SPX Opens Higher...Reverses...Falls to Support...

Dave taught Advanced Techncial Analysis trading to 150 plus traders in Long Beach today.

SPX
Key Resistance Levels
1,125 - 1,133 = 1,075 BO chart target - Sep 08 Low

1,145 = 1,133 BO chart target – Dec 31 Low
1,155 = 1,119 BO chart target – Dec 23
1,178 = Fib extension
Key Support Levels
1,105 - 1,113 = November High
1,101 = October High

Guidance:
The SPX opened higher and could not hold higher price levels as sellers pushed prices down to 1,117 before closing at 1,120.80 trading at the support area of Monday May 10 and May 17.

SPX consolidation continues forming a slightly higher low large black candle today.
Trade strong stocks up. Fewer stocks are maintaining their up trend.

Trade down trending stocks down as they pull back from resistance or break through support.

The VIX rose +2.71 and closed at 33.55.

The short term trend is down.

The six-month trend is neutral.
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 -1.86
QCOM -0.65
GOOG -9.60
BIDU –1.61
NDX 100 stocks stronger than the NDX include: VRSN, HANS, INTU, SRCL, ESRX, GENZ, BIIB, GILD, PPDI, LIFE, AMGN, JOYG, ILMN, DTV, CTAS, ORLY, RYAAY, WYNN, AAPL, MSFT and INFY.

Stocks weaker than the NDX include: SHLD, APOL, STX, NIHD, PCLN, LLTC, NVDA, MICC, KLAC, ALTR, BBBY, LOGI, MRVL, CELG, DISH, XLNX, WCRX, TEVA, FLSR, LBTYA, FLEX, INTC, URBN and FWLT.

Stocks to Watch on Wednesday
Holding Above 30 DMA
NFLX, WHR, OSTK, EXBD, NTRI, BYI, DHR, GR, HAS, HLF, SNDK, UNG, WFMI, FAZ, MCD
Moving Above 30 DMA = 1
WMT
Moving Below 30 DMA = 7
ESI, ICE, ZION, CRM, STI, PNC, AIV
Staying Below 30 DMA
AMD, ATI, CAT, CREE, DECK, LVS, MCD, SPG, SWK, UNP, URE, WFC , BA, DE, JEC, LXK, CHL, GME, SYNA, HANS, ACN, MYGN, AMX, BKC, DOW, FAS, FLS, PCLN, PCP, TSL, UAUA, USD, USO, UYG, ATW, BAC, GES, MA, V, CAM, SWN, BUCY, WLT, CLF, MHS, WCG, GMCR, GS, FCX, X, PWRD, AGU, IPI, POT, MOS

Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down