SPX Bounces In Trading Range...Closes Near Resistance...

The SPX bounced off of Monday’s support to close +4.73 at 1,274.48 on Tuesday. 

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SPX support bounce bull flag

INDU support bounce bull flag

COMPQ spinning top new high close

RUT doji support bounce bull flag

Breadth strengthened on Tuesday as advancers led decliners 1.45 to 1 on the NYSE and 1.69 to 1 on the NASDAQ…

Exchange       NYSE          NASDAQ

Advancers      1,772              1,663

Decliners        1,219                 981

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Index  Chg.   Close   Direction     Confirmation

VIX      -0.65     16.89    Down           Yes – SPX

SOX  +1.35    431.52    Up                Yes – COMPQ

Leading stocks > 1% on Tuesday included PCX, SINA, ESI, ATI, CAM, WLT, FWLT, NTES, UCO, SWK, X, CLF, TSL, HUM, JEC, ATW, FCX, UNG, TIE, VECO, DISH, BAC, SLB, SOHU, A, CREE, AKS, USD, MHS, FLS, STI, CHL, NETL, ACN, FAS, NDAQ, DE, RVBD, TBT, CRUS

Losing stocks < -1% included AMD, CAKE, AIV, LVS, GMCR, MCP, GME, UAL, SNDK, IPI, CSTR, DECK, ICE, GES, CMG, FAZ, BYI, CRM  

Positives – NDX, SOX, RUT, EURO, XLF, Stronger advancers/decliners, GOOG

Negatives –PCLN

SPX

Resistance: 1,281, 1,300

Support: 1,256, 1, 241, 1,220

The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.

Trade with the trend of the chart you are trading.

Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.

Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.

 

AAPL -0.81 – dark cloud cover

AMZN -0.34 – spinning top

NFLX -1.23 – black candle bounce support  and MACD bullish divergence

QCOM +0.38 – white candle

GOOG -2.23 – spinning top

BIDU +0.30 – spinning top

NDX 100 stocks stronger than the NDX include APOL, SHLD, ISRG, EXPE, CELG, AMAT, ILMN, BIIB, MU, INTC, FISV, JOYG, WFMI, LRCX and MXIM.

Stocks weaker than the NDX: CTXS, PCLN, SNDK, SBUX, NVDA, INTU, NWSA, VMED, STX, WYNN, VOD, SPLS, ORLY, TEVA and DLTR.

Stocks to Watch on Wednesday
Holding Above 30 DMA
SINA, WLT, NDAQ, USD, GR, RVBD, BYI, CAT, FWLT, PCX, CLF, INFA, VMW, SNDK, CRUS, HOLX, FCX, AKS, A, AMD, DHR, DOW, FLS, PNC, DE, FAS, JEC, STI, SWK, WHR, ZION, ACN, BAC, NYX, IPI, MCP, ATI, CF, GS, URE, AGU, MOS, POT, UNP, BA, SWN, UNG, ARUN, NETL, LVS, VECO, CRM, PCP, TBT, TSL, DLR, GMCR, HANS, HUM, HLF, HSY, UAL, LDK, MHS, NTES, UCO

Moving Above 30 DMA = 7

CAM, CHL, CREE, SLB, SOHU, TIE, X

Moving Below 30 DMA = 2

AIV, FDX

Staying Below 30 DMA
ESI, DECK, GME, ICE, SPG, ATW, GES, TLT, HAS, CAKE, MA, SKX, V, CSTR, CMG, MCD, FAZ, LXK

Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral