SPX Inches Higher...Forms Shooting Star...

DJIA 10,405.98 +2.19 +0.02%
SP500 1,118.31 +2.60 +0.23%
COMPQ 2,280.79 +7.22 +0.32%
Russell 2000 648.31 +5.66 +0.88%

Exchange NYSE NASD
Advancing 2,134 1,786
Declining 896 900

Oil $79.68 +0.98
Gold $1,136.90 +19.10
SOX 349.39 -0.09
VIX 19.06 -0.20

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

Strongest Sectors: XLB +0.84%…XLE +0.83%...XLP +0.37%
Weakest Sectors: XLY -0.52%...XLK -0.14%...XLI +0.17%

Seven of nine sectors moved higher on Tuesday. Materials, Energy, Consumer Staples, Healthcare, Financials and Utilities were stronger than the SPX +0.23%.

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


Guidance:

The support bounce continued on Tuesday with the SPX reaching 1,123.42 before selling during the last two hours of trading that drove the SPX down 5 ½ points to a 1,118.31close.

The SPX breakout of 1,112 created a short term price target of 1,138. There can of course be a pull back before that price target is reached. So be mindful of a potential pull back since Tuesday is a new high day. The SPX formed a shooting star. Watch for a potential break of the low of the high day.

Jobless claims will be released on Thursday and the Unemployment Report will be out Friday morning before the open.

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.

With a new high on Tuesday, 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 -0.14

QCOM +2.37
GOOG +8.37
BIDU -4.03

NDX 100 stocks stronger than the NDX include QCOM, WCRX, PCAR, PDCO, SIAL, ESRX, GRMN, GOOG, FSLR, LOGI, MRVL, RYAAY, INFY, CEPH, ADSK, PCLN, DTV, SHLD, CTSH, SRCL, NIHD, VRTX, WYNN, LRCX, AKAM, BIIB, FWLT, STLD, LBTYA, XRAY, DELL, AMZN, ISRG and INTU.

Stocks to Watch on Tuesday
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, BKC, MOS, WAB, GS, DOW, AMD
Moving Above 30 DMA = 4
AMX, SYNA, WFC, ZION
Moving Below 30 DMA = 0

Staying Below 30 DMA
PWRD, BYI, TSL, 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