SPX Continues Bounce, Breaks Short Term Resistance...

DJIA 10,403.79 +78.53 +0.76%
SP500 1,115.71 +11.22 +1.02%
COMPQ 2,273.57 +35.31 +1.58%
Russell 2000 642.65 +14.09 +2.24%

Exchange NYSE NASD
Advancing 2,431 2,041
Declining 636 693

Oil $78.70 -0.96
Gold $1,117.80 -0.50
SOX 349.48 +10.62
VIX 19.26 -0.24

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

Strongest Sectors: XLY +1.57%…XLB +1.52%...XLU +1.44%
Weakest Sectors: XLF +0.27%...XLP +0.70%...XLE +0.93%

All nine sectors moved higher on Monday. Consumer Discretionary, Materials, Utilities, Industrials and Technology were stronger than the SPX +1.02%.

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

Key Resistance Levels:
1,119 = December High
1,125 - 1,133 = 1,075 BO chart target - Sep 08 Low

Key Support Levels
1,105 - 1,113 = November High
1,101 = October High
1,087 = Nov 10 Channel low
1,082 = Nov 9 S1 level

Guidance:
The support bounce following Thursday’s hammer continued on Monday with a large white candle.

The SPX broke through the February 19 high of 1,112 short term resistance and closed at 1,115.71 forming another higher low and higher high candle.

Thursday was the low of this pull back.

The short term 3-week trend is up.
The four-month trend is sideways.
The twelve-month trend is up.

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

With a new high on Monday, intermediate term stops can be moved under last Thursday’s low.

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

AAPL +4.37
QCOM -1.12
GOOG +5.89
BIDU +4.23

NDX 100 stocks stronger than the NDX include DISH, STX, PCLN, AMZN, CTSH, NTAP, ILMN, WYNN, NVDA, EXPE, MRVL, EBAY, LRCX, KLAC, AKAM, SIAL, ISRG, BIIB, YHOO, URBN, IACI, LINTA, CELG, NWSA, ATVI, FLEX, INFY, DELL, ALTR, LIFE, CMCSA, CERN, XLNX, VTRX, JOYG, STLD, AAPL, AMAT, LBTYA and VRSN.

Stocks to Watch on Monday
Holding Above 30 DMA
ALGT, CBST, DLB, NFLX, AMED, CHL, BA, MCD, 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, FUQI, MELI, CEDC, POT, FLS, HDB, HLF, MHS, MYGN, VAR, CGA, IPI, FCX, ATI
Moving Above 30 DMA = 6
BKC, MOS, WAB, GS, DOW, AMD
Moving Below 30 DMA = 2
PWRD, ZION
Staying Below 30 DMA
BYI, WFC, SYNA, TSL, AMX, FAZ, K, MA, ACN, UNG, ATW, HEAT, SWN, MON, WCG, GME

Intermediate Term Market Trend: Neutral = 4 months, Up = 11 month
Short Term Market Trend: Up