SPX Pulls Back Then Makes New High Close...

DJIA + 30.46 +0.29% SP500 + 1.02 +0.09% COMPQ + 5.93 +0.27% Russell 2000 - 0.53 -0.09% Exchange NYSE NASD Advancing 1,351 1,253 Declining 1,656 1,439 Oil $79.14 +0.30 Gold $1,139.40 +0.20 SOX 324.30 +0.47 VIX 22.41 -0.48 The VIX moved down and did confirm the move up in the SPX on Tuesday. The SOX moved up and did confirm the move up in the COMPQ. Strongest Sectors: XLB +1.16%...XLP +0.48%...XLK +0.45% Weakest Sectors: XLY -0.81%...XLU -0.54%...XLI -0.18% Five of nine sectors moved higher on Tuesday. Materials, Consumer Staples, Technology, Financials and Healthcare were stronger than the SPX +0.09%. Financial stocks stronger than XLF +0.27%: RF, STT, KEY, PRU, C, NTRS, CME, USB, MET, ZION, SCHW, WFC, TRV, JPM, PNC and ETF UYG. Tech stocks stronger than XLK +0.45%: MSFT, AMT, VZ, QCOM, HPQ, CSCO and GLW. Sector Watch Up Trending: XLK, XLB, XLY, XLV, XLP, XLE Horizontal Breakout: XLF, XLI, XLU Sideways: Down Trending: Key Resistance Levels: 1,025 - 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 The SPX had a pause day on Tuesday following the strong up trend day on Monday. The SPX pulled back to 1,102, one point above Monday’s S1 level before rising 8 points to close at 1,110.32. Think about it… The intermediate term trend is up. The SPX broke out of horizontal resistance on Monday. Theoretically when price breaks through resistance the most likely place for price to rise to, is the next resistance level. S1, SPX 1,101.71, is a support level. What happened at S1 on Tuesday? Buyers stepped in and drove the SPX to its highest close in 13 months. Five of nine sectors moved higher. Many stocks that closed down for the day rallied from their intra-day lows. Continue to take advantage of setup opportunities that meet your rules. Check out these intermediate term C Pattern breakouts: (click image to enlarge) Also not shown: AA, BA, FAST, CTAS, CTXS Guidance: The intermediate term and short term trends are up as the SPX made a new high close on Tuesday. We continue to view the 1,025 to 1,033 area as the next price target for the SPX. Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules. AAPL +0.37 QCOM +0.48 GOOG +1.21 BIDU +3.18 NDX 100 stocks stronger than the NDX include: STLD, EXPE, WYNN, FLIR, CELG, DTV, DISH, MSFT, GENZ, GRMN, LINTA, MXIM, LRCX, INFY, MRVL, QCOM, STX, CTXS, CSCO, NIHD, EXPD, MCHP, BIDU, IACI, FAST, ALTR, CA, ISRG, BRCM, FSLR, INTC, SIAL, XLNX, CTSH and FISV. Stocks to Watch on Wednesday 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, PCLN, FLS, GXDX, PCP, URE, MON, USD, CPLA, CLB, MOS, PPD, TDG, UYG, X Moving Above 30 DMA = 1 BAP Moving Below 30 DMA = 5 BIIB, GES, JEC, JOSB, WRC 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, CHL, GME, PETS, PSYS, NTLS, FUQI, CBST, MYGN Intermediate Term Market Trend: Up Short Term Market Trend: Up