SPX Closes Lower Forms Inside Day...

DJIA 10,836.15 -52.68 -0.48%
SP500 1,167.72 -6.45 -0.55%
COMPQ 2,398.76 -16.45 -0.68%
Russell 2000 683.68 -6.62 -0.96%

Exchange NYSE NASD
Advancing 1,030 803
Declining 2,010 1,892

Oil $80.60 -1.31
Gold $1,088.50 -15.20
SOX 365.37 -7.10
VIX 17.55 +1.20

Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ

Strongest Sectors: XLF +0.06%…XLB -0.29%...XLY -0.40%
Weakest Sectors: XLV -1.07%...XLU -1.04%...XLU -0.71%

Eight of nine sectors moved lower on Wednesday. Financials, Materials, Consumer Discretionary and Technology were stronger than the SPX -0.55%.

Sector Watch
Up Trending: XLY, XLI, XLP
Horizontal Breakout: XLF
Sideways: XLE, XLU, XLB, XLK, XLV
Down Trending:

Key Resistance Levels
1,178 = Fib extension
1,216 = Fib extension
Key Support Levels
1,155 = 1,119 BO chart target – Dec 23
1,145 = 1,133 BO chart target – Dec 31 Low

Financial stocks were among the leaders on Wednesday including: KEY, CME, BAC, RF, ZION, JPM and ICE.

Look at these Charts

(click image to enlarge)

ADBE +1.29, +3.66% gapped higher and closed below Wednesday’s open and above Tuesday’s close after reporting earnings of 40 cents vs. 37 cent estimate Tuesday after the close.

Guidance:
The SPX closed at 1,167.72 forming an inside day and a bearish harami pattern. If the bearish harami is confirmed it could lead to a short term counter trend pull back.

Short term traders are on Yellow Alert for a potential exit from the short term up trend.

The chart target is still 1,255 in approximately nine weeks after the 1,150 breakout on March 16.

The VIX rose 1.20 and did confirm the lower close on Tuesday.

The SPX, INDU, COMPQ, RUT, TRAN and SOX all pulled back closing near Tuesday’s open.

The short term trend is neutral.
The four-month trend is up.
The twelve-month trend is up.

Continue to focus on and trade setups on the charts of the stocks you watch trade with the trend and follow your rules.

Adjust your stops according to your rules for up and down trending trades.

AAPL +1.01
QCOM -0.33
GOOG +8.33
BIDU +13.62
NDX 100 stocks stronger than the NDX include ADBE, BIDU, GRMN, NWSA, GOOG, NTAP, CTXS, CMCSA, AAPL, INTU, YHOO, WCRX, CHKP, AKAM, ERTS, HSIC, CERN, VRSN, PCLN and URBN.

Stocks to Watch on Thursday
Holding Above 30 DMA
CBST, DLB, NFLX, BA, UAUA, AGU, CAM, CREE, VPRT, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, USO, V, BAC, DE, DHR, ESI, URE, HANS, JEC, WMT, FAS, GES, GMCR, SNDK, TDG, USD, UYG, X, DECK, MELI, POT, FLS, HDB, HLF, MHS, MYGN, VAR, IPI, FCX, ATI, MOS, WAB, GS, DOW, AMD, AMX, WFC, ACN, CEDC, MA, PWRD, ZION, BKC, MCD, ALGT, GME, AMED, WCG, K
Moving Above 30 DMA = 1
MOS
Moving Below 30 DMA = 2
CHL, STT
Staying Below 30 DMA
CAM, ATW, SYNA, CGA, MOS, FUQI, HEAT, SWN, TSL, BYI, FAZ, UNG, MON

Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral