SP500 1,186.44 +3.99 +0.34%
COMPQ 2,436.81 +5.65 +0.23%
Russell 2000 699.64 +0.18 +0.03%
Exchange NYSE NASD
Advancing 1,572 1,374
Declining 1,443 1,299
Oil $85.30 -0.58
Gold $1,152.20 -0.10
SOX 371.47 -5.42
VIX 16.48 -0.14
VIX Down Yes – SPX
SOX Down No – COMPQ
Strongest Sectors: XLY +0.96%…XLF +0.80%...XLE +0.36%
Weakest Sectors: XLU -0.60%...XLV -0.37%...XLK +0.17%
Seven of nine sectors moved higher on Thursday. Consumer Discretionary, Financials and Energy were stronger than the SPX +0.34%.
Sector Watch
Up Trending: XLY, XLI, XLP, XLF
Horizontal Breakout: XLK
Sideways: XLB, XLE, XLV, XLU
Down Trending:
Key Resistance Levels
1,200 = Jul 2008 support
1,216 = Fib extension
Key Support Levels
1,178 = Fib extension
1,155 = 1,119 BO chart target – Dec 23
The SPX, INDU, COMPQ and RUT bounced on Thursday and closed higher while the SOX closed lower. Potentially bearish candles on Wednesday did not confirm on Thursday.
As we alerted you in Thursday morning’s post airline stocks rallied on news of UAUA and LCC merger talks. XLF moved higher led by relatively stronger financial stocks GS, MS, BAC, MET, AXP, RF, PNC, USB, NTRS, BK, PRU and ALL. Casino stocks WYNN, LVS and MGM rose. WHR, NFLX, and ISRG also had solid gains.
Look at these Charts
(click image to enlarge)
The SPX closed at 1,186.44 making a lower high and lower low than Wednesday while closing higher.
Staying with the up trend was rewarded on Thursday by many stocks moving higher.
Continue to trade with the trend. Be mentally flexible. Short term traders are still on Yellow Alert for a potential exit from the short term up trend if price breaks support.
The intermediate term chart target is still 1,255 in approximately nine weeks after the 1,150 breakout on March 16.
The VIX rose -0.14 and did confirm the higher close on Thursday.
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 -0.65
QCOM -0.37
GOOG +3.95
BIDU +2.11
NDX 100 stocks stronger than the NDX include WYNN, AMZN, BBBY, ROST, YHOO, JBHT, ISRG, MSFT, NWSA, CERN, ADSK, ESRX, DISH, LINTA, FWLT, CA, GENZ, FLEX, CHRW, PAYX, GILD, PPDI, LOGI, CMCSA, INFY, MICC, GOOG, IACI, RYAAY, EXPD, DELL, NIHD, PDCO, BIDU, JOYG, AMGN, PCAR, DTV and VRSN.
Stocks to Watch on Friday
Holding Above 30 DMA
CBST, DLB, NFLX, UAUA, BA, CREE, WHR, WLT, PCLN, PCP, GR, BUCY, UNP, CAT, SPG, V, CLF, ESI, URE, DE, UNP, V, BAC, DE, DHR, URE, JEC, WMT, GES, GMCR, TDG, FAS, UYG, X, USD, SNDK, DECK, MELI, FLS, HDB, HLF, VAR, ATI, GS, DOW, AMD, AMX, WFC, CEDC, MA, ZION, BKC, MCD, GME, WCG, FCX, TSL, BYI, USO, CAM, SYNA, ATW, STT, CHL, SWK, ALGT, MHS
Moving Above 30 DMA = 3
ACN, PWRD, WAB
Moving Below 30 DMA = 2
ESI, HANS
Staying Below 30 DMA
AGU, K, SWN, ACN, ICE, MYGN, BDX, IPI, POT, MOS, HEAT, VPRT, AMED, CGA, FUQI, FAZ, UNG, MON
Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
1 comment:
Dave,
Thank you for your continued dedication and loyalty to this blog. It's a testament to all, that when you think your life is just too busy, reflect on all this man does for his students/followers day in and day out. This does not go unnoticed. Just wanted you to know. The thoughts and vision of a true professional teacher/technician/trader is invaluable. (and this is still FREE! Unbelievable!!)
Next week with earnings kick off and expiration should be very interesting!
I'll be looking forward to the weekly wrap.
Have a great weekend!
Your former student and forever fan,
Peggy
PS) Laney, where you been girl?
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