SPX Inches Higher...As RUT and COMPQ Move Above Resistance...

DJIA 10,567.33 +11.86 +0.03%
SP500 1,145.61 +5.16 +0.45%
COMPQ 2,358.95 +18.27 +0.78%
Russell 2000 674.93 +5.30 +0.79%


Exchange NYSE NASD
Advancing 2,051 1,752
Declining 990 967


Oil $82.08 +0.59
Gold $1,107.80 -14.20
SOX 358.04 +7.57
VIX 18.57 +0.65

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

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

Dave taught the second day of an Advanced Technicals workshop to an energetic and highly focused group of 200 traders in Chicago today. It was a fantastic experience for Dave and the traders asked dozens of great questions throughout the two day workshop.  All in attendence seemed to have a great learning experience.
 
Guidance:

The SPX continued to consolidate making a new intra-day high and new closing high while forming a white candle and closing at 1,145.461. The RUT and COMPQ moved higher above horizontal resistance in a breakout continuation move.

Wednesday is now 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 Friday’s S1 at 1,131 and S2 at 1,125 as key short term support levels.



The RUT and COMPQ breakouts holding above resistance is creating more up trending technical evidence increasing the potential for a SPX breakout. A significant number of NDX 100 stocks experience 1% to 3% gains today indicating increasing strength.

While we are seeing a consolidation of this week in the 1,130 to 1,150 area stay prepared for either a bounce down or a breakout.

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 +1.82

QCOM +0.20
GOOG +16.26
BIDU +10.07
NDX 100 stocks stronger than the NDX include FSLR, BRCM, NIHD, AKAM, SBUX, SHLD, VRTX, MICC, NTAP, BIDU, MRVL, ALTR, INTU, BIIB, VRSN, CTXS, CHKP, MCHP, DISH, ROST, ILMN, PCLN, XLNX, CTSH, CEPH, ADSK, FLEX, GOOG, LLTC, LINTA, LRCX, RIMM, APOL, MXIM, AMAT, JOYG, WYNN, ADP, YHOO, SYMC, JBHT, FWLT, AMZN, URBN, ORLY, KLAC, INTC, FISV, EXPD, BBBY, ERTS and CTAS.

Stocks to Watch on Thursday
Holding Above 30 DMA
CBST, DLB, NFLX, AMED, 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, HEAT, ACN, CEDC, MA, PWRD, ZION, BKC, MCD, SWN
Moving Above 30 DMA = 1
ALGT
Moving Below 30 DMA = 1
HEAT
Staying Below 30 DMA
K, SYNA, TSL, BYI, CHL, FAZ, UNG, MON, WCG, GME

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