Thursday, June 4, 2009
Support Bounce Rises to Resistance...
DJIA + 74.96, +0.86%
SP500 + 10.75, +1.15%
NASDAQ Comp. + 24.10, +1.32%
Russell 2000 + 8.97, +1.72%
Exchange NYSE NASD
Advancing 2,332 1,951
Declining 629 771
Oil $68.81 +$2.69
Gold $981.20 +$16.70
SOX 275.99 +5.81
VIX 30.18 -0.84
The VIX moved down and did confirm the move up in the SPX on Thursday.
Strongest Sectors: XLF +3.58%...XLB +2.31%...XLE +2.26%
Weakest Sectors: XLV -1.38%...XLP +0.17%...XLY +0.21%
Eight of nine sectors moved higher on Thursday. Financials, Materials, Energy, Industrials and Technology were stronger than the SPX +1.15%.
Financial stocks stronger than XLF +3.58%: KEY, PNC, STT, ICE, MET, BAC, C, GS, MS, ZION, JPM, WFC, USB, PRU, BK and ETFs UYG and FAS.
Leading tech stocks stronger than XLK +1.40% include: DELL, QCOM, EMC, GLW, YHOO, GOOG, AAPL, CSCO and AMAT.
Sector Watch
Up Trending:
Horizontal Breakout: XLB, XLK, XLY, XLE
Sideways: XLV, XLF, XLP, XLI, XLU
Down Trending:
SPX Key resistance levels:
944 = January horizontal
962 = 161.8% Fib extension
Key support levels:
930 = horizontal & 200 DMA
913 = Friday’s S1
907 = Friday’s S2
899 = Thursday’s S1
875 = horizontal
Wednesday’s support 930 support area held and the SPX, DJIA, Nasdaq and RUT all moved higher on Thursday regaining Wednesday’s pull back while the Nasdaq and RUT each formed a new high close YTD.
The SPX which bounced off its 200 DMA Wednesday rose horizontal resistance at the 942 area. All four indices closed near their high of the day.
Oil and gold prices rose leading energy, solar, coal, Ag-related, steel and gold stocks higher.
Key Nasdaq stocks FSLR, BIDU, GOOG, AAPL, RIMM, SHLD and MICC moved higher. Biotech stocks CELG, GENZ, AMGN and BIIB moved lower while CEPH and GILD moved higher.
Index Commentary
The DJIA formed a white candle reversing Wednesday’s pull back…new high close…closed above 200 DMA for the first time in over a year…three month chart target 10,340…volume was a below average 237 million shares …closed above its 20, 30, 50 and 200 DMA.
The SPX formed a white candle …3 month chart target of 1,075…closed above its 20, 30, 50 and 200 DMA.
The Nasdaq formed a white candle new high close…3 month chart target of 2,065…closed above its 20, 30 50 and 200 DMA.
The RUT formed a white candle and new high close….3 month chart target 606…closed above its 20, 30, 50 and 200 DMA.
At the Open on Thursday
SPY – break high of low day
KOL – break high of low day
USD – break high of low day
FAS – break high of low day
CTV – bullish harami
JOYG – breakout
X – bullish harami
ADBE – bullish engulfing
OSG – bullish harami
ZION – white spinning top
UNG – hammer
NTAP – bullish harami
FWLT – white candle support bounce
SHLD – breakout
ISRG – spinning top above 200 DMA
ORLY – black spinning top
CELG - black spinning top
GENZ – black spinning top
GILD – shooting star
BIDU – white spinning top
Stocks to Watch on Friday
Leading Stocks
Holding Above 30 DMA
BIDU, CLB, ICE, VPRT, CTSH, BAP, CAM, GMCR, ATW, GR, EBAY, TRLG, HDB, PCP, RIMM, WCG, UYG, HLF, AMX, K, PCLN, VAR, PCR, PPD, SWN, FLS, TDG, NIHD, RCI, ACN, JOYG, MUR, PSYS, CHL, MOS, DV, AXYS, BIIB, BYI, CPLA, SPWRA, SYNA, X, MCD, BDX, CBST, AAPL, AFAM, DLTR, ESRX, GES, GXDX, ORCL, RBN, USD, WRC, DECK, FAS, WMT, CPLA, JEC, MYGN, PWR, URE, AMZN, DV, EZPW, JCOM, JOSB, NTLS, SNA, SNHY, STRA, BLUD, GILD
Moving Above 30 DMA = 2
FSLR, SLGN
Moving Below 30 DMA = 3
APEI, JW.A, MHS
Staying Below 30 DMA
WAB, DLB, ESI, HANS, URE, MON, AMED, PETS, PWR, ALGT, NFLX, GME, GPRO, BKC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
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