BMO – ES +3.75 and NQ +16.00 futures are mixed in pre-market trading pointing to a flat open. In pre-market trading AAPL is +0.95, GOOG +5.50, BIDU +1.39, NFLX +1.21.
Stocks are higher on light volume in early pre-market trading this morning after a strong earnings report and guidance from INTC after the close on Tuesday.
Earnings season's first two days:
FAST reports 47 cents vs 44 cents est.
INTC reports 51 cents vs 43 cents est.
AA reports 13 cents vs 12 cents estimate
CSX reports 1.07 vs 98 cents estimate
NVLS reports 66 cents vs 60 cents estimate
Earnings of interest of leading companies include:Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
SPX
Support = 1,086, 1,071, 1,056,
Resistance = 1,100, 1,110
July options expire on Friday.
Bonds are down and TLT is down 35 cents in pre-market trading.
The Euro is down 26 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is up 23 cents and XLF is up 5 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Look for support bounce continuation and potential entry : FFIV, HSY, NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
The VIX rose slightly on Tuesday, even though the SPX had a strong trend day on Tuesday. This was an intriguing non-confirmation even though the VIX did close below just below 25 for the third straight day. Watch the VIX level on Wednesday to see if it stays below the 25 level.
Trading Down: USO
Trading Up: USD, CRM, MA, PCLN, NFLX, FLS, CREE, SNDK, VMW, HSY, A, BUCY, DECK, X, PNC, CLF, WLT, ESI, FCX, UNP, URE, CAT, FFIV, AKS, AMD, MOS, AGU, ATI, VI, DOW
The short term 3 day trend is up. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Wednesday
SPY –
QQQQ -
FAS -
TLT –
AAPL – in triangle
CRUS – near resistance
BRCM - breakout
BIDU – support bounce
AKAM – flag
SNDK –
NTAP - flag
ILMN – near resistance
NFLX – near resistance
FFIV – breakout
DECK – stock split
CMG – flag
VMW – near resistance
SKX –
AZO –
LVS –
HSY – near resistance
DLR - near resistance
CRM – near resistance
TIE – near resistance
UCO -
AAP – breakout
BA – bounce
CAT – near resistance
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN – breakout target 225
CLF – bear flag
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
ICE – bear flag
SWN
Wednesday, July 14, 2010
Tuesday, July 13, 2010
SPX Rises Prior to Strong Earnings from INTC...
Dave is in Atlanta teaching 200 + investors at an Advanced Technical Analysis Workshop...
DJIA 10,216.27 +146.75 +1.44%
SP500 1,095.34 +16.59 +1.54%
COMPQ 2,198.36 +43.67 +1.99%
Russell 2000 621.61 +21.21 +3.41%
Exchange NYSE NASD
Advancing 2,683 2,248
Declining 390 455
Oil $77.15 +1.92
Gold $1,213.30 +14.80
SOX 362.83 +7.50
VIX 24.56 +0.13
Index Direction Confirmation
VIX Up No – SPX
SOX Up Yes – COMPQ
Both INTC and FAST reported better than expected earnings after the close. INTC also raised guidance for Q3 on strong demand. INTC is a bellwether company for technology and the economy.
The first five companies report better than expected earnings. Strong earnings can be the basis for a continuing up trend.
FAST reports 47 cents vs 44 cents est.
INTC reports 51 cents vs 43 cents est.
AA reports 13 cents vs 12 cents est.
CSX reports 1.07 vs 98 cents est.
NVLS reports 66 cents vs 60 cents est.
Earnings of interest of leading companies include:
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX formed another higher high and higher low making its highest close since June 21.
The SPX closed above its 30 DMA for the third straight day.
The VIX did not confirm the higher close in the SPX.
Breadth was strong as advancers led decliners by 6 to 1 on the NYSE.
Stocks rallied and did not confim Monday's potential hanging man on the SPX. The short term trend continued up.
Continue to trade strong stocks up with an entry signal or bounce continuation.
The entry for down trending stocks is a break below the low of the high day.
The VIX rose +0.13 and closed at 24.56. Volatility stayed below the important 25 level on Tuesday on the second day of earnings season. If VIX stayed below 25 as the SPX rally continued.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -5.48
QCOM +0.85
GOOG +13.37
BIDU +3.65
NDX 100 stocks stronger than the NDX include: PCLN, FLEX, KLAC, PCAR, BIDU, CHKP, JOYG, EXPE, PPDI, ADSK, VRSN, WYNN, LRCX, EBAYand YHOO.
Stocks weaker than the NDX: INFY, FAST, CERN, AAPL, APOL, HANS, GENZ, NIHD, SRCL, BRCM, AMGN, ESRX, DTV, FSLR and URBN.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CRM, DLR, FFIV, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION, FAS, SNDK, UAUA, UNP, USD
Moving Above 30 DMA = 16
AIV, AMX, BAC, FCX, FLS, GES, GR, IPI, PCP, SPG, SWK, UCO, URE, USO, WMT, X
Moving Below 30 DMA = 0
Staying Below 30 DMA
BA, MOS, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, MHS, WHR, WLT, POT, WFMI, CSTR, ESI, BYI, JEC, GME, AKS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
DJIA 10,216.27 +146.75 +1.44%
SP500 1,095.34 +16.59 +1.54%
COMPQ 2,198.36 +43.67 +1.99%
Russell 2000 621.61 +21.21 +3.41%
Exchange NYSE NASD
Advancing 2,683 2,248
Declining 390 455
Oil $77.15 +1.92
Gold $1,213.30 +14.80
SOX 362.83 +7.50
VIX 24.56 +0.13
Index Direction Confirmation
VIX Up No – SPX
SOX Up Yes – COMPQ
Both INTC and FAST reported better than expected earnings after the close. INTC also raised guidance for Q3 on strong demand. INTC is a bellwether company for technology and the economy.
The first five companies report better than expected earnings. Strong earnings can be the basis for a continuing up trend.
FAST reports 47 cents vs 44 cents est.
INTC reports 51 cents vs 43 cents est.
AA reports 13 cents vs 12 cents est.
CSX reports 1.07 vs 98 cents est.
NVLS reports 66 cents vs 60 cents est.
Earnings of interest of leading companies include:
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX formed another higher high and higher low making its highest close since June 21.
The SPX closed above its 30 DMA for the third straight day.
The VIX did not confirm the higher close in the SPX.
Breadth was strong as advancers led decliners by 6 to 1 on the NYSE.
Stocks rallied and did not confim Monday's potential hanging man on the SPX. The short term trend continued up.
Continue to trade strong stocks up with an entry signal or bounce continuation.
The entry for down trending stocks is a break below the low of the high day.
The VIX rose +0.13 and closed at 24.56. Volatility stayed below the important 25 level on Tuesday on the second day of earnings season. If VIX stayed below 25 as the SPX rally continued.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -5.48
QCOM +0.85
GOOG +13.37
BIDU +3.65
NDX 100 stocks stronger than the NDX include: PCLN, FLEX, KLAC, PCAR, BIDU, CHKP, JOYG, EXPE, PPDI, ADSK, VRSN, WYNN, LRCX, EBAYand YHOO.
Stocks weaker than the NDX: INFY, FAST, CERN, AAPL, APOL, HANS, GENZ, NIHD, SRCL, BRCM, AMGN, ESRX, DTV, FSLR and URBN.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CRM, DLR, FFIV, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION, FAS, SNDK, UAUA, UNP, USD
Moving Above 30 DMA = 16
AIV, AMX, BAC, FCX, FLS, GES, GR, IPI, PCP, SPG, SWK, UCO, URE, USO, WMT, X
Moving Below 30 DMA = 0
Staying Below 30 DMA
BA, MOS, FAZ, UNG, CLF, CMG, DECK, LVS, NYX, SKX, SWN, ICE, A, AMD, LXK, ATI, DHR, MHS, WHR, WLT, POT, WFMI, CSTR, ESI, BYI, JEC, GME, AKS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Futures Point to a Higher Open Following AA, CSX and AMR Earnings...
BMO – ES +8.25 and NQ +15.00 futures are mixed in pre-market trading pointing to a flat open. In pre-market trading AAPL is +1.34, GOOG +6.16, BIDU +0.77, NFLX +w.38.
Stocks are higher on good volume in early pre-market trading this morning after a very good start to earnings season on Monday.
Earnings season started on Monday:
AA reports 13 cents vs 12 cents estimate
CSX reports 1.07 vs 98 cents estimate
NVLS reports 66 cents vs 60 cents estimate
Earnings of interest of leading companies include:
Tuesday – FAST, INTC
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
SPX
Support = 1,071, 1,056,
Resistance = 1,086, 1,100
This is options expiration week.
Bonds are flat and TLT is down 29 cents in pre-market trading.
The Euro is down 13 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is up 94 cents and XLF is up 16 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Look for support bounce continuation and potential entry : FFIV, HSY, NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Tuesday to see if it stays below the 25 level.
Trading Down: FAZ
Trading Up: NFLX, FCX, WHR, CLF, USD, URE, SNDK, GS, V, ATI, A, FAS, CAT, PCLN, X, BYI, CRM, WLT, USO, IPI, TSL, LVS, CRUS, SKX, UAUA, WFMI, DHR, AKS, TIE, MA, VMW, CREE, WMT, UNP, STI
The short term 3 day trend is up. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT –
AAPL – support bounce
CRUS – flag bounce
BRCM - breakout
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag e
DECK – stock split
CMG – flag
VMW – bounce
SKX –
AZO – flag
LVS –flag
HSY – bounce
DLR - flag
CRM – flag
TIE – flag
UNG –
UCO -
AAP – flag
SWN – flag
ICE –
BA – bounce
CAT – bounce
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Stocks are higher on good volume in early pre-market trading this morning after a very good start to earnings season on Monday.
Earnings season started on Monday:
AA reports 13 cents vs 12 cents estimate
CSX reports 1.07 vs 98 cents estimate
NVLS reports 66 cents vs 60 cents estimate
Earnings of interest of leading companies include:
Tuesday – FAST, INTC
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
SPX
Support = 1,071, 1,056,
Resistance = 1,086, 1,100
This is options expiration week.
Bonds are flat and TLT is down 29 cents in pre-market trading.
The Euro is down 13 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is up 94 cents and XLF is up 16 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Look for support bounce continuation and potential entry : FFIV, HSY, NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Tuesday to see if it stays below the 25 level.
Trading Down: FAZ
Trading Up: NFLX, FCX, WHR, CLF, USD, URE, SNDK, GS, V, ATI, A, FAS, CAT, PCLN, X, BYI, CRM, WLT, USO, IPI, TSL, LVS, CRUS, SKX, UAUA, WFMI, DHR, AKS, TIE, MA, VMW, CREE, WMT, UNP, STI
The short term 3 day trend is up. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT –
AAPL – support bounce
CRUS – flag bounce
BRCM - breakout
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag e
DECK – stock split
CMG – flag
VMW – bounce
SKX –
AZO – flag
LVS –flag
HSY – bounce
DLR - flag
CRM – flag
TIE – flag
UNG –
UCO -
AAP – flag
SWN – flag
ICE –
BA – bounce
CAT – bounce
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Monday, July 12, 2010
SPX in Balance Prior to Positive Earnings from AA...
