DJIA 10,014.72 +4.99 +0.06%
SP500 1,049.33 +0.41 +0.04%
COMPQ 2,114.03 -5.94 -0.28%
Russell 2000 602.06 +0.34 +0.06%
Exchange NYSE NASD
Advancing 1,669 1,279
Declining 1,340 1,329
Oil $72.49 -1.14
Gold $1,251.90 +15.70
SOX 307.49 -6.09
VIX 26.05 -1.16
Index Direction Confirmation
VIX Down Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Tuesday included WLT, TSL, CLF, VOD, MOS, UAUA, FCX, BUCY, AIV, SINA, GMCR, NFLX, DLR, URE, FAS, HSY, X, CMG, PNC, ICE, BAC, AKS, CAT, NTRI, ZION, AMX, HLF, TIE, UNP, SPG, CRM, PCLN, STI, HAS, DE, MCD, POT, RMVS, SWK, GME
The SPX, DJIA and COMPQ formed a triple bottom as the narrow trading range of the past five days continued for a sixth day. The SPX, INDU and RUT closed slightly higher, while the COMPQ closed slightly lower.
INDU - white spinning top
SPX - white spinning top
COMPQ - white spinning top
RUT - white spinning top
Support Bounce Setups for Wednesday - HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, VMW, CMG, NTES, AKAM, NTAP, BIDU, MRVL, INTU, CAM, MOS, GMCR, NFLX, CRM, QCOM, CSTR, LXK
Guidance:
SPX
Resistance: 1,056, 1,071, 1,086
Support: 1,041, 1030, 1010
Look to enter bullish trades when a new bounce off support and a break above the high of the low day occurs.
Enter bearish setups with a new bounce down from resistance; bounce down from the 30 DMA or break of support.
The VIX fell -1.16 to 26.05 staying above the benchmark 25 level.
The short term 3 day trend is neutral.
The three-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 of the chart and follow your rules.
AAPL +0.60 – white spinning top confirms inverted hammer
QCOM +0.01 – spinning top does not confirm inverted hammer
GOOG -2.67 – doji
BIDU +1.19 – piercing line
NDX 100 stocks stronger than the NDX include: NWSA, BIDU, JOYG, MICC, FSLR, CELG, INTU, LBTYA, IACI, NIHD, DISH, TEVA, AMZN, SIAL and COST.
Stocks weaker than the NDX: BRCM, RIMM, STX, MRVL, NVDA, ESRX, DELL, FLEX, CERN, SBUX, MCHP, GILD, CSCO, APOL and INTC.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, FFIV, LVS, NFLX, FAZ, VMW, CMG, NTES, CRM, TSL, CLF
Moving Above 30 DMA = 4
FCX, SINA, SPG, VOD
Moving Below 30 DMA = 0
Staying Below 30 DMA
BYI, CHL, HSY, WMT, GES, GMCR,CSTR, FDX, HAS, LXK, NDAQ, UPS, WLT, A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, UNP, X, AKS, AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, BA, CRUS, ACN, AIV, ATI, CREE, DECK, DHR, DOW, FAS, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Tuesday, August 31, 2010
Futures Point to a Flat Open...
11:00 am ET - last night in my AT webcast I put on a subjectively based bearish virtual trade on the SPY...if you were there you may remember that I said to do this trade required ignoring the intermediate sideways trend that was at support, the 5 day trend that was neutral and the 1,040 support level that has been a pivotal area of resistance and support since October 2008...I placed a virtual trade on the SPY to buy the Sep 106 put if the SPY traded below 104.90...I placed the initial stop at 107.41...I said that if the SPY found support in the 104 to 104.50 area and began to reverse that I would tighten the stop since the subjectively based bearishness was not becoming reality....the original buy order was filled at 9:31:00 for 2.57 per contract...at 9:48:47 I moved the stop from 107.41 to 105.55 which was Monday's 105.30 close plus 25 cents...that stop was filled at 10:03:44 for 2.18...I stated last night that I did not like this trade because it was not an objective view of the market and was based on the assumption that a trader was subjectively convinced that the market was going to break support and go lower, but that I wanted to demonstrate how to do a counter trend trade in an intelligent manner...this morning the SPX appears to have made a triple bottom...I also pointed out last night that if Tuesday followed the pattern of the last 5 trading days that Tuesday would be an up day...while it is too early to know how the day will finish right now the SPX is up 2 points after falling to a low of 1,040.88...
Survey: Is intraday commentary helpful in your trading? Let me know at chartsignals@yahoo.com
ES -0.50 and NQ -4.75 are trading down slightly before the open pointing to a flat to slightly lower open...TLT is up 77 cents and the EURO is up 63 pips...
Trading Down - WLT, CHL, AGU, UNP, MA, POT, NFLX, FDX, CRM, FCX, USD, TSL, CAT, PCLN, CLF, CAT, FFIV, GOOG, ROST, CERN, AMZN, AAPL, BIDU, VRTX, AKAM, ERTS, JOYG
Trading Up - PCP, VOD, HSIC, MICC, TEVA
Survey: Is intraday commentary helpful in your trading? Let me know at chartsignals@yahoo.com
ES -0.50 and NQ -4.75 are trading down slightly before the open pointing to a flat to slightly lower open...TLT is up 77 cents and the EURO is up 63 pips...
Trading Down - WLT, CHL, AGU, UNP, MA, POT, NFLX, FDX, CRM, FCX, USD, TSL, CAT, PCLN, CLF, CAT, FFIV, GOOG, ROST, CERN, AMZN, AAPL, BIDU, VRTX, AKAM, ERTS, JOYG
Trading Up - PCP, VOD, HSIC, MICC, TEVA
Monday, August 30, 2010
SPX Pulls Back Again...Still Above 1,040 Support...
DJIA 10,150.65 -140.73 -1.39%
SP500 1,048.92 -15.76 -1.47%
COMPQ 2,119.97 -33.66 -1.56%
Russell 2000 601.72 -15.04 -2.44%
Exchange NYSE NASD
Advancing 677 542
Declining 2,327 2,100
Oil $73.63 -1.10
Gold $1,236.20 -3.10
SOX 313.58 -8.18
VIX 24.45 +2.76
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Monday included FAZ, UNG, UAUA, ESI, FFIV, SNDK, HLF, AGU, AKS
After a strong up day on Friday the ES futures opened Sunday evening and moved higher reaching 1,072 late Sunday night. The ES sold off to 1,060 by the 9:30 ET open and then rallied three points to 1,063.
Look at these ChartsSP500 1,048.92 -15.76 -1.47%
COMPQ 2,119.97 -33.66 -1.56%
Russell 2000 601.72 -15.04 -2.44%
Exchange NYSE NASD
Advancing 677 542
Declining 2,327 2,100
Oil $73.63 -1.10
Gold $1,236.20 -3.10
SOX 313.58 -8.18
VIX 24.45 +2.76
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Monday included FAZ, UNG, UAUA, ESI, FFIV, SNDK, HLF, AGU, AKS
After a strong up day on Friday the ES futures opened Sunday evening and moved higher reaching 1,072 late Sunday night. The ES sold off to 1,060 by the 9:30 ET open and then rallied three points to 1,063.
(click image to enlarge)
Look at these Charts
(click image to enlarge)
SPX
Resistance: 1,056, 1,071, 1,086
Support: 1,041, 1030, 1011,041 has been a strong support area for a year and was resistance in October 2008. Buyers have been at this level all but one time this year and this level still favors a potential bounce. Stay prepared to trade in both directions.
Look to enter bullish trades when a new bounce off support and a break above the high of the low day occurs.
Enter bearish setups with a new bounce down from resistance, bounce down from the 30 DMA or break of support
The VIX rose +2.76 to 27.21 moving above the benchmark 25 level and increasing the potential for a break of support.
The short term 3 day trend is neutral.
The three-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 of the chart and follow your rules
AAPL +0.88 – inverted hammer confirms Friday’s dragonfly doji, harami
QCOM -0.35 – inverted hammer
GOOG -6.14 – black candle did not confirm Friday’s hammer likeBIDU -2.13 – black candle
NDX 100 stocks stronger than the NDX include: GENZ, DELL, APOL, AAPL, SRCL, WCRX, HSIC, PDCO and SBUX.
Stocks weaker than the NDX: NVDA, LRCX, WYNN, ALTR, BRCM, ADSK, EXPE, BBBY, PCAR, PCLN, BIDU, MXIM, XRAY, XLNX and KLAC.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, FFIV, LVS, NFLX, FAZ, VMW, CMG, NTES, CRM, TSL, CLF
Moving Above 30 DMA = 0
Moving Below 30 DMA = 8
BYI, CHL, FCX, HSY, SINA, SPG, VOD, WMT
Staying Below 30 DMA
GES, GMCR,CSTR, FDX, HAS, LXK, NDAQ, UPS, WLT, A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, UNP, X, AKS, AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, BA, CRUS, ACN, AIV, ATI, CREE, DECK, DHR, DOW, FAS, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Futures Point to a Slightly Lower Open...
ES -2.00 and NQ -4.00 in pre-market trading point to a slightly lower open...TLT is up 78 cents and the EURO is down 55 pips. There are more stocks down than up in light volume before the open.
Trading Down - POT, CRM, NFLX, GS, CHL, MCD, GR, MOS, USO,WLT, DE, TSL, VMW, ACN, X, BUCY, AMZN, AAPL, QCOM, TEVA, ERTS, AKAM
Trading Up - SNDK, SPG, CREE, UAUA, FDX, MHS, VECO, GENZ, GOOG, CTSH, STLD, INTU, WCRX, RIMM, STX
Look for the support bounce and continuation moves for entry on Monday and any breakout setups as they occur. Use the early pull back as a potential second entry on Friday's support bounce entry.
As always follow your rules.
Support Bounce Entry Signal on Friday - HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, VMW, CMG, NTES, AKAM, NTAP, BIDU, MRVL, INTU, CAM, MOS
Support Bounce Setups for Monday - GMCR, NFLX, CRM, QCOM, CSTR, LXK
Trading Down - POT, CRM, NFLX, GS, CHL, MCD, GR, MOS, USO,WLT, DE, TSL, VMW, ACN, X, BUCY, AMZN, AAPL, QCOM, TEVA, ERTS, AKAM
Trading Up - SNDK, SPG, CREE, UAUA, FDX, MHS, VECO, GENZ, GOOG, CTSH, STLD, INTU, WCRX, RIMM, STX
Look for the support bounce and continuation moves for entry on Monday and any breakout setups as they occur. Use the early pull back as a potential second entry on Friday's support bounce entry.
As always follow your rules.
Support Bounce Entry Signal on Friday - HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, VMW, CMG, NTES, AKAM, NTAP, BIDU, MRVL, INTU, CAM, MOS
Support Bounce Setups for Monday - GMCR, NFLX, CRM, QCOM, CSTR, LXK
Friday, August 27, 2010
SPX Forms Double Bottom Breakout...SPX Target 1,082...
DJIA 10,150.65 +164.84 +1.65%
SP500 1,064.59 +17.37 +1.66%COMPQ 2,153.63 +34.94 +1.65%
Russell 2000 616.76 +17.00 +2.83%
Exchange NYSE NASD
Advancing 2,620 2,185
Declining 397 471
Oil $75.57 +2.21
Gold $1,239.50 +1.80
SOX 321.76 +6.53
VIX 24.45 -2.92
Index Direction Confirmation
VIX Down Yes – SPX SOX Up Yes – COMPQ
The SPX returned to the 1,040 support area Friday morning during the first 30 minutes of trading where buyers stepped in and took over just like they did on Wednesday. A rally ensued to the 1,061 resistance area from Thursday morning where a bull flag was formed pulling back to the 1,055 area. Buyers took control at 1,055 and broke through the 1,061 resistance with an SPX close at 1,064. You can view this in the five day chart below.
The good news for those who took long positions on the support bounce on Friday is the 1,061 breakout gives a short term SPX price target of 1,082.
Look at these Charts
(click image to enlarge)
Look at these Charts
(click image to enlarge)
INDU = bullish engulfing
SPX = white candle confirms Wednesday’s hammer
COMPQ = hammer following Wednesday’s bullish engulfingRUT = large white candle following Wednesday’s bullish engulfing
This week the media was at least partially obsessed with something called the Hindenburg Omen. This was just classic look for something that projects the negativity of the recent weeks into future. This omen is just another example of how some people can’t resist the drive to see the future. The latest doom and gloom is not-with-standing a bullish MACD histogram divergence on the SPX chart. This is the same divergence that appeared at the low in July 2009, February and May 2010.
Look at these Charts
(click image to enlarge)
Leading stocks on Friday included RVBD, VECO, UCO, FCX, FAS, TSL, BUCY, LVS, CLF, CREE, TIE, CAM, AKS, MOS, WLT, PCLN, DOW, UAUA, SINA, X, IPI, VOD, NETL, AMD, ATI, HLF, USD, CRUS, AGU, URE, ZION, ATW, FLS, CMG, CAT, BYI, BA, DE, USO, SWN, PNC, SWK, NTES, RMBS, NYX, DHR, UNP, AMX, PCP, FDX, CHL, POT
Look at these Charts
(click image to enlarge)
Look at these Charts
(click image to enlarge)
Support Bounce Entry Signal on Friday - HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, VMW, CMG, NTES, AKAM, NTAP, BIDU, MRVL, INTU, CAM, MOS
Look at these Charts
(click image to enlarge)
Guidance:
SPX
Resistance: 1,071, 1,086, 1,100
Support: 1,056, 1,041, 1030
Look to enter bullish trades when a new bounce off support and a break above the high of the low day occurs.
Adjust stops on bearish trades for a potential exit if they bounce above the high of the low day. Enter bearish setups with a new bounce down from resistance or break of support.
The VIX fell -2.92 to 24.45 moving below the benchmark 25 level and confirming Friday’s support bounce.
AAPL +1.34 – dragonfly doji, bullish harami
QCOM +0.36 – hammer
GOOG +7.85 – hammer like
BIDU +2.77 – white candle
NDX 100 stocks stronger than the NDX include: JOYG, STX, NTAP, PCLN, LINTA, STLD, BRCM, BIDU, ADSK, MRVL, NVDA, VRTX, PCAR, FLIR and WYNN.
Stocks weaker than the NDX: RIMM, URBN, SHLD, INFY, LOGI, ATVI, ESRX, COST, PDCO and CERN.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, FFIV, LVS, NFLX, FAZ, VMW, CMG, NTES, CRM, WMT, TSL
Moving Above 30 DMA = 8
BYI, CHL, CLF, FCX, HSY, SINA, SPG, VOD
Moving Below 30 DMA = 0
Staying Below 30 DMA
GES, GMCR,CSTR, FDX, HAS, LXK, NDAQ, UPS, WLT, A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, UNP, X, AKS, AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, BA, CRUS, ACN, AIV, ATI, CREE, DECK, DHR, DOW, FAS, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Futures Point to a Higher Open...
ES and NQ futures are higher in pre-market trading pointing to a higher open...TLT is 65 cents lower and the EURO is flat...
Trading Up - PCLN, DECK, BUCY, CREE, VMW, NFLX, FCX, FFIV, HLF, POT, CLF, SKX, CRM, FDX, MOS, VOD, CAT, SNDK, X, USD, V, GS, LVS, TSL, MCD, URE, DE, SPG, AGU, GMCR, UNP, FAS, GS, UAUA, CRUS, IPI, GOOG, PCLN, AAPL, ISRG, JOYG, AMZN, FSLR, BRCM, WYNN, AKAM, BIDU, GENZ
Trading Down - MA, SWK, BA, FAZ
Support Bounce Setups for Friday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, POT, AGU, MOS
Trading Up - PCLN, DECK, BUCY, CREE, VMW, NFLX, FCX, FFIV, HLF, POT, CLF, SKX, CRM, FDX, MOS, VOD, CAT, SNDK, X, USD, V, GS, LVS, TSL, MCD, URE, DE, SPG, AGU, GMCR, UNP, FAS, GS, UAUA, CRUS, IPI, GOOG, PCLN, AAPL, ISRG, JOYG, AMZN, FSLR, BRCM, WYNN, AKAM, BIDU, GENZ
Trading Down - MA, SWK, BA, FAZ
Support Bounce Setups for Friday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, POT, AGU, MOS
Thursday, August 26, 2010
SPX Support Bounce Fades...Holds Above the 1,040 Support
DJIA 9,985.81 -74.25 -0.74%
SPX 1,047.22 -8.11 -0.77%
COMPQ 2,118.69 -22.85 -1.07%
Russell 2000 599.76 -5.11 -0.84%
Exchange NYSE NASD
Advancing 1,069 876
Declining 1,937 1,773
Oil $73.36 +0.84
Gold $1,234.20 -4.90
SOX 315.23 -6.27
VIX 27.37 +0.67
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included DOW, FAZ, TSL, ESI, UCO, GR, UAUA, NFLX, BA, FFIV, NTRI, USO, FCX, CMG, VMW, AGU, CHL, UNP, HSY, UPS, PCP, HANS, ICE, FDX
The SPX's support bounce that started on Wednesday ran into resistance at 1,061 after the first hour of trading and the index trended down for the rest of the day reaching a low of 1.045.40 before a small rally during the last hour of trading.
INDU = black candle above support
SPX = black candle above support
COMPQ = black candle above support
RUT = black candle above S1
Support Bounce Setups for Friday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, MOS
Guidance:
SPX
Resistance: 1,056, 1,071, 1,086
Support: 1,041, 1030, 1,010
Look to enter bullish trades when a new bounce off support and a break above the high of the low day occurs.
Adjust stops on bearish trades for a potential exit if they bounce above the high of the low day. Enter bearish setups with a new bounce down from resistance or break of support
The VIX rose +0.67 to 27.37 holding above the benchmark 25 level.
The short term 3 day trend is neutral.
The two-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 of the chart and follow your rules.
AAPL -2.61 – black candle higher high, higher low
QCOM -0.18 – spinning top
GOOG -3.64 – black candle, inside day
BIDU -1.70 – black candle higher high, higher low
NDX 100 stocks stronger than the NDX include: FSLR, NTAP, NIHD, VRSN, CTXS, IACI, LINTA, DTV, EXPE, HANS, PAYX, RYAAY and FLIR.
Stocks weaker than the NDX: PDCO, STX, FLEX, HSIC, MRVL, VRTX, STLD, PCLN, ISRG, WYNN, ALTR, BIIB, SHLD, URBN and CSCO.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, FFIV, LVS, NFLX, FAZ, VMW, CMG, NTES, CRM, WMT, TSL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 4
CLF, GES, GMCR, SPG
Staying Below 30 DMA
BYI, CHL, CSTR, FCX, FDX, HAS, HSY, LXK, NDAQ, SINA, UPS, VOD, WLT, A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, UNP, X, AKS, AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, BA, CRUS, ACN, AIV, ATI, CREE, DECK, DHR, DOW, FAS, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
SPX 1,047.22 -8.11 -0.77%
COMPQ 2,118.69 -22.85 -1.07%
Russell 2000 599.76 -5.11 -0.84%
Exchange NYSE NASD
Advancing 1,069 876
Declining 1,937 1,773
Oil $73.36 +0.84
Gold $1,234.20 -4.90
SOX 315.23 -6.27
VIX 27.37 +0.67
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included DOW, FAZ, TSL, ESI, UCO, GR, UAUA, NFLX, BA, FFIV, NTRI, USO, FCX, CMG, VMW, AGU, CHL, UNP, HSY, UPS, PCP, HANS, ICE, FDX
The SPX's support bounce that started on Wednesday ran into resistance at 1,061 after the first hour of trading and the index trended down for the rest of the day reaching a low of 1.045.40 before a small rally during the last hour of trading.
INDU = black candle above support
SPX = black candle above support
COMPQ = black candle above support
RUT = black candle above S1
Support Bounce Setups for Friday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, MOS
Guidance:
SPX
Resistance: 1,056, 1,071, 1,086
Support: 1,041, 1030, 1,010
Look to enter bullish trades when a new bounce off support and a break above the high of the low day occurs.
Adjust stops on bearish trades for a potential exit if they bounce above the high of the low day. Enter bearish setups with a new bounce down from resistance or break of support
The VIX rose +0.67 to 27.37 holding above the benchmark 25 level.
The short term 3 day trend is neutral.
The two-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 of the chart and follow your rules.
AAPL -2.61 – black candle higher high, higher low
QCOM -0.18 – spinning top
GOOG -3.64 – black candle, inside day
BIDU -1.70 – black candle higher high, higher low
NDX 100 stocks stronger than the NDX include: FSLR, NTAP, NIHD, VRSN, CTXS, IACI, LINTA, DTV, EXPE, HANS, PAYX, RYAAY and FLIR.
Stocks weaker than the NDX: PDCO, STX, FLEX, HSIC, MRVL, VRTX, STLD, PCLN, ISRG, WYNN, ALTR, BIIB, SHLD, URBN and CSCO.
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, FFIV, LVS, NFLX, FAZ, VMW, CMG, NTES, CRM, WMT, TSL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 4
CLF, GES, GMCR, SPG
Staying Below 30 DMA
BYI, CHL, CSTR, FCX, FDX, HAS, HSY, LXK, NDAQ, SINA, UPS, VOD, WLT, A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, UNP, X, AKS, AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, BA, CRUS, ACN, AIV, ATI, CREE, DECK, DHR, DOW, FAS, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Futures Point to a Higher Open...
ES and NQ futures point to a higher open and continuation of Wednesday's support bounce...TLT is up 22 cents and the EURO is up 28 pips...
Trading Up - NFLX, UNP, PCLN, MA, PCP, BUCY, FFIV, SKX, FCX, CLF, WLT, CREE, VMW, AGU, MOS, WHR, BA, URE, CAT, X, SNDK, V, TIE, POT, DOWN, CRM, VECO, UAUA, MHS, MCD, LVS, FDX, UPS, USD, AMX, FAS, CRUS, VOD, RMBS, GS, PNC, AKS
Trading Down - GES. CMG. FAZ
Support Bounce Setups for Thursday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, GES, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, POT, AGU, MOS
Follow your rules for support bounce entry this morning and for tightening stops and exiting bearish trades that break above the high of the low day...
Trading Up - NFLX, UNP, PCLN, MA, PCP, BUCY, FFIV, SKX, FCX, CLF, WLT, CREE, VMW, AGU, MOS, WHR, BA, URE, CAT, X, SNDK, V, TIE, POT, DOWN, CRM, VECO, UAUA, MHS, MCD, LVS, FDX, UPS, USD, AMX, FAS, CRUS, VOD, RMBS, GS, PNC, AKS
Trading Down - GES. CMG. FAZ
Support Bounce Setups for Thursday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, GES, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, POT, AGU, MOS
Follow your rules for support bounce entry this morning and for tightening stops and exiting bearish trades that break above the high of the low day...
Wednesday, August 25, 2010
SPX Finds Support...Reverses...Forms Hammer...
Dave is traveling from Sacramento this evening from a great two day Technical Analysis Workshop in Sacramento with more than 200 traders. We hope everyone travels safely.
DJIA 10,060.06 +19.61 +0.20%
SP500 1,055.33 +3.46 +0.33%
COMPQ 2,141.54 +17.78 +0.84%
Russell 2000 604.87 +9.28 +1.56%
Exchange NYSE NASD
Advancing 1,836 1,692
Declining 1,177 980
SOX 321.50 +3.09
VIX 26.70 -0.76
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Wednesday included NETL, CRUS, VECO, LVS, UCO, MHS, ESI, URE, NYX, NFLX, AMD, GES, WHR, USO, AIV, ICE, MA, BYI, WFMI, SPG, CMG, USD, DLR, A, FAS, DECK, SKX, PCLN, RMBS
The SPX fell to 1,039.83, a similar support low to May 25, where buyers took control and created an intraday reversal moving to the SPX up 20 points from its low before closing at 1,055.33. This was the SPX’s first up day since last Wednesday. The COMPQ and RUT formed bullish engulfing patterns.
INDU = hammer bullish harami
SPX = hammer
COMPQ = bullish engulfing pattern
RUT = bullish engulfing pattern
Support Bounce Setups for Thursday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, GES, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, POT, AGU, MOS
Guidance:
Watch for support bounce continuation to continue on Thursday and trade setups according to your rules. Adjust stops on bearish trades for a potential exit if they bounce above the high of the low day according to your rules.
Trade with the trend of the chart and follow your rules.
SPX
Resistance: 1,071, 1,086, 1,100, 1,115
Support: 1,056, 1,041
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
AAPL+2.96 – bullish engulfing
QCOM +0.61 – bullish engulfing
GOOG +3.23 – piercing line
BIDU +0.96 – bullish engulfing
NDX 100 stocks stronger than the NDX include: SHLD, APOL, FLEX, GRMN, BIIB, ISRG, AKAM, COST, HOLX, ROST, DISH, CERN, SBUX, WYNN and GILD.
Stocks weaker than the NDX: FWLT, WCRX, JOYG, ADBE, CHKP, HANS, YHOO, RYAAY, CTAS, CTXS, FAST, NTAP, SRCL, CEPH and CA.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, GES, CLF, FFIV, LVS, NFLX, FAZ, VMW, CMG, NTES, CRM, WMT, TSL
Moving Above 30 DMA = 1
SPG
Moving Below 30 DMA = 0
Staying Below 30 DMA
BYI, CHL, CSTR, FCX, FDX, HAS, HSY, LXK, NDAQ, SINA, UPS, VOD, WLT, A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, UNP, X, AKS, AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, BA, CRUS, ACN, AIV, ATI, CREE, DECK, DHR, DOW, FAS, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
DJIA 10,060.06 +19.61 +0.20%
SP500 1,055.33 +3.46 +0.33%
COMPQ 2,141.54 +17.78 +0.84%
Russell 2000 604.87 +9.28 +1.56%
Exchange NYSE NASD
Advancing 1,836 1,692
Declining 1,177 980
SOX 321.50 +3.09
VIX 26.70 -0.76
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Wednesday included NETL, CRUS, VECO, LVS, UCO, MHS, ESI, URE, NYX, NFLX, AMD, GES, WHR, USO, AIV, ICE, MA, BYI, WFMI, SPG, CMG, USD, DLR, A, FAS, DECK, SKX, PCLN, RMBS
The SPX fell to 1,039.83, a similar support low to May 25, where buyers took control and created an intraday reversal moving to the SPX up 20 points from its low before closing at 1,055.33. This was the SPX’s first up day since last Wednesday. The COMPQ and RUT formed bullish engulfing patterns.
INDU = hammer bullish harami
SPX = hammer
COMPQ = bullish engulfing pattern
RUT = bullish engulfing pattern
Support Bounce Setups for Thursday - GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, GES, CLF, FFIV, LVS, NFLX, VMW, CMG, NTES, CRM, AKAM, NTAP, BIDU, QCOM, MRVL, INTU, CSTR, LXK, CAM, POT, AGU, MOS
Guidance:
Watch for support bounce continuation to continue on Thursday and trade setups according to your rules. Adjust stops on bearish trades for a potential exit if they bounce above the high of the low day according to your rules.
Trade with the trend of the chart and follow your rules.
SPX
Resistance: 1,071, 1,086, 1,100, 1,115
Support: 1,056, 1,041
The short term 3 day trend is down.
The two-month trend is neutral.
The twelve-month trend is up.
AAPL+2.96 – bullish engulfing
QCOM +0.61 – bullish engulfing
GOOG +3.23 – piercing line
BIDU +0.96 – bullish engulfing
NDX 100 stocks stronger than the NDX include: SHLD, APOL, FLEX, GRMN, BIIB, ISRG, AKAM, COST, HOLX, ROST, DISH, CERN, SBUX, WYNN and GILD.
Stocks weaker than the NDX: FWLT, WCRX, JOYG, ADBE, CHKP, HANS, YHOO, RYAAY, CTAS, CTXS, FAST, NTAP, SRCL, CEPH and CA.
Stocks to Watch on Thursday
Holding Above 30 DMA
TLT, GMCR, HANS, HLF, PCLN, RVBD, AGU, MCD, POT, GES, CLF, FFIV, LVS, NFLX, FAZ, VMW, CMG, NTES, CRM, WMT, TSL
Moving Above 30 DMA = 1
SPG
Moving Below 30 DMA = 0
Staying Below 30 DMA
BYI, CHL, CSTR, FCX, FDX, HAS, HSY, LXK, NDAQ, SINA, UPS, VOD, WLT, A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, UNP, X, AKS, AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, BA, CRUS, ACN, AIV, ATI, CREE, DECK, DHR, DOW, FAS, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Tuesday, August 24, 2010
SPX Breaks 1,071 and 1,056 Support...Finds Buyers at 1,046...
INDU 10,040.45 -133.96 -1.32%
SPX 1,051.87 -15.49 -1.45%
COMPQ 2,123.76 -35.87 -1.66%
RUT 595.59 -7.08 -1.17%
Leading stocks on Tuesday - TSL, FAZ, RVBD, ATW, CRM, V, NETL, MHS, WMT, SPG, AIV
Weak stocks on Tuesday - SNDK, WLT, AKS, LVS, ATI, CRUS, FAS, FCX, NYX, X, NFLX, BUCY, IPI, UCO, AGU, DOW, SKX, BA, FLS, BYI, DECK, GMCR, UAUA, STI, AMX, CREE, FFIV
Dave will be teaching day two of a Technical Analysis workshop on Wednesday.
CTXS, CRM, MRVL and NTES bounced from their lows on Tuesday.
INTU, AKAM VMW, FFIV and GES are forming a flag pattern.
Watch up trending stocks for a new entry opportunity.
Continue to trade down trending stocks below their 30 DMA according to your rules.
Moving Above 30 DMA = 1
TSL
Moving Below 30 DMA = 13
BYI, CHL, CSTR, FCX, FDX, HAS, HSY, LXK, NDAQ, SINA, UPS, VOD, WLT
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SPX 1,051.87 -15.49 -1.45%
COMPQ 2,123.76 -35.87 -1.66%
RUT 595.59 -7.08 -1.17%
Leading stocks on Tuesday - TSL, FAZ, RVBD, ATW, CRM, V, NETL, MHS, WMT, SPG, AIV
Weak stocks on Tuesday - SNDK, WLT, AKS, LVS, ATI, CRUS, FAS, FCX, NYX, X, NFLX, BUCY, IPI, UCO, AGU, DOW, SKX, BA, FLS, BYI, DECK, GMCR, UAUA, STI, AMX, CREE, FFIV
Dave will be teaching day two of a Technical Analysis workshop on Wednesday.
CTXS, CRM, MRVL and NTES bounced from their lows on Tuesday.
INTU, AKAM VMW, FFIV and GES are forming a flag pattern.
Watch up trending stocks for a new entry opportunity.
Continue to trade down trending stocks below their 30 DMA according to your rules.
Moving Above 30 DMA = 1
TSL
Moving Below 30 DMA = 13
BYI, CHL, CSTR, FCX, FDX, HAS, HSY, LXK, NDAQ, SINA, UPS, VOD, WLT
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Lower Open and Break of Support...
ES and NQ futures are lower as are many individual stocks....ES and NQ are below recent lows from last week...TLT is up 86 cents and the EURO is down 23 pips...Trade according to your rules...
SPX
Resistance: 1,071, 1,086, 1,100
Support: 1,056, 1,044
SPX
Resistance: 1,071, 1,086, 1,100
Support: 1,056, 1,044
Monday, August 23, 2010
SPX Bounce Fails to Follow Through...Holds Above Support...
INDU 10,171.41 -39.21 -0.38%
SPX 1,067.36 -4.33 -0.40%
COMPQ 2,159.63 -20.13 -0.92%
RUT 602.67 -8.11 -1.33%
Leading stocks on Monday: MOS, FAZ, WMT, GMCR, NYX, HANS, AGU, HLF, ESI, SWN, MCD, POT, SINA, FDX, CSTR, HSY, UPS, WHR, BYI, CAM, STI, DHR
Dave spent the evening discussing technical trading and vertical spreads with more than 100 traders in Sacramento. Dave will be teaching a two day Technical Analysis workshop on Tuesday and Wednesday.
Review the charts on Friday's
Bounce Entries - RVBD, NFLX, CMG, HSY
Bounce Setups - AGU, BIDU, CAT, CLF, DECK, FDX, GMCR, MOS, NYX, PCP, UPS, WYNN, X
VMW, FFIV, GES and CTXS closed just below their horizontal breakout level. HANS closed above its breakout level.
CRM, NTES, INTU, MRVL and AKAM each had a one day pull back above horizontal resistance after Friday's breakout. Watch for a new entry opportunity.
Moving Above 30 DMA = 3
CSTR, HSY, WMT
Moving Below 30 DMA = 12
A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, SPG, TSL, UNP, X
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SPX 1,067.36 -4.33 -0.40%
COMPQ 2,159.63 -20.13 -0.92%
RUT 602.67 -8.11 -1.33%
Leading stocks on Monday: MOS, FAZ, WMT, GMCR, NYX, HANS, AGU, HLF, ESI, SWN, MCD, POT, SINA, FDX, CSTR, HSY, UPS, WHR, BYI, CAM, STI, DHR
Dave spent the evening discussing technical trading and vertical spreads with more than 100 traders in Sacramento. Dave will be teaching a two day Technical Analysis workshop on Tuesday and Wednesday.
Review the charts on Friday's
Bounce Entries - RVBD, NFLX, CMG, HSY
Bounce Setups - AGU, BIDU, CAT, CLF, DECK, FDX, GMCR, MOS, NYX, PCP, UPS, WYNN, X
VMW, FFIV, GES and CTXS closed just below their horizontal breakout level. HANS closed above its breakout level.
CRM, NTES, INTU, MRVL and AKAM each had a one day pull back above horizontal resistance after Friday's breakout. Watch for a new entry opportunity.
Moving Above 30 DMA = 3
CSTR, HSY, WMT
Moving Below 30 DMA = 12
A, BUCY, CAT, DE, GR, IPI, PCP, RMBS, SPG, TSL, UNP, X
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Higher Open...
ES and NQ futures pointing to a higher open with about 30 minutes until the open...stocks are higher on light pre-market volume...TLT is down 43 cents and the Euro is down 10 pips...
Trading Down - CRM, FFIV, FAZ
Trading Up - POT, PCLN, WHR, RVBD, NFLX, WLT, UNP, AGU, CREE, SWN, DE, MOS, IPI, CLF, SNDK, VMW, TSL, LVS, FCX, CMG, V, URE, FAS, MCD, MHS, X, CAM
Look at the Setup Charts in Friday's post.
In addition Breakout Setups for this morning - VMW, FFIV, GES, CTXS, HANS
Stay focused on and trad according to the Chart Signals on Monday. Follow your rules
Trading Down - CRM, FFIV, FAZ
Trading Up - POT, PCLN, WHR, RVBD, NFLX, WLT, UNP, AGU, CREE, SWN, DE, MOS, IPI, CLF, SNDK, VMW, TSL, LVS, FCX, CMG, V, URE, FAS, MCD, MHS, X, CAM
Look at the Setup Charts in Friday's post.
In addition Breakout Setups for this morning - VMW, FFIV, GES, CTXS, HANS
Look at these Charts
(click image to enlarge)
Friday, August 20, 2010
SPX Closes at 1,071 Support Level...Forms Hammer Candle...
DJIA 10,213.62 -57.59 -0.56%
SP500 1,071.69 -3.94 -0.37%
COMPQ 2,179.76 +0.81 +0.04%
Russell 2000 610.78 -0.18 -0.03%
Exchange NYSE NASD
Advancing 1,240 1,284
Declining 1,733 1,318
Oil $73.46 -0.89
Gold $1,227.20 -6.60
SOX 327.88 +1.46
VIX 25.49 -0.95
Index Direction Confirmation
VIX Down No – SPX
SOX Up Yes – COMPQ
Leading stocks on Friday included CRM, VMW, RMBS, RVBD, FFIV, NTES, GES, DECK, NETL, NFLX, CMG, HSY, CHL, PCLN, WFMI, GS, TSL, USD, FAZ, POT, NTRI, AGU, HANS, WMT, AMX, BUCY, MCD, MOS
The SPX moved below Monday’s low before buyers took over at 1,063 on expiration Friday and rallied the SPX to close at its 1,071 support area. The SPX was down just 7 points from last Friday’s close.
As I said in the Weekly Wrap on Friday, the lack of selling conviction to the downside despite plenty of economic reasons for the market to go down big, suggests that sellers are limited at these price levels. Big money is apparently still viewing a stronger economic environment six to nine months in the future.
Additionally the VIX did NOT confirm the SPX’s lower close on Friday.
On the daily chart the SPX formed a hammer and on its weekly chart it formed an inverted hammer, both bullish candle patterns. The SPX and many individual stocks are in a sideways trend, trading range or non-trending consolidation and at support on Friday.
Bullish Engulfing - RVBD, CMG and HSY all formed bullish engulfing patterns on a support bounce and NFLX confirmed Thursday’s piercing line pattern.
Piercing Line Patterns - BIDU, DECK, AGU and MOS formed piercing line patterns, each in bull flag support bounce. Look for confirmation on Monday.
Hammers - GMCR, CLF, LVS, X, CAT, PCP, GR, WYNN, NYX, FCX, FDX and UPS all hammers in consolidation pull backs. Look for potential confirmation on Monday.
Stay focused on and trade according to the chart on Monday.
Guidance:
SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056
Friday’s trading found support and formed a bullish hammer and a bullish inverted hammer on the weekly chart. There is a MACD bullish divergence in the MACD Histogram on the daily chart. Look for confirmation of the hammer and support bounce on Monday. If support does not hold look for the SPX to move to the next support level of 1,056.
Look to enter bullish trades when a new bounce off support and a break above the high of the low day or a breakout above horizontal resistance occurs. This could occur on Monday and occurred for some stocks on Friday.
Adjust stops on bearish trades for a potential exit if they bounce above the high of the low day. Enter bearish setups with a new bounce down from resistance or break of support
The VIX fell -0.95 to 25.49 holding above the benchmark 25 level.
The short term 3 day trend is down.
The two-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 of the chart and follow your rules.
AAPL -0.24 – inverted hammer
QCOM +0.80 – bullish engulfing
GOOG -5.95 – three black crows
BIDU +0.98 – piercing line
NDX 100 stocks stronger than the NDX include: INTU, MRVL, AKAM, SYMC, CTXS, BRCM, QCOM, ADSK, GENZ, CHRW, FSLR, LLTC, WYNN, BIDU and RYAAY.
Stocks weaker than the NDX: ISRG, RIMM, AMAT, XRAY, WCRX, ERTS, LRCX, GILD, LOGI, LINTA, GOOG, FLIR, STX, ROST and MSFT.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, VOD, GMCR, HANS, BUCY, CAT, HLF, PCLN, RVBD, AGU, MCD, DE, IPI, SINA, MOS, POT, FCX, GES, PCP, WLT, X, CHL, CLF, FDX, FFIV, GR, LVS, NDAQ, SPG, UPS, HAS, LXK, NFLX, FAZ, VMW, CMG, A, BYI, UNP, TSL, NTES
Moving Above 30 DMA = 2
CRM, RMBS
Moving Below 30 DMA = 1
CSTR
Staying Below 30 DMA
AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, WMT, BA, CRUS, ACN, AIV, AKS, ATI, CREE, DECK, DHR, DOW, FAS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SP500 1,071.69 -3.94 -0.37%
COMPQ 2,179.76 +0.81 +0.04%
Russell 2000 610.78 -0.18 -0.03%
Exchange NYSE NASD
Advancing 1,240 1,284
Declining 1,733 1,318
Oil $73.46 -0.89
Gold $1,227.20 -6.60
SOX 327.88 +1.46
VIX 25.49 -0.95
Index Direction Confirmation
VIX Down No – SPX
SOX Up Yes – COMPQ
Leading stocks on Friday included CRM, VMW, RMBS, RVBD, FFIV, NTES, GES, DECK, NETL, NFLX, CMG, HSY, CHL, PCLN, WFMI, GS, TSL, USD, FAZ, POT, NTRI, AGU, HANS, WMT, AMX, BUCY, MCD, MOS
The SPX moved below Monday’s low before buyers took over at 1,063 on expiration Friday and rallied the SPX to close at its 1,071 support area. The SPX was down just 7 points from last Friday’s close.
Look at these Charts
(click image to enlarge)
Additionally the VIX did NOT confirm the SPX’s lower close on Friday.
On the daily chart the SPX formed a hammer and on its weekly chart it formed an inverted hammer, both bullish candle patterns. The SPX and many individual stocks are in a sideways trend, trading range or non-trending consolidation and at support on Friday.
Look at these Charts
(click image to enlarge)
INDU = hammer like candle
SPX = hammer
COMPQ = hammer
RUT = dragon fly doji
The question is what move is most probable in a sideways trend with price at support? The most probable development is a price bounce at support in a sideways trend.
CRM and INTU broke through horizontal resistance on Friday after reporting earnings and NTES which broke through resistance on Thursday also following earnings continued higher. MRVL also broke through short resistance after earnings but it formed a trend reversal rather than a new high. AKAM broke through horizontal resistance on above average volume joining CRM, INTU and NTES making new highs.
SPX = hammer
COMPQ = hammer
RUT = dragon fly doji
The question is what move is most probable in a sideways trend with price at support? The most probable development is a price bounce at support in a sideways trend.
CRM and INTU broke through horizontal resistance on Friday after reporting earnings and NTES which broke through resistance on Thursday also following earnings continued higher. MRVL also broke through short resistance after earnings but it formed a trend reversal rather than a new high. AKAM broke through horizontal resistance on above average volume joining CRM, INTU and NTES making new highs.
Look at these Charts
(click image to enlarge)
Look at these Charts
(click image to enlarge)
Look at these Charts
(click image to enlarge)
Look at these Charts
(click image to enlarge)
Guidance:
SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056
Friday’s trading found support and formed a bullish hammer and a bullish inverted hammer on the weekly chart. There is a MACD bullish divergence in the MACD Histogram on the daily chart. Look for confirmation of the hammer and support bounce on Monday. If support does not hold look for the SPX to move to the next support level of 1,056.
Look to enter bullish trades when a new bounce off support and a break above the high of the low day or a breakout above horizontal resistance occurs. This could occur on Monday and occurred for some stocks on Friday.
Adjust stops on bearish trades for a potential exit if they bounce above the high of the low day. Enter bearish setups with a new bounce down from resistance or break of support
The VIX fell -0.95 to 25.49 holding above the benchmark 25 level.
The short term 3 day trend is down.
The two-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 of the chart and follow your rules.
AAPL -0.24 – inverted hammer
QCOM +0.80 – bullish engulfing
GOOG -5.95 – three black crows
BIDU +0.98 – piercing line
NDX 100 stocks stronger than the NDX include: INTU, MRVL, AKAM, SYMC, CTXS, BRCM, QCOM, ADSK, GENZ, CHRW, FSLR, LLTC, WYNN, BIDU and RYAAY.
Stocks weaker than the NDX: ISRG, RIMM, AMAT, XRAY, WCRX, ERTS, LRCX, GILD, LOGI, LINTA, GOOG, FLIR, STX, ROST and MSFT.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, VOD, GMCR, HANS, BUCY, CAT, HLF, PCLN, RVBD, AGU, MCD, DE, IPI, SINA, MOS, POT, FCX, GES, PCP, WLT, X, CHL, CLF, FDX, FFIV, GR, LVS, NDAQ, SPG, UPS, HAS, LXK, NFLX, FAZ, VMW, CMG, A, BYI, UNP, TSL, NTES
Moving Above 30 DMA = 2
CRM, RMBS
Moving Below 30 DMA = 1
CSTR
Staying Below 30 DMA
AMX, CAM, FLS, GME, GS, MA, NYX, SNDK, SWK, URE, WMT, BA, CRUS, ACN, AIV, AKS, ATI, CREE, DECK, DHR, DOW, FAS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Thursday, August 19, 2010
SPX Breaks the Low of the High Day with Bearish Candle...
DJIA 10,271.21 -144.33 -1.39%
SP500 1,075.63 -18.53 -1.69%
COMPQ 2,178.95 -36.75 -1.66%
Russell 2000 610.96 -17.08 -2.72%
Exchange NYSE NASD
Advancing 558 515
Declining 2,466 2,141
SOX 326.42 -5.68
VIX 26.44 +1.85
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included NTES, FAZ, NFLX, NTRI, GES, ESI, POT, PCLN, HANS, VMW
The SPX broke the low of the high day after the jobs claims report was higher than expected. A few stocks like NFLX and PCLN rose. NTES rose after a strong earnings report Decliners led Advancers 4.4 to 1 on the NYSE.
The SPX fell to its 1,071 support level Thursday when buyers stepped in causing a support bounce to its close at 1,075. Remember if support breaks, the index is likely to fall to its next support level at 1,056.
CRM rose +7.59, +7.87% following its earnings report after the close.
Guidance:SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056, 1044
Wait to enter up trending stocks until a new bounce off support and a break above the high of the low day occurs.
Thursday was the break of the low of a high day to enter new bearish trades as we alerted you to watch for in Tuesday’s guidance
The VIX rose +1.85 to 26.44 confirming Thursday’s move down and rising above the benchmark 25 level.
The short term 3 day trend is neutral.
The two-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 of the chart and follow your rules.
AAPL -3.19 – bearish engulfing
QCOM -0.93 – black candle breaks low of high day
GOOG -14.18 – large black candle breaks support
BIDU -1.73 –black candle pullback continuation
NDX 100 stocks stronger than the NDX include: SYMC, NVDA, NTAP, AKAM, EBAY, CHKP, PCLN, VRSN, LOGI, HANS and ATVI.
Stocks weaker than the NDX: SHLD, WYNN, FAST, SPLS, INTC, NIHD, FLIR, GOOG, PCAR, NWSA, VRTX, PPDI, FLEX, AMGN and BIIB
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, HLF, PCLN, AGU, MCD, DE, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, X, CHL, CLF, FFIV, GR, LVS, SPG, HAS, LXK, MA, NFLX, FAZ, VMW, CMG, CSTR, A, BYI, UNP, TSL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 13
AMX, CAM, CRM, FLS, GME, GS, MA, NYX, RMBS, SNDK, SWK, URE, WMT
Staying Below 30 DMA
BA, CRUS, ACN, AIV, AKS, ATI, CREE, DECK, DHR, DOW, FAS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SP500 1,075.63 -18.53 -1.69%
COMPQ 2,178.95 -36.75 -1.66%
Russell 2000 610.96 -17.08 -2.72%
Exchange NYSE NASD
Advancing 558 515
Declining 2,466 2,141
SOX 326.42 -5.68
VIX 26.44 +1.85
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Thursday included NTES, FAZ, NFLX, NTRI, GES, ESI, POT, PCLN, HANS, VMW
The SPX broke the low of the high day after the jobs claims report was higher than expected. A few stocks like NFLX and PCLN rose. NTES rose after a strong earnings report Decliners led Advancers 4.4 to 1 on the NYSE.
The SPX fell to its 1,071 support level Thursday when buyers stepped in causing a support bounce to its close at 1,075. Remember if support breaks, the index is likely to fall to its next support level at 1,056.
CRM rose +7.59, +7.87% following its earnings report after the close.
Guidance:SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056, 1044
Wait to enter up trending stocks until a new bounce off support and a break above the high of the low day occurs.
Thursday was the break of the low of a high day to enter new bearish trades as we alerted you to watch for in Tuesday’s guidance
The VIX rose +1.85 to 26.44 confirming Thursday’s move down and rising above the benchmark 25 level.
The short term 3 day trend is neutral.
The two-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 of the chart and follow your rules.
AAPL -3.19 – bearish engulfing
QCOM -0.93 – black candle breaks low of high day
GOOG -14.18 – large black candle breaks support
BIDU -1.73 –black candle pullback continuation
NDX 100 stocks stronger than the NDX include: SYMC, NVDA, NTAP, AKAM, EBAY, CHKP, PCLN, VRSN, LOGI, HANS and ATVI.
Stocks weaker than the NDX: SHLD, WYNN, FAST, SPLS, INTC, NIHD, FLIR, GOOG, PCAR, NWSA, VRTX, PPDI, FLEX, AMGN and BIIB
Stocks to Watch on Friday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, HLF, PCLN, AGU, MCD, DE, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, X, CHL, CLF, FFIV, GR, LVS, SPG, HAS, LXK, MA, NFLX, FAZ, VMW, CMG, CSTR, A, BYI, UNP, TSL
Moving Above 30 DMA = 0
Moving Below 30 DMA = 13
AMX, CAM, CRM, FLS, GME, GS, MA, NYX, RMBS, SNDK, SWK, URE, WMT
Staying Below 30 DMA
BA, CRUS, ACN, AIV, AKS, ATI, CREE, DECK, DHR, DOW, FAS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Wednesday, August 18, 2010
SPX Forms Inside Day at 30 DMA...
Dave is traveling from an AT Workshop this evening and will post on Thursday...
The SPX rose slightly forming an inside day after Tuesday big rise...the SPX did form a higher low spinning top with a high at 1,099.77 just below Tuesday's high...the trend is still up...
X rose on takeover speculation...
Strong NDX stocks included...BBBY, FLEX, LLTC, FWLT, ROST, STX, CMCSA, STLD, KLAC, LBTYA, EBAY, NTAP, BRCM, LRCX...
The SPX rose slightly forming an inside day after Tuesday big rise...the SPX did form a higher low spinning top with a high at 1,099.77 just below Tuesday's high...the trend is still up...
X rose on takeover speculation...
Strong NDX stocks included...BBBY, FLEX, LLTC, FWLT, ROST, STX, CMCSA, STLD, KLAC, LBTYA, EBAY, NTAP, BRCM, LRCX...
Futures Point to a Slightly Higher Open...
ES and NQ futures are higher with less than two hours until the open..stocks are mixed on light volume...TLT is up 18 cents.and the Euro is up 1 pip...
Trading Down: NFLX, DE, CAT, USO, CREE
Trading Up: POT, MOS, MHS, BUCY, MCD, UNP, VECO, AAPL, AMZN, RIMM
POT, MOS, AGU, IPI, PCLN, LVS, GR, CHL, CAM, VMW, CTXS, AKAM, CAT, CLF, DE, GME, GMCR, HLF, RVBD, MICC, QCOM, BIDU and JOYG and moved higher on Tuesday.
NFLX, NTES and VOD pulled back on Tuesday.
BUCY, CMG, CRM, DLR, FCX, FDX, FFIV, FLS, HAS, LXK, MCD, PCP, SPG, SWK, TIE, UNP, UPS, URE, WLT, WMT, X, AMZN, CTSH, INTU, EXPD, EXPE and GOOG gave support bounce or bull flag entry signals on Tuesday with a break above the high of the low day.
Support Bounce Setups for Wednesday: NYX, GS, GES, CRUS, UAUA, CAL, TIE, SINA, NDAQ
Stay focused on and trade according to the chart on Wednesday. Follow your rules.
N100 Flags: WYNN, LOGI, ILMN, HOLX
Dave is teaching 160 traders Technical Analysis and Trading today in Orlando and will be traveling home this evening...
Trading Down: NFLX, DE, CAT, USO, CREE
Trading Up: POT, MOS, MHS, BUCY, MCD, UNP, VECO, AAPL, AMZN, RIMM
POT, MOS, AGU, IPI, PCLN, LVS, GR, CHL, CAM, VMW, CTXS, AKAM, CAT, CLF, DE, GME, GMCR, HLF, RVBD, MICC, QCOM, BIDU and JOYG and moved higher on Tuesday.
NFLX, NTES and VOD pulled back on Tuesday.
BUCY, CMG, CRM, DLR, FCX, FDX, FFIV, FLS, HAS, LXK, MCD, PCP, SPG, SWK, TIE, UNP, UPS, URE, WLT, WMT, X, AMZN, CTSH, INTU, EXPD, EXPE and GOOG gave support bounce or bull flag entry signals on Tuesday with a break above the high of the low day.
Support Bounce Setups for Wednesday: NYX, GS, GES, CRUS, UAUA, CAL, TIE, SINA, NDAQ
Stay focused on and trade according to the chart on Wednesday. Follow your rules.
N100 Flags: WYNN, LOGI, ILMN, HOLX
Dave is teaching 160 traders Technical Analysis and Trading today in Orlando and will be traveling home this evening...
Tuesday, August 17, 2010
SPX Confirms Hammer...Breaks the High of the Low Day...
DJIA 10,405.85 +103.84 +1.01%
SP500 1,092.54 +13.16 +1.22%
COMPQ 2,209.44 +27.57 +1.26%
Russell 2000 626.30 +11.20 +1.82%
Exchange NYSE NASD
Advancing 2,401 1,996
Declining 639 659
Oil $76.30 +1.06
Gold $1,226.60 +2.10
SOX 328.60 +4.34
VIX 24.33 -1.77
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Tuesday included POT, MOS, A, WLT, IPI, FFIV, AGU, AKS, SWN, URE, X, FLS, CSTR, BUCY, ATI, CLF, SKX, TIE, SWK, DECK, GMCR, LVS, FCX, PCLN, CREE, PCP, BYI, WHR, GR, CRM, HLF, VECO, SPG, ATW, HAS, DE, SNDK, BA, UNP, FAS, UCO, CMG, MCD, USD, ACN, CAT, ZION, RMBS, GES, ICE, MA, JEC, HANS
The SPX opened higher reaching an intraday high of 1,100, the next resistance level and then pulled back the last two hours of trading closing at 1,092. Tuesday’s action did confirm Friday’s inside day as a reversal day. Tuesday did break the high of the low day. Twenty six stocks in our watch list and the NDX 100 gave support bounce or bull flag entry signal while ten closed above their 30 DMA with no stocks made a new close below their 30 DMA.
INDU = doji confirmation support bounce
SPX = hammer confirmation support bounce
COMPQ = piercing line confirmation
POT, MOS, AGU, IPI, PCLN, LVS, GR, CHL, CAM, VMW, CTXS, AKAM, CAT, CLF, DE, GME, GMCR, HLF, RVBD, MICC, QCOM, BIDU and JOYG and moved higher.
NFLX, NTES and VOD pulled back from Monday’s close.
BUCY, CMG, CRM, DLR, FCX, FDX, FFIV, FLS, HAS, LXK, MCD, PCP, SPG, SWK, TIE, UNP, UPS, URE, WLT, WMT, X, AMZN, CTSH, INTU, EXPD, EXPE and GOOG gave support bounce or bull flag entry signals on Tuesday with a break above the high of the low day.
Support Bounce Setups for Wednesday: NYX, GS, GES, CRUS, UAUA, CAL, TIE, SINA, NDAQ
Stay focused on and trade according to the chart on Wednesday.
N100 Flags: WYNN, LOGI, ILMN, HOLX
Guidance:
SPXResistance: 1,100, 1,115
Support: 1,086, 1,071, 1,056
Enter strong stocks up with a bounce off support and a break above the high of the low day.
Tuesday was the day to exit many bearish trades that broke above the high of the low day. Wait for a break of the low of a high day to enter new bearish trades
The VIX fell -1.77 to 24.33 confirming Tuesday’s move up and dropping below the benchmark 25 level.
The short term 3 day trend is up.
The two-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 of the chart and follow your rules.
AAPL+4.33 – confirm bullish harami and inside day entry
QCOM +0.50 – support bounce continuation after bullish engulfing entry
GOOG +4.93 – spinning top entry confirms Friday’s bullish harami and inside day
BIDU +0.08 –bounce continuation in bull flag
NDX 100 stocks stronger than the NDX include: URBN, NIHD, FAST, PCAR, JOYG, FLEX, GRMN, PCLN, BRCM, EXPD, STLD, JBHT, SYMC, CTXS and SIAL.
Stocks weaker than the NDX: STX, APOL, RIMM, GENZ, LBTYA, AMGN, CELG, CERN, VRTX, NTAP, CMCSA and BIDU.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, HLF, PCLN, AGU, MCD, DE, GS, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, X, CHL, CLF, FFIV, GR, LVS, SPG, HAS, NYX, LXK, MA, NFLX, FAZ, CAM, VMW, AMX, CMG, CSTR
Moving Above 30 DMA = 10
A, BA, BYI, CRM, GME, RMBS, SWK, UNP, URE, WMT
Moving Below 30 DMA = 0
Staying Below 30 DMA
CRUS, ACN, TSL, AIV, AKS, ATI, CREE, DECK, DHR, DOW, FAS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
SP500 1,092.54 +13.16 +1.22%
COMPQ 2,209.44 +27.57 +1.26%
Russell 2000 626.30 +11.20 +1.82%
Exchange NYSE NASD
Advancing 2,401 1,996
Declining 639 659
Oil $76.30 +1.06
Gold $1,226.60 +2.10
SOX 328.60 +4.34
VIX 24.33 -1.77
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Tuesday included POT, MOS, A, WLT, IPI, FFIV, AGU, AKS, SWN, URE, X, FLS, CSTR, BUCY, ATI, CLF, SKX, TIE, SWK, DECK, GMCR, LVS, FCX, PCLN, CREE, PCP, BYI, WHR, GR, CRM, HLF, VECO, SPG, ATW, HAS, DE, SNDK, BA, UNP, FAS, UCO, CMG, MCD, USD, ACN, CAT, ZION, RMBS, GES, ICE, MA, JEC, HANS
The SPX opened higher reaching an intraday high of 1,100, the next resistance level and then pulled back the last two hours of trading closing at 1,092. Tuesday’s action did confirm Friday’s inside day as a reversal day. Tuesday did break the high of the low day. Twenty six stocks in our watch list and the NDX 100 gave support bounce or bull flag entry signal while ten closed above their 30 DMA with no stocks made a new close below their 30 DMA.
INDU = doji confirmation support bounce
SPX = hammer confirmation support bounce
COMPQ = piercing line confirmation
POT, MOS, AGU, IPI, PCLN, LVS, GR, CHL, CAM, VMW, CTXS, AKAM, CAT, CLF, DE, GME, GMCR, HLF, RVBD, MICC, QCOM, BIDU and JOYG and moved higher.
NFLX, NTES and VOD pulled back from Monday’s close.
BUCY, CMG, CRM, DLR, FCX, FDX, FFIV, FLS, HAS, LXK, MCD, PCP, SPG, SWK, TIE, UNP, UPS, URE, WLT, WMT, X, AMZN, CTSH, INTU, EXPD, EXPE and GOOG gave support bounce or bull flag entry signals on Tuesday with a break above the high of the low day.
Support Bounce Setups for Wednesday: NYX, GS, GES, CRUS, UAUA, CAL, TIE, SINA, NDAQ
Stay focused on and trade according to the chart on Wednesday.
N100 Flags: WYNN, LOGI, ILMN, HOLX
Guidance:
SPXResistance: 1,100, 1,115
Support: 1,086, 1,071, 1,056
Enter strong stocks up with a bounce off support and a break above the high of the low day.
Tuesday was the day to exit many bearish trades that broke above the high of the low day. Wait for a break of the low of a high day to enter new bearish trades
The VIX fell -1.77 to 24.33 confirming Tuesday’s move up and dropping below the benchmark 25 level.
The short term 3 day trend is up.
The two-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 of the chart and follow your rules.
AAPL+4.33 – confirm bullish harami and inside day entry
QCOM +0.50 – support bounce continuation after bullish engulfing entry
GOOG +4.93 – spinning top entry confirms Friday’s bullish harami and inside day
BIDU +0.08 –bounce continuation in bull flag
NDX 100 stocks stronger than the NDX include: URBN, NIHD, FAST, PCAR, JOYG, FLEX, GRMN, PCLN, BRCM, EXPD, STLD, JBHT, SYMC, CTXS and SIAL.
Stocks weaker than the NDX: STX, APOL, RIMM, GENZ, LBTYA, AMGN, CELG, CERN, VRTX, NTAP, CMCSA and BIDU.
Stocks to Watch on Wednesday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, HLF, PCLN, AGU, MCD, DE, GS, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, X, CHL, CLF, FFIV, GR, LVS, SPG, HAS, NYX, LXK, MA, NFLX, FAZ, CAM, VMW, AMX, CMG, CSTR
Moving Above 30 DMA = 10
A, BA, BYI, CRM, GME, RMBS, SWK, UNP, URE, WMT
Moving Below 30 DMA = 0
Staying Below 30 DMA
CRUS, ACN, TSL, AIV, AKS, ATI, CREE, DECK, DHR, DOW, FAS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
Futures Point to a Support Bounce and Higher Open...
ES and NQ futures are higher with less than two hours until the open..stocks are mostly higher on light volume...TLT is down 21 cents.and the Euro is up 38 pips...
Trading Down: FAZ
Trading Up: POT, MOS, AGU, IPI, FCX, CLF, A, VECO, WLT, X, MCD, DE, GS, WMT, FAS, SNDK, USO, AKS, AAPL, URBN, AMZN, BIDU, AKAM
Follow your rules for support bounce entries (see last nights Setup list) and bearish exits this morning...
Trading Down: FAZ
Trading Up: POT, MOS, AGU, IPI, FCX, CLF, A, VECO, WLT, X, MCD, DE, GS, WMT, FAS, SNDK, USO, AKS, AAPL, URBN, AMZN, BIDU, AKAM
Follow your rules for support bounce entries (see last nights Setup list) and bearish exits this morning...
Monday, August 16, 2010
SPX Holds Support Forms Hammer Candle Pattern...
DJIA 10,302.01 -1.14 -0.01%
SP500 1,079.38 +0.13 +0.01%
COMPQ 2,181.87 +8.39 +0.39%
Russell 2000 615.49 10 +5.61 +0.92%
Exchange NYSE NASD
Advancing 1,888 1,643
Declining 1,099 1,020
Oil $75.24 -0.15
Gold $1,224.50 +9.60
SOX 324.26 +1.52
VIX 26.10 -0.14
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Monday included CSTR, GMCR, NFLX, CLF, VECO, CHL, SNDK, TSL, AMD, ICE, USD, IPI, LVS, CMG, LXK, CAM, GME, HLF, UAUA, TIE, DE, AKS, VMW, NETL, PNC, WFMI, VI, FCX, AMX, POT, CAT, X, GES, CRUS, WHR
The SPX opened lower made a lower low at 1,069 and then rallied to close fractionally higher at 1,079.38 forming a hammer pattern. Monday’s action did NOT confirm Friday’s inside day as a potential reversal day. So traders will wait for Tuesday to look for a break of a high of the low day.
INDU = doji
SPX = hammer
COMPQ = piercing line
NFLX, LVS, CHL, CAM, VMW, POT, CTXS and IPI moved higher.
PCLN, MOS, AKAM, AGU and GR while pulled back from Friday’s close.
CAT, CLF, DE, GME, GMCR, HLF, NTES, RVBD, VOD, MICC, QCOM, BIDU, JOYG gave support bounce entry signals on Monday with a break above the high of the low day.
Support Bounce Setups for Tuesday: NYX, GS, FLS, GES, PCP, SWK, BUCY, FFIV, HAS, CRUS, CRM, MCD, X, WMT, WLT, FCX, URE, UNP, SPG, CMG, LXK, UAUA, CAL, TIE, DLR, UPS, FDX, SINA, NDAQ
Stay focused on and trade according to the chart on Tuesday.
N100 Flags: CTSH, INTU, EXPD, EXPE, WYNN, GOOG, LOGI, ILMN, AMZN, HOLX
Guidance:
SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056
Enter strong stocks up with a bounce off support and a break above the high of the low day.
Continue with bearish trades that continue to make new lows. Exit bearish trades with a break above the high of the low day according to your rules. Move stops to protect profits if a bounce occurs.
The VIX fell -0.14 to 26.10 confirming Monday’s move down and staying above the benchmark 25 level.
The short term 3 day trend is down.
The two-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 of the chart and follow your rules.
AAPL -1.46 – bullish harami, inside day again
QCOM +0.69 – bullish engulfing confirms inverted hammer, bullish harami inside day gap support bounce
GOOG -0.76 – spinning top did not confirm Friday’s bullish harami, inside day
BIDU +1.52 – bullish engulfing confirming Friday’s inside day in bull flag
NDX 100 stocks stronger than the NDX include: APOL, JOYG, WCRX, CSCO, EBAY, ERTS, DISH, MICC, BIDU, QCOM, FISV, STLD, VRSN, INTC and LOGI.
Stocks weaker than the NDX: RIMM, NVDA, FLEX, ADBE, ISRG, AMGN, ADSK, BRCM, GILD, HOLX, PCLN, GRMN, AKAM, ILMN and SBUX.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, HLF, PCLN, AGU, MCD, DE, GS, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, X, CHL, CLF, FFIV, GR, LVS, SPG, HAS, NYX, LXK, MA, NFLX, FAZ, CAM, VMW
Moving Above 30 DMA = 2
CMG, CSTR
Moving Below 30 DMA = 5
BYI, CRM, UNP, URE, WMT
Staying Below 30 DMA
CRUS, SWK, ACN, BA, GME, TSL, A, AIV, AKS, AMX, ATI, CREE, DECK, DHR, DOW, FAS, RMBS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SP500 1,079.38 +0.13 +0.01%
COMPQ 2,181.87 +8.39 +0.39%
Russell 2000 615.49 10 +5.61 +0.92%
Exchange NYSE NASD
Advancing 1,888 1,643
Declining 1,099 1,020
Oil $75.24 -0.15
Gold $1,224.50 +9.60
SOX 324.26 +1.52
VIX 26.10 -0.14
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Monday included CSTR, GMCR, NFLX, CLF, VECO, CHL, SNDK, TSL, AMD, ICE, USD, IPI, LVS, CMG, LXK, CAM, GME, HLF, UAUA, TIE, DE, AKS, VMW, NETL, PNC, WFMI, VI, FCX, AMX, POT, CAT, X, GES, CRUS, WHR
The SPX opened lower made a lower low at 1,069 and then rallied to close fractionally higher at 1,079.38 forming a hammer pattern. Monday’s action did NOT confirm Friday’s inside day as a potential reversal day. So traders will wait for Tuesday to look for a break of a high of the low day.
INDU = doji
SPX = hammer
COMPQ = piercing line
NFLX, LVS, CHL, CAM, VMW, POT, CTXS and IPI moved higher.
PCLN, MOS, AKAM, AGU and GR while pulled back from Friday’s close.
CAT, CLF, DE, GME, GMCR, HLF, NTES, RVBD, VOD, MICC, QCOM, BIDU, JOYG gave support bounce entry signals on Monday with a break above the high of the low day.
Support Bounce Setups for Tuesday: NYX, GS, FLS, GES, PCP, SWK, BUCY, FFIV, HAS, CRUS, CRM, MCD, X, WMT, WLT, FCX, URE, UNP, SPG, CMG, LXK, UAUA, CAL, TIE, DLR, UPS, FDX, SINA, NDAQ
Stay focused on and trade according to the chart on Tuesday.
N100 Flags: CTSH, INTU, EXPD, EXPE, WYNN, GOOG, LOGI, ILMN, AMZN, HOLX
Guidance:
SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056
Enter strong stocks up with a bounce off support and a break above the high of the low day.
Continue with bearish trades that continue to make new lows. Exit bearish trades with a break above the high of the low day according to your rules. Move stops to protect profits if a bounce occurs.
The VIX fell -0.14 to 26.10 confirming Monday’s move down and staying above the benchmark 25 level.
The short term 3 day trend is down.
The two-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 of the chart and follow your rules.
AAPL -1.46 – bullish harami, inside day again
QCOM +0.69 – bullish engulfing confirms inverted hammer, bullish harami inside day gap support bounce
GOOG -0.76 – spinning top did not confirm Friday’s bullish harami, inside day
BIDU +1.52 – bullish engulfing confirming Friday’s inside day in bull flag
NDX 100 stocks stronger than the NDX include: APOL, JOYG, WCRX, CSCO, EBAY, ERTS, DISH, MICC, BIDU, QCOM, FISV, STLD, VRSN, INTC and LOGI.
Stocks weaker than the NDX: RIMM, NVDA, FLEX, ADBE, ISRG, AMGN, ADSK, BRCM, GILD, HOLX, PCLN, GRMN, AKAM, ILMN and SBUX.
Stocks to Watch on Tuesday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, HLF, PCLN, AGU, MCD, DE, GS, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, X, CHL, CLF, FFIV, GR, LVS, SPG, HAS, NYX, LXK, MA, NFLX, FAZ, CAM, VMW
Moving Above 30 DMA = 2
CMG, CSTR
Moving Below 30 DMA = 5
BYI, CRM, UNP, URE, WMT
Staying Below 30 DMA
CRUS, SWK, ACN, BA, GME, TSL, A, AIV, AKS, AMX, ATI, CREE, DECK, DHR, DOW, FAS, RMBS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Slightly Lower Open...
ES and NQ futures are just below even shortly before the open...individual stocks are mixed in light volume in pre-market trading...TLT is 1.71 higher and the Euro is up 71pips.
Moving Down: ESI, PCLN, AGU, CREE, GS, NFLX, UNP, FFIV, ATI, CAT, SNDK, BA, JEC, FAS, AAPL, PCLN, WYNN, GOO, RIMM, AKAM, FSLR, ISRG, BRCM, LIFE, WCRX
Moving Up: CSTR, ICE, MA, VECO, VMW, CHL, FCX, SPG, ATW, SKX, SWK, CMG
Continue to stay with bearish trades that fail to break the high of the low day and follow your rules for exiting those that bounce...
Watch up trending stocks that made a new low day Thursday or Friday for a potential support bounce entry...
Support Bounce Setups for Monday: NYX, GS, DE, FLS, GES, GME, PCP, SWK, BUCY, FFIV, HAS, CRUS, GMCR, HLF, CAT, CRM, MCD, X, WMT, WLT, FCX, URE, UNP, SPG, CLF, CMG, LXK, CAM, UAUA, CAL, TIE, DLR, UPS, FDX, VOD, NTES, RVBD, SINA, NDAQ
N100 Flags: MICC, CTSH, INTU, QCOM, BIDU, EXPD, EXPE, JOYG, WYNN, GOOG, LOGI, ILMN, AMZN, HOLX
Dave is traveling today to teach an Advanced Technicals Workshop in Orlando...
Moving Down: ESI, PCLN, AGU, CREE, GS, NFLX, UNP, FFIV, ATI, CAT, SNDK, BA, JEC, FAS, AAPL, PCLN, WYNN, GOO, RIMM, AKAM, FSLR, ISRG, BRCM, LIFE, WCRX
Moving Up: CSTR, ICE, MA, VECO, VMW, CHL, FCX, SPG, ATW, SKX, SWK, CMG
Continue to stay with bearish trades that fail to break the high of the low day and follow your rules for exiting those that bounce...
Watch up trending stocks that made a new low day Thursday or Friday for a potential support bounce entry...
Support Bounce Setups for Monday: NYX, GS, DE, FLS, GES, GME, PCP, SWK, BUCY, FFIV, HAS, CRUS, GMCR, HLF, CAT, CRM, MCD, X, WMT, WLT, FCX, URE, UNP, SPG, CLF, CMG, LXK, CAM, UAUA, CAL, TIE, DLR, UPS, FDX, VOD, NTES, RVBD, SINA, NDAQ
N100 Flags: MICC, CTSH, INTU, QCOM, BIDU, EXPD, EXPE, JOYG, WYNN, GOOG, LOGI, ILMN, AMZN, HOLX
Dave is traveling today to teach an Advanced Technicals Workshop in Orlando...
Friday, August 13, 2010
SPX Rally Fades into Close...Holds at Support...
DJIA 10,303.15 -16.80 -0.16%
SP500 1,079.25 -4.36 -0.40%
COMPQ 2,173.48 -16.79 -0.77%
Russell 2000 609.49 -7.49 -1.21%
Exchange NYSE NASD
Advancing 1,379 799
Declining 1,642 1,809
Oil $75.39 -0.35
Gold $1,214.90 +0.10
SOX 322.74 -3.01
VIX 26.24 +0.51
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Friday included BYI, RMBS, VMW, CAM, FFIV, BAC, AMX, WLT, GR, AGU, UNG, FAZ, CAT, DOW, DLR, HAS, HSY, PCP, UAUA, STI, CRM, MHS, SPG, BA, SWK, JEC, LVS, WFMI
The SPX opened lower and cycled up and down in a narrow range between 1,079 and 1,086, finally finishing Friday at the low end of the range at 1,079.25. The three major indexes formed an inside day which are a potential reversal day.
INDU spinning top inside day
SPX inverted hammer inside day
COMPQ black candle inside day
NFLX, PCLN, POT, MOS, AGU and IPI finally took a rest forming spinning top patterns.
LVS and AKAM moved higher while CHL pulled back.
CAM, VMW, GR, CTXS gave bull flag entry signals on Friday with a break above the high of the low day.
Support Bounce Setups for Monday: NYX, GS, DE, FLS, GES, GME, PCP, SWK, BUCY, FFIV, HAS, CRUS, GMCR, HLF, CAT, CRM, MCD, X, WMT, WLT, FCX, URE, UNP, SPG, CLF, CMG, LXK, CAM, UAUA, CAL, TIE, DLR, UPS, FDX, VOD, NTES, RVBD, SINA, NDAQ
Stay focused on and trade according to the chart on Monday.
N100 Flags: MICC, CTSH, INTU, QCOM, BIDU, EXPD, EXPE, JOYG, WYNN, GOOG, LOGI, ILMN, AMZN, HOLX
Guidance:
SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056
Enter strong stocks up with a bounce off support and a break above the high of the low day.
Continue with bearish trades that continue to make new lows. Exit bearish trades with a break above the high of the low day according to your rules.
The VIX rose +0.51 to 26.24 confirming Friday’s move down.
The short term 3 day trend is down.
The two-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 of the chart and follow your rules.
AAPL -2.69 – bullish harami, inside day
QCOM -0.29 – inverted hammer, bullish harami inside day at gap support
GOOG -5.66 – bullish harami, inside day in bull flag
BIDU +0.18– spinning top, inside day in bull flag
NDX 100 stocks stronger than the NDX include: NVDA, ADSK, STX, NTAP, PPDI, ESRX, FWLT, CTXS, PAYX, ILMN, AKAM, RYAAY, NIHD, AMGN and LIFE.
Stocks weaker than the NDX include: APOL, GRMN, BRCM, URBN, DISH, SBUX, XLNX, JBHT, IACI, CMCSA, INTC, AMZN, NWSA, RIMM and BBBY.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, CRM, HLF, PCLN, AGU, MCD, DE, GS, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, WMT, X, CHL, CLF, FFIV, GR, LVS, SPG, UNP, URE, HAS, NYX, LXK, MA, NFLX, FAZ
Moving Above 30 DMA = 3
BYI, CAM, VMW
Moving Below 30 DMA = 3
CMG, CRUS, SWK,
Staying Below 30 DMA
ACN, BA, GME, TSL, A, AIV, AKS, AMX, ATI, CREE, CSTR, DECK, DHR, DOW, FAS, RMBS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SP500 1,079.25 -4.36 -0.40%
COMPQ 2,173.48 -16.79 -0.77%
Russell 2000 609.49 -7.49 -1.21%
Exchange NYSE NASD
Advancing 1,379 799
Declining 1,642 1,809
Oil $75.39 -0.35
Gold $1,214.90 +0.10
SOX 322.74 -3.01
VIX 26.24 +0.51
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down Yes – COMPQ
Leading stocks on Friday included BYI, RMBS, VMW, CAM, FFIV, BAC, AMX, WLT, GR, AGU, UNG, FAZ, CAT, DOW, DLR, HAS, HSY, PCP, UAUA, STI, CRM, MHS, SPG, BA, SWK, JEC, LVS, WFMI
The SPX opened lower and cycled up and down in a narrow range between 1,079 and 1,086, finally finishing Friday at the low end of the range at 1,079.25. The three major indexes formed an inside day which are a potential reversal day.
INDU spinning top inside day
SPX inverted hammer inside day
COMPQ black candle inside day
NFLX, PCLN, POT, MOS, AGU and IPI finally took a rest forming spinning top patterns.
LVS and AKAM moved higher while CHL pulled back.
CAM, VMW, GR, CTXS gave bull flag entry signals on Friday with a break above the high of the low day.
Support Bounce Setups for Monday: NYX, GS, DE, FLS, GES, GME, PCP, SWK, BUCY, FFIV, HAS, CRUS, GMCR, HLF, CAT, CRM, MCD, X, WMT, WLT, FCX, URE, UNP, SPG, CLF, CMG, LXK, CAM, UAUA, CAL, TIE, DLR, UPS, FDX, VOD, NTES, RVBD, SINA, NDAQ
Stay focused on and trade according to the chart on Monday.
N100 Flags: MICC, CTSH, INTU, QCOM, BIDU, EXPD, EXPE, JOYG, WYNN, GOOG, LOGI, ILMN, AMZN, HOLX
Guidance:
SPX
Resistance: 1,086, 1,100, 1,115
Support: 1,071, 1,056
Enter strong stocks up with a bounce off support and a break above the high of the low day.
Continue with bearish trades that continue to make new lows. Exit bearish trades with a break above the high of the low day according to your rules.
The VIX rose +0.51 to 26.24 confirming Friday’s move down.
The short term 3 day trend is down.
The two-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 of the chart and follow your rules.
AAPL -2.69 – bullish harami, inside day
QCOM -0.29 – inverted hammer, bullish harami inside day at gap support
GOOG -5.66 – bullish harami, inside day in bull flag
BIDU +0.18– spinning top, inside day in bull flag
NDX 100 stocks stronger than the NDX include: NVDA, ADSK, STX, NTAP, PPDI, ESRX, FWLT, CTXS, PAYX, ILMN, AKAM, RYAAY, NIHD, AMGN and LIFE.
Stocks weaker than the NDX include: APOL, GRMN, BRCM, URBN, DISH, SBUX, XLNX, JBHT, IACI, CMCSA, INTC, AMZN, NWSA, RIMM and BBBY.
Stocks to Watch on Monday
Holding Above 30 DMA
TLT, GMCR, HANS, BUCY, CAT, CRM, HLF, PCLN, AGU, MCD, DE, GS, IPI, MOS, POT, FCX, FLS, GES, PCP, WLT, WMT, X, CHL, CLF, FFIV, GR, LVS, SPG, UNP, URE, HAS, NYX, LXK, MA, NFLX, FAZ
Moving Above 30 DMA = 3
BYI, CAM, VMW
Moving Below 30 DMA = 3
CMG, CRUS, SWK,
Staying Below 30 DMA
ACN, BA, GME, TSL, A, AIV, AKS, AMX, ATI, CREE, CSTR, DECK, DHR, DOW, FAS, RMBS, SNDK, STI, TIE, UAUA, UCO, USO, V, DLR, ICE, USD, PNC, SWN, ZION, UNG, VECO, WFMI, NETL, SKX, AMD, JEC, NTRI, ESI, HSY, BAC, MHS, WHR
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Subscribe to:
Posts (Atom)
