.
The Euro is down 82 pips in overnight trading. Oil is quoting up 35 cents in electronic trading. XLE is up 16 cents in pre-market trading.
SPY is up 46 cents in pre-market trading. XLF is up 4 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087
Resistance = 1,105 - 1,1113
Trading Down: PWRD, AMED, CEDC, IPI, BA, STT, FAZ
Trading Up: FCX, AGU, POT, GMCR, FAS, BDX, SNDK, JEC, X, MON, CAT, SWN, MOS, WLT, GS, UNP, CREE, V, FUQI, USO, ATW
Look at these Charts…
(click image to enlarge)
At the Open on Monday
SPY –
QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Friday, February 26, 2010
SPX Closes February Up 30 Points for the Month...
DJIA 10,325.26 +4.23 +0.04%
SP500 1,104.49 +1.55 +0.14%
COMPQ 2,238.26 +4.04 +0.18%
Russell 2000 628.56 -1.90 -0.30%
Exchange NYSE NASD
Advancing 1,810 1,253
Declining 1,227 1,440
Oil $79.66 +1.49
Gold $1,118.30 +10.50
SOX 338.86 +0.47
VIX 19.50 -0.60
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLF +0.62%…XLI +0.38%...XLE +0.23%
Weakest Sectors: XLU -0.78%...XLP -0.48%...XLB +0.03%
Seven of nine sectors moved higher on Friday. Financials, Industrials, Energy and Consumer Discretionary were stronger than the SPX +0.14%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
The SPX, INDU and COMPQ pulled back this week in a bull flag pattern and formed a hammer on Thursday. The SPX and COMPQ bounced on Friday and closed above the body of Thursday’s hammer for confirmation. The bounce and close above Thursday’s close can be seen in the 5-day line chart.
The rising support levels of the past three weeks can be seen clearly in the 3-month line chart
SP500 1,104.49 +1.55 +0.14%
COMPQ 2,238.26 +4.04 +0.18%
Russell 2000 628.56 -1.90 -0.30%
Exchange NYSE NASD
Advancing 1,810 1,253
Declining 1,227 1,440
Oil $79.66 +1.49
Gold $1,118.30 +10.50
SOX 338.86 +0.47
VIX 19.50 -0.60
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLF +0.62%…XLI +0.38%...XLE +0.23%
Weakest Sectors: XLU -0.78%...XLP -0.48%...XLB +0.03%
Seven of nine sectors moved higher on Friday. Financials, Industrials, Energy and Consumer Discretionary were stronger than the SPX +0.14%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
The SPX, INDU and COMPQ pulled back this week in a bull flag pattern and formed a hammer on Thursday. The SPX and COMPQ bounced on Friday and closed above the body of Thursday’s hammer for confirmation. The bounce and close above Thursday’s close can be seen in the 5-day line chart.
(click image to enlarge)
Over the past three weeks buyers have entered at higher support levels. On February 5 buyers entered at the 1,044 support level. From February 9 to 12 buyers entered at the 1,060 support area. On Thursday February 25, buyers entered and created support at 1,086. Buyers’ willingness to enter at successively higher support levels and the hammer confirmation on Friday suggest that the rally of the past three weeks is likely to go higher.
(click image to enlarge)
Guidance:
Friday’s spinning top confirmed Thursday’s hammer on the SPX and COMPQ.
The SPX closed just above the 1,100 short term support level at 1,104. The February 19 high of 1,112 is short term resistance and 1,087 is the next level of short term support, which did hold on Thursday forming a higher low.
Thursday may have been the low of this pull back.
The short term 3-week trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
The counter trend pull back of the past week appears to have confirmed on Friday that it is a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL +2.62
Friday’s spinning top confirmed Thursday’s hammer on the SPX and COMPQ.
The SPX closed just above the 1,100 short term support level at 1,104. The February 19 high of 1,112 is short term resistance and 1,087 is the next level of short term support, which did hold on Thursday forming a higher low.
Thursday may have been the low of this pull back.
The short term 3-week trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
The counter trend pull back of the past week appears to have confirmed on Friday that it is a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL +2.62
QCOM -0.49
GOOG +0.37
BIDU +9.81
NDX 100 stocks stronger than the NDX include WCRX, LBTYA, MICC, HANS, FSLR, AKAM, JBHT, STX, BIDU, HOLX, CMCSA, LINTA, RIMM,STLD, AAPL, PCLN, WYNN, FLIR, LOGI, GENZ, JOYG, URBN, VRTX, ISRG, DTV, CEPH, RYAAY, ESRX, KLAC, CERN, SIAL, MRVL, AMGN, FISV, DISH, PAYX, YH00, XRAY, LRCX, CTXS, GILD and CELG.
Stocks to Watch on Monday
Holding Above 30 DMA
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, HANS, JEC, ZION, WMT, FAS, GES, GMCR, SNDK, TDG, USD, UYG, X, DECK, FUQI, MELI, CEDC, POT
Moving Above 30 DMA = 11
FLS, HDB, HLF, MHS, MYGN, VAR, PWRD, CGA, IPI, FCX, ATI
Moving Below 30 DMA = 1
BYI
Staying Below 30 DMA
BKC, GS, DOW, MOS, WAB, WFC, SYNA, TSL, AMX, FAZ, K, MA, ACN, UNG, ATW, HEAT, SWN, AMD, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Neutral
Futures Point to a Flat Open...
BMO – ES +1.50 and NQ +0.75 futures are slightly higher in pre-market trading pointing to a flat open. AAPL +0.55, AMZN +0.05, GOOG +0.32 and BIDU +0.83 are slightly higher in pre-market trading.
The SP futures are slightly higher over night after Tuesday broke the low of the high day. Watch the 1,100 short term resistance area on the SPX. If price can not get and stay above this area expect price to move lower.
The Euro is UP 32 pips in overnight trading. Oil is quoting UP 47 cents in electronic trading. XLE is up 8 cents in pre-market trading.
SPY is up 11 cents in pre-market trading. XLF is UP 1 cent in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087
Resistance = 1,100 - 1,106Trading Down: V, MCD, WFC
Trading Up: DECK, ICE, AGU, MELI, SWN, BUCY, HANS, K, BA, DE, GMCR, FUQI, MON, FCX, CAT, X, SPG, SNDK
Look at these Charts…
(click image to enlarge)
At the Open on Friday
SPY – QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Thursday, February 25, 2010
SPX Forms Hammer...
DJIA 10,321.03 -53.13 -0.51%
SP500 1,102.94 -2.30 -0.21%
COMPQ 2,234.22 -1.68 -0.08%
Russell 2000 630.46 +0.03 +0.00%
Exchange NYSE NASD
Advancing 1,517 1,143
Declining 1,514 1,511
Oil $78.17 -1.83
Gold $1,107.80 +11.30
SOX 338.39 -0.88
VIX 20.10 -0.17
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Strongest Sectors: XLY +0.16%…XLP +0.07%...XLV +0.06%
Weakest Sectors: XLK -0.28%...XLF -0.27%...XLI -0.24%
Four of nine sectors moved higher on Thursday. Consumer Discretionary, Consumer Staples, Healthcare, Energy and Utilities were stronger than the SPX -0.21%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
Guidance:
After opening lower on Thursday, the SPX formed a hammer that did not confirm Wednesday’s bullish harami. Wait to see if Friday gives confirmation.
The SPX closed just above the 1,100 short term support level at 1,103. Friday’s high of 1,112 is short term
resistance and 1,087 is the next level of short term support.
Thursday may have been the higher low of this pull back.
The short term trend is neutral.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Trade the counter trend down if it continues. Stay alert to the potential of this counter trend move being a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL +1.34
QCOM -0.69
GOOG -5.04
BIDU +3.40
NDX 100 stocks stronger than the NDX include ESRX, LINTA, HOLX, SRCL, IACI, ROST, LIFE, JBHT, JOYG, TEVA, ALTR, NIHD, SPLS, ILMN, COST, VRSN, SHLD, CTAS, HANS, BIDU, AAPL, NTAP, INTU, INFY, ORLY, FISV, FAST, ORCL, BBBY, URBN, XLNX, APOL, ERTS and ADSK.
Stocks to Watch on Friday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, HANS, JEC, ZION, WMT, BYI, FAS, GES, GMCR, SNDK, TDG, USD, UYG, X
Moving Above 30 DMA = 5
DECK, FUQI, MELI, CEDC, POT
Moving Below 30 DMA = 4
BKC, VAR, GS, DOW
Staying Below 30 DMA
FLS, MHS, MOS, WAB, IPI, FCX, WFC, ATI, SYNA, TSL, AMX, FAZ, K, MYGN, MA, ACN, UNG, HLF, ATW, HDB, HEAT, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Neutral
SP500 1,102.94 -2.30 -0.21%
COMPQ 2,234.22 -1.68 -0.08%
Russell 2000 630.46 +0.03 +0.00%
Exchange NYSE NASD
Advancing 1,517 1,143
Declining 1,514 1,511
Oil $78.17 -1.83
Gold $1,107.80 +11.30
SOX 338.39 -0.88
VIX 20.10 -0.17
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Strongest Sectors: XLY +0.16%…XLP +0.07%...XLV +0.06%
Weakest Sectors: XLK -0.28%...XLF -0.27%...XLI -0.24%
Four of nine sectors moved higher on Thursday. Consumer Discretionary, Consumer Staples, Healthcare, Energy and Utilities were stronger than the SPX -0.21%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
Guidance:
After opening lower on Thursday, the SPX formed a hammer that did not confirm Wednesday’s bullish harami. Wait to see if Friday gives confirmation.
The SPX closed just above the 1,100 short term support level at 1,103. Friday’s high of 1,112 is short term
resistance and 1,087 is the next level of short term support.
Thursday may have been the higher low of this pull back.
The short term trend is neutral.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Trade the counter trend down if it continues. Stay alert to the potential of this counter trend move being a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL +1.34
QCOM -0.69
GOOG -5.04
BIDU +3.40
NDX 100 stocks stronger than the NDX include ESRX, LINTA, HOLX, SRCL, IACI, ROST, LIFE, JBHT, JOYG, TEVA, ALTR, NIHD, SPLS, ILMN, COST, VRSN, SHLD, CTAS, HANS, BIDU, AAPL, NTAP, INTU, INFY, ORLY, FISV, FAST, ORCL, BBBY, URBN, XLNX, APOL, ERTS and ADSK.
Stocks to Watch on Friday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, HANS, JEC, ZION, WMT, BYI, FAS, GES, GMCR, SNDK, TDG, USD, UYG, X
Moving Above 30 DMA = 5
DECK, FUQI, MELI, CEDC, POT
Moving Below 30 DMA = 4
BKC, VAR, GS, DOW
Staying Below 30 DMA
FLS, MHS, MOS, WAB, IPI, FCX, WFC, ATI, SYNA, TSL, AMX, FAZ, K, MYGN, MA, ACN, UNG, HLF, ATW, HDB, HEAT, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Neutral
Futures Point to a Lower Open...
BMO – ES -6.00 and NQ -9.00 futures are slightly higher in pre-market trading pointing to a slightly higher open. AAPL -1.13, AMZN -0.97, GOOG -2.47 and BIDU +0.03 are mixed in pre-market trading.
The SP futures are lower overnight. Watch the 1,092 short term support area (Tuesday's low) on the SPX. If price does not stay above this area expect price to move lower.
The Euro is down 50 pips in overnight trading. Oil is quoting down 52 cents in electronic trading. XLE is up 4 cents in pre-market trading.
SPY is down 68 cents in pre-market trading. XLF is down 5 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087
Resistance = 1,100 - 1,106
Trading Down: FLS, PCLN, FAS, GME, FCX, POT, BAC, X, USO, CAT, TSL, ATI
Trading Up: BUCY, MHS, FAZ, MOS, NFLX
At the Open on Thursday
SPY –
QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
The SP futures are lower overnight. Watch the 1,092 short term support area (Tuesday's low) on the SPX. If price does not stay above this area expect price to move lower.
The Euro is down 50 pips in overnight trading. Oil is quoting down 52 cents in electronic trading. XLE is up 4 cents in pre-market trading.
SPY is down 68 cents in pre-market trading. XLF is down 5 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087
Resistance = 1,100 - 1,106
Trading Down: FLS, PCLN, FAS, GME, FCX, POT, BAC, X, USO, CAT, TSL, ATI
Trading Up: BUCY, MHS, FAZ, MOS, NFLX
At the Open on Thursday
SPY –
QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Wednesday, February 24, 2010
SPX Regains Most of Tuesday's Losses...
DJIA 10,374.16 +91.75 +0.89%
SP500 1,105.24 +10.64 +0.97%
COMPQ 2,235.90 +22.46 +1.01%
Russell 2000 630.43 +5.36 +0.86%
Exchange NYSE NASD
Advancing 2,224 1,665
Declining 827 999
Oil $80.00 +1.14
Gold $1,096.50 -6.10
SOX 332.27 +6.40
VIX 20.27 -1.10
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLF +1.74%…XLY +1.30%...XLI +1.02%
Weakest Sectors: XLB -0.08%...XLU +0.03%...XLE +0.35%
Eight of nine sectors moved higher on Wednesday. Financials, Consumer Discretionary, Industrials and Technology were stronger than the SPX +0.97%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
Guidance:
Wednesday formed an inside day and a bullish harami on the SPX and on many other charts. Confirmation is a close above the inside day or body of the bullish harami. Wednesday formed a lower high so confirmation is important here.
The SPX closed just above the 1,100 short term support level at 1,105. Friday’s high of 1,112 is short term resistance and 1,087 is the next level of short term support.
Without confirmation still look for a potential pull back to a higher low.
The short term trend is neutral.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Trade the counter trend down. Stay alert to the potential of this counter trend move being a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL +3.59
QCOM -0.50
GOOG -3.60
BIDU +3.77
NDX 100 stocks stronger than the NDX include ADSK, ALTR, ADBE, XLNX, BRCM, MXIM, RIMM, LINTA, HOLX, ADP, BRTX, ROST, NWSA, PCAR, JBHT, LLTC, AMAT, AMZN, NVDA, CERN, CTSH, CA, CTAS, SHLD, AAPL, ORLY, BBBY, SBUX, CMCSA, LRCX, INFY, JOYG, EBAY, PPDI, SRCL, LIFE, INTC, MCHP, ATVI,LBTYA, PDCO, YHOO, DELL, FISV, MICC, GENZ, ERTS, FLEX, APOL and INTU.
Stocks to Watch on Thursday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, BKC, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, DOW, HANS, JEC, ZION, WMT, BYI
Moving Above 30 DMA = 10
FAS, GES, GMCR, GS, SNDK, TDG, USD, UYG, VAR, X
Moving Below 30 DMA = 0
Staying Below 30 DMA
FLS, MHS, MOS, WAB, MELI, IPI, CEDC, POT, FCX, WFC, ATI, DECK, SYNA, TSL, AMX, FAZ, K, MYGN, MA, ACN, UNG, HLF, ATW, HDB, HEAT, FUQI, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Neutral
SP500 1,105.24 +10.64 +0.97%
COMPQ 2,235.90 +22.46 +1.01%
Russell 2000 630.43 +5.36 +0.86%
Exchange NYSE NASD
Advancing 2,224 1,665
Declining 827 999
Oil $80.00 +1.14
Gold $1,096.50 -6.10
SOX 332.27 +6.40
VIX 20.27 -1.10
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLF +1.74%…XLY +1.30%...XLI +1.02%
Weakest Sectors: XLB -0.08%...XLU +0.03%...XLE +0.35%
Eight of nine sectors moved higher on Wednesday. Financials, Consumer Discretionary, Industrials and Technology were stronger than the SPX +0.97%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
Guidance:
Wednesday formed an inside day and a bullish harami on the SPX and on many other charts. Confirmation is a close above the inside day or body of the bullish harami. Wednesday formed a lower high so confirmation is important here.
The SPX closed just above the 1,100 short term support level at 1,105. Friday’s high of 1,112 is short term resistance and 1,087 is the next level of short term support.
Without confirmation still look for a potential pull back to a higher low.
The short term trend is neutral.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Trade the counter trend down. Stay alert to the potential of this counter trend move being a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL +3.59
QCOM -0.50
GOOG -3.60
BIDU +3.77
NDX 100 stocks stronger than the NDX include ADSK, ALTR, ADBE, XLNX, BRCM, MXIM, RIMM, LINTA, HOLX, ADP, BRTX, ROST, NWSA, PCAR, JBHT, LLTC, AMAT, AMZN, NVDA, CERN, CTSH, CA, CTAS, SHLD, AAPL, ORLY, BBBY, SBUX, CMCSA, LRCX, INFY, JOYG, EBAY, PPDI, SRCL, LIFE, INTC, MCHP, ATVI,LBTYA, PDCO, YHOO, DELL, FISV, MICC, GENZ, ERTS, FLEX, APOL and INTU.
Stocks to Watch on Thursday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, BKC, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, DOW, HANS, JEC, ZION, WMT, BYI
Moving Above 30 DMA = 10
FAS, GES, GMCR, GS, SNDK, TDG, USD, UYG, VAR, X
Moving Below 30 DMA = 0
Staying Below 30 DMA
FLS, MHS, MOS, WAB, MELI, IPI, CEDC, POT, FCX, WFC, ATI, DECK, SYNA, TSL, AMX, FAZ, K, MYGN, MA, ACN, UNG, HLF, ATW, HDB, HEAT, FUQI, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Neutral
Futures Point to a Flat Open...
BMO – ES +1.00 and NQ +4.25 futures are slightly higher in pre-market trading pointing to a slightly higher open. AAPL +1.00, AMZN +0.16, GOOG -2.00 and BIDU +0.37 are mixed in pre-market trading.
The SP futures are slightly higher over night after Tuesday broke the low of the high day. Watch the 1,100 short term resistance area on the SPX. If price can not get and stay above this area expect price to move lower.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087
Resistance = 1,100 - 1,106
Trading Down: POT, MOS, FAZ, USO, FCX
Trading Up: BUCY, TSL, FAS, GS, BA, MCD, X, SNDK, CAT, NFLX, BAC, WFC, UYG, UNG
Look at these Charts…
(click image to enlarge)
At the Open on Wednesday
SPY –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
The SP futures are slightly higher over night after Tuesday broke the low of the high day. Watch the 1,100 short term resistance area on the SPX. If price can not get and stay above this area expect price to move lower.
The Euro is up 32 pips in overnight trading. Oil is quoting down 25 cents in electronic trading. XLE is up 12 cents in pre-market trading.
SPY is up 51 cents in pre-market trading. XLF is up 8 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087
Resistance = 1,100 - 1,106
Trading Down: POT, MOS, FAZ, USO, FCX
Trading Up: BUCY, TSL, FAS, GS, BA, MCD, X, SNDK, CAT, NFLX, BAC, WFC, UYG, UNG
Look at these Charts…
(click image to enlarge)
At the Open on Wednesday
SPY –
QQQQ –
FAS –
CF –UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Tuesday, February 23, 2010
SPX Pulls Back from Resistance...
DJIA 10,282.41 -100.41 -0.97%
SP500 1,094.60 -13.41 -1.21%
COMPQ 2,213.44 -28.59 -1.28%
Russell 2000 625.07 -7.18 +1.14%
Exchange NYSE NASD
Advancing 939 896
Declining 2,128 1,768
Oil $78.86 -1.45
Gold $1,102.60 -10.00
SOX 332.87 -9.68
VIX 21.37 +1.43
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Strongest Sectors: XLP -0.55%…XLY -0.60%...XLU -0.68%
Weakest Sectors: XLF -1.84%...XLE -1.66%...XLB -1.59%
All nine sectors moved lower on Tuesday. Financials, Energy, Materials, Industrials and Technology were weaker than the SPX -1.21%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,101 = October High
1,105 - 1,113 = November High
1,119 = December High
Key Support Levels
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
1,044 - 1,050 = Oct 08 High
The SPX, INDU, COMPQ and RUT all broke the low of the high day giving the potential exit signal for bullish short term trades and potential entry signal for short term bearish counter trend trades. The SPX broke short term horizontal support and closed 1,094.
Financial, Energy and Material stocks led the market lower on Tuesday with MELI, HEAT, USD, ATI, FAS, BUCY, X, SNDK FUQI, ZION, WLT, MHS, FCX, UYG and CREE falling more than 3% each.
FAZ, WCG, BYI, BKC, BDX, UAUA and MCD moved higher today.
Guidance:
Tuesday was the classic break the low of the high day exit for short term trades and a classic entry for short term counter trend bearish trades.
The 1,100 short term support level was broken today and 1,087 is the next level of short term support.
Support was broken and we hope you did protect your profits. Now look for a pull back to a potential higher low.
The short term trend is down.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
If you trade the counter trend down, stay alert to the potential of this counter trend move forming a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL -3.35
QCOM -0.47
GOOG -7.73
BIDU -5.45
NDX 100 stocks stronger than the NDX include EXPD, APOL, WYNN, IACI, CEPH, DISH, VRSN, EXPE, JBHT, XRAY, RYAAY, HSIC, HOLX, CTSH, ROST, CMCSA, ORLY, CTXS and COST.
Stocks to Watch on Wednesday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, BKC, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, DOW, HANS, JEC, ZION, WMT
Moving Above 30 DMA = 1BYI
Moving Below 30 DMA = 20
FLS, GES, GMCR, MHS, MOS, TDG, VAR, WAB, FAS, UYG, X, USD, MELI, IPI, CEDC, SNDK, POT, FCX, WFC, ATI
Staying Below 30 DMA
DECK, SYNA, TSL, AMX, FAZ, K, MYGN, MA, ACN, UNG, HLF, ATW, HDB, GS, HEAT, FUQI, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Down
SP500 1,094.60 -13.41 -1.21%
COMPQ 2,213.44 -28.59 -1.28%
Russell 2000 625.07 -7.18 +1.14%
Exchange NYSE NASD
Advancing 939 896
Declining 2,128 1,768
Oil $78.86 -1.45
Gold $1,102.60 -10.00
SOX 332.87 -9.68
VIX 21.37 +1.43
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Strongest Sectors: XLP -0.55%…XLY -0.60%...XLU -0.68%
Weakest Sectors: XLF -1.84%...XLE -1.66%...XLB -1.59%
All nine sectors moved lower on Tuesday. Financials, Energy, Materials, Industrials and Technology were weaker than the SPX -1.21%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,101 = October High
1,105 - 1,113 = November High
1,119 = December High
Key Support Levels
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
1,044 - 1,050 = Oct 08 High
The SPX, INDU, COMPQ and RUT all broke the low of the high day giving the potential exit signal for bullish short term trades and potential entry signal for short term bearish counter trend trades. The SPX broke short term horizontal support and closed 1,094.
Financial, Energy and Material stocks led the market lower on Tuesday with MELI, HEAT, USD, ATI, FAS, BUCY, X, SNDK FUQI, ZION, WLT, MHS, FCX, UYG and CREE falling more than 3% each.
FAZ, WCG, BYI, BKC, BDX, UAUA and MCD moved higher today.
Guidance:
Tuesday was the classic break the low of the high day exit for short term trades and a classic entry for short term counter trend bearish trades.
The 1,100 short term support level was broken today and 1,087 is the next level of short term support.
Support was broken and we hope you did protect your profits. Now look for a pull back to a potential higher low.
The short term trend is down.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
If you trade the counter trend down, stay alert to the potential of this counter trend move forming a bull flag pull back.
Adjust your stops according to your rules for up and down trending trades.
AAPL -3.35
QCOM -0.47
GOOG -7.73
BIDU -5.45
NDX 100 stocks stronger than the NDX include EXPD, APOL, WYNN, IACI, CEPH, DISH, VRSN, EXPE, JBHT, XRAY, RYAAY, HSIC, HOLX, CTSH, ROST, CMCSA, ORLY, CTXS and COST.
Stocks to Watch on Wednesday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, UAUA, AGU, BKC, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, DOW, HANS, JEC, ZION, WMT
Moving Above 30 DMA = 1BYI
Moving Below 30 DMA = 20
FLS, GES, GMCR, MHS, MOS, TDG, VAR, WAB, FAS, UYG, X, USD, MELI, IPI, CEDC, SNDK, POT, FCX, WFC, ATI
Staying Below 30 DMA
DECK, SYNA, TSL, AMX, FAZ, K, MYGN, MA, ACN, UNG, HLF, ATW, HDB, GS, HEAT, FUQI, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Down
Futures Point to a Slightly Lower Open...
BMO – ES -3.50 and NQ -5.75 futures are lower in pre-market trading pointing to a lower open. AAPL -0.71, AMZN +0.00, GOOG -1.30 and BIDU -3.15 are mostly lower in pre-market trading.
The SP futures are slightly lower over night watch for a potential break of Monday’s low. Stay with the short term trend as long as it continues. Monday is the new high day. Short term traders may see an exit on some charts today if the market pulls back into a bull flag pattern.
The Euro is down 38 pips in overnight trading. Oil is quoting down 1.60 in electronic trading. XLE is up 10 cents in pre-market trading.
SPY is down 33 cents in pre-market trading. XLF is down 6 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
SPX
Support = 1,100…1,087
Resistance = 1,106 - 1,117
Trading Down: MELI, WLT, FAS, MHS, POT, WHR, X, FCX, USD, NFLX, TSL, SNDK, CREE, WMT, MON, CAT, WFC
Trading Up: AMED, MCD, JEC, FAZ
Look at these Charts…
(click image to enlarge)
At the Open on TuesdaySPY –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
The SP futures are slightly lower over night watch for a potential break of Monday’s low. Stay with the short term trend as long as it continues. Monday is the new high day. Short term traders may see an exit on some charts today if the market pulls back into a bull flag pattern.
SPY is down 33 cents in pre-market trading. XLF is down 6 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,100…1,087
Resistance = 1,106 - 1,117
Trading Down: MELI, WLT, FAS, MHS, POT, WHR, X, FCX, USD, NFLX, TSL, SNDK, CREE, WMT, MON, CAT, WFC
Trading Up: AMED, MCD, JEC, FAZ
Look at these Charts…
(click image to enlarge)
At the Open on Tuesday
QQQQ –
FAS –CF –
UAUA –DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Monday, February 22, 2010
SPX Pauses at Resistance...
DJIA 10,383.35 -18.97 -0.18%
SP500 1,108.01 -1.16 -0.10%
COMPQ 2,242.03 -1.84 -0.08%
Russell 2000 632.63 +0.63 +0.10%
Exchange NYSE NASD
Advancing 1,519 1,429
Declining 1,541 1,268
Oil $80.25 +0.19
Gold $1,112.60 -8.70
SOX 342.55 -0.99
VIX 19.94 -0.08
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Strongest Sectors: XLF +1.31%…XLI +0.07%...XLP +0.00%
Weakest Sectors: XLE -1.38%...XLU -0.54%...XLB -0.43%
Two of nine sectors moved higher on Monday. Financials, Industrials, Consumer Staples and Consumer Discretionary were stronger than the SPX -0.10%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
The SPX, INDU and COMPQ formed spinning tops above their 30 DMA as the broad indices were near unchanged. The SPX closed at 1,108 in the area of its horizontal resistance area,
Financial stocks led the market today as RF, PNC, KEY, WFC, ZION, BAC, JPM, USB, SPG, C and MS all moved more than 1% for the day.
Energy stocks were weak keeping the SPX just below even for the day.
CREE, X and STX moved slightly higher while BUCY was down slightly on Monday.
Guidance:
Monday is the new high day in the recent support bounce. 1,100 is the short term support level, just below Monday’s low. Short term resistance is 1,115. If resistance is broken look for a move to the next resistance level in the 1,130 area.
If support is broken protect your profits and look for a pull back to a higher low.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Be alert on short term trades to the potential for the formation of a bull flag pull back; raise your stops according to your rules.
AAPL -1.25
QCOM -0.58
GOOG +2.03
BIDU +7.00
NDX 100 stocks stronger than the NDX include LBTYA, GRMN, ORCL, TEVA, APOL, MICC, BIDU, JBHT, WYNN, CHRW, CMSCA, STX, VRSN, DISH, PDCO, EXPD, SHLD, RYAAY, SRCL, CERN, HOLX, NIHD, CEPH, FAST, STLD, AMZN, GOOG, ADSK, MXIM, LIFE, INTC, DTV, PAYX, PPDI and NVDA.
Stocks to Watch on Tuesday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, SWK, UNP, USD, USO, V, BAC, DE, DHR, ESI, MHS, SNDK, URE, DOW, FLS, GES, HANS, JEC, MELI, TDG, X, IPI, FCX, ZION
Moving Above 30 DMA = 6
FAS, UYG, VAR, WAB, WFC, WMT
Moving Below 30 DMA = 2
DECK, SYNA
Staying Below 30 DMA
TSL, AMX, FAZ, K, MYGN, MA, BYI, ACN, UNG, HLF, ATW, HDB, GS, HEAT, FUQI, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up
SP500 1,108.01 -1.16 -0.10%
COMPQ 2,242.03 -1.84 -0.08%
Russell 2000 632.63 +0.63 +0.10%
Exchange NYSE NASD
Advancing 1,519 1,429
Declining 1,541 1,268
Oil $80.25 +0.19
Gold $1,112.60 -8.70
SOX 342.55 -0.99
VIX 19.94 -0.08
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Strongest Sectors: XLF +1.31%…XLI +0.07%...XLP +0.00%
Weakest Sectors: XLE -1.38%...XLU -0.54%...XLB -0.43%
Two of nine sectors moved higher on Monday. Financials, Industrials, Consumer Staples and Consumer Discretionary were stronger than the SPX -0.10%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
The SPX, INDU and COMPQ formed spinning tops above their 30 DMA as the broad indices were near unchanged. The SPX closed at 1,108 in the area of its horizontal resistance area,
Financial stocks led the market today as RF, PNC, KEY, WFC, ZION, BAC, JPM, USB, SPG, C and MS all moved more than 1% for the day.
Energy stocks were weak keeping the SPX just below even for the day.
CREE, X and STX moved slightly higher while BUCY was down slightly on Monday.
Guidance:
Monday is the new high day in the recent support bounce. 1,100 is the short term support level, just below Monday’s low. Short term resistance is 1,115. If resistance is broken look for a move to the next resistance level in the 1,130 area.
If support is broken protect your profits and look for a pull back to a higher low.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Be alert on short term trades to the potential for the formation of a bull flag pull back; raise your stops according to your rules.
AAPL -1.25
QCOM -0.58
GOOG +2.03
BIDU +7.00
NDX 100 stocks stronger than the NDX include LBTYA, GRMN, ORCL, TEVA, APOL, MICC, BIDU, JBHT, WYNN, CHRW, CMSCA, STX, VRSN, DISH, PDCO, EXPD, SHLD, RYAAY, SRCL, CERN, HOLX, NIHD, CEPH, FAST, STLD, AMZN, GOOG, ADSK, MXIM, LIFE, INTC, DTV, PAYX, PPDI and NVDA.
Stocks to Watch on Tuesday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, SWK, UNP, USD, USO, V, BAC, DE, DHR, ESI, MHS, SNDK, URE, DOW, FLS, GES, HANS, JEC, MELI, TDG, X, IPI, FCX, ZION
Moving Above 30 DMA = 6
FAS, UYG, VAR, WAB, WFC, WMT
Moving Below 30 DMA = 2
DECK, SYNA
Staying Below 30 DMA
TSL, AMX, FAZ, K, MYGN, MA, BYI, ACN, UNG, HLF, ATW, HDB, GS, HEAT, FUQI, SWN, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up
Futures Point to a Higher Open...
1:05 pm ET - Financials, XLF +0.90%, are leading the market this morning while Energy, XLE -1.27% is weighing on the market...SPY -0.01% is near even...for many stocks, Monday is the high day so pay attention to the chart and trade according to your rules...
BMO – ES +4.00 and NQ +10.75 futures are higher in pre-market trading pointing to a higher open. AAPL +0.48, AMZN -0.11, GOOG +6.02 and BIDU +1.55 are mostly higher in pre-market trading.
As I stated Friday morning I expected short term support to hold on the SPX, it did and the SPX closed at 1,109. The 1,115 area is horizontal resistance and if broken look for the SPX to continue its support bounce. Stay with the short term trend as long as it continues. Friday is the new high day.
You may have noticed a large number of Dave’s C Patterns on stock charts and the indices. For those not familiar a C Pattern is an intermediate term up trend that has hit resistance pulled back for four weeks fallen below its 30 DMA and now is breaking out of its 30 DMA to the upside. X in this morning’s charts is a good example. Generally the C Pattern will lead to a continuation of the intermediate term trend, although the follow through is not always immediate.
The Euro is up 5 pips in overnight trading. Oil is quoting up 22 cents in electronic trading. XLE is up 11 cents in pre-market trading.
SPY is up 37 cents in pre-market trading. XLF is up 4 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,100…1,087
Resistance = 1,115...1,130
Trading Down: BA, UNG, SPG
Trading Up: PCLN, MA, BUCY, X, FLS, FAS, GS, MOS, USD, STT, CAT, CREE, WCG, MELI, POT, FCX
Look at these Charts…
(click image to enlarge)
At the Open on Monday
SPY –
QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
At the Open on Monday
SPY –
QQQQ –
FAS –
CF –
UAUA –
DOW –
X –
CREE –
ALGT –
ALTR –
NFLX –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Friday, February 19, 2010
SPX Rallies After Fed Raises Discount Rate...
DJIA 10,402.35 +9.45 +0.09%
SP500 1,109.17 +4.42 +0.22%
COMPQ 2,243.87 +2.16 +0.10%
Russell 2000 631.62 +2.30 +0.37%
Exchange NYSE NASD
Advancing 1,798 1,405
Declining 1,235 1,249
Oil $80.06 +0.68
Gold $1,121.30 +3.30
SOX 343.54 +1.02
VIX 20.02 -0.61
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLU +1.40%…XLB +0.56%...XLF +0.56%
Weakest Sectors: XLK -0.27%...XLV +0.00%...XLP +0.22%
Seven of nine sectors moved higher on Friday. Utilities, Materials, Financials, Industrials, Energy, Consumer Discretionary and Consumer Staples were stronger than the SPX +0.22%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,105 - 1,113 = November High
1,119 = December High
1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low
Key Support Levels
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
SP futures moved lower Thursday after the Fed announced after the close they are raising the discount rate to banks by ¼% from 0.50% to 0.75% effective Friday. By Friday morning futures had moved from being down 12 point to down 3 points. Futures and cash indexes moved higher Friday morning and then pulled back in the afternoon while still finishing up for the day.
Tech stocks were the weakest sector Friday after DELL reported earnings with lower profit margins. Material, Financial and Transportation stocks performed well in our watch list including: X, ZION, STT, UAUA, UNP, PCP, VPRT, CREE, BA and DECK moved higher on Friday. NDX stocks INTU, EBAY, MICC and ADBE also had nice chart moves on Friday.
The SPX and other broad indexes finished a strong short term trend week following the prior weeks support bounce and bullish divergence we alerted you to in several posts before this past weeks three day weekend.
Look at these Charts…
(click image to enlarge)
Guidance:
Friday is the new high day in the recent support bounce. 1,100 is the short term support level, just below Friday’s low. Short term resistance is 1,115. If resistance is broken look for a move to the next resistance level in the 1,130 area.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Continue to trade the short term trend and raise your stops.
AAPL -1.25
QCOM -0.22
GOOG -2.45
BIDU +2.54
NDX 100 stocks stronger than the NDX include INTU, TEVA, EBAY, MICC, DTV, ADBE, JBHT, CMCSA, LINTA, SPLS, CTAS, LRCX, SRCL, LBTYA, ORLY, IACI, CHRW, FISV, BIIB, EXPD, VRTX, KLAC, ERTS, ADP, PDCO, HANS, WCRX, NIHD, CHKP, XLNX, GENX, FLIR, FLEX, SHLD, AKAM, VRSN, CERN, BBBY, FAST, NWSA, ISRG, MCHP and BIDU.
Stocks to Watch on Monday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, SWK, UNP, USD, USO, V, BAC, DE, DECK, DHR, ESI, MHS, SNDK, URE, DOW, FLS, GES, HANS, JEC, MELI
Moving Above 30 DMA = 6
SYNA, TDG, X, IPI, FCX, ZION
Moving Below 30 DMA = 2
VAR, TSL
Staying Below 30 DMA
AMX, FAZ, WMT, K, MYGN, WFC, MA, BYI, ACN, UNG, FAS, HLF, UYG, ATW, HDB, GS, HEAT, FUQI, SWN, WAB, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up
Guidance:
Friday is the new high day in the recent support bounce. 1,100 is the short term support level, just below Friday’s low. Short term resistance is 1,115. If resistance is broken look for a move to the next resistance level in the 1,130 area.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
Continue to trade the short term trend and raise your stops.
AAPL -1.25
QCOM -0.22
GOOG -2.45
BIDU +2.54
NDX 100 stocks stronger than the NDX include INTU, TEVA, EBAY, MICC, DTV, ADBE, JBHT, CMCSA, LINTA, SPLS, CTAS, LRCX, SRCL, LBTYA, ORLY, IACI, CHRW, FISV, BIIB, EXPD, VRTX, KLAC, ERTS, ADP, PDCO, HANS, WCRX, NIHD, CHKP, XLNX, GENX, FLIR, FLEX, SHLD, AKAM, VRSN, CERN, BBBY, FAST, NWSA, ISRG, MCHP and BIDU.
Stocks to Watch on Monday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, SWK, UNP, USD, USO, V, BAC, DE, DECK, DHR, ESI, MHS, SNDK, URE, DOW, FLS, GES, HANS, JEC, MELI
Moving Above 30 DMA = 6
SYNA, TDG, X, IPI, FCX, ZION
Moving Below 30 DMA = 2
VAR, TSL
Staying Below 30 DMA
AMX, FAZ, WMT, K, MYGN, WFC, MA, BYI, ACN, UNG, FAS, HLF, UYG, ATW, HDB, GS, HEAT, FUQI, SWN, WAB, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up
Futures Point to a Lower Open oon Options Expiration Friday...
10: 33 am ET - SPY is a white candle again as it continnues to fluctuate between 110.40 - 110.95...good old expiration Friday volatility...
10:10 am ET - UAUA is forming a classic bull flag...
10:05 am ET - SPY has pulled back and below its open delivering option expiration Friday intra-day volatility...currently for a bearish harami and still above the high of the low day...STT is having a strong morning...
9:45 am ET - SPY and many stocks are rising above their open and gaining strength...
9:35 am ET - at the open ALGT, X, FAZ, UAUA, TDG, IPI, BUCY, AMED, MOS UNP BUI MCK VPRT, BA, DHR, WAB, SNDK and DECK are trading higher...TSL, ESI, HEAT, UNG, CHL, ACN, ATW, FUQI, AMX, BDX, V, VAR, MELI, CBST are trading lower...
BMO – ES -3.50 and NQ -3.50 futures are lower in pre-market trading pointing to a lower open. AAPL -0.76, AMZN +0.27, GOOG -0.58 and BIDU -1.10 are mostly lower in pre-market trading.
The big news is DELL -0.68, -4.71% reported 0.28 vs. estimates of 0.27 but missed gross margin estimates. Tech stocks which were lower after the close in sympathy are not as low in pre-market trading as in after hours trading yesterday.
Maybe bigger news is the Fed raised the discount rates to banks ¼% from 0.50% to 0.75%. SP futures were down more than 12 points after Thursday’s close on the news but have recovered to dow -3.50. The Fed news is actually positive as I stated last night as it indicates that financial stability is improving. I am not surprised that futures have rallied from their initial lows.
The SPX closed at 1,106 which is horizontal resistance will open lower on the Fed news…I expect short term support to hold but be prepared in price move lower and follow your exit rules. Thursday was the high day. Short term support is Tuesday’s S1.
The Euro is up 20 pips in overnight trading. Oil is quoting up 5 cents in electronic trading. XLE is down 29 cents in pre-market trading.
SPY is down 30 cents in pre-market trading. XLF is down 7 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087…1,082…1,075
Resistance = 1,106 - 1,117
Trading Down: ESI, BUCY, CHL,MA, TSL, CAN, SYNA, CREE, FAS, V, ATW, GS, FLS, WLT, SNDK, USD
Trading Up: MOS, POT, FAZ, USO
Look at these Charts…
(click image to enlarge)
At the Open on Friday
SPY –
QQQQ –
FAS –
CF –
UAUA –
ALGT –
ALTR –
NFLX –
CREE –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
DOW –
X –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
At the Open on Friday
SPY –
QQQQ –
FAS –
CF –
UAUA –
ALGT –
ALTR –
NFLX –
CREE –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
DOW –
X –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Thursday, February 18, 2010
SPX Moves Higher...
DJIA 10,392.90 +83.66 +0.81%
SP500 1,106.75 +7.24 +0.66%
COMPQ 2,241.71 +15.42 +0.69%
Russell 2000 629.32 +4.49 +0.72%
Exchange NYSE NASD
Advancing 2,112 1,562
Declining 936 1,083
Oil $79.06 +0.82
Gold $1,118.00 -1.50
SOX 342.52 +0.98
VIX 20.63 -1.09
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLB +1.07%…XLI +0.91%...XLK +0.64%
Weakest Sectors: XLV +0.48%...XLU +0.55%...XLE +0.56%
All nine sectors moved higher on Thursday. Materials and Industrials were stronger than the SPX +0.66%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,101 = October High
1,105 - 1,113 = November High
1,119 = December High
Key Support Levels
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
1,044 - 1,050 = Oct 08 High
The SPX, INDU and COMPQ moved above their 30 DMA. The SPX closed at 1,106 just above its 1,105 horizontal resistance area,
Many individual stocks like CREE, CTXS, GILD, NFLX and STX also experienced horizontal breakouts. PCLN +9.43% gapped and moved higher after better than forecast earnings report.
After the close on Thursday, DELL -0.84, -5.88% reported earnings with lower than expected profit margins. Many tech stocks were trading lower in after-hours trading in sympathy with the report.
The Fed announced after the close they are raising the discount rate to banks by ¼% from 0.50% to 0.75% effective Friday. While this is actually positive news as it reflects improvement in the financial stability of banks, the S&P futures market reacted by moving 12 points lower. This could lead to a lower open on Friday, February options expiration day.
Here’s a closing look at our Thursday stock charts SNDK, DOW, STX and CGA from this morning
Check out these charts:
(click image to enlarge)
Guidance:
Today is the new high day in the recent support bounce. Continue to watch the S1 level of Tuesday’s large white candle as short term support on the SPX.
Guidance:
Today is the new high day in the recent support bounce. Continue to watch the S1 level of Tuesday’s large white candle as short term support on the SPX. Watch for a lower open on Friday as an initial reaction to the Fed increasing the discount rate. Follow your rules if the pull back breaks short term support.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules.
If you have not yet been stopped out of your up trending positions, continue to trade the trend and raise your stops.
AAPL +0.37
QCOM +0.38
GOOG +5.01
BIDU +10.08
NDX 100 stocks stronger than the NDX include PCLN, EXPE, DTV, STX, CTXS, ADBE, STLD, HANS, FLEX, GRMN, JOYG, DELL, BIDU, LINTA, MXIM, URBN, XLNX, FSLR, GILD, CA, APOL, MICC, NIHD, AMZN, ALTR, ORCL, CELG, INTU, RIMM, FAST, DISH, VRTX, FWLT, CTAS, CERN, ESRX, SYMC, HOLX, ISRG and QCOM.
Stocks to Watch on Thursday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, SWK, TSL, UNP, USD, USO, V, BAC, DE, DECK, DHR, ESI, MHS, SNDK, URE, VAR
Moving Above 30 DMA = 6
DOW, FLS, GES, HANS, JEC, MELI
Moving Below 30 DMA = 4
AMX, FAZ, WMT, ZION
Staying Below 30 DMA
K, MYGN, TDG, WFC, MA, BYI, ACN, UNG, FAS, HLF, SYNA, UYG, X, ATW, HDB, GS, HEAT, FCX, FUQI, IPI, SWN, WAB, PWRD, AMD, CGA, MON, WCG, GME
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up
Futures Mixed Point to a Flat Open...
BMO – ES -2.00 and NQ +1.50 futures are mixed in pre-market trading pointing to a flat open. AAPL -0.17, AMZN +0.04, GOOG -0.40 and BIDU +0.48 are mixed in pre-market trading.
The big news this morning is PCLN +13.97, +6.56% reported 1.99 vs. estimates of 1.68.
The SPX closed at 1,099 which is horizontal resistance be prepared for a pause or pull back. Wednesday was the high day. Short term support is Tuesday’s S1.
The Euro is down 20 pips in overnight trading. Oil is quoting down 47 cents in electronic trading. XLE is down 7 cents in pre-market trading.
SPY is down 5 cents in pre-market trading. XLF is down 4 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087…1,082…1,075
Resistance = 1,106 - 1,117
Trading Down: WCG, WMT, GS, FCX, CHL, FAS, USO
Trading Up: PCLN, SWN, DE, HDB, POT, GMCR, FAZ, CAM
Look at these Charts…
(click image to enlarge)
At the Open on Thursday
SPY –
QQQQ –
FAS –
CF –
UAUA –
ALGT –
ALTR –
NFLX –
CREE –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
DOW –
X –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
At the Open on Thursday
SPY –
QQQQ –
FAS –
CF –
UAUA –
ALGT –
ALTR –
NFLX –
CREE –
RIMM –
BA –
STX –
DE –
WHR –
AMLN –
ZION –
STT –
GMCR –
DOW –
X –
IPI –
SHLD –
BUCY –
DHR –
V –
NVDA –
AMD –
PCLN –
DECK –
CAT –
PCP –
UNP –
POT –
AGU –
ACN –
Wednesday, February 17, 2010
SPX Closes at 1,099...
DJIA 10,309.24 + 40.43 +0.39%
SP500 1,099.51 + 4.64 +0.42%
COMPQ 2,226.29 + 12.10 +0.55%
RUT 2000 624.83 + 3.99 +0.64%
Exchange NYSE NASD
Advancing 2,050 1,577
Declining 988 1,069
Oil $77.33 +0.19
Gold $1,119.50 +0.20
SOX 341.54 +0.58
VIX 21.72 -0.53
Index Direction Confirmation
VIX Down Yes - SPX
SOX Up Yes - COMPQ
Strongest Sectors: XLI +0.85%…XLY +0.81%...XLV +0.77%
Weakest Sectors: XLU -0.41%...XLE -0.14%...XLB +0.06%
Seven of nine sectors moved higher on Wednesday. Industrials, Consumer Discretionary, Healthcare and Consumer Staples were stronger than the SPX +0.42%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,101 = October High
1,105 - 1,113 = November High
1,119 = December High
Key Support Levels
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level
1,075 = 875 Breakout Chart Target
1,044 = October Horizontal Old Resistance
The SPX and other broad indexes formed small white candles closing at 1,099 which is the horizontal resistance area of 1,100 to 1,105. As we posted last night, “Don’t be surprised to see a pause as it moves toward this level.” It did exactly that today.
CREE is at horizontal resistance and if you didn’t get the support bounce, evaluate if a horizontal breakout occurs. NIHD is in a bull flag pull back. DE gapped higher and closed below its open. DHR, DECK and ESI continued their support bounce.
Check out these charts:
(click image to enlarge)
Guidance:
Today is the new high day in the recent support bounce. If the 1,105 resistance is broken look for price to continue higher to the next resistance level. Continue to watch the S1 level of Tuesday’s large white candle as short term support on the SPX if a pull back occurs.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
The cautionary bear flag pattern is off if the SPX breaks and holds above 1,105.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules. While a short term break of support is looking less likely don’t ignore that possibility.
If you have not yet been stopped out of your up trending positions, continue to trade the trend and raise your stops.
AAPL -0.85
QCOM +0.41
GOOG -3.09
BIDU -1.95
NDX 100 stocks stronger than the NDX include GILD, SHLD, VRTX, ADSK, DTV, ORLY, FSLR, VRSN, ISRG, BIIB, CELG, ERTS, FLEX, DISH, JBHT, ESRX, CEPH, ADBE, ORCL, JOYG, ROST, STX, LBTYA, ATVI, LIFE, LINTA, SBUX, URBN, HANS, SPLS, FLIR, SRCL, QCOM, IACI, RYAAY, LOGI, NVDA, CERN and MSFT.
Stocks to Watch on Wednesday
Holding Above 30 DMA
ALGT, CBST, ZION, FAZ, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, AMX, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, TSL, UNP, USD, USO, V, WMT
Moving Above 30 DMA = 9
BAC, DE, DECK, DHR, ESI, MHS, SNDK, URE, VAR
Moving Below 30 DMA = 0
Staying Below 30 DMA
K, MYGN, TDG, WFC, HANS, JEC, MA, BYI, ACN, FLS, UNG, DOW, FAS, HLF, SYNA, UYG, X, ATW, HDB, GS, HEAT, FCX, FUQI, IPI, SWN, WAB, PWRD, AMD, CGA, GES, MON, WCG, GME, MELI
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up
Guidance:
Today is the new high day in the recent support bounce. If the 1,105 resistance is broken look for price to continue higher to the next resistance level. Continue to watch the S1 level of Tuesday’s large white candle as short term support on the SPX if a pull back occurs.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
The cautionary bear flag pattern is off if the SPX breaks and holds above 1,105.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules. While a short term break of support is looking less likely don’t ignore that possibility.
If you have not yet been stopped out of your up trending positions, continue to trade the trend and raise your stops.
AAPL -0.85
QCOM +0.41
GOOG -3.09
BIDU -1.95
NDX 100 stocks stronger than the NDX include GILD, SHLD, VRTX, ADSK, DTV, ORLY, FSLR, VRSN, ISRG, BIIB, CELG, ERTS, FLEX, DISH, JBHT, ESRX, CEPH, ADBE, ORCL, JOYG, ROST, STX, LBTYA, ATVI, LIFE, LINTA, SBUX, URBN, HANS, SPLS, FLIR, SRCL, QCOM, IACI, RYAAY, LOGI, NVDA, CERN and MSFT.
Stocks to Watch on Wednesday
Holding Above 30 DMA
ALGT, CBST, ZION, FAZ, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, AMX, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, TSL, UNP, USD, USO, V, WMT
Moving Above 30 DMA = 9
BAC, DE, DECK, DHR, ESI, MHS, SNDK, URE, VAR
Moving Below 30 DMA = 0
Staying Below 30 DMA
K, MYGN, TDG, WFC, HANS, JEC, MA, BYI, ACN, FLS, UNG, DOW, FAS, HLF, SYNA, UYG, X, ATW, HDB, GS, HEAT, FCX, FUQI, IPI, SWN, WAB, PWRD, AMD, CGA, GES, MON, WCG, GME, MELI
Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: UpDE Beats...Futures Point to a Higher Open...
BMO – ES +6.00 and NQ +7.25 futures are higher in pre-market trading pointing to a higher open. AAPL +0.70, AMZN +0.40, GOOG +2.07 and BIDU +0.53 are higher in pre-market trading.
The news this morning is DE +4.23, 8.03% in pre-market trading, which reported 57 cents EPS vs. estimates of 19 cents.
The Euro is down 24 pips in overnight trading. Oil is quoting up 55 cents in electronic trading. XLE is up 27 cents in pre-market trading.
SPY is up 64 cents in pre-market trading. XLF is up 11 cents in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,087…1,082…1,075
Resistance = 1,106 - 1,117
Trading Down:
Trading Up: DE, POT, FAS, SNDK, CAT, SWN, GS, BUCY, PCLN, JEC, MOS, AGU, FCX, CHL, MCD, X
Look at these Charts…
(click image to enlarge)
At the Open on Wednesday
SPY –
QQQQ –
FAS –
BA –
IPI –
CF –
DOW –
UAUA –
X –
ALGT –
ALTR –
GMCR –
SHLD –
CREE –
STX –
ZION –
STT –
RIMM –
BUCY –
DHR –
V –
NVDA –
WHR –
AMD –
PCLN –
DECK –
NFLX –
CAT –
DE –
PCP –
UNP –
STLD –
AMLN –
POT –
AGU –
ACN –
At the Open on Wednesday
SPY –
QQQQ –
FAS –
BA –
IPI –
CF –
DOW –
UAUA –
X –
ALGT –
ALTR –
GMCR –
SHLD –
CREE –
STX –
ZION –
STT –
RIMM –
BUCY –
DHR –
V –
NVDA –
WHR –
AMD –
PCLN –
DECK –
NFLX –
CAT –
DE –
PCP –
UNP –
STLD –
AMLN –
POT –
AGU –
ACN –
Tuesday, February 16, 2010
Monster SPX Rally as Support Bounce Continues...
DJIA + 169.67 +1.68%
SP500 + 19.36 +1.80%
COMPQ + 30.66 +1.40%
Russell 2000 + 10.12 +1.66%
Exchange NYSE NASD
Advancing 2,537 1,945
Declining 517 764
Oil $77.01 +2.88
Gold $1,119.30 +29.80
SOX 340.96 +5.01
VIX 22.25 -0.48
Index Direction Confirmation
VIX Down Yes - SPX
SOX Up Yes - COMPQ
Strongest Sectors: XLB +2.52%…XLI +2.36%...XLE +2.36%
Weakest Sectors: XLV +0.87%...XLP +1.02%...XLK +1.50%
All nine sectors moved higher on Tuesday. Materials, Industrials, Energy and Financials were stronger than the SPX +1.80%.
Sector Watch
Up Trending: XLK, XLY, XLV, XLI
Horizontal Breakout:
Sideways: XLF, XLE, XLU, XLP, XLB
Down Trending:
Key Resistance Levels:
1,101 = October High
1,105 = Feb 2 High
1,113 = November High
Key Support Levels
1,087 = Nov 10 Channel low
1,075 = 875 Breakout Chart Target
1,044 - 1050 = October 2008 Horizontal Resistance
The SPX and other broad indexes formed large white candles as last week’s support bounce followed through heading into options expiration this Friday. Price action is confirming the bullish divergence we alerted you to in the SPX and many other stocks last week.
NIHD +2.02, +5.60%, the leading NDX 100 stock received an upgrade to Buy from Neutral from B of A Merrill. NIHD gapped above horizontal resistance and closed just below.
Guidance:
The SPX closed above its 10 and 20 DMA as it moved toward recent resistance of 1,105. Don’t be surprised to see a pause as it moves toward this level. Watch the S1 level of today’s large white candle as short term support.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Last week’s growing bullish technical evidence was confirming today. It would be wise to take advantage of a support bounce continuation. The cautionary bear flag pattern is off if the SPX breaks and holds above 1,105.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules. While a short term break of support is looking less likely don’t ignore that possibility.
If you have not yet been stopped out of your up trending positions, continue to trade the trend and raise your stops.
AAPL +3.02
QCOM +0.18
GOOG +8.18
BIDU +1.47
NDX 100 stocks stronger than the NDX include NIHD, STX, FSLR, ADSK, JOYG, EXPE, KLAC, FWLT, AMAT, DISH, MRVL, EBAY, EXPD, BBBY, WYNN, PDCO, LOGI, STLD, FAST, INFY, NTAP, GRMN, SPLX, SHLD, NWSA, ALTR, COST, MXIM, DELL, CMCSA, SRCL, BRCM and MSFT.
Stocks to Watch on Wednesday
Holding Above 30 DMA
ALGT, CBST, ZION, FAZ, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT
Moving Above 30 DMA = 15
AMX, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, TSL, UNP, USD, USO, V,
Moving Below 30 DMA = 0
Staying Below 30 DMA
VAR, K, MYGN, TDG, WFC, WMT, ESI, SNDK, DECK, HANS, JEC, MA, BYI, ACN, FLS, UNG, DE, DOW, FAS, HLF, SYNA, UYG, X, ATW, HDB, MHS, URE, GS, HEAT, FCX, BAC, DHR, FUQI, IPI, SWN, WAB, PWRD, AMD, CGA, GES, MON, WCG, GME, MELI
Intermediate Term Market Trend: Neutral = 3 months, Up = 11 month
Short Term Market Trend: Up
CREE our recent virtual trade homework was stopped out if you used a hard price stop but was not stopped if you used an end of day stop.
Dave's Insight: Remember if you get stopped out and the stock gives you another entry signal, get in a new trade.
Did you enter a new trade? The ideal re-entry was Tuesday, Wednesday or not later than Thursday morning.
(click image to enlarge)
Last night and this morning’s highlighted charts had a strong performance today.
Check out these charts:
(click image to enlarge)
(click image to enlarge)
(click image to enlarge)
Guidance:
The SPX closed above its 10 and 20 DMA as it moved toward recent resistance of 1,105. Don’t be surprised to see a pause as it moves toward this level. Watch the S1 level of today’s large white candle as short term support.
The short term trend is up.
The four-month trend is sideways.
The twelve-month trend is up.
Last week’s growing bullish technical evidence was confirming today. It would be wise to take advantage of a support bounce continuation. The cautionary bear flag pattern is off if the SPX breaks and holds above 1,105.
Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules. While a short term break of support is looking less likely don’t ignore that possibility.
If you have not yet been stopped out of your up trending positions, continue to trade the trend and raise your stops.
AAPL +3.02
QCOM +0.18
GOOG +8.18
BIDU +1.47
NDX 100 stocks stronger than the NDX include NIHD, STX, FSLR, ADSK, JOYG, EXPE, KLAC, FWLT, AMAT, DISH, MRVL, EBAY, EXPD, BBBY, WYNN, PDCO, LOGI, STLD, FAST, INFY, NTAP, GRMN, SPLX, SHLD, NWSA, ALTR, COST, MXIM, DELL, CMCSA, SRCL, BRCM and MSFT.
Stocks to Watch on Wednesday
Holding Above 30 DMA
ALGT, CBST, ZION, FAZ, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT
Moving Above 30 DMA = 15
AMX, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, TSL, UNP, USD, USO, V,
Moving Below 30 DMA = 0
Staying Below 30 DMA
VAR, K, MYGN, TDG, WFC, WMT, ESI, SNDK, DECK, HANS, JEC, MA, BYI, ACN, FLS, UNG, DE, DOW, FAS, HLF, SYNA, UYG, X, ATW, HDB, MHS, URE, GS, HEAT, FCX, BAC, DHR, FUQI, IPI, SWN, WAB, PWRD, AMD, CGA, GES, MON, WCG, GME, MELI
Intermediate Term Market Trend: Neutral = 3 months, Up = 11 month
Short Term Market Trend: Up
Futures Point to a Higher Open
9:32 am ET - The SPX is making a higher high than any day last week...obviously there is also a higher low than Friday at the open this morning....
BMO – ES +4.25 and NQ +6.25 futures are up before the market open pointing to a higher open. AAPL +1.12, AMZN +1.22, GOOG +2.24 and BIDU +3.80 are higher in pre-market trading.
The SPX which until last had been in a short term down trend for four weeks bounced in a bear flag pattern last week. The SPX did not penetrate its bear flag support on Friday in spite of the news. Pre-market trading indicates a continuation of last week’s support bounce. Many individual stocks have formed small double bottoms or other reversal patterns. Look for the SPX to move back above its 10 DMA at the open.
The Euro is up 60 pips in overnight trading. Oil is up 1.20 in electronic trading. SPY is up 72 cents.
XLF is up 9 cents. Continue to watch XLF as a key to a support bounce rally in the SPX as it is doing this morning.
Follow your rules in any trading actions today. Be logical.
Remember our vitural homework on CREE...I'll have more to say on that later today...
SPX
Support = 1,063, 1,050 – 1,044
Resistance = 1,079, 1,087
Trading Down:
Trading Up: POT, AGU, FCX, BUCY, FAS, MOS, SWN, V, GS, X, BA, WLT, USO, CAT, ICE, TSL
In addition to the charts RIMM, WLT, TSL, BUCY in last night’s post,
Look at these Charts…
(click image to enlarge)
At the Open on Tuesday
SPY –
QQQQ –
FAS –
BA –
CF –
DOW –
UAUA –
ALGT –
ALTR –
GMCR –
SHLD –
CREE –
STX –
ZION –
STT –
NTRS –
DECK –
ISRG –
BAC –
INFY –
X –
AAPL –
AKAM –
AMZN –
NVDA –
SNDK –
BUCY –
PCLN –
ACN –
AGU –
DE –
DHR –
MA –
PCP –
POT –
At the Open on Tuesday
SPY –
QQQQ –
FAS –
BA –
CF –
DOW –
UAUA –
ALGT –
ALTR –
GMCR –
SHLD –
CREE –
STX –
ZION –
STT –
NTRS –
DECK –
ISRG –
BAC –
INFY –
X –
AAPL –
AKAM –
AMZN –
NVDA –
SNDK –
BUCY –
PCLN –
ACN –
AGU –
DE –
DHR –
MA –
PCP –
POT –
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