DJIA 10,216.27 +18.24 +0.18%
SP500 1,078.75 +0.79 +0.07%
COMPQ 2,198.36 +1.91 +0.09%
Russell 2000 621.61 -7.82 -1.24%
Exchange NYSE NASD
Advancing 1,080 821
Declining 1,905 1,872
Oil $74.95 -1.14
Gold $1,198.50 -11.10
SOX 3 55.33 +3.97
VIX 24.43 -0.55
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
AA reports 13 cents vs 12 cents estimate
CSX reports 1.07 vs 98 cents estimate
NVLS reports 66 cents vs 60 cents estimate
Earnings of interest of leading companies include:
Tuesday – FAST, INTC
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX formed another higher high and higher low making its highest close since June 23.
The SPX closed above its 30 DMA for the second straight day.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the seventh day in a row.
Breadth was weak as decliners led advancers by almost 2 to 1 on the NYSE.
Potential Yellow Alert with the formation of a hanging man on the SPX. Wait for confirmation.
Continue to trade strong stocks up with an entry signal or bounce continuation.
The entry for down trending stocks is a break below the low of the high day.
The VIX fell -0.55 and closed at 24.43. Volatility stayed below the important 25 level on Monday in front of the beginning of earnings season. If VIX moves lower and stays below 25 this week, look for the SPX rally to continue.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -2.33QCOM +1.19
GOOG +8.34
BIDU -0.47
NDX 100 stocks stronger than the NDX include: QCOM, MRVL, CMCSA, MSFT, DISH, SYMC, ESRX, AMZN, STX, DTV, NVDA, GOOG, BRCM, INTC and LRCX.
Stocks weaker than the NDX: GRMN, HANS, ILMN, FWLT, WYNN, VRTX, PAYX, FLIR, FSLR, STLD, NIHD, URBN, APOL, JOYG and LIFE.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CRM, DLR, FFIV, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION
Moving Above 30 DMA = 5
FAS, SNDK, UAUA, UNP, USD
Moving Below 30 DMA = 10
AMX, BA, FCX, FLS, GR, IPI, MOS, PCP, USO, X
Staying Below 30 DMA
FAZ, UNG, AIV, CLF, CMG, DECK, LVS, NYX, SKX, SWN, UCO, ICE, SPG, URE, A, AMD, LXK, ATI, DHR, MHS, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, JEC, GME, BAC, GES, AKS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
SP500 1,078.75 +0.79 +0.07%
COMPQ 2,198.36 +1.91 +0.09%
Russell 2000 621.61 -7.82 -1.24%
Exchange NYSE NASD
Advancing 1,080 821
Declining 1,905 1,872
Oil $74.95 -1.14
Gold $1,198.50 -11.10
SOX 3 55.33 +3.97
VIX 24.43 -0.55
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
AA reports 13 cents vs 12 cents estimate
CSX reports 1.07 vs 98 cents estimate
NVLS reports 66 cents vs 60 cents estimate
Earnings of interest of leading companies include:
Tuesday – FAST, INTC
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX formed another higher high and higher low making its highest close since June 23.
The SPX closed above its 30 DMA for the second straight day.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the seventh day in a row.
Breadth was weak as decliners led advancers by almost 2 to 1 on the NYSE.
Potential Yellow Alert with the formation of a hanging man on the SPX. Wait for confirmation.
Continue to trade strong stocks up with an entry signal or bounce continuation.
The entry for down trending stocks is a break below the low of the high day.
The VIX fell -0.55 and closed at 24.43. Volatility stayed below the important 25 level on Monday in front of the beginning of earnings season. If VIX moves lower and stays below 25 this week, look for the SPX rally to continue.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -2.33QCOM +1.19
GOOG +8.34
BIDU -0.47
NDX 100 stocks stronger than the NDX include: QCOM, MRVL, CMCSA, MSFT, DISH, SYMC, ESRX, AMZN, STX, DTV, NVDA, GOOG, BRCM, INTC and LRCX.
Stocks weaker than the NDX: GRMN, HANS, ILMN, FWLT, WYNN, VRTX, PAYX, FLIR, FSLR, STLD, NIHD, URBN, APOL, JOYG and LIFE.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, ATW, BUCY, CAT, CRM, DLR, FFIV, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, CAM, MCD, NTRI, DE, DOW, GS, STI, ZION
Moving Above 30 DMA = 5
FAS, SNDK, UAUA, UNP, USD
Moving Below 30 DMA = 10
AMX, BA, FCX, FLS, GR, IPI, MOS, PCP, USO, X
Staying Below 30 DMA
FAZ, UNG, AIV, CLF, CMG, DECK, LVS, NYX, SKX, SWN, UCO, ICE, SPG, URE, A, AMD, LXK, ATI, DHR, MHS, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, JEC, GME, BAC, GES, AKS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Futures Point to a Flat Open...
BMO – ES -1.25 and NQ +1.00 futures are mixed in pre-market trading pointing to a flat open. In pre-market trading AAPL is -0.82, GOOG +3.05, BIDU -0.03, NFLX +0.00.
Stocks are mixed on light volume in pre-market trading this morning. SNDK is 1.27 higher this morning. Leading stocks slowed down on Friday and coincident stocks performed best...see Friday's post. Look for this shift to continue in front of earnings this week.
Earnings season starts today with earnings from AA, AMR, CSX and NVLS today.
SPX
Support = 1,071, 1,056,
Resistance = 1,086, 1,100
After the strong move up on Wednesday, the market move modestly higher on Thursday and Friday. This is options expiration week.
Bonds are flat and TLT is up 28 cents in pre-market trading.
The Euro is down 65 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is down 39 cents and XLF is unchanged in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Look for support bounce continuation and potential entry : FFIV, HSY, NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Monday to see if it stays below the 25 level.
Stocks are mixed on light volume in pre-market trading.
Trading Down: FCX, CMG, CREE, WLT, DOW, CRM, WFMI, GS, HLF, BA, X, CLF
Trading Up: SNDK, A, POT, WMT, ATW, AGU, MOS, CRUS
The short term 3 day trend is up. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Monday
SPY –
QQQQ -
FAS -
TLT –
AAPL – sideways at support
CRUS – flag entry
BRCM - flag
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO -
AAP – flag
SWN – flag
ICE –
BA – flag
CAT – flag
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Stocks are mixed on light volume in pre-market trading this morning. SNDK is 1.27 higher this morning. Leading stocks slowed down on Friday and coincident stocks performed best...see Friday's post. Look for this shift to continue in front of earnings this week.
Earnings season starts today with earnings from AA, AMR, CSX and NVLS today.
SPX
Support = 1,071, 1,056,
Resistance = 1,086, 1,100
After the strong move up on Wednesday, the market move modestly higher on Thursday and Friday. This is options expiration week.
Bonds are flat and TLT is up 28 cents in pre-market trading.
The Euro is down 65 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is down 39 cents and XLF is unchanged in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Continue to look for entry opportunities based on chart action.
Look for support bounce continuation and potential entry : FFIV, HSY, NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Monday to see if it stays below the 25 level.
Stocks are mixed on light volume in pre-market trading.
Trading Down: FCX, CMG, CREE, WLT, DOW, CRM, WFMI, GS, HLF, BA, X, CLF
Trading Up: SNDK, A, POT, WMT, ATW, AGU, MOS, CRUS
The short term 3 day trend is up. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Monday
SPY –
QQQQ -
FAS -
TLT –
AAPL – sideways at support
CRUS – flag entry
BRCM - flag
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO -
AAP – flag
SWN – flag
ICE –
BA – flag
CAT – flag
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Friday, July 9, 2010
SPX Support Bounce Continues with Higher Close Above 30 DMA...
DJIA 10,198.03 +59.04 +0.58%
SP500 1,077.96 +7.71 +0.72%
COMPQ 2,196.45 +21.05 +0.97%
Russell 2000 629.43 +9.16 +1.48%
Exchange NYSE NASD
Advancing 2,393 1,992
Declining 635 652
Oil $76.09 +0.65
Gold $1,209.60 +13.80
SOX 351.36 +3.74
VIX 24.98 -0.73
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Correlation suggests an interrelationship exists between variables, Causation suggests that one variable is the reason or cause that another variable changes. I have had the opportunity to observe in the stock market for more than three decades, likely well meaning but non insightful, writers and commentators describe correlation as causation. They like to write the market went up or down because of whatever happened that day.
Do you really think that everyone was a buyer or seller on a given day for the same reason?
Readers, “it just ain't so.” Because something happens at the same time does NOT mean it is the cause of what happened. There is a world of difference between correlation and causation.
To set the record straight again.
Prices go up because there are more buyers than sellers. Prices go down because there are more sellers than buyers.
Supply and Demand...Supply and Demand...Supply and Demand!
Get this concept right and your trading will likely improve.
After two weeks of sellers being stronger than buyers, buyers became stronger and sent the market up. This is not some mysterious happening that is accurately explained after the fact by some non-causal factor that happened or did not happen at the same time.
The support bounce this week is a function that selling pressure was already waning on Thursday, July 1 when a hammer was formed on the SPX and many other charts. Friday, July 2 formed an inside day again indicating that selling was weakening and buying pressure was getting stronger. After a three day weekend buying pressure continued and drove prices up temporarily on Tuesday, followed by very strong buying on Wednesday that formed a strong up trend day. Buying continued at a more moderate on Thursday and Friday.
The SPX closed at 1,077.96 above its 30 DMA for the first time since June 21 when our Yellow Alert turned to Red on June 22. Click here: http://chartsignals.blogspot.com/2010/06/yellow-alert-turns-red-as-spx-breaks.html
While most stocks were up on Friday the strongest stocks in general were stocks moving coincident with the SPX, those stocks that are just crossing or at their 30 DMA like AKS, AGU, FAS, FCX, X, WLT, ZION, DOW, IPI, CLF, STI, MOS, V, POT, MA, URE, BUCY, WHR, USD, ATI, GS, AIV, BAC, JEC, SWK and FLS.
There were a few of the stronger stocks from our watch list that did have larger gains on Friday including AGU, UAUA, VECO, TIE, GMCR, CAT, PCLN, NETL, HANS, NTRI, HAS, CRUS, UNP and HLF.
Looking into next week earnings will be a major factor driving the buying and selling of individual stocks as the Q2 earnings season kicks off.
Earnings of interest of leading companies include:
Monday – AA, AMR, CSX, NVLS
Tuesday – FAST, INTC
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX formed another higher high and higher low making its highest close since June 23.
The SPX closed above its 30 DMA for the first time since June 21.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the sixth day in a row.
Breadth was strong as advancers led decliners by more than 3 to 1 on the NYSE.
Continue to trade strong stocks up with an entry signal or bounce continuation.
Wait for a new setup to trade weak stocks down. The entry for down trending stocks is a break below the low of the high day.
The VIX fell -0.73 and closed at 24.98. Volatility just below the important 25 level on Friday. If VIX moves lower and stays below 25 next week, look for the SPX rally to continue.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +1.53
QCOM -0.02
GOOG +10.93
BIDU -1.23
NDX 100 stocks stronger than the NDX include: RIMM, LINTA, KLAC, JOYG, ALTR, FWLT, PCLN, LRCX, GOOG, TEVA, CELG, XLNX, STLD, LLTC and FLEX.
Stocks weaker than the NDX: VRSN, BIDU, HOLX, ISRG, SYMC, ORLY, MSFT, EXPE, LIFE, NTAP, GILD, CTXS, HSIC, QCOM and IACI.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, AMX, ATW, BUCY, CAT, CRM, DLR, FFIV, FLS, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, BA, CAM, GR, MCD, MOS, NTRI, USO
Moving Above 30 DMA = 8
DE, DOW, FCX, GS, IPI, PCP, STI, X, ZION
Moving Below 30 DMA = 0
Staying Below 30 DMA
FAZ, UNG, AIV, CLF, CMG, DECK, LVS, NYX, SKX, SNDK, SWN, UCO, UNP, ICE, SPG, URE, UAUA, A, AMD, LXK, ATI, DHR, MHS, USD, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, JEC, GME, FAS, BAC, GES, AKS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
SP500 1,077.96 +7.71 +0.72%
COMPQ 2,196.45 +21.05 +0.97%
Russell 2000 629.43 +9.16 +1.48%
Exchange NYSE NASD
Advancing 2,393 1,992
Declining 635 652
Oil $76.09 +0.65
Gold $1,209.60 +13.80
SOX 351.36 +3.74
VIX 24.98 -0.73
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Correlation suggests an interrelationship exists between variables, Causation suggests that one variable is the reason or cause that another variable changes. I have had the opportunity to observe in the stock market for more than three decades, likely well meaning but non insightful, writers and commentators describe correlation as causation. They like to write the market went up or down because of whatever happened that day.
Do you really think that everyone was a buyer or seller on a given day for the same reason?
Readers, “it just ain't so.” Because something happens at the same time does NOT mean it is the cause of what happened. There is a world of difference between correlation and causation.
To set the record straight again.
Prices go up because there are more buyers than sellers. Prices go down because there are more sellers than buyers.
Supply and Demand...Supply and Demand...Supply and Demand!
Get this concept right and your trading will likely improve.
After two weeks of sellers being stronger than buyers, buyers became stronger and sent the market up. This is not some mysterious happening that is accurately explained after the fact by some non-causal factor that happened or did not happen at the same time.
The support bounce this week is a function that selling pressure was already waning on Thursday, July 1 when a hammer was formed on the SPX and many other charts. Friday, July 2 formed an inside day again indicating that selling was weakening and buying pressure was getting stronger. After a three day weekend buying pressure continued and drove prices up temporarily on Tuesday, followed by very strong buying on Wednesday that formed a strong up trend day. Buying continued at a more moderate on Thursday and Friday.
The SPX closed at 1,077.96 above its 30 DMA for the first time since June 21 when our Yellow Alert turned to Red on June 22. Click here: http://chartsignals.blogspot.com/2010/06/yellow-alert-turns-red-as-spx-breaks.html
Check out these Charts
(click image to enlarge)
Check out these Charts
(click image to enlarge)
Looking into next week earnings will be a major factor driving the buying and selling of individual stocks as the Q2 earnings season kicks off.
Earnings of interest of leading companies include:
Monday – AA, AMR, CSX, NVLS
Tuesday – FAST, INTC
Wednesday – CTAS, MAR
Thursday – AMD, AMX GOOG, JBHT, JPM
Friday – BAC, C, GE
Guidance:
SPX formed another higher high and higher low making its highest close since June 23.
The SPX closed above its 30 DMA for the first time since June 21.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the sixth day in a row.
Breadth was strong as advancers led decliners by more than 3 to 1 on the NYSE.
Continue to trade strong stocks up with an entry signal or bounce continuation.
Wait for a new setup to trade weak stocks down. The entry for down trending stocks is a break below the low of the high day.
The VIX fell -0.73 and closed at 24.98. Volatility just below the important 25 level on Friday. If VIX moves lower and stays below 25 next week, look for the SPX rally to continue.
The short term 3 day trend is up.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +1.53
QCOM -0.02
GOOG +10.93
BIDU -1.23
NDX 100 stocks stronger than the NDX include: RIMM, LINTA, KLAC, JOYG, ALTR, FWLT, PCLN, LRCX, GOOG, TEVA, CELG, XLNX, STLD, LLTC and FLEX.
Stocks weaker than the NDX: VRSN, BIDU, HOLX, ISRG, SYMC, ORLY, MSFT, EXPE, LIFE, NTAP, GILD, CTXS, HSIC, QCOM and IACI.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, AMX, ATW, BUCY, CAT, CRM, DLR, FFIV, FLS, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW, AGU, BA, CAM, GR, MCD, MOS, NTRI, USO
Moving Above 30 DMA = 8
DE, DOW, FCX, GS, IPI, PCP, STI, X, ZION
Moving Below 30 DMA = 0
Staying Below 30 DMA
FAZ, UNG, AIV, CLF, CMG, DECK, LVS, NYX, SKX, SNDK, SWN, UCO, UNP, ICE, SPG, URE, UAUA, A, AMD, LXK, ATI, DHR, MHS, USD, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, JEC, GME, FAS, BAC, GES, AKS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Futres Point to a Flat to Slightly Lower Open...
BMO – ES -1.25 and NQ -3.50 futures are flat in pre-market trading pointing to a flat to lower open. In pre-market trading AAPL is -1.50, GOOG +13.83, BIDU -3.02, NFLX -1.47.
Stocks are mixed on light volume in pre-market trading this morning. GOOG is up 4% on Chinese approval to continue operating it Chinese search page.
Earnings season starts next Monday with earnings from AA after the close.
Thursday morning we told you resistance was 1,071 and the SPX closed yesterday at 1,070.25. Short term support is at 1,056 and 1,044, the S1 of Wednesday's large white candle. Short term resistance is at 1,071.
SPX
Support = 1,056, 1,044
Resistance = 1,071, 1,086
After the strong move up on Wednesday, the market did pause and rest before moving higher at the close on Thursday. Continue to watch to see if trading stays above the 1,056 and 1,044 S1 level. If trading stays above this level look for the support bounce to continue going into Earnings season next week.
Bonds are down and TLT is down 29 cents in pre-market trading.
The Euro is down 70 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is down 7 cents and XLF is down 4 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Wednesday's support bounce and hammer confirmation provided a large number of entry signals...if the bounce continues today...look for more potential entry signals to occur.
Look for support bounce continuation and potential entry : FFIV, HSY, NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Friday to see if it pulls back and moves below the 25 level.
Stocks are mixed with a slight downward tone on light volume in pre-market trading.
Trading Down: NFLX, FFIV, DECK, PCLN, BUCY, DLR, CREE, MOS, WLT, SKX, GS, CLF, WFMI, X, ACN
Trading Up: V, UAUA, BA, SWK, SWN, POT, CMG, FCX
The short term 3 day trend is up. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Friday
SPY –
QQQQ -
FAS -
TLT –
AAPL – bounce
CRUS –bounce
BRCM - bounce
BIDU –
AKAM – bounce
SNDK – bounce
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UCO -
AAP – horizontal flag
SWN – flag
ICE –
BA – bounce
CAT – bounce
UNG – pull back
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Stocks are mixed on light volume in pre-market trading this morning. GOOG is up 4% on Chinese approval to continue operating it Chinese search page.
Earnings season starts next Monday with earnings from AA after the close.
Thursday morning we told you resistance was 1,071 and the SPX closed yesterday at 1,070.25. Short term support is at 1,056 and 1,044, the S1 of Wednesday's large white candle. Short term resistance is at 1,071.
SPX
Support = 1,056, 1,044
Resistance = 1,071, 1,086
After the strong move up on Wednesday, the market did pause and rest before moving higher at the close on Thursday. Continue to watch to see if trading stays above the 1,056 and 1,044 S1 level. If trading stays above this level look for the support bounce to continue going into Earnings season next week.
Bonds are down and TLT is down 29 cents in pre-market trading.
The Euro is down 70 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is down 7 cents and XLF is down 4 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Wednesday's support bounce and hammer confirmation provided a large number of entry signals...if the bounce continues today...look for more potential entry signals to occur.
Look for support bounce continuation and potential entry : FFIV, HSY, NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Friday to see if it pulls back and moves below the 25 level.
Stocks are mixed with a slight downward tone on light volume in pre-market trading.
Trading Down: NFLX, FFIV, DECK, PCLN, BUCY, DLR, CREE, MOS, WLT, SKX, GS, CLF, WFMI, X, ACN
Trading Up: V, UAUA, BA, SWK, SWN, POT, CMG, FCX
The short term 3 day trend is up. The intermediate term 2month trend is down and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
At the Open on Friday
SPY –
QQQQ -
FAS -
TLT –
AAPL – bounce
CRUS –bounce
BRCM - bounce
BIDU –
AKAM – bounce
SNDK – bounce
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UCO -
AAP – horizontal flag
SWN – flag
ICE –
BA – bounce
CAT – bounce
UNG – pull back
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Thursday, July 8, 2010
SPX Stays Above S1...Moves Higher...
DJIA 10,138.28 +120.71 +1.20%
SP500 1,070.25 +9.98 +0.94%
COMPQ 2,175.40 +15.93 +0.74%
Russell 2000 620.27 +8.61 +1.41%
Exchange NYSE NASD
Advancing 2,345 1,840
Declining 694 792
Oil $75.44 +1.37
Gold $1,195.80 -2.80
SOX 347.62 -0.25
VIX 25.71 -1.13
Index Direction Confirmation
VIX Down Yes – SPX
SOX Down Yes – COMPQ
Guidance:
SPX formed another higher high and higher low and was above Wednesday's high for most of the day.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the fifth day in a row.
Breadth was strong as advancers led decliners by more than 2 to 1.
Continue to trade strong stocks up with an entry signal or bounce continuation.
Wait for a new setup to trade weak stocks down.
The VIX fell -1.13 and closed at 25.71. Volatility stayed above the important 25 level on Wednesday.
The short term 3 day trend is up.
The two-month trend is down.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -0.57
QCOM +0.55
GOOG +6.36
BIDU +0.06
NDX 100 stocks stronger than the NDX include: PCLN, FWLT, STLD, PPDI, COST, DELL, APOL, LIFE, AMZN, VRSN, VRTX, WCRX, BIIB, CTSH and FAST.
Stocks weaker than the NDX: NVDA, ROST, LRCX, NTAP, URBN, ERTS, MICC, XRAY, ORLY, EXPE, TEVA, AMAT, FISV, MRVL and CA.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, AMX, ATW, BUCY, CAT, CRM, DLR, FFIV, FLS, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW
Moving Above 30 DMA = 8
AGU, BA, CAM, GR, MCD, MOS, NTRI, USO
Moving Below 30 DMA = 1
FAZ
Staying Below 30 DMA
UNG, AIV, CLF, CMG, DE, DECK, LVS, NYX, SKX, SNDK, SWN, UCO, UNP, FCX, GS, ICE, SPG, URE, ZION, UAUA, A, AMD, LXK, ATI, DHR, DOW, MHS, PCP, USD, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, BAC, GES, X, AKS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Up
SP500 1,070.25 +9.98 +0.94%
COMPQ 2,175.40 +15.93 +0.74%
Russell 2000 620.27 +8.61 +1.41%
Exchange NYSE NASD
Advancing 2,345 1,840
Declining 694 792
Oil $75.44 +1.37
Gold $1,195.80 -2.80
SOX 347.62 -0.25
VIX 25.71 -1.13
Index Direction Confirmation
VIX Down Yes – SPX
SOX Down Yes – COMPQ
Guidance:
SPX formed another higher high and higher low and was above Wednesday's high for most of the day.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the fifth day in a row.
Breadth was strong as advancers led decliners by more than 2 to 1.
Continue to trade strong stocks up with an entry signal or bounce continuation.
Wait for a new setup to trade weak stocks down.
The VIX fell -1.13 and closed at 25.71. Volatility stayed above the important 25 level on Wednesday.
The short term 3 day trend is up.
The two-month trend is down.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -0.57
QCOM +0.55
GOOG +6.36
BIDU +0.06
NDX 100 stocks stronger than the NDX include: PCLN, FWLT, STLD, PPDI, COST, DELL, APOL, LIFE, AMZN, VRSN, VRTX, WCRX, BIIB, CTSH and FAST.
Stocks weaker than the NDX: NVDA, ROST, LRCX, NTAP, URBN, ERTS, MICC, XRAY, ORLY, EXPE, TEVA, AMAT, FISV, MRVL and CA.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, TSL, ACN, HSY, AMX, ATW, BUCY, CAT, CRM, DLR, FFIV, FLS, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW
Moving Above 30 DMA = 8
AGU, BA, CAM, GR, MCD, MOS, NTRI, USO
Moving Below 30 DMA = 1
FAZ
Staying Below 30 DMA
UNG, AIV, CLF, CMG, DE, DECK, LVS, NYX, SKX, SNDK, SWN, UCO, UNP, FCX, GS, ICE, SPG, URE, ZION, UAUA, A, AMD, LXK, ATI, DHR, DOW, MHS, PCP, USD, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, BAC, GES, X, AKS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Up
Futures Point to a Slightly Higher Open...
BMO – ES +2.25and NQ +3.25 futures are flat in pre-market trading pointing to a flat to open. In pre-market trading AAPL is +0.89, GOOG +1.80, BIDU -0.20, NFLX -0.10. Futures have just turned positive in the last 5 minutes about an hour before open.
Most stocks are near unchanged on very light volume in pre-market trading this morning.
Earnings season starts next Monday. Wednesday's trading confirmed last Thursday's hammer and closed above the R1 level of the Tuesday, June 29 large black candle. Next resistance is the R2 of the June 29 candle at 1,071. A large number of stocks broke through their 30 DMA on Wednesday and many more closed just below their 30 DMA and could break through the 30 DMA on Thursday if prices rise again.
Short term support is at 1,056 and 1,044, the S1 of Wednesday's large white candle. Short term resistance is at 1,071.
After the strong move up on Wednesday, the market could pause and rest. If it does watch the 1,044 S1 level. If trading stays above this level look for the support bounce to continue going into Earnings season next week.
In my Wednesday morning AT webcast I entered five real time virtual trades. Their were August options at we entered them around 9 am MT. They all rose by the close. Those of you who watched I hope you also did a virtual trade to improve your trading skill.
CREE +30.36%
CRUS +34.09%
DECK +30.26%
NTAP +34.43%
VECO +23.81%
Bonds are flat and TLT is up 34 cents in pre-market trading.
The Euro is up 29 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is up 33 cents and XLF is up 3 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Wednesday's support bounce and hammer confirmation provided a large number of entry signals...if the bounce continues without a pause today...look for more potential entry signals to occur.
Almost all of our flag stocks rose on Wednesday breaking above the high of the low day and giving entry signals: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
FFIV and HSY had support bounces on Tuesday.
Watch the VIX level on Thursday to see if it pulls back and move closer to the 25 level. The VIX has been suggesting support bounce in its lower close on both Thursday and Friday and that bounce happened on Wednesday in a very big way.
Stocks are mixed on light volume in pre-market trading.
Trading Down: BUCY, MOS, WLT, FAZ
Trading Up: CLF, AGU, CREE, VMW, VECO, X, HV, GS, LVS, SNDK, USO, FAS
The short term 3 day trend is up. The intermediate term 8 month trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,056, 1,044
Resistance = 1,071 1,086
At the Open on Thursday
SPY –
QQQQ -
FAS -
TLT –
AAPL – sideways at support
CRUS – flag entry
BRCM - flag
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO -
AAP – flag
SWN – flag
ICE –
BA – flag
CAT – flag
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Most stocks are near unchanged on very light volume in pre-market trading this morning.
Earnings season starts next Monday. Wednesday's trading confirmed last Thursday's hammer and closed above the R1 level of the Tuesday, June 29 large black candle. Next resistance is the R2 of the June 29 candle at 1,071. A large number of stocks broke through their 30 DMA on Wednesday and many more closed just below their 30 DMA and could break through the 30 DMA on Thursday if prices rise again.
Short term support is at 1,056 and 1,044, the S1 of Wednesday's large white candle. Short term resistance is at 1,071.
After the strong move up on Wednesday, the market could pause and rest. If it does watch the 1,044 S1 level. If trading stays above this level look for the support bounce to continue going into Earnings season next week.
In my Wednesday morning AT webcast I entered five real time virtual trades. Their were August options at we entered them around 9 am MT. They all rose by the close. Those of you who watched I hope you also did a virtual trade to improve your trading skill.
CREE +30.36%
CRUS +34.09%
DECK +30.26%
NTAP +34.43%
VECO +23.81%
Bonds are flat and TLT is up 34 cents in pre-market trading.
The Euro is up 29 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is up 33 cents and XLF is up 3 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Wednesday's support bounce and hammer confirmation provided a large number of entry signals...if the bounce continues without a pause today...look for more potential entry signals to occur.
Almost all of our flag stocks rose on Wednesday breaking above the high of the low day and giving entry signals: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
FFIV and HSY had support bounces on Tuesday.
Watch the VIX level on Thursday to see if it pulls back and move closer to the 25 level. The VIX has been suggesting support bounce in its lower close on both Thursday and Friday and that bounce happened on Wednesday in a very big way.
Stocks are mixed on light volume in pre-market trading.
Trading Down: BUCY, MOS, WLT, FAZ
Trading Up: CLF, AGU, CREE, VMW, VECO, X, HV, GS, LVS, SNDK, USO, FAS
The short term 3 day trend is up. The intermediate term 8 month trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,056, 1,044
Resistance = 1,071 1,086
At the Open on Thursday
SPY –
QQQQ -
FAS -
TLT –
AAPL – sideways at support
CRUS – flag entry
BRCM - flag
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO -
AAP – flag
SWN – flag
ICE –
BA – flag
CAT – flag
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Wednesday, July 7, 2010
SPX Breaks High of the Low Day...in a Big Way...Hammer Confirmation...
DJIA 10,018.28 +274.66 +2.82%
SP500 1,060.27 +32.21 +3.13%
COMPQ 2,159.47 +65.59 +3.13%
Russell 2000 611.66 +21.63 +3.67%
Exchange NYSE NASD
Advancing 2,666 2,098
Declining 431 604
Oil $74.07 +2.09
Gold $1,198.60 +3.80
SOX 347.87 +15.72
VIX 26.84 -2.81
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Hammer Confirmation on Wednesday
The break and close above the high of the low day that we have been looking for since last Thursday's hammer occurred on Wednesday. The SPX had its largest daily increase since May 10 rising 32 points to close at 1,060. Bottom line Wednesday was a strong bounce day with broad participation with advancers leading decliners and most stocks in our watch lists moving higher.
Nineteen stocks in our Stocks to Watch list (see below) crossed above their 30 DMA on Wednesday.
Bull Flag List
The bull flag list had 35 of 36 stocks moving higher on Wednesday: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, GMCR, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC, UNP and DLR.
NDX 100 Highlights
99 out of 100 stocks rose in price.
13 rose between 5.02% and 7.29%: BIDU, ALTR, NTAP, BRCM, AKAM, XLNX, LRCX, STX, VRSN, FSLR, CSCO, PCLN, FWLT
As of Tuesday just 12 stocks were above their 30 DMA: ALTR, BIIB, FLIR, FSLR, GENZ HANS, LBTYA, LLTC, MICC, RYAAY, SRCL, XLNX
Following Wednesday's trading there are 33 stocks above their 30 DMA as 21 more stocks rose above their 30 DMA: AAPL, AKAM, ATVI, BIDU, BRCM, CTSH, CTXS, ILMN, INFY, INTU, LRCX, MCHP, MXIM, NTAP, ORCL, ROST, SIAL, SYMC, STLD, SYMC, TEVA
If the support bounce continues on Thursday, 21 more stocks in the NDX could rise above their 30 DMA on Thursday: ADP, CERN, CHKP, CMCSA, CSCO, FAST, FISV, GILD, HOLX, HSIC, IACI, ISRG, JBHT, JOYG, LOGI, NWSA, PCAR, PPDI, VRSN, XRAY, YHOO
Guidance:
SPX formed a higher high and higher low large white candle that did confirm Thursday's hammer.
The SPX formed a higher low for the third straight day above Thursday's 1,010 support area.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the fourth day in a row.
Many stocks gave a bullish entry on a support bounce as momentum moved up on Wednesday breaking above the high of the low day.
If you tightened up stops to protect profits on your short term bearish trades as we have been alerting you since last week, then you likely got stopped out today if the position was still open this morning.
Trade strong stocks up with Wednesday's entry signal.
Wait for a new setup to trade weak stocks down.
The VIX fell -2.81 and closed at 26.84. Volatility stayed above the important 25 level on Wednesday.
The short term 3 day trend is up.
The two-month trend is down.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +10.03
QCOM +0.73
GOOG +14.13
BIDU +4.92
NDX 100 stocks stronger than the NDX include: BIDU, ALTR, NTAP, BRCM, AKAM, XLNX, LRCX, STX, VRSN, FSLR, CSCO, PCLN, FWLT, KLAC and MXIM.
Stocks weaker than the NDX: LIFE, ORLY, AMGN, CMCSA, TEVA, GILD, COST, ESRX, RYAAY and CELG.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, FAZ, TSL, ACN, HSY
Moving Above 30 DMA = 19
AMX, ATW, BUCY, CAT, CRM, DLR, FFIV, FLS, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW
Moving Below 30 DMA = 0
Staying Below 30 DMA
NTRI, UNG, USO, AIV, BA, CLF, CMG, DE, DECK, GR, LVS, NYX, SKX, SNDK, SWN, UCO, UNP, FCX, GS, ICE, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, BAC, GES, X, AKS, AGU, MOS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Up
SP500 1,060.27 +32.21 +3.13%
COMPQ 2,159.47 +65.59 +3.13%
Russell 2000 611.66 +21.63 +3.67%
Exchange NYSE NASD
Advancing 2,666 2,098
Declining 431 604
Oil $74.07 +2.09
Gold $1,198.60 +3.80
SOX 347.87 +15.72
VIX 26.84 -2.81
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Hammer Confirmation on Wednesday
The break and close above the high of the low day that we have been looking for since last Thursday's hammer occurred on Wednesday. The SPX had its largest daily increase since May 10 rising 32 points to close at 1,060. Bottom line Wednesday was a strong bounce day with broad participation with advancers leading decliners and most stocks in our watch lists moving higher.
Nineteen stocks in our Stocks to Watch list (see below) crossed above their 30 DMA on Wednesday.
Bull Flag List
The bull flag list had 35 of 36 stocks moving higher on Wednesday: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, GMCR, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC, UNP and DLR.
