Another New High Close as SPX Hits 1,340...

The SPX formed a white candle and moved to another new high close, up +4.11 at 1,340.43 on Thursday.

SPX white candle, new high close

INDU spinning top, new high close

COMPQ white candle, new high close

RUT white candle, new high close

Breadth weakened on Thursday as advancers led decliners 1.66 to 1 on the NYSE and 1.49 to 1 on the NASDAQ …

Exchange       NYSE          NASDAQ

Advancers      1,884             1,585

Decliners        1,133             1,058

Index              Chg.     Close    Direction      Confirmation

VIX                 -0.13       16.59      Up                 Yes – SPX

SOX              +6.66     473.22      Up                 Yes – COMPQ

Leading stocks > +2% on Thursday included NVDA, DECK, CSTR, CLF, AMD, AKS, GLW, LDK, VECO, SLW, FWLT, CF, HUM

Losing stocks < -2.0% included GMCR, MCP, SWN, STI

The broad indexes rose on Thursday each making a new high close except the NDX which closed near even, but did not quite overcome AAPL moving lower.

Positives – SPX, INDU, COMPQ, RUT, SOX, VIX, Euro

Negatives – NDX, AAPL, TNX, Bonds, XLF, breadth weakened
Eight of nine sectors rose on Thursday with Energy XLE +0.99% and Materials XLB +0.90% leading all sectors for the second straight day.  Financials XLF -0.12% was the only sector moving lower.

Setups

Bull Flag – NFLX, SINA, NDAQ JDSU, CIEN, DE, ZION, WFC, XL GLW, SWKS

Breakout – VECO, SMH, FWLT, CLF, NVDA, CRUS, AKS, ATI, BAC, GLW, JNPR, LDK

SPX

Resistance: 1,338, 1,345, 1,352

Support: 1,330, 1,321, 1,311

The short term 3 day trend is up.
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 -4.83 – white spinning top day one on bull flag

AMZN +1.14 – piercing line in bull flag pull back below horizontal resistance

NFLX -2.09 – inverted hammer day three bull flag

QCOM +0.46 – white candle, new high close

GOOG +1.04 – piercing line in bull flag

BIDU -0.17 – spinning top in bull flag/pennant

NDX 100 stocks stronger than the NDX include NVDA, SHLD, GRMN, FLEX, LRCX, CTRP, ERTS, KLAC, RIMM, CA, QGEN and SYMC.

NