Guidance: The intermediate term trend is up and the short term trend turned up on Monday from neutral.
The SPX continued the rally that began Friday and broke through its 1,100 to 1,105 resistance area closing at 1,109.30 after reaching 1,113.69. The SPX formed a large white candle and the S1 level is 1,101.71, which is in the zone of old resistance.
When price breaks out of resistance it is most likely to rise to the next resistance level which is the 1,025 to 1,033 area.
The SPX Yellow Alert for the break of the support of the horizontal channel or last Monday’s S1 did not turn red as the SPX broke out of resistance.
Continue to focus on and trade the chart of the stocks you watch and follow your rules.
AAPL +2.18
QCOM -0.26
GOOG +4.23
BIDU +5.82
NDX 100 stocks stronger than the NDX include: APOL, WCRX, GRMN, STLD, FLSR, JOYG, SHLD, DELL, FWLT, LOGI, JBHT, DISH, BRCM, FLEX, AKAM, PPDI, SPLS, LBYTA,CHRW, KLAC, MRVL, CMCSA, BIDU, SYMC, FLIR, MICC, ALTR, LINTA, MCHP, INTC, RYAAY, AMAT, ISRG, LRCX, EXPD, INFY, ORCL, XLNX, LLTC, NWSA, IACI and CHKP.
Stocks to Watch on Tuesday
Leading Stocks
Holding Above 30 DMA
K, JW.A, DECK, VPRT, AMZN, SLGN, NFLX, MCD, ICE, DLB, FAZ, RCI, ESRX, MHS, WCG, ALGT, BDX, BYI, VAR, ACN, JOYG, ATW, CTSH, HLF, SNA, AFAM, AMX, GR, SNHY, SYNA, WMT, AAPL, BLUD, CAM, DLTR, DV, GILD, HDB, ORCL, RBN, WAB, PWRD, BIDU, EZPW, GES, PCLN, FLS, GXDX, PCP, URE, MON, USD, BIIB, CPLA
Moving Above 30 DMA = 9
CLB, JEC, JOSB, MOS, PPD, TDG, WRC, UYG, X
Moving Below 30 DMA = 0
Staying Below 30 DMA
EBAY, GMCR, JCOM, MUR, RIMM, FAS, SWN, DV, FAZ, BKC, HANS, GPRO, STRA, TRLG, AMED, FSLR, APEI, PWR, NIHD, SPWRA, ESI, BAP, CHL, GME, PETS, PSYS, NTLS, FUQI, CBST, MYGN
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
Monday, November 16, 2009
Broad Rally in Stocks, Oil and Gold...
DJIA + 136.49 +1.33%
SP500 + 15.82 +1.45%
COMPQ + 29.97 +1.38%
Russell 2000 + 16.59 +2.83%
Exchange NYSE NASD
Advancing 2,489 2,102
Declining 577 657
Oil $79.34 +2.99
Gold $1,139.40 +22.70
SOX 323.83 +6.33
VIX 22.89 -0.47
The VIX moved down and did confirm the move up in the SPX on Monday. The SOX moved up and did confirm the move up in the COMPQ.
Strongest Sectors: XLE +2.62%...XLI +2.29%...XLB +2.06%
Weakest Sectors: XLP +0.56%...XLV +1.01%...XLF +1.09%
All nine sectors moved higher on Monday. Energy, Industrials, Materials and Consumer Discretionary were stronger than the SPX +1.45%.
Financial stocks stronger than XLF +1.09%: MS, C, MET, AXP, PNC, PRU, SCHW, AFL, RF, ZION, WFC, SPG, AOC, ALL, CME, ICE and ETFs UYG and FAS.
Tech stocks stronger than XLK +1.10%: DELL, AMAT, ORCL, EMC, INTC, SYMC, TXN, AMT, HPQ and GLW.
Sector Watch
Up Trending: XLK, XLB, XLY, XLV, XLP, XLE
Horizontal Breakout: XLF, XLI, XLU
Sideways:
Down Trending:
Key Resistance Levels:
1,125 - 1,133 = Sep 08 Low
Key Support Levels
1,100 = October High
1,082 = Monday S1 level
1,075 = 875 Breakout Chart Target
1,061 = Sep 16 S1 level
1,056 = Sep 25 R1 level
1,044 = October Horizontal Old Resistance
Stocks, gold and oil all had a strong trend day on Monday in a broad based rally and horizontal resistance breakout for the SPX and COMPQ. The INDU and NDX had previously closed above resistance. The SPX, INDU, COMPQ, NDX and DJT all closed at new 52-week highs. The RUT and SOX also had strong moves up bouncing back from a lower price level.
The SPX broke through resistance of its four day price channel, breaking the pattern of the last five horizontal channels at resistance since June, by not breaking support and moving lower before going to new highs. This is why I emphasis mental flexibility and trading with the trend of the charts in the Guidance each day.
The dollar fell as the Euro rose. BA an intermediate term C pattern entry on Friday and AA a C pattern entry today along with CAT led the INDU higher.
Strong stocks ADP, AKAM, CREE, CTSH, DISH, DTV and SBUX moved higher on Monday and did benefit as the SPX broke out of horizontal resistance. ADBE, ACN, CHKP, ESRX, LIFE and NKE also moved higher on Monday.
FCX, JOYG, CAT and WLT our morning charts all outperformed the SPX today.
(click image to enlarge)
Guidance: The intermediate term trend is up and the short term trend turned up on Monday from neutral.
The SPX continued the rally that began Friday and broke through its 1,100 to 1,105 resistance area closing at 1,109.30 after reaching 1,113.69. The SPX formed a large white candle and the S1 level is 1,101.71, which is in the zone of old resistance.
When price breaks out of resistance it is most likely to rise to the next resistance level which is the 1,025 to 1,033 area.
The SPX Yellow Alert for the break of the support of the horizontal channel or last Monday’s S1 did not turn red as the SPX broke out of resistance.
Continue to focus on and trade the chart of the stocks you watch and follow your rules.
AAPL +2.18
QCOM -0.26
GOOG +4.23
BIDU +5.82
NDX 100 stocks stronger than the NDX include: APOL, WCRX, GRMN, STLD, FLSR, JOYG, SHLD, DELL, FWLT, LOGI, JBHT, DISH, BRCM, FLEX, AKAM, PPDI, SPLS, LBYTA,CHRW, KLAC, MRVL, CMCSA, BIDU, SYMC, FLIR, MICC, ALTR, LINTA, MCHP, INTC, RYAAY, AMAT, ISRG, LRCX, EXPD, INFY, ORCL, XLNX, LLTC, NWSA, IACI and CHKP.
Stocks to Watch on Tuesday
Leading Stocks
Holding Above 30 DMA
K, JW.A, DECK, VPRT, AMZN, SLGN, NFLX, MCD, ICE, DLB, FAZ, RCI, ESRX, MHS, WCG, ALGT, BDX, BYI, VAR, ACN, JOYG, ATW, CTSH, HLF, SNA, AFAM, AMX, GR, SNHY, SYNA, WMT, AAPL, BLUD, CAM, DLTR, DV, GILD, HDB, ORCL, RBN, WAB, PWRD, BIDU, EZPW, GES, PCLN, FLS, GXDX, PCP, URE, MON, USD, BIIB, CPLA
Moving Above 30 DMA = 9
CLB, JEC, JOSB, MOS, PPD, TDG, WRC, UYG, X
Moving Below 30 DMA = 0
Staying Below 30 DMA
EBAY, GMCR, JCOM, MUR, RIMM, FAS, SWN, DV, FAZ, BKC, HANS, GPRO, STRA, TRLG, AMED, FSLR, APEI, PWR, NIHD, SPWRA, ESI, BAP, CHL, GME, PETS, PSYS, NTLS, FUQI, CBST, MYGN
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
Guidance: The intermediate term trend is up and the short term trend turned up on Monday from neutral.
The SPX continued the rally that began Friday and broke through its 1,100 to 1,105 resistance area closing at 1,109.30 after reaching 1,113.69. The SPX formed a large white candle and the S1 level is 1,101.71, which is in the zone of old resistance.
When price breaks out of resistance it is most likely to rise to the next resistance level which is the 1,025 to 1,033 area.
The SPX Yellow Alert for the break of the support of the horizontal channel or last Monday’s S1 did not turn red as the SPX broke out of resistance.
Continue to focus on and trade the chart of the stocks you watch and follow your rules.
AAPL +2.18
QCOM -0.26
GOOG +4.23
BIDU +5.82
NDX 100 stocks stronger than the NDX include: APOL, WCRX, GRMN, STLD, FLSR, JOYG, SHLD, DELL, FWLT, LOGI, JBHT, DISH, BRCM, FLEX, AKAM, PPDI, SPLS, LBYTA,CHRW, KLAC, MRVL, CMCSA, BIDU, SYMC, FLIR, MICC, ALTR, LINTA, MCHP, INTC, RYAAY, AMAT, ISRG, LRCX, EXPD, INFY, ORCL, XLNX, LLTC, NWSA, IACI and CHKP.
Stocks to Watch on Tuesday
Leading Stocks
Holding Above 30 DMA
K, JW.A, DECK, VPRT, AMZN, SLGN, NFLX, MCD, ICE, DLB, FAZ, RCI, ESRX, MHS, WCG, ALGT, BDX, BYI, VAR, ACN, JOYG, ATW, CTSH, HLF, SNA, AFAM, AMX, GR, SNHY, SYNA, WMT, AAPL, BLUD, CAM, DLTR, DV, GILD, HDB, ORCL, RBN, WAB, PWRD, BIDU, EZPW, GES, PCLN, FLS, GXDX, PCP, URE, MON, USD, BIIB, CPLA
Moving Above 30 DMA = 9
CLB, JEC, JOSB, MOS, PPD, TDG, WRC, UYG, X
Moving Below 30 DMA = 0
Staying Below 30 DMA
EBAY, GMCR, JCOM, MUR, RIMM, FAS, SWN, DV, FAZ, BKC, HANS, GPRO, STRA, TRLG, AMED, FSLR, APEI, PWR, NIHD, SPWRA, ESI, BAP, CHL, GME, PETS, PSYS, NTLS, FUQI, CBST, MYGN
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
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