NDX 100 Highlights
99 out of 100 stocks rose in price.
13 rose between 5.02% and 7.29%: BIDU, ALTR, NTAP, BRCM, AKAM, XLNX, LRCX, STX, VRSN, FSLR, CSCO, PCLN, FWLT
As of Tuesday just 12 stocks were above their 30 DMA: ALTR, BIIB, FLIR, FSLR, GENZ HANS, LBTYA, LLTC, MICC, RYAAY, SRCL, XLNX
Following Wednesday's trading there are 33 stocks above their 30 DMA as 21 more stocks rose above their 30 DMA: AAPL, AKAM, ATVI, BIDU, BRCM, CTSH, CTXS, ILMN, INFY, INTU, LRCX, MCHP, MXIM, NTAP, ORCL, ROST, SIAL, SYMC, STLD, SYMC, TEVA
If the support bounce continues on Thursday, 21 more stocks in the NDX could rise above their 30 DMA on Thursday: ADP, CERN, CHKP, CMCSA, CSCO, FAST, FISV, GILD, HOLX, HSIC, IACI, ISRG, JBHT, JOYG, LOGI, NWSA, PCAR, PPDI, VRSN, XRAY, YHOO
Guidance:
SPX formed a higher high and higher low large white candle that did confirm Thursday's hammer.
The SPX formed a higher low for the third straight day above Thursday's 1,010 support area.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the fourth day in a row.
Many stocks gave a bullish entry on a support bounce as momentum moved up on Wednesday breaking above the high of the low day.
If you tightened up stops to protect profits on your short term bearish trades as we have been alerting you since last week, then you likely got stopped out today if the position was still open this morning.
Trade strong stocks up with Wednesday's entry signal.
Wait for a new setup to trade weak stocks down.
The VIX fell -2.81 and closed at 26.84. Volatility stayed above the important 25 level on Wednesday.
The short term 3 day trend is up.
The two-month trend is down.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +10.03
QCOM +0.73
GOOG +14.13
BIDU +4.92
NDX 100 stocks stronger than the NDX include: BIDU, ALTR, NTAP, BRCM, AKAM, XLNX, LRCX, STX, VRSN, FSLR, CSCO, PCLN, FWLT, KLAC and MXIM.
Stocks weaker than the NDX: LIFE, ORLY, AMGN, CMCSA, TEVA, GILD, COST, ESRX, RYAAY and CELG.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CHL, CREE, CRUS, GMCR, HANS, FAZ, TSL, ACN, HSY
Moving Above 30 DMA = 19
AMX, ATW, BUCY, CAT, CRM, DLR, FFIV, FLS, HAS, HLF, MA, NETL, NFLX, PCLN, PNC, TIE, V, VECO, VMW
Moving Below 30 DMA = 0
Staying Below 30 DMA
NTRI, UNG, USO, AIV, BA, CLF, CMG, DE, DECK, GR, LVS, NYX, SKX, SNDK, SWN, UCO, UNP, FCX, GS, ICE, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, BAC, GES, X, AKS, AGU, MOS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Up
Futures Point to a Flat Open...
BMO – ES -2.50 and NQ -1.75 futures are slightly lower in pre-market trading pointing to a flat to slightly lower open. In pre-market trading AAPL is +0.34, GOOG -0.12, BIDU -0.24, NFLX +0.04.
Most stocks are near unchanged on very light volume in pre-market trading this morning.
Earnings season starts next Monday. Tuesday's pre-market rally and gap at the open filled by the end of trading with the SPX up 5 points. The SPX formed a higher high and higher low doji which did not confirm Thursday's hammer at the close.
Bonds are flat and TLT is up 7 cents in pre-market trading.
The Euro is down 60 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is down 20 cents and XLF is up 5 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,040 and 1,056. Short term support is at 1,010 and the next lower horizontal support at 1,000.
After Thursday's hammer, trader's should be prepared for bounce confirmation. Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
This pull back, which held on Thursday at the 38.2% Fib retracement from the March 2009 low is poised for a technical rebound after falling for 10 days. The SPX is still in an intermediate term sideways trend over the past 8 months, congestion or consolidation with price at support and in a two month down trend.
Look for support bounce confirmation on the many charts which have bullish candle patterns on Thursday. Remember the entry on a flag or other support bounce patterns is a break above the high of the low day...so watch for a potential entry signal today...
All those flags we have been posting over the past week, look for a potential break above the high of the low day on Wednesday: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
FFIV and HSY had support bounces on Tuesday.
Watch the VIX level on Wednesday to see if it pulls back or rises in confirmation of price movement. The VIX has been suggesting support bounce in its lower close on both Thursday and Friday.
Stocks are higher on moderate volume in pre-market trading.
Trading Down: X, NFLX, BUCY, SKX, FCX, AKS
Trading Up: BA, VMW, CRUS, DOW, WLT, SNDK, URE, UNG
The short term 3 day trend is neutral. The intermediate term 8 month trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,010, 1,010
Resistance = 1,040 1,056
At the Open on Wednesday
SPY –
QQQQ -
FAS -
TLT –
AAPL – sideways at support
CRUS – flag entry
BRCM - flag
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO -
AAP – flag
SWN – flag
ICE –
BA – flag
CAT – flag
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Most stocks are near unchanged on very light volume in pre-market trading this morning.
Earnings season starts next Monday. Tuesday's pre-market rally and gap at the open filled by the end of trading with the SPX up 5 points. The SPX formed a higher high and higher low doji which did not confirm Thursday's hammer at the close.
Bonds are flat and TLT is up 7 cents in pre-market trading.
The Euro is down 60 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is down 20 cents and XLF is up 5 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,040 and 1,056. Short term support is at 1,010 and the next lower horizontal support at 1,000.
After Thursday's hammer, trader's should be prepared for bounce confirmation. Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
This pull back, which held on Thursday at the 38.2% Fib retracement from the March 2009 low is poised for a technical rebound after falling for 10 days. The SPX is still in an intermediate term sideways trend over the past 8 months, congestion or consolidation with price at support and in a two month down trend.
Look for support bounce confirmation on the many charts which have bullish candle patterns on Thursday. Remember the entry on a flag or other support bounce patterns is a break above the high of the low day...so watch for a potential entry signal today...
All those flags we have been posting over the past week, look for a potential break above the high of the low day on Wednesday: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
FFIV and HSY had support bounces on Tuesday.
Watch the VIX level on Wednesday to see if it pulls back or rises in confirmation of price movement. The VIX has been suggesting support bounce in its lower close on both Thursday and Friday.
Stocks are higher on moderate volume in pre-market trading.
Trading Down: X, NFLX, BUCY, SKX, FCX, AKS
Trading Up: BA, VMW, CRUS, DOW, WLT, SNDK, URE, UNG
The short term 3 day trend is neutral. The intermediate term 8 month trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,010, 1,010
Resistance = 1,040 1,056
At the Open on Wednesday
SPY –
QQQQ -
FAS -
TLT –
AAPL – sideways at support
CRUS – flag entry
BRCM - flag
BIDU – sideways at support
AKAM – flag
SNDK –
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag entry
DECK – stock split
CMG – flag
VMW – bounce entry
SKX –
AZO – flag
LVS –flag
HSY – flag entry
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO -
AAP – flag
SWN – flag
ICE –
BA – flag
CAT – flag
ALK –
UAUA -
CAL –
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE -
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Tuesday, July 6, 2010
Opening Gap Fills...SPX Closes Up 5 Points...
DJIA 9,743.62 +57.14 +0.59%
SP500 1,028.06 +5.48 +0.54%
COMPQ 2,093.88 +2.09 +0.10%
Russell 2000 590.03 -8.94 -1.49%
Exchange NYSE NASD
Advancing 1,500 914
Declining 1,540 1,789
Oil $71.98 -0.16
Gold $1,194.80 -12.60
SOX 331.15 -0.45
VIX 29.65 -0.47
Index Direction Confirmation
VIX Down Yes – SPX
SOX Down No – COMPQ
Guidance:
SPX formed a higher high and higher low doji that did not confirm Thursday's hammer.
The SPX formed a higher low for the second straight day above Thursday's 1,010 support area.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the third day in a row.
Bullish entry would be a support bounce with momentum moving up; a break above or close above the high of the low day or confirmation of Thursday's hammer.
Tighten up stops to protect profits on your short term bearish trades.
Tuesday started with a strong support bounce that failed to follow through Tuesday afternoon. The short term trend has shifted sideways. Stay with the two month down trend while looking for a potential break above the high of the low day in up trending stocks on Wednesday.
Trade strong stocks up.
Trade weak stocks down.
The VIX fell -0.47 and closed at 29.65. Volatility stayed above the important 25 level on Tuesday.
The short term 3 day trend is neutral.
The two-month trend is down.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +1.69
QCOM +0.28
GOOG -0.48
BIDU -0.10
NDX 100 stocks stronger than the NDX include: STLD, PCLN, NWSA, MICC, CTXS, CERN, MSFT, ORCL, RYAAY, DTV, CMCSA, AKAM, LLTC, ISRG and HANS.
Stocks weaker than the NDX: SHLD, CELG, STX, GENZ, SBUX, LOGI, URBN, BIIB, ORLY, AMAT, ADBE, ILMN, MRVL, JBHT and PAYX.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, CHL, CRUS, GMCR, HANS, FAZ, TSL
Moving Above 30 DMA = 2
ACN, HSY
Moving Below 30 DMA = 1
NTRI
Staying Below 30 DMA
HAS, HLF, UNG, USO, AIV, AMX, BA, CAT, CLF, CMF, CRM, DE, DECK, DLR, FFIV, GR, LVS, MA, NETL, NFLX, NYX, SKX, SNDK, SWN, TIE, UCO, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, FLS, ATW, BAC, GES, X, AKS, AGU, MOS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Neutral
SP500 1,028.06 +5.48 +0.54%
COMPQ 2,093.88 +2.09 +0.10%
Russell 2000 590.03 -8.94 -1.49%
Exchange NYSE NASD
Advancing 1,500 914
Declining 1,540 1,789
Oil $71.98 -0.16
Gold $1,194.80 -12.60
SOX 331.15 -0.45
VIX 29.65 -0.47
Index Direction Confirmation
VIX Down Yes – SPX
SOX Down No – COMPQ
Guidance:
SPX formed a higher high and higher low doji that did not confirm Thursday's hammer.
The SPX formed a higher low for the second straight day above Thursday's 1,010 support area.
The VIX did confirm the higher close in the SPX.
The VIX moved lower for the third day in a row.
Bullish entry would be a support bounce with momentum moving up; a break above or close above the high of the low day or confirmation of Thursday's hammer.
Tighten up stops to protect profits on your short term bearish trades.
Tuesday started with a strong support bounce that failed to follow through Tuesday afternoon. The short term trend has shifted sideways. Stay with the two month down trend while looking for a potential break above the high of the low day in up trending stocks on Wednesday.
Trade strong stocks up.
Trade weak stocks down.
The VIX fell -0.47 and closed at 29.65. Volatility stayed above the important 25 level on Tuesday.
The short term 3 day trend is neutral.
The two-month trend is down.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL +1.69
QCOM +0.28
GOOG -0.48
BIDU -0.10
NDX 100 stocks stronger than the NDX include: STLD, PCLN, NWSA, MICC, CTXS, CERN, MSFT, ORCL, RYAAY, DTV, CMCSA, AKAM, LLTC, ISRG and HANS.
