SPX Closes at 1,099...

DJIA 10,309.24 + 40.43 +0.39% SP500 1,099.51 + 4.64 +0.42% COMPQ 2,226.29 + 12.10 +0.55% RUT 2000 624.83 + 3.99 +0.64% Exchange NYSE NASD Advancing 2,050 1,577 Declining 988 1,069 Oil $77.33 +0.19 Gold $1,119.50 +0.20 SOX 341.54 +0.58 VIX 21.72 -0.53 Index Direction Confirmation VIX Down Yes - SPX SOX Up Yes - COMPQ Strongest Sectors: XLI +0.85%…XLY +0.81%...XLV +0.77% Weakest Sectors: XLU -0.41%...XLE -0.14%...XLB +0.06% Seven of nine sectors moved higher on Wednesday. Industrials, Consumer Discretionary, Healthcare and Consumer Staples were stronger than the SPX +0.42%. Sector Watch Up Trending: XLK, XLY, XLV, XLI Horizontal Breakout: Sideways: XLF, XLE, XLU, XLP, XLB Down Trending: Key Resistance Levels: 1,101 = October High 1,105 - 1,113 = November High 1,119 = December High Key Support Levels 1,087 = Nov 10 Channel low 1,082 = Nov 9 S1 level 1,075 = 875 Breakout Chart Target 1,044 = October Horizontal Old Resistance The SPX and other broad indexes formed small white candles closing at 1,099 which is the horizontal resistance area of 1,100 to 1,105. As we posted last night, “Don’t be surprised to see a pause as it moves toward this level.” It did exactly that today. CREE is at horizontal resistance and if you didn’t get the support bounce, evaluate if a horizontal breakout occurs. NIHD is in a bull flag pull back. DE gapped higher and closed below its open. DHR, DECK and ESI continued their support bounce. Check out these charts: (click image to enlarge) Guidance: Today is the new high day in the recent support bounce. If the 1,105 resistance is broken look for price to continue higher to the next resistance level. Continue to watch the S1 level of Tuesday’s large white candle as short term support on the SPX if a pull back occurs. The short term trend is up. The four-month trend is sideways. The twelve-month trend is up. The cautionary bear flag pattern is off if the SPX breaks and holds above 1,105. Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules. While a short term break of support is looking less likely don’t ignore that possibility. If you have not yet been stopped out of your up trending positions, continue to trade the trend and raise your stops. AAPL -0.85 QCOM +0.41 GOOG -3.09 BIDU -1.95 NDX 100 stocks stronger than the NDX include GILD, SHLD, VRTX, ADSK, DTV, ORLY, FSLR, VRSN, ISRG, BIIB, CELG, ERTS, FLEX, DISH, JBHT, ESRX, CEPH, ADBE, ORCL, JOYG, ROST, STX, LBTYA, ATVI, LIFE, LINTA, SBUX, URBN, HANS, SPLS, FLIR, SRCL, QCOM, IACI, RYAAY, LOGI, NVDA, CERN and MSFT. Stocks to Watch on Wednesday Holding Above 30 DMA ALGT, CBST, ZION, FAZ, DLB, NFLX, AMED, CHL, BA, GMCR, MCD, UAUA, AGU, BKC, CAM, CEDC, CREE, VPRT, WHR, WLT, POT, AMX, BDX, BUCY, CAT, GR, ICE, MOS, PCLN, PCP, SPG, TSL, UNP, USD, USO, V, WMT Moving Above 30 DMA = 9 BAC, DE, DECK, DHR, ESI, MHS, SNDK, URE, VAR Moving Below 30 DMA = 0 Staying Below 30 DMA K, MYGN, TDG, WFC, HANS, JEC, MA, BYI, ACN, FLS, UNG, DOW, FAS, HLF, SYNA, UYG, X, ATW, HDB, GS, HEAT, FCX, FUQI, IPI, SWN, WAB, PWRD, AMD, CGA, GES, MON, WCG, GME, MELI Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month Short Term Market Trend: Up