The SPX formed slightly higher high while forming a potential hanging man and the NASDAQ recovered from Wednesday’s sell off and move slightly higher…
(click image to enlarge)
Exchange NYSE NASDAQAdvancers 1,365 1,166
Decliners 1,605 1,468
(click image to enlarge)
Index Direction ConfirmationVIX Up Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Thursday included GES, UAL, HLF, SKX, SINA, TSL, A, FFIV, TBT, CAN, CMG, FAZ, LXK, DLR, X, MOS, IPI, NFLX, DOW, USD, ICE, AIV, VECO, NTES, UNP, FLS, MCD
Losing stocks included UNG, UCO, WLT, RVBD, STI, TIE, WFMI, NYX, FCX, USO, GMCR, CAM, CRUS, DECK, SWN, CSTR, ATI, BYI, ATW, ESI, WHR, JEC, AGU, GME, HANS, PNC, AKS, FAS, BUCY, MA, AMX
The tech stocks that were hit hard on Wednesday were mixed on Thursday. CTXS, FFIV, NFLX, NTAP, AMZN, BIDU and AKAM moved higher. While CRM, RVBD, VMW and PCLN moved slightly lower. CTXS, FFIV, NTAP, AMZN, AKAM, VMW and PCLN all formed a hammer candle pattern.
(click image to enlarge)
Bull Flag Setups for Friday: BIDU, CTSH, EXPE, ESRX, ILMN, INFY, LVS, MICC, NVDA, NTAP, PCLN, SHLD
Horizontal Breakout Setups for Friday: BUCY, GILD, JOYG, ZION
Interest rates were flat, bonds moved lower, the EURO rose, the SOX moved higher and the VIX was near unchanged but slightly higher.
Consumer Discretionary +0.47%, Healthcare +0.20% and Utilities XLU +0.19% rose on Thursday and Financials XLF -0.41% were lower by six cents.
Decliners led advancers 1.17 to 1 on the NYSE
SPX
Resistance: 1,170, 1,182
Support: 1,148, 1,130, 1,115
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 for a bounce down from resistance or a close below of the low of the high day.
The VIX rose +0.07 to 21.56, and is still below the 25 benchmark level.
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 +0.03 – potential hanging man
QCOM -0.10 – spinning top
GOOG -4.34 – black candle
BIDU +0.09 –black spinning top
NDX 100 stocks stronger than the NDX include: ADBE, STX, VRTX, INTU, ROST, EXPE, CHKP, AKAM, ADSK, GILD, MXIM, FSLR, FLEX, EBAY and NTAP.
Stocks weaker than the NDX: ILMN, YHOO, ISRG, LOGI, URBN, PPDI, SPLS, FLIR, HANS, CERN, APOL, LINTA, LRCX, CEPH and WYNN.
Stocks to Watch on Friday
Holding Above 30 DMA
HLF, PCLN, RVBD, AGU, MCD, POT, LVS, NFLX, CMG, TSL, FCX, SINA, VOD, AIV, BUCY, CAM, DE, DHR, DOW, PCP, SWK, UNP, URE, WLT, WMT, A, HAS, IPI, JEC, LXK, CAT, ICE, FLS, MHS, ATW, STI, ACN, ATI, AMX, GES, PNC, RMBS, ZION, NDAQ, UAL, USD, MA, NETL, ESI, GME, HSY, CHL, FDX, NTRI, AMD, TIE, V, ATI, BA, DECK, GR, UCO, USO, WHR, AKS, BYI, CLF, BAC, GS, SPG, HANS, MOS, SNDK, SWN, UPS, VECO, TLT
Moving Above 30 DMA = 2
FFIV, SKX
Moving Below 30 DMA = 3
CSTR, NYX, PNC
Staying Below 30 DMA
CREE, CRUS, DLR, VMW, WFMI, NTES, CRM, GMCR, POT, TBT, X, FAZ, UNG
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
5 comments:
Good morning Dave! Thanks for the watch list ideas. I enjoy reviewing your ideas against what I see. Your strong trading abilities sure help my confidence. I'll be listening to the WSWU later as I work my real job. Take care, Judy
Dave,
Your blog Wednesday and the AIT Thursday (short but chock full of good info) were among your recent best. New lessons learned on the path to successful trading. I just signed up for the 4-day live and look forward to seeing you in person again.
Thanks,
Brian
Everyone and Dave,
I hear lots of people talking about the Gold bubble bursting. So, does that mean it does not burst yet and keeps going up?
Thoughts?
DW
Thanks for your daily teaching, Dave! Your point of "rotation" is certainly circulating among diff trades. I am new and slowly seeing the patterns.
Very looking forward to seeing you in the 4-day training in UT.
--Jessica, FL
Post a Comment