Stocks weaker than the NDX: SHLD, CELG, STX, GENZ, SBUX, LOGI, URBN, BIIB, ORLY, AMAT, ADBE, ILMN, MRVL, JBHT and PAYX.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, CHL, CRUS, GMCR, HANS, FAZ, TSL
Moving Above 30 DMA = 2
ACN, HSY
Moving Below 30 DMA = 1
NTRI
Staying Below 30 DMA
HAS, HLF, UNG, USO, AIV, AMX, BA, CAT, CLF, CMF, CRM, DE, DECK, DLR, FFIV, GR, LVS, MA, NETL, NFLX, NYX, SKX, SNDK, SWN, TIE, UCO, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, FLS, ATW, BAC, GES, X, AKS, AGU, MOS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Neutral
Futures Point to a Higher Open and a Potential Break Above the High of the Low Day...
BMO – ES +15.00 and NQ +30.00 futures are higher in pre-market trading pointing to a higher open. In pre-market trading AAPL is +2.97, GOOG +5.22, BIDU +1.54, NFLX +3.17.
With less than a week to go before earnings season begins, stocks in Europe gain more than 2%. Following the European rally, US stock futures are trading higher in pre-market trading.
Bonds are flat and TLT is up 2 cents in pre-market trading.
The Euro is up 52 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is up 1.21 and XLF is up 19 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,040 and 1,056. Short term support is at 1,010 and the next lower horizontal support at 1,000.
After Thursday's hammer, trader's should be prepared for bounce confirmation. Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
This pull back, which held on Thursday at the 38.2% Fib retracement from the March 2009 low is poised for a technical rebound after falling for the past 10 days. The SPX is still in an intermediate term sideways trend over the past 8 months, congestion or consolidation with price at support.
Look for support bounce confirmation on the many charts which had bullish candle patterns on Thursday. Remember the entry on a flag or other support bounce patterns is a break above the high of the low day...so watch for a potential entry signal today...
All those flags we have been posting over the past week, look for a potential break above the high of the low day on Tuesday: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Tuesday to see if it pulls back or rises in confirmation of price movement. The VIX has been suggesting support bounce in its lower close on both Thursday and Friday.
Stocks are higher on moderate volume in pre-market trading.
Trading Down: FAZ
Trading Up: NFLX, CMG, WLT, GS, MA, FCX, CLF, CREE, BUCY, HSY, CAT, DE, X, POT, DECK, BA, VECO, MOS, V. SKX, VMW, URE, SNDK, JEC, SPG, USD, LVS, CRUS, UAUA, FAS, AGU, DOW, GMCR, TSL, HAS, FFIV, USO, WHR, STI, ATW, WMT, USO, NTRI, NYX, CSTR, BAC, AMD, UNG, DLR, HLF, CAM, DHR, TIE, UCO
The short term 3 day trend is down and could reverse this morning if pre-market trading levels hold once regular trading opens. The intermediate term trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,010, 1,010
Resistance = 1,040 1,056
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT –
AAPL – flag
CRUS – flag
BRCM - flag
BIDU –
AKAM – flag
SNDK – flag
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag
DECK - flag
CMG – flag
VMW – flag
ALK – flag
UAUA - flag
CAL – flag
SKX – flag
AZO – flag
LVS –flag
HSY – flag
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO - flag
AAP – flag
SWN – flag
ICE – flag
BA – flag
CAT – flag
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE –
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
With less than a week to go before earnings season begins, stocks in Europe gain more than 2%. Following the European rally, US stock futures are trading higher in pre-market trading.
Bonds are flat and TLT is up 2 cents in pre-market trading.
The Euro is up 52 pips in overnight trading and above its 10 and 30 DMA. The Euro appears to have started a new up trend with a breakout of an inverse head and shoulders.
SPY is up 1.21 and XLF is up 19 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,040 and 1,056. Short term support is at 1,010 and the next lower horizontal support at 1,000.
After Thursday's hammer, trader's should be prepared for bounce confirmation. Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
This pull back, which held on Thursday at the 38.2% Fib retracement from the March 2009 low is poised for a technical rebound after falling for the past 10 days. The SPX is still in an intermediate term sideways trend over the past 8 months, congestion or consolidation with price at support.
Look for support bounce confirmation on the many charts which had bullish candle patterns on Thursday. Remember the entry on a flag or other support bounce patterns is a break above the high of the low day...so watch for a potential entry signal today...
All those flags we have been posting over the past week, look for a potential break above the high of the low day on Tuesday: NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR.
Watch the VIX level on Tuesday to see if it pulls back or rises in confirmation of price movement. The VIX has been suggesting support bounce in its lower close on both Thursday and Friday.
Stocks are higher on moderate volume in pre-market trading.
Trading Down: FAZ
Trading Up: NFLX, CMG, WLT, GS, MA, FCX, CLF, CREE, BUCY, HSY, CAT, DE, X, POT, DECK, BA, VECO, MOS, V. SKX, VMW, URE, SNDK, JEC, SPG, USD, LVS, CRUS, UAUA, FAS, AGU, DOW, GMCR, TSL, HAS, FFIV, USO, WHR, STI, ATW, WMT, USO, NTRI, NYX, CSTR, BAC, AMD, UNG, DLR, HLF, CAM, DHR, TIE, UCO
The short term 3 day trend is down and could reverse this morning if pre-market trading levels hold once regular trading opens. The intermediate term trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,010, 1,010
Resistance = 1,040 1,056
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT –
AAPL – flag
CRUS – flag
BRCM - flag
BIDU –
AKAM – flag
SNDK – flag
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag
DECK - flag
CMG – flag
VMW – flag
ALK – flag
UAUA - flag
CAL – flag
SKX – flag
AZO – flag
LVS –flag
HSY – flag
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO - flag
AAP – flag
SWN – flag
ICE – flag
BA – flag
CAT – flag
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE –
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Friday, July 2, 2010
SPX Support Holds...Does Not Confirm Hammer...
DJIA 9,686.48 -46.05 -0.47%
SP500 1,022.58 -4.79 -0.47%
COMPQ 2,091.79 -9.57 -0.46%
Russell 2000 598.97 -5.79 -0.96%
Exchange NYSE NASD
Advancing 1,214 964
Declining 1,826 1,694
Oil $72.14 -0.81
Gold $1,207.40 +1.10
SOX 331.60 -1.51
VIX 28.52 -1.22
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Guidance:
The SPX formed an inside day that did not confirm Thursday's hammer.
Thursday's 1,010 support held on Friday.
The VIX did not confirm the lower close in the SPX.
The VIX moved lower for the second day in a row.
A bullish entry would be a support bounce with momentum moving up; a break above the high of the low day or confirmation of Thursday's hammer.
Tighten up stops to protect profits on your short term bearish trades.
If a support bounce fails to appear on Monday, stay with the short term down trend while looking for a potential break above the high of the low day in up trending stocks on Monday.
Trade strong stocks up.
Trade weak stocks down.
The VIX fell -2.74 and closed at 30.12. Volatility stayed above the important 25 level on Friday.
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -1.54
QCOM +0.41
GOOG -2.94
BIDU -1.00
NDX 100 stocks stronger than the NDX include: GENZ, BIIB, LOGI, FSLR, CELG, HANS, JOYG, GILD, RYAAY, ERTS, ATVI, ORCL, QCOM, BRCM and SYMC.
Stocks weaker than the NDX: EXPE, APOL, SHLD, PCLN, DISH, NIHD, NTAP, LINTA, DTV, PAYX, EBAY AKAM, CTSH, GRMN and WYNN.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CHL, CRUS, NTRI, GMCR, HANS, FAZ, TSL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 4
ACN, HAS, HLF, UNG
Staying Below 30 DMA
USO, AIV, AMX, BA, CAT, CLF, CMF, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SKX, SNDK, SWN, TIE, UCO, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, FLS, ATW, BAC, GES, X, AKS, AGU, MOS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Down
SP500 1,022.58 -4.79 -0.47%
COMPQ 2,091.79 -9.57 -0.46%
Russell 2000 598.97 -5.79 -0.96%
Exchange NYSE NASD
Advancing 1,214 964
Declining 1,826 1,694
Oil $72.14 -0.81
Gold $1,207.40 +1.10
SOX 331.60 -1.51
VIX 28.52 -1.22
Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ
Guidance:
The SPX formed an inside day that did not confirm Thursday's hammer.
Thursday's 1,010 support held on Friday.
The VIX did not confirm the lower close in the SPX.
The VIX moved lower for the second day in a row.
A bullish entry would be a support bounce with momentum moving up; a break above the high of the low day or confirmation of Thursday's hammer.
Tighten up stops to protect profits on your short term bearish trades.
If a support bounce fails to appear on Monday, stay with the short term down trend while looking for a potential break above the high of the low day in up trending stocks on Monday.
Trade strong stocks up.
Trade weak stocks down.
The VIX fell -2.74 and closed at 30.12. Volatility stayed above the important 25 level on Friday.
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -1.54
QCOM +0.41
GOOG -2.94
BIDU -1.00
NDX 100 stocks stronger than the NDX include: GENZ, BIIB, LOGI, FSLR, CELG, HANS, JOYG, GILD, RYAAY, ERTS, ATVI, ORCL, QCOM, BRCM and SYMC.
Stocks weaker than the NDX: EXPE, APOL, SHLD, PCLN, DISH, NIHD, NTAP, LINTA, DTV, PAYX, EBAY AKAM, CTSH, GRMN and WYNN.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, CHL, CRUS, NTRI, GMCR, HANS, FAZ, TSL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 4
ACN, HAS, HLF, UNG
Staying Below 30 DMA
USO, AIV, AMX, BA, CAT, CLF, CMF, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SKX, SNDK, SWN, TIE, UCO, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, IPI, JEC, GME, FAS, FLS, ATW, BAC, GES, X, AKS, AGU, MOS
Intermediate Term Market Trend: Down – 2 months
Short Term Market Trend: Down
Futures Up Slightly After Mixed Jobs Report...Set Up for a Technical Rally?
9:35 AM ET -
Trading Down: PCLN, DLR, FAS, CSTR, HAS, WMT
Trading Up: MA, FCX, NFLX, CMG, HANS, WLT, GS, UNP, CHL, BUCY, WHR, HLF, V, VMW, CLF, SPG, CREE, FLS, PNC, LXK
BMO – ES +2.25 and NQ +7.00 futures are flat to slightly higher in pre-market trading pointing to a flat open. In pre-market trading AAPL is +0.81, GOOG ++2.30, BIDU +0.19, NFLX +0.20.
Bonds are higher and TLT is up 16 cents in pre-market trading.
The Euro is up 61 pips in overnight trading and above its 10 and 30 DMA.
SPY is up 12 cents and XLF is up 10 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,040 and 1,056. Short term support is at 1,010 and the next lower horizontal support at 1,000.
After Thursday's hammer, trader's should be prepared for bounce confirmation.
Follow your rules for potential enttries and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
This pull back, which held on Thursday at the 38.2% Fib retracement from the March 2009 low is poised for a technical rebound after falling for the past 9 days. The SPX is still in an intermediate term sideways trend, congestion or consolidation with price at support.
Look for support bounce confirmation on the many charts which have bullish candle patterns on Thursday. Remember the entry on a flag or other support bounce patterns is a break above the high of the low day...so watch for a potential entry signal today...
Trading Down: PCLN, DLR, FAS, CSTR, HAS, WMT
Trading Up: MA, FCX, NFLX, CMG, HANS, WLT, GS, UNP, CHL, BUCY, WHR, HLF, V, VMW, CLF, SPG, CREE, FLS, PNC, LXK
BMO – ES +2.25 and NQ +7.00 futures are flat to slightly higher in pre-market trading pointing to a flat open. In pre-market trading AAPL is +0.81, GOOG ++2.30, BIDU +0.19, NFLX +0.20.
Bonds are higher and TLT is up 16 cents in pre-market trading.
The Euro is up 61 pips in overnight trading and above its 10 and 30 DMA.
SPY is up 12 cents and XLF is up 10 cents in pre-market trading . Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,040 and 1,056. Short term support is at 1,010 and the next lower horizontal support at 1,000.
After Thursday's hammer, trader's should be prepared for bounce confirmation.
Follow your rules for potential enttries and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
This pull back, which held on Thursday at the 38.2% Fib retracement from the March 2009 low is poised for a technical rebound after falling for the past 9 days. The SPX is still in an intermediate term sideways trend, congestion or consolidation with price at support.
Look for support bounce confirmation on the many charts which have bullish candle patterns on Thursday. Remember the entry on a flag or other support bounce patterns is a break above the high of the low day...so watch for a potential entry signal today...
Thursday, July 1, 2010
SPX Bounces at 38.2 % Fibonacci...Is it Hammer Time?
Monday, July 5, is a market holiday...so Friday's trading leads us into the three day weekend...
The SPX broke 1,030 support and fell o 1,010, the 38.2% Fibonacci retracement level off the March low, during the first 90 minutesof trading. During the last five hours the SPX rose 20 points, a sign that buyers were stronger than sellers for most of the day. By the end of the day the SPX formed a hammer along with a large number of individual stocks.
The VIX fell -1.68 to 32.86 and did not confirm the Thursday move down. Other non-confirmations of the recent down trend was the EUR rising, the SOX rising and the TRAN rising.
The Jobs report is due out an hour before Friday's open. If the jobs report is a little worse, as expected or better than expected The SPX is setup for a technical bounce. If the report misses expectations by a large amount then sellers could be stronger than buyers in the morning.
Thursday is a Yellow Alert for bearish trades. Tighten those stops and trade with the trend.
Many stocks formed a hammer on Thursday and are setting up potential entry signals
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -3.05
QCOM -0.88
GOOG -5.46
BIDU +0.47
NDX 100 stocks stronger than the NDX include: NIHD, MRVL, FSLR, PCLN, ROST, URBN, NTAP, CMCSA, GRMN, RYAAY, APOL, FLEX, STX, DISH and YHOO.
Stocks weaker than the NDX: PPDI, WCRX, QCOM, KLAC, ESRX, CELG, CA, CEPH, LIFE, VRTX, GENZ, ILMN, XRAY, BIIB and HOLX.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CHL, CRUS, HAS, NTRI, GMCR, HANS, ACN, FAZ
Moving Above 30 DMA = 3
HLF, TSL, UNG
Moving Below 30 DMA = 0
Staying Below 30 DMA
USO, AMX, AIV, BA, CAT, CLF, CMG, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SNDK, SWN, TIE, UCO, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE,PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, JEC, GME, FAS, FLS, PCP, ATW, BAC, GES, X, AGU, IPI, MOS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
The SPX broke 1,030 support and fell o 1,010, the 38.2% Fibonacci retracement level off the March low, during the first 90 minutesof trading. During the last five hours the SPX rose 20 points, a sign that buyers were stronger than sellers for most of the day. By the end of the day the SPX formed a hammer along with a large number of individual stocks.
The VIX fell -1.68 to 32.86 and did not confirm the Thursday move down. Other non-confirmations of the recent down trend was the EUR rising, the SOX rising and the TRAN rising.
The Jobs report is due out an hour before Friday's open. If the jobs report is a little worse, as expected or better than expected The SPX is setup for a technical bounce. If the report misses expectations by a large amount then sellers could be stronger than buyers in the morning.
Thursday is a Yellow Alert for bearish trades. Tighten those stops and trade with the trend.
Many stocks formed a hammer on Thursday and are setting up potential entry signals
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -3.05
QCOM -0.88
GOOG -5.46
BIDU +0.47
NDX 100 stocks stronger than the NDX include: NIHD, MRVL, FSLR, PCLN, ROST, URBN, NTAP, CMCSA, GRMN, RYAAY, APOL, FLEX, STX, DISH and YHOO.
Stocks weaker than the NDX: PPDI, WCRX, QCOM, KLAC, ESRX, CELG, CA, CEPH, LIFE, VRTX, GENZ, ILMN, XRAY, BIIB and HOLX.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, CHL, CRUS, HAS, NTRI, GMCR, HANS, ACN, FAZ
Moving Above 30 DMA = 3
HLF, TSL, UNG
Moving Below 30 DMA = 0
Staying Below 30 DMA
USO, AMX, AIV, BA, CAT, CLF, CMG, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SNDK, SWN, TIE, UCO, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE,PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, JEC, GME, FAS, FLS, PCP, ATW, BAC, GES, X, AGU, IPI, MOS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Wednesday, June 30, 2010
SPX Breaks 1,040...Falls to 1,030 Support...
Dave will be traveling Thursday morning and will post again Thursday after the close.
The SPX broke 1,040 support and fell to 1,030. The VIX rose .41 to 34.54. The two month trend is down. Next SPX support is 1,000. Most stocks are now trending down and stay with the trend until the chart gives an exit signal.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -4.64
QCOM -0.30
GOOG -9.31
BIDU +0.51
NDX 100 stocks stronger than the NDX include: HOLX, FLEX, BIDU, AMZN, RYAAY, ILMN, FWLT, CEPH, TEVA, INFY, LBTYA, CHKP, XLNX, PAYX and CERN.
Stocks weaker than the NDX: CELG, MRVL, WYNN, ISRG, SBUX, SHLD, AMGN, NVDA, BIIB, STX, LRCX, AMAT, LIFE, MXIM and PCLN.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CHL, CRUS, HAS, NTRI, GMCR, HANS, ACN, FAZ
Moving Above 30 DMA = 0
Moving Below 30 DMA = 2
HLF, USO
Staying Below 30 DMA
AMX, AIV, BA, CAT, CLF, CMG, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SNDK, SWN, TIE, TSL, UCO, UNG, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, JEC, GME, FAS, FLS, PCP, ATW, BAC, GES, X, AGU, IPI, MOS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
The SPX broke 1,040 support and fell to 1,030. The VIX rose .41 to 34.54. The two month trend is down. Next SPX support is 1,000. Most stocks are now trending down and stay with the trend until the chart gives an exit signal.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -4.64
QCOM -0.30
GOOG -9.31
BIDU +0.51
NDX 100 stocks stronger than the NDX include: HOLX, FLEX, BIDU, AMZN, RYAAY, ILMN, FWLT, CEPH, TEVA, INFY, LBTYA, CHKP, XLNX, PAYX and CERN.
Stocks weaker than the NDX: CELG, MRVL, WYNN, ISRG, SBUX, SHLD, AMGN, NVDA, BIIB, STX, LRCX, AMAT, LIFE, MXIM and PCLN.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, CHL, CRUS, HAS, NTRI, GMCR, HANS, ACN, FAZ
Moving Above 30 DMA = 0
Moving Below 30 DMA = 2
HLF, USO
Staying Below 30 DMA
AMX, AIV, BA, CAT, CLF, CMG, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SNDK, SWN, TIE, TSL, UCO, UNG, UNP, V, VECO, VMW, BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, JEC, GME, FAS, FLS, PCP, ATW, BAC, GES, X, AGU, IPI, MOS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Higher Open...
Dave is in Boston teaching a 60+ traders for two day on Advanced Technical Analysis...
BMO – ES +6.75 and NQ +9.50 futures are lower in pre-market trading pointing to a lower open. In pre-market trading AAPL is +2.16, GOOG +0.44, BIDU +0.58, NFLX -0.58. Tuesday's intraday chart revels that almost all of the drop to 1,041 support occured during the first hour. The last five and half hours buyers were taking from sellers at support. If support breaks on Wednesday trade to the downside according to your rules. If support holds wait for a bounce and entry signal according to your rules.
Bonds are lower and TLT is down 16 cents in pre-market trading.
The Euro is up 90 pips in overnight trading and moving above its 30 DMA. Look for energy stocks to lead the market early.
SPY is up 53 cents and XLF is higher in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,056 the R1 of Tuesday's large black candle. Short term support is at 1,041with the next horizontal support at 1,030.
Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
Trading Down: FAZ, NFLX
Trading Up: UCO, AAPL, BIDU, GOOG, FAS, BAC
At the Open on Wednesday
SPY –
QQQQ -
FAS -
TLT – support bounce
AAPL – flag
CRUS – flag
BRCM - flag
BIDU –
AKAM – flag
SNDK – flag
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag
DECK - flag
CMG – flag
VMW – flag
ALK – flag
UAUA - flag
CAL – flag
SKX – flag
AZO – flag
LVS –flag
HSY – flag
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO - flag
AAP – flag
SWN – flag
ICE – flag
BA – flag
CAT – flag
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE –
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX
BMO – ES +6.75 and NQ +9.50 futures are lower in pre-market trading pointing to a lower open. In pre-market trading AAPL is +2.16, GOOG +0.44, BIDU +0.58, NFLX -0.58. Tuesday's intraday chart revels that almost all of the drop to 1,041 support occured during the first hour. The last five and half hours buyers were taking from sellers at support. If support breaks on Wednesday trade to the downside according to your rules. If support holds wait for a bounce and entry signal according to your rules.
Bonds are lower and TLT is down 16 cents in pre-market trading.
The Euro is up 90 pips in overnight trading and moving above its 30 DMA. Look for energy stocks to lead the market early.
SPY is up 53 cents and XLF is higher in pre-market trading. Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,056 the R1 of Tuesday's large black candle. Short term support is at 1,041with the next horizontal support at 1,030.
Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
Trading Down: FAZ, NFLX
Trading Up: UCO, AAPL, BIDU, GOOG, FAS, BAC
At the Open on Wednesday
SPY –
QQQQ -
FAS -
TLT – support bounce
AAPL – flag
CRUS – flag
BRCM - flag
BIDU –
AKAM – flag
SNDK – flag
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag
DECK - flag
CMG – flag
VMW – flag
ALK – flag
UAUA - flag
CAL – flag
SKX – flag
AZO – flag
LVS –flag
HSY – flag
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO - flag
AAP – flag
SWN – flag
ICE – flag
BA – flag
CAT – flag
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE –
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX
Tuesday, June 29, 2010
SPX Breaks Support Falls to 1,041...
DJIA 9,870.30 -268.22 -2.65%
SP500 1,041.24 -33.33 -3.10%
COMPQ 2,135.18 -85.47 -3.85%
Russell 2000 615.96 -25.58 -3.99%
Exchange NYSE NASD
Advancing 260 294
Declining 2,853 2,410
Oil $75.94 -2.31
Gold $1,242.00 +3.80
SOX 337.67 -16.44VIX 34.13 +5.13
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
All of our bull flag setups moved lower which is why I teach wait for the break of the high of the low day. FFIV and BA stopped out while HAS, ABC, CRUS, ILMN, NETL and NYX may have held depending on exactly where stops were placed.
Flag setups ALK, HSY, SKX, AZO, NTAP, UNP, LCC, UAUA, CAL, VECO, AKAM, UCO, SNDK, CAT, UNG, CRM, ICE, NFLX, TIE, SBUX, AAP, GMCR, SWN, VMW, DLR, CMG, BIDU, DECK all moved lower with many breaking below their 30 DMA.
Remember the entry on a flag is a break above the high of the low day. While it may seem improbable to have any support bounces on Wednesday, if a bounce does occur trade it according to your rules. We'll find out if big money is still buying at the 1,040 support on Wednesday.
Guidance:
The SPX broke support at its 61.8% Fib level from its June 8 low and price then fell to its next support level at 1,041 a 100% retracement of its recent rally. If 1,041 support breaks continue to trade to the downside.
I as wrote last night, "However the failure to make a higher high on Monday puts us on alert for a break of support" and "If support breaks trade the short term down trend." This continues to be the right view for Wednesday morning.
If you had short term bullish profits you likely were stopped out on Tuesday. Most up trending stocks in our watchlist have fallen back below their 30 DMA with 27 stocks in our watch list falling below on Tuesday. Continue to protect profits on your short term trades.
Trade weak stocks down.
The VIX rose +5.13 and closed at 34.13.
The short term 3 day trend is down.
The six-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -12.13
QCOM -0.90
GOOG -17.82
BIDU -6.87
NDX 100 stocks stronger than the NDX include: TEVA, SRCL, ADP, ORLY, FLIR, CHRW, COST, JBHT, RYAAY and HANS.
Stocks weaker than the NDX: FLEX, BIDU, AKAM, AMZN, WYNN, FWLT, NIHD, JOYG, DISH, ADBE, RIMM, MICC, LINTA, KLAC and NVDA.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, VMW, CHL, CRUS, HAS, HLF, NTRI, GMCR, USO, HANS, ACN
Moving Above 30 DMA = 1
FAZ
Moving Below 30 DMA = 27
AMX, AIV, BA, CAT, CLF, CMG, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SNDK, SWN, TIE, TSL, UCO, UNG, UNP, V, VECO
Staying Below 30 DMA
BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, JEC, GME, FAS, FLS, PCP, ATW, BAC, GES, X, AGU, IPI, MOS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SP500 1,041.24 -33.33 -3.10%
COMPQ 2,135.18 -85.47 -3.85%
Russell 2000 615.96 -25.58 -3.99%
Exchange NYSE NASD
Advancing 260 294
Declining 2,853 2,410
Oil $75.94 -2.31
Gold $1,242.00 +3.80
SOX 337.67 -16.44VIX 34.13 +5.13
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
All of our bull flag setups moved lower which is why I teach wait for the break of the high of the low day. FFIV and BA stopped out while HAS, ABC, CRUS, ILMN, NETL and NYX may have held depending on exactly where stops were placed.
Flag setups ALK, HSY, SKX, AZO, NTAP, UNP, LCC, UAUA, CAL, VECO, AKAM, UCO, SNDK, CAT, UNG, CRM, ICE, NFLX, TIE, SBUX, AAP, GMCR, SWN, VMW, DLR, CMG, BIDU, DECK all moved lower with many breaking below their 30 DMA.
Remember the entry on a flag is a break above the high of the low day. While it may seem improbable to have any support bounces on Wednesday, if a bounce does occur trade it according to your rules. We'll find out if big money is still buying at the 1,040 support on Wednesday.
Guidance:
The SPX broke support at its 61.8% Fib level from its June 8 low and price then fell to its next support level at 1,041 a 100% retracement of its recent rally. If 1,041 support breaks continue to trade to the downside.
I as wrote last night, "However the failure to make a higher high on Monday puts us on alert for a break of support" and "If support breaks trade the short term down trend." This continues to be the right view for Wednesday morning.
If you had short term bullish profits you likely were stopped out on Tuesday. Most up trending stocks in our watchlist have fallen back below their 30 DMA with 27 stocks in our watch list falling below on Tuesday. Continue to protect profits on your short term trades.
Trade weak stocks down.
The VIX rose +5.13 and closed at 34.13.
The short term 3 day trend is down.
The six-month trend is neutral.
The twelve-month trend is up.
Continue to focus on and trade setups on the charts of the stocks you watch, trade with the trend of the chart and follow your rules.
AAPL -12.13
QCOM -0.90
GOOG -17.82
BIDU -6.87
NDX 100 stocks stronger than the NDX include: TEVA, SRCL, ADP, ORLY, FLIR, CHRW, COST, JBHT, RYAAY and HANS.
Stocks weaker than the NDX: FLEX, BIDU, AKAM, AMZN, WYNN, FWLT, NIHD, JOYG, DISH, ADBE, RIMM, MICC, LINTA, KLAC and NVDA.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, VMW, CHL, CRUS, HAS, HLF, NTRI, GMCR, USO, HANS, ACN
Moving Above 30 DMA = 1
FAZ
Moving Below 30 DMA = 27
AMX, AIV, BA, CAT, CLF, CMG, CRM, DE, DECK, DLR, FFIV, GR, HSY, LVS, MA, NETL, NFLX, NYX, SNDK, SWN, TIE, TSL, UCO, UNG, UNP, V, VECO
Staying Below 30 DMA
BUCY, FCX, GS, ICE, PCLN, SPG, URE, ZION, UAUA, A, AMD, MCD, LXK, ATI, CAM, DHR, DOW, MHS, PCP, USD, WHR, WLT, CREE, PNC, POT, WFMI, WMT, SWK, CSTR, ESI, BYI, STI, JEC, GME, FAS, FLS, PCP, ATW, BAC, GES, X, AGU, IPI, MOS
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Lower Open...
BMO – ES -13.75 and NQ -27.50 futures are lower in pre-market trading pointing to a lower open. In pre-market trading AAPL is -2.56, GOOG -5.09, BIDU -1.94, NFLX -1.49. Be protective of bullish positions and trade to the downside according to your rules.
Bonds are higher and TLT is up 50 cents in pre-market trading.
The Euro is down 87 pips in overnight trading and breaking below its 10 and 30 DMA.
SPY is dow n 1.37 and XLF is lower in pre-market trading after a 2.7% move up on Friday. Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,081 to 1,085. Short term support is at 1,071 and looks to be broken this morning and the next horizontal support at 1,060.
It appears that Friday's bullish harami which did not confirm on Monday could be replaced by a bearish candle on Tuesday.trader's
Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
The SPX pull back, looks probable to break its 61.8% Fib level, which suggest a move to the 78% level at 1,061. The SPX is still in an intermediate term sideways trend, congestion or consolidation with price at support.
Remember the entry on a flag is a break above the high of the low day, some gave entries on Monday but most are still in the setup stage...so watch for a potential entry signal today...Also be mindful if any breaks support and creat a trend reversal for opportunities to the downside...
Watch for potential lower lows in these Bull Flags, pull back day 6 in these up trending stocks NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR, most of which are also listed in our At the Open watch list below.
Watch the VIX level on Tuesday which has been staying above 25 indicating higher volatility and movemet to the downside.
Stocks are down on volume in pre-market trading.
Trading Down: GS, FCX, NFLX, POT, X, WHR, SNDK, VECO, FAS, GR, MOS, UNP, USO, TLS, WMT, UCO, LVS, BAC, AMD
Trading Up: FAZ
The short term 3 day trend is down. The intermediate term trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,071, 1,060, 1,041
Resistance = 1,081 1,094, 1,105
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT – support bounce
AAPL – flag
CRUS – flag
BRCM - flag
BIDU – flag after symmetrical triangle breakout
AKAM – flag
SNDK – flag
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag
DECK - flag
CMG – flag
VMW – flag
ALK – flag
UAUA - flag
CAL – flag
SKX – flag
AZO – flag
LVS –flag
HSY – flag
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO - flag
AAP – flag
SWN – flag
ICE – flag
BA – flag
CAT – flag
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE –
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
Bonds are higher and TLT is up 50 cents in pre-market trading.
The Euro is down 87 pips in overnight trading and breaking below its 10 and 30 DMA.
SPY is dow n 1.37 and XLF is lower in pre-market trading after a 2.7% move up on Friday. Watch XLF as a key to any sustained move in the SPX.
Short term resistance is at 1,081 to 1,085. Short term support is at 1,071 and looks to be broken this morning and the next horizontal support at 1,060.
It appears that Friday's bullish harami which did not confirm on Monday could be replaced by a bearish candle on Tuesday.trader's
Follow your rules for potential enter and exits and trade the charts you are trading following the principles of trend, support and resistance and momentum.
The SPX pull back, looks probable to break its 61.8% Fib level, which suggest a move to the 78% level at 1,061. The SPX is still in an intermediate term sideways trend, congestion or consolidation with price at support.
Remember the entry on a flag is a break above the high of the low day, some gave entries on Monday but most are still in the setup stage...so watch for a potential entry signal today...Also be mindful if any breaks support and creat a trend reversal for opportunities to the downside...
Watch for potential lower lows in these Bull Flags, pull back day 6 in these up trending stocks NFLX, AKAM, SNDK, SBUX, VMW, UAUA, FFIV, ILMN, CRUS, LVS, BA, CAL, CAT, CRM, HAS, HSY, NYX, SWN, TIE, UNG, UCO, BIDU, NTAP, VECO, SKX, DECK, CMG, ICE, NETL, AAP, ALK, AZO, ABC and DLR, most of which are also listed in our At the Open watch list below.
Watch the VIX level on Tuesday which has been staying above 25 indicating higher volatility and movemet to the downside.
Stocks are down on volume in pre-market trading.
Trading Down: GS, FCX, NFLX, POT, X, WHR, SNDK, VECO, FAS, GR, MOS, UNP, USO, TLS, WMT, UCO, LVS, BAC, AMD
Trading Up: FAZ
The short term 3 day trend is down. The intermediate term trend is neutral and long term trend is up.
Trade those charts that meet your rules in the direction of the trend.
Follow your rules in any trading actions today. Be logical.
SPX
Support = 1,071, 1,060, 1,041
Resistance = 1,081 1,094, 1,105
At the Open on Tuesday
SPY –
QQQQ -
FAS -
TLT – support bounce
AAPL – flag
CRUS – flag
BRCM - flag
BIDU – flag after symmetrical triangle breakout
AKAM – flag
SNDK – flag
NTAP - flag
ILMN – flag
NFLX – flag
FFIV – flag
DECK - flag
CMG – flag
VMW – flag
ALK – flag
UAUA - flag
CAL – flag
SKX – flag
AZO – flag
LVS –flag
HSY – flag
DLR - flag
CRM – flag
TIE – flag
UNG – flag
UCO - flag
AAP – flag
SWN – flag
ICE – flag
BA – flag
CAT – flag
ORLY –
CSTR -
NETL –
NYX –
GMCR –
VECO –
CREE –
AKS
X –
PCLN –
CLF –
DOW –
BBY –
GOOG
MA -
V –
PCP –
UNP –
FCX –
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