SPX Hits 1,184 and Closes at 1,178...

The SPX rose to 1,184 before pulling back to close at 1,178…Financials which led early in the day pulled back as interest fell were a key factor in the SPX closing below its high of the day…

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Exchange     NYSE    NASDAQ

Advancers    2,306      1,963

Decliners        725         713

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Index     Direction   Confirmation

VIX          Up               No – SPX
SOX         Up               Yes – COMPQ

Leading stocks on Tuesday included VECO, RVBD, FCX, UNP, CREE, IPI, MA, TSL, V, WLT, SWN, WHR, TIE, GMCR, WFMI, UCO, UPS, NTRI, FDX, URE, A, ATW, BA, FLS, CRM, BYI, HSY, GR, JEC, DHR, AGU, VOD

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Losing stocks included GME, STI, USD, BAC, SKX, ESI, ZION, AMD, UAL, FAZ, NETL, HLF, CRUS, NFLX, AIV, SNDK, GS, ICE

Interest rates rose slightly but below their intraday high, bonds moved closed down slightly, the EURO rose, the SOX closed fractionally higher and the VIX closed higher +0.14 at 19.07.

All nine sectors moved higher led by Industrials XLI +1.65, Materials XLB +1.60% and Energy XLE +1.22%.

Advancers led decliners 3.18 to 1 on the NYSE.

SPY traded 194.2 million shares.

JPM reported 1.01 vs. consensus of 0.90 Wednesday morning with revenues reporting 300 million below expectations on $24.3 billion. JPM opened higher but sold off all day closing down 56 cents at 39.84 near Tuesday’s open. INTC also opened higher and moved lower closing down 53 cents at 19.24. While sellers moved both stocks lower after better than expected earnings, overall the market had a strong day finishing with its highest close since May 3.

Thursday Earnings: AMD, GOOG
Friday Earnings: GE

RVBD led the tech stocks that were swept lower in the analyst down grade effect last week as EQIX, CTXS, CRM, FFIV, VMW, AKAM and NTAP all rose for the second straight day on Wednesday.

SPX
Resistance: 1,182, 1,190
Support: 1,170, 1,148, 1,130

Enter bullish trades with a bounce off support and a break above the high of the low day or a break out of horizontal resistance.

Take bearish entry signals on a bounce down from resistance or a close below of the low of the high day.

The short term 3 day trend is up.
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 +1.60 – potential tombstone doji
QCOM +0.61 – white spinning top
GOOG +1.91 – black spinning top
BIDU +0.33 – black spinning top confirms hammer

NDX 100 stocks stronger than the NDX include: YHOO, INFY, NVDA, FWLT, CSCO, ADSK, ORCL, MICC, FLEX, CTXS, RIMM, MSFT, GRMN, MRVL and SRCL.

Stocks weaker than the NDX: ISRG, INTC, LLTC, MCHP, ALTR, DISH, XLNX, ORLY, APOL, MXIM, AMZN, AMGN, IACI, HSIC and LINTA.

Stocks to Watch on Thursday
Holding Above 30 DMA
HLF, PCLN, AGU, MCD, LVS, NFLX, CMG, TSL, FCX, SINA, VOD, AIV, DE, DHR, DOW, PCP, SWK, UNP, URE, WLT, WMT, A, HAS, IPI, JEC, LXK, CAT, ICE, FAS, FLS, MHS, ATW, STI, ACN, AMX, GES, RMBS, ZION, NDAQ, UAL, USD, MA, NETL, ESI, HSY, CHL, FDX, NTRI, AMD, TIE, V, ATI, BA, DECK, GR, UCO, USO, WHR, AKS, BYI, CLF, GS, SPG, HANS, MOS, SNDK, SWN, UPS, VECO, SKX, CSTR, CREE, POT, RVBD, TBT
Moving Above 30 DMA = 3
WFMI
Moving Below 30 DMA = 2
BAC, GME
Staying Below 30 DMA
CRUS, X, FFIV, TLT, NYX, PNC, DLR, VMW, NTES, CRM, GMCR, FAZ, UNG

Intermediate Term Market Trend: Neutral

Short Term Market Trend: Up