The SPX closed at 1,254.60, a new high close, up +7.52 or +0.60%. The SPX broke out of last week’s neutral range making a new high close. This week is a holiday shortened week with the market closed on Friday, Christmas Eve.
(click image to enlarge)
SPX new high close
INDU new high close breakout
COMPQ new high close
RUT new high close
Breadth strengthened significantly on Tuesday as advancers led decliners 2.19 to 1 on the NYSE and 2.59 to 1 on the NASDAQ…
Exchange NYSE NASDAQ
Advancers 2,092 1,942
Decliners 951 748
(click image to enlarge)
Index Direction Confirmation
VIX Up No – SPX
SOX Up Yes – COMPQ
Leading stocks on Tuesday included SINA, SNDK, FWLT, FAS, IPI, CRM, AKS, AGU, STI, ATI, BAC, NDAQ, SOHU, MOS, PNC, DE, POT, ZION, FLS, URE, HANS, CF, CLF, FCX, GME, SPG, X, NTES, BA, CAT, CHL, AIV, GS, UNP, DHR, SWK, DISH, LDK, GES, UCO, LXK, WLT, CSTR, TSL, USD, JEC, NTRI, DLR, ICE, F, DOW, AMX, TLT
Leading stocks on Tuesday included SINA, SNDK, FWLT, FAS, IPI, CRM, AKS, AGU, STI, ATI, BAC, NDAQ, SOHU, MOS, PNC, DE, POT, ZION, FLS, URE, HANS, CF, CLF, FCX, GME, SPG, X, NTES, BA, CAT, CHL, AIV, GS, UNP, DHR, SWK, DISH, LDK, GES, UCO, LXK, WLT, CSTR, TSL, USD, JEC, NTRI, DLR, ICE, F, DOW, AMX, TLT
Losing stocks included DX, FAZ, UNG, ESI, VECO , MA
Seven of nine sectors moved higher on Tuesday with Financials XLF +1.74% and Energy XLE +1.01% leading all sectors. Defensive sectors XLU, XLP and XLV were the lagging sectors confirming today’s higher close.
Continue to trade with the trend of the chart you are trading.
Stocks to Watch on Wednesday
Holding Above 30 DMA
SINA, CAKE, CAM, WLT, ATW, SLB, NDAQ, USD, DECK, GR, RVBD, BYI, MHS, NETL, CAT, X, CREE, GES, HAS, CLF, CRM, INFA, VMW, SNDK, CRUS, FCX, FDX, AKS, A, AMD, DHR, DOW, FLS, GME, ICE, PNC, TBT, UCO, DE, FAS, JEC, STI, SWK, WHR, ZION, ACN, BAC, NYX, ESI, IPI, HSY, NTRI, ATI, CF, PCP, HANS, AIV, GS, URE
Moving Above 30 DMA = 6
Intermediate Term Market Trend: Up – 4 months
Short Term Market Trend: Up
All four broad indexes and the TRAN and SOX again closed above November’s old resistance now new support. In our watch list the number of gainers was significantly higher than the losers and six stocks moved above their 30 DMA while zero moved below.
The big seven NASDAQ stocks AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM all rose on Tuesday another indication the breadth of the rally, at least for the day.
Interest rates moved higher but closed slightly lower on Tuesday and bonds moved slightly higher. The Euro pulled back again and was at 1.3099 at 5 pm ET.
The SOX rose +0.66%, closing at 412.96 on Tuesday. The SOX is still a leading group at this time and has bounced in a bull flag pattern. The VIX closed up +0.08 at 16.49.
Moves on Tuesday
Continuation – SWK, WLT, CLF, JEC, ATI, NDAQ, X, AKS, NUE, STLD, IPI, WFMI, A, DHR
Resistance Breakout – SNDK, WFC, BAC, XLF, CAT, STI , DE
Bull Flag Bounce – SNDK, SINA, BAC, WFC, PNC, ZION, XLF, FAS, FLS, UNP, F, CAT, SLB, GS, AMD, BYI, UNG, RVBD, FFIV, VMW, AGU, CAKE, HAS, C
MACD Divergence Bounce – LVS
Support Bounce – BIDU, NFLX
Bear Flag Break –
Break of Support – SKX
Setup Charts to Watch
Bull Flag Setups – AKAM, HSY, WHR, ACN, NTRI, TBT, ATW, CREE, NETL, GME, USD, CRUS, CSTR, RMBS
Horizontal Breakout – FAS, F, FLS, FCX, CF, NYX, GES, GR, WYNN, DOW
MACD Divergence – LDK, TSL, JASO
Bear Flag Setups –LXK, CMG
Horizontal Support Breakout –
Continue to trade with the trend of the chart you are trading.
SPX
Resistance: 1,256, 1,281
Support: 1, 241, 1,220, 1,209
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. Tuesday was an entry signal for many stocks.
Enter bearish trades on a break of short term support or a bounce down from the 30 DMA.
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.
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 +1.99 –spinning top above resistance
AMZN +1.46 – spinning top after breakout
NFLX +8.19 – large white candle 30 DMA breakout
QCOM +0.55 – white candle close above resistance
GOOG +8.01 – white candle breakout
BIDU +2.46 – white candle bounce confirm Monday’s hammer/dragonfly doji
NDX 100 stocks stronger than the NDX include ADBE, SNDK, NFLX, NVDA, DELL, FLEX, GENZ, BIDU, AKAM, AMAT, VRTX, YHOO, MCHP, CTRP and WFMI.
Stocks weaker than the NDX: EBAY, GILD, ISRG, QGEN, DTV, ORLY
Stocks to Watch on Wednesday
Holding Above 30 DMA
SINA, CAKE, CAM, WLT, ATW, SLB, NDAQ, USD, DECK, GR, RVBD, BYI, MHS, NETL, CAT, X, CREE, GES, HAS, CLF, CRM, INFA, VMW, SNDK, CRUS, FCX, FDX, AKS, A, AMD, DHR, DOW, FLS, GME, ICE, PNC, TBT, UCO, DE, FAS, JEC, STI, SWK, WHR, ZION, ACN, BAC, NYX, ESI, IPI, HSY, NTRI, ATI, CF, PCP, HANS, AIV, GS, URE
Moving Above 30 DMA = 6
AGU, HLF, MOS, NFLX, POT, UNP
Moving Below 30 DMA = 0
Staying Below 30 DMA
TIE, MA, SKX, V, CSTR, UNG, VECO, ARUN, CMG, RMBS, SOHU, GMCR, MCD, SPG, SWN, AMX, LVS, UAL, FAZ, TLT, NTES, LDK, CHL, TSL, BA, LXK, DLR
TIE, MA, SKX, V, CSTR, UNG, VECO, ARUN, CMG, RMBS, SOHU, GMCR, MCD, SPG, SWN, AMX, LVS, UAL, FAZ, TLT, NTES, LDK, CHL, TSL, BA, LXK, DLR
Short Term Market Trend: Up
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