SP500 1,182.45 -6.99 -0.59%
COMPQ 2,431.16 -5.65 -0.23%
Russell 2000 699.46 -2.02 -0.29%
Exchange NYSE NASD
Advancing 1,110 1,241
Declining 1,934 1,480
Oil $86.45 -0.39
Gold $1,152.10 +17.20
SOX 376.89 +1.37
VIX 16.62 +0.39
Index Direction Confirmation
VIX Up Yes – SPX
SOX Up No – COMPQ
Strongest Sectors: XLY -0.36%…XLF -0.37%...XLK -0.43%
Weakest Sectors: XLE -0.99%...XLU -0.98%...XLP -0.64%
All nine sectors moved lower on Wednesday. Consumer Discretionary, Financials, Technology, Healthcare and Industrials were stronger than the SPX -0.59%.
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, INDU, COMPQ and RUT fell today while the SOX closed slightly higher. The COMPQ and RUT closed above Tuesday’s low and did form spinning tops that are potential bearish haramis if confirmed. The SPX closed at Tuesday’s low while the INDU closed below the low of the high day, Tuesday.
Semiconductor stocks AMD, MU, TER, TXN, NSM, LLTC, AMAT, NVLS and WFR leading. XLF while closing lower was relatively stronger with key stocks GS, MS, BAC and KEY moving higher.
Look at these Charts
(click image to enlarge)
The SPX closed at 1,182.45 making a lower high and lower low than Tuesday while closing at Tuesday’s low.
Continue to trade with the trend. Be mentally flexible.
Short term traders are 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 +0.39 and did confirm the lower close on Wednesday.
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 +1.06
QCOM +0.34
GOOG -4.68
BIDU -1.67
NDX 100 stocks stronger than the NDX include FSLR, FAST,SPLS, SBUX, APOL, FLIR, LLTC, NTAP, MXIM, QCOM, IACI, DELL LRCX, AMAT, PDI, NVDA, CSCO, AAPL, ERTS, ATVI, ORCL, INTC, XLNX, GRMN, BBBY, MSFT, AMGN, MCHP, VRTX, LINTA, COST, HSIC, CTXS, SIAL and WYNN.
Stocks to Watch on Thursday
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, ESI, URE, HANS, 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
Moving Above 30 DMA = 2
ALGT, MHS
Moving Below 30 DMA = 4
AGU, K, SWN, WAB
Staying Below 30 DMA
ACN, ICE, MYGN, BDX, IPI, POT, MOS, HEAT, VPRT, AMED, PWRD, CGA, FUQI, FAZ, UNG, MON
Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral
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