SP500 1,189.44 +2.00 +0.17%
COMPQ 2,436.81 +7.28 +0.30%
Russell 2000 701.48 +3.83 +0.55%
Exchange NYSE NASD
Advancing 1,720 1,507
Declining 1,309 1,160
Oil $86.50 -0.12
Gold $1,135.10 +2.20
SOX 375.52 -2.34
VIX 16.23 -0.79
Index Direction Confirmation
VIX Down Yes – SPX
SOX Down No – COMPQ
The VIX had it lowest close since October 9, 2007.
Strongest Sectors: XLF +1.05%…XLU +0.83%...XLB +0.17%
Weakest Sectors: XLP -0.32%...XLV -0.06%...XLE +0.00%
Seven of nine sectors moved higher on Monday. Financials, Utilities and Materials were stronger than the SPX +0.17%.
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
1,145 = 1,133 BO chart target – Dec 31 Low
The SPX, COMPQ and RUT rose while the INDU and SOX were down slightly. XLF led all sectors with a new high close. XLK stayed above its horizontal resistance following Monday’s breakout. XLB is near a potential breakout.
Look at these Charts
(click image to enlarge)
Guidance:
The SPX closed at 1,189.44 a new high close and a horizontal resistance breakout. Short term target is 1,200, the next resistance level.
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 -0.79 and did confirm the slightly higher close on Tuesday.
The short term trend is up.
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 +1.05
QCOM -0.10
GOOG -2.79
BIDU +18.11
NDX 100 stocks stronger than the NDX include RIMM, LOGI, DISH, STX, AMZN, BIDU, YHOO, DELL, ADSK, CELG, APOL, GRMN, PCLN, COST, FLIR, FWLT, STLD, CHKP, AKAM, PPDI, IACI, EXPE, ORCL, WCRX, XRAY, FAST, XLNX, URBN, JBHT, CTSH, AAPL, LINTA, VRSN, ALTR, ATVI, PDCO and INTU.
Stocks to Watch on Wednesday
Holding Above 30 DMA
CBST, DLB, NFLX, UAUA, BA, AGU, CREE, WHR, WLT, PCLN, PCP, GR, BUCY, UNP, CAT, SPG, V, CLF, ESI, URE, DE, UNP, V, BAC, DE, DHR, ESI, URE, HANS, JEC, WMT, GES, GMCR, TDG, FAS, UYG, X, USD, SNDK, DECK, MELI, FLS, HDB, HLF, VAR, ATI, WAB, GS, DOW, AMD, AMX, WFC, ACN, CEDC, MA, ZION, BKC, MCD, GME, WCG, K, FCX, TSL, BYI, USO, CAM, SYNA, ATW, STT, CHL, SWK, SWN
Moving Above 30 DMA = 0
Moving Below 30 DMA = 3
ALGT, ICE, MYGN
Staying Below 30 DMA
BDX, IPI, MHS, POT, MOS, HEAT, VPRT, AMED, PWRD, CGA, FUQI, FAZ, UNG, MON
Intermediate Term Market Trend: Up
Short Term Market Trend: Up
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