The SPX closed down -2.60 or -0.21%, the COMPQ rose +1.07, the INDU fell -37.24 and the RUT rose +0.18 on Monday. The broad indexes paused on Monday after three up days. Numerous flags setups started forming on Monday as well as several brekaout stocks stayed above horizontal resistance. XLE moved higher while XLF and SOX pulled back slightly.
Breadth was negative on Monday decliners led advancers led decliners by 1.17 to 1 on the NYSE and 1.06 to 1 on the NASDAQ…
Exchange NYSE NASDAQ
Advancers 1,373 1,296Decliners 1,612 1,382
Index Direction Confirmation
VIX Up Yes – SPX
SOX Down No – COMPQ
Leading stocks on Monday included SOHU, SINA, NTES, UNG, VECO, VMW, SWN, SKX, WLT, GME, UAL, ESI, ATW, NTRI, FAZ, TSL, BAC, CF, CREE, LVS, WFMI, MHS, HLF, FLS, AMD, CRM, GES, AKS, UNP, LXK, JEC, NFLX, TLT, SPG, FCX, IPI
Losing stocks included ATI, DLR, PCP, BUCY, FAS, WHR, CRUS, BYI, X, DHR, CAN, BA, NYX, MA, V, PNC, HANS, GS, SLB. URE
Interest rates rose, bonds moved higher, the Euro fell and the SOX moved down -0.14%. The VIX moved up +0.03 to close at 18.29.
Three of nine sectors moved higher on Monday with Energy XLE +0.30% and Materials XLB +0.25% leading all sectors. Financials XLF -0.77% was the weakest sector after leading for three straight days.
Charts to Watch
C pattern - VMW
Breakout - SOHU, WFC
Bull Flage Setup - BIDU, NFLX, UAL, ATI, PCP, BYI, DHR, MA, CRM, CSX
Bear Flag - WHR
Continue to trade with the trend and simultaneously be prepared for any break of support.
SPX
Resistance: 1,220, 1,234, 1,250
Support: 1,209, 1,200, 1,190
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.
Wait to enter a bearish signal for a close below of the low of the high day.
The short term 3 day trend is up.
The two-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 of the chart and follow your rules.
AAPL +1.49 – spinning top
QCOM -0.53 – spinning top
GOOG +1.69 – spinning top
BIDU +1.60 – bullish engulfing
NDX 100 stocks stronger than the NDX include WYNN, APOL, HOLX, URBN, EXPE, LOGI, NIHD, SYMC, ALTR, AKAM NTAP, ILMN, LRCX, MXIM and RIMM.
Stocks weaker than the NDX: DISH, MICC, GRMN, STX, VRTX, SPLS, INFY, XRAY, AMAT, RYAAY, LBTYA, SRCL, DELL, PAYX and NWSA.
Stocks to Watch on Tuesday
Holding Above 30 DMA
HLF, PCLN, AGU, MCD, LVS, CMG, FCX, SINA, VOD, AIV, CAKE, CAM, DE, DHR, DOW, UNP, URE, WLT, A, HAS, IPI, ICE, ATW, SLB, ACN, AMX, NDAQ, UAL, USD, MA, AMD, V, ATI, BA, DECK, GR, UCO, CF, GS, SPG, HANS, MOS, VECO, CSTR, RVBD, TBT, WFMI, NYX, NFLX, NTES, PCP, PNC, BYI, INFA, MHS, NETL, CRM, FFIV, GMCR, ARUN, SWN, CAT, CLF, POT, JEC, FAS, GME, NTRI, SWK, X, FDX, SNDK, BUCY, CHL, CREE, RMBS, STI, TSL, ZION, GES, AKS
Moving Above 30 DMA = 3
BAC, UNG, VMW
Moving Below 30 DMA = 0
Staying Below 30 DMA
HSY, POT, ESI, FLS, SKX, WHR, LXK, TIE, FAZ, CRUS, TLT, DLR
Intermediate Term Market Trend: Up – 2 months
Short Term Market Trend: Up
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