SP500 1,173.27 +0.05 +0.00%
COMPQ 2,410.69 +6.33 +0.26%
Russell 2000 683.94 +1.69 +0.25%
Exchange NYSE NASD
Advancing 1,555 1,458
Declining 1,471 1,256
Oil $82.37 -0.03
Gold $1,104.50 -5.80
SOX 368.90 +2.53
VIX 17.13 -0.46
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Strongest Sectors: XLK +0.43%…XLE +0.16%...XLB +0.15%
Weakest Sectors: XLF -0.62%...XLU -0.27%...XLY -0.09%
Six of nine sectors moved higher on Tuesday. Technology, Energy, Materials, Industrials and Consumer Staples were stronger than the SPX +0.00%.
Sector Watch
Up Trending: XLY, XLI, XLP
Horizontal Breakout: XLF
Sideways: XLK, XLB, XLE, XLU, 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
While the broad indices were near unchanged again on Tuesday many stocks like X, STX, WHR and GRMN moved lower while stocks like DHR, SYNA, IPI, NFLX and DECK moved higher.
Look at these Charts
(click image to enlarge)
Guidance:
The SPX closed at 1,173.27 forming a doji and making a higher high and higher low while staying inside the 1,160 – 1,180 trading range. The SPX has been in this trading range for the past 10 trading days.
You should be used to this trading pattern having experienced now several times since the March 2009 low.
Markets are closed Friday for the three day Easter weekend. Expect trading volume to get lighter heading into the weekend.
Short term traders are still on Yellow Alert for a potential exit from the short term up trend only if price breaks support.
Continue to trade with the trend. Be mentally flexible and watch for a potential counter trend pull back if the chart breaks short term support.
The chart target is still 1,255 in approximately nine weeks after the 1,150 breakout on March 16.
The VIX fell -0.46 and did confirm the slightly higher close on Tuesday.
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 +3.45
QCOM +0.37
GOOG +4.26
BIDU -5.30
NDX 100 stocks stronger than the NDX include FSLR, HSIC, URBN, PPDI, AAPL, MRVL, LBTYA, LINTA, CMCSA, ATVI, AMZN, AMAT, XRAY, PDCO, QCOM, MXIM, KLAC, ALTR, GOOG, CERN, LRCX, LLTC, HANS, CTSH, VRSN, MSFT, JOYG, BBBY, SYMC, ERTS, RYAAY, CSCO, WYNN, DISH, FISV, CHKP, SIAL, NVDA, LIFE, ISRG, YHOO, AMGN, CHRW, FLIR, CA, and NIHD.
Stocks to Watch on Wednesday
Holding Above 30 DMA
CBST, DLB, NFLX, BA, UAUA, AGU, CAM, CREE, WHR, WLT, BDX, CAT, GR, ICE, PCLN, PCP, SPG, SWK, UNP, 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, ATI, WAB, GS, DOW, AMD, AMX, WFC, ACN, CEDC, MA, ZION, BKC, MCD, ALGT, GME, WCG, K, STT, FCX, TSL, BYI, USO
Moving Above 30 DMA = 5
CAM, CHL, HEAT, IPI, SYNA
Moving Below 30 DMA = 0
Staying Below 30 DMA
VPRT, AMED, MOS, PWRD, ATW, CGA, FUQI, SWN, FAZ, UNG, MON
Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
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