SPX Closes Higher Going into Labor Day Weekend...

Have a safe and great Labor Day weekend!... DJIA + 96.66, +1.03% SP500 + 13.16, +1.31% NASDAQ Comp. + 35.58, +1.79% Russell 2000 + 8.01, +1.42% Exchange NYSE NASD Advancing 2,448 2,002 Declining 577 688 Oil $68.02 +0.06 Gold $994.90 -$0.90 SOX 309.74 +8.09 VIX 25.26 -1.84 The VIX moved down and did confirm the move up in the SPX on Friday. The SOX confirmed the move up in the Nasdaq. Strongest Sectors: XLI +1.97%...XLY +1.82%...XLK +1.77% Weakest Sectors: XLU +0.49%...XLP +0.73%...XLP +1.14% All nine sectors moved higher on Friday. Industrials, Consumer Discretionary, Technology, Healthcare, Energy and Materials were stronger than the SPX +1.31%. Financial stocks that were down but stronger than XLF +1.14%: RF, KEY, IVZ, USB, SPG, ZION, STT, NTRS, C, BAC, TROW, ALL, MET, PNC, AXP and ETFs UYG and FAS. Tech stocks stronger than XLK +1.77%: AMT, DELL, SYMC, AMAT, AAPL, EBAY, TXN, MSFT, ADP, ORCL and ADBE. Sector Watch Up Trending: XLK, XLB, XLY, XLV Horizontal Breakout: XLF Sideways: XLE, XLF, XLP, XLI, XLU Down Trending: SPX Key resistance levels: 1,017 = August 21 S1 level 1,025 = 950 Breakout Chart target 1,044 = October horizontal 1,075 = 875 Breakout Chart target Key support levels: 1,007 = Nov horizontal resistance 992 - 996 = Early August Support Low 980 = July 23 Resistance - August 17 Support 962 = July 23 S1, 30 DMA, 38.2% Fib extension 944 – 956 = old January/June/July resistance The SPX had a big day rising to it 1,017 horizontal resistance. AAPL, MSFT and BiDU rose on increasing volume while GOOG and RIMM volume was about the same as Thursday. DJIA volume did drop about 10 percent to 152 million shares. Gold and gold stock slowed on Friday after a strong support bounce on Wednesday and Thursday. Guidance: With a bounce off support on Thursday and Friday look for a continuation on Tuesday as the most likely direction. Why? The intermediate and short term trends are both up on Friday as the SPX bounced off a higher low. The SPX finished a fraction under horizontal resistance at the 1,017 area. If the SPX breaks the 1,017 area on Tuesday look for a move to the 1,025 horizontal resistance as most likely. Potential C Patterns: DE, X, AGCO, DOW, JCI, JOYG, WYNN, ADSK, APOL C Pattern Breakout: WYNN, AMAT Flag Setups and Bounces in Progress: WHR, FLS, FWLT, WLT, AXP, BAC, BDK, HOLX, INTC, JEC, JCG, MA, MRVL, TXN, XLNX, ZION, CAT, DD, AGU, STT, SPG, ADBE, BIDU, FAST, HANS, NWSA Potential Down Trend Setups: AKAM, AMZN, FSLR AAPL +3.76 QCOM +0.70 GOOG +3.78 BIDU +13.79 NDX 100 stocks stronger than the NDX included RYAAY, WYNN, MRVL, BIDU, GRMN, NTAP, EXPE, XLNX, STX, MICC, CTXS, EXPD, GENZ, KLAC, BRCM, LRCX, DELL, CA, STLD, ISRG, ADSK, CTSH, AAPL, EBAY, FAST, MSFT, RIMM, ESRX, JOYG and ORCL. Stocks to Watch on Tuesday Leading Stocks Holding Above 30 DMA PSYS, MHS, BYI, CTSH, AAPL, PETS, USD, JOSB, CAM, EBAY, PCLN, SNHY, TDG, SNA, CBST, WAB, BLUD, CLB, PCP, WMT, RBN, VAR, BKC, GR, CLB, BIIB, GES, HDB, ESRX, BDX, DLTR, NTLS, MYGN, ICE, NIHD, K, DV, FLS, GXDX, PSYS, WCG, APEI, BAP, FAS, FUQI, GME, JEC, PWR, PWRD, RCI, RIMM, WRC, MCD, UYG Moving Above 30 DMA = 5 BIDU, EBAY, HDB, JW.A, ORCL Moving Below 30 DMA = 2 ESI, HANS Staying Below 30 DMA AMED, EZPW, AMX, ICE, MON, X, URE, CPLA, MUR, STRA, TRLG, AFAM, DECK, GPRO, JOYG, SLGN, ATW, HLF, MOS, NFLX, SWN, CAN, VPRT, CHL, DLB, JCOM, SPWRA, AMZN, GMCR, PPD, ALGT, GILD, FSLR, SYNA, FAZ Intermediate Term Market Trend: SPX, DJIA, RUT = Neutral, Nasdaq = Up Short Term Market Trend: Up