The SPX closed at 1,258.84, a new high close, up +4.24 or +0.34%. Look for trading volume to be light on Thursday with the market closed on Friday for Christmas Eve.
(click image to enlarge)
SPX new high close
INDU new high close
COMPQ new high close
RUT new high close
Breadth weakened on Wednesday as advancers led decliners 1.40 to 1 on the NYSE and 1.11 to 1 on the NASDAQ…
Exchange NYSE NASDAQ
Advancers 1,650 1,408
Decliners 1,172 1,258
(click image to enlarge)
Index Direction Confirmation
VIX Down Yes – SPX
SOX Up Yes – COMPQ
Leading stocks on Wednesday included JEC, STI, FAS, BAC, ZION, VECO, ESI, UCO, HOLX, ATW, FLS, URE, TBT, DLR, SWN, SWK, WHR, DISH, HSY, PNC, DOW, HLF, GS, GR, V, CREE, HAS, UNG, A, A, WLT
Leading stocks on Wednesday included JEC, STI, FAS, BAC, ZION, VECO, ESI, UCO, HOLX, ATW, FLS, URE, TBT, DLR, SWN, SWK, WHR, DISH, HSY, PNC, DOW, HLF, GS, GR, V, CREE, HAS, UNG, A, A, WLT
Losing stocks included GES, SINA, FAZ, CSTR, DECK, LVS, CRM, SOHU, GMCR, ARUN, TIE, CAKE, CLF, SNDK, CMG, MA, SKX, LDK, ATI, FWLT, VMW, NETL, TLT, USD, DE, CHL, DHR
All four broad indexes and the TRAN and SOX again closed above November’s old resistance now new support.
AAPL, AMZN, GOOG and PCLN rose, QCOM was unchanged and BIDU and NFLX fell slightly. PCLN had an increase in volume while the other six had lower volume as expected headed into the three day Christmas weekend.
Interest rates rose on Wednesday and bonds moved loweer. The Euro rose overnight and pulled back again on Wednesday and was at 1.3098 at 5 pm ET, just one pip lower than the same time on Tuesday.
The SOX rose +0.03%, closing at 413.09 on Wednesday. The SOX is still a leading group at this time and has bounced in a bull flag pattern. The VIX fell -1.04 to 15.45, its lowest close since July 19, 2007 when it closed at 15.23.
Seven of nine sectors moved higher on Wednesday with Financials XLF +1.11% and Utilities XLU +0.45% leading all sectors.
Moves on Wednesday
Continuation – STI, WFC, BAC, XLF, CAT, DE, GOOG, SWK, WLT, CLF, JEC, ATI, NDAQ, X, AKS, NUE, STLD, IPI, WFMI, A, DHR
Resistance Breakout – ZION
Bull Flag Bounce – WHR, HSY, SINA, PNC, UNP, F, BYI, RVBD, FFIV, VMW, AGU, CAKE, HAS, C
MACD Divergence Bounce – LVS
Support Bounce – UNG, BIDU, NFLX
Bear Flag Break – CMG
Break of Support – SKX
Setup Charts to Watch
Bull Flag Setups – SLB, GES, WYNN, AMD, AKAM, ACN, NTRI, TBT, ATW, CREE, NETL, GME, USD, CRUS, CSTR, RMBS
Horizontal Breakout – GS, F, CF, NYX, GR, DOW
MACD Divergence – LDK, TSL, JASO
Bear Flag Setups –LXK
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. Thursday 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 +0.95 –spinning top new high close
AMZN +0.01 – doji new high close
NFLX -0.89 – spinning top above 30 DMA
QCOM +0.00 – spinning top close above resistance
GOOG +8.01 – spinning top
BIDU -0.75 – spinning top at 30 DMA
NDX 100 stocks stronger than the NDX include NWSA, CTRP, ATVI, FLIR, PCLN, MU, MAT, QGEN, SPLS, PAYX, APOL, NVDA, MYL, XLNX and MICC.
Stocks weaker than the NDX: VRTX, AKAM, GRMN, EXPE, URBN, CTXS, WYNN, SNDK, ORLY
Stocks to Watch on Thursday
Holding Above 30 DMA
SINA, 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, AGU, HLF, MOS, NFLX, POT, UNP
Moving Above 30 DMA = 1
BA
Moving Below 30 DMA = 1
CAKE
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, 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, LXK, DLR
Intermediate Term Market Trend: Up – 2 months
Short Term Market Trend: Up
Short Term Market Trend: Up
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