SPX Launches off of Support...

DJIA + 203.82 +2.08% SP500 + 20.13 +1.92% COMPQ + 49.80 +2.42% Russell 2000 + 18.03 +3.20% Exchange NYSE NASD Advancing 2,501 2,151 Declining 541 597 Oil $79.62 -0.78 Gold $1,089.30 +2.00 SOX 302.96 +7.65 VIX 25.43 -2.29 The VIX moved down and did confirm the move up in the SPX on Thursday. The SOX moved up and did confirm the move up in the COMPQ. Strongest Sectors: XLY +2.73%...XLI +2.58%...XLF +2.57% Weakest Sectors: XLP +0.46%...XLV +1.65%...XLU +1.69% All nine sectors moved higher on Thursday. Consumer Discretionary, Industrials, Financials and Technology were stronger than the SPX +1.92%. Financial stocks stronger than XLF +2.57%: STT, AXP, ICE, USB, JPM, KEY, PNC, BK, MET, CME, RF, MS, ZION, BAC, AFL, SPG and ETFs UYG and FAS. Tech stocks stronger than XLK +2.17%: QCOM, AMAT, ADP, EBAY, CSCO, GLW, TXN, ADVE, MA, HPQ and DELL. Sector Watch Up Trending: XLK, XLB, XLY, XLV, XLP, XLE Horizontal Breakout: XLF, XLI, XLU Sideways: Down Trending: Key Resistance Levels: 1,075 = 875 Breakout Chart Target 1,100 = October High Key Support Levels 1,061 = Sep 16 S1 Level 1,056 = Nov 5 S1 Level 1,044 = October Horizontal Old Resistance 1,025 = 950 Breakout Chart Target The SPX bounced off of the 1,044 support are and broke through the 1,056 and 1,061 resistance broke through its 30 DMA and Friday’s R2 level. Today’s support bounce rally was strong and broad advancers led decliners by more than four to one on the NYSE. Key sectors that lead in a strong up trend Consumer Discretionary, Industrials, Financials and Technology were Thursday's strongest sectors. Defensive sectors Consumer Staples, Healthcare and Utilities also gained but were the lagging sectors which confirms the strength of today’s move. All of Tuesday’s bullish engulfing patterns that we listed in Tuesday’s post AA, ADBE, BUCY, CAT, DD, DE, FCX, FLS, JCG, JOYG, JPM, NKE, POT, WHR, XLF and ZION rose on Thursday. Twelve of these stocks pulled back on Wednesday which makes this an excellent example of a candle pattern that does not follow through the day after and yet still follows through producing positive returns. Guidance: The intermediate term trend is up and short term momentum turned the short term trend in the direction of the intermediate term with a strong support on Thursday. Our watching for a support bounce was rewarded today in a bigh way. Hopefully you were prepared and profited from today’s strong move. Continue to watch for the support bounce to continue. SPX short term resistance is 1,075. Continue to trade the chart of the stocks you watch and follow your rules. AAPL +3.22 QCOM +2.25 GOOG +8.32 BIDU +9.86 NDX 100 stocks stronger than the NDX include: WYNN, JOYG, DTV, FLEX, DISH, QCOM, EXPE, VRTX, GRMN, STLD, CHKP, STX, PAYX, NTAP, FWLT, MCHP, PCAR, LBYTA, AMAT, GILD, BIIB, AMGN, VRSN, ADP, KLAC, ISRG, MRVL, NWSA, WCRX, SIAL, LIFE, EBAY, AMZN, FISV, BRCM CTXS, CA, ILMN, CSCO, ADSK and DISH. Stocks to Watch on Friday 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, BKC, CLB, HLF, SNA, AFAM, AMX, GR, SNHY, SYNA, WMT Moving Above 30 DMA = 17 AAPL, BLUD, CAM, CPLA, DLTR, DV, FLS, GILD, HANS, HDB, MOS, ORCL, RBN, SWN, TDG, WAB, PWRD Moving Below 30 DMA = 2 GES, MUR Staying Below 30 DMA GXDX, CTSH, GPRO, EZPW, JEC, PCLN, STRA, TRLG, AMED, BIDU, FSLR, GMCR, APEI, PCP, PWR, WRC, NIHD, JOSB, SPWRA, FAS, UYG, ESI, EBAY, BAP, CHL, URE, USD, GME, URE, PETS, MON, X, PSYS, NTLS, PPD, BIIB, JCOM, FUQI, CBST, RIMM, MYGN Intermediate Term Market Trend: Up Short Term Market Trend: Up