SPX Holds at 1,150 Resistance...

DJIA 10,624.69 +12.85 +0.12%
SP500 1,149.99 -0.25 -0.02%
COMPQ 2,367.66 -0.80 -0.03%
Russell 2000 676.59 -0.63 -0.09%

Exchange NYSE NASD
Advancing 1,683 1,216
Declining 1,356 1,477

Oil $81.24 -0.76
Gold $1,101.50 -6.50
SOX 355.37 -1.79
VIX 17.58 -0.48

Index Direction Confirmation
VIX Down No – SPX
SOX Down Yes – COMPQ

Strongest Sectors: XLI +0.66%…XLB +0.39%...XLY +0.28%
Weakest Sectors: XLV -0.75%...XLU -0.63%...XLF -0.38%
Five of nine sectors moved higher on Friday. Industrials, Materials, Consumer Discretionary, Consumer Staples and Energy were stronger than the SPX -0.02%.

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

Key Resistance Levels:
1,145 = 1,133 BO chart target – Dec 31 Low
1,155 = 1,119 BO chart target – Dec 23

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

Ag-related stocks POT, MOS, IPI and AGU were market leaders on Friday.  UAUA, LCC and CAL also moved higher on Friday.

Guidance:

The SPX continued to consolidate making a new intra-day high on Friday while forming a spinning top that could turn into and evening star pattern on Monday.

The VIX closed lower and did not confirm the slightly lower close on Friday.

The RUT and COMPQ also closed less than a point lower.

(click image to enlarge)

The INDU, NDX and Dow Transports closed slightly higher.

(click image to enlarge)

Friday is the high day. The SPX continues to trade in the area of horizontal resistance and will ultimately bounce down or breakout. A short term pull back will be indicated by a break of the low of the high day, but keep in mind that the March 5 high of 1,139 is a short term support.

The RUT, COMPQ and Dow Transports stayed above horizontal resistance and continue as technical evidence for a potential SPX breakout.

This coming week is quarterly triple witching expiration for options and indexes.

Stay prepared for either a bounce down or a breakout. If a breakout occurs the chart target will be 1,255 over about 8 weeks.

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 trade with the trend and follow your rules.

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

AAPL +1.10
QCOM -0.15
GOOG -1.60
BIDU -3.86
NDX 100 stocks stronger than the NDX include PCAR, LINTA, MCHP, BBBY, EBAY, CTXS, SHLD, AKAM, FSLR, HANS, LOGI, SPLS, SIAL, VRTX, STLD, NIHD, PAYX, CHRW, RYAAY, GILD, ROST, CA, ILMN, SYMC, AAPL, COST, ADSK, HSIC, XLNX, FWLT, WYNN, DELL,NVDA, ISRG, ORLY, ALTR, STX, INTU, CHKP and FLIR.

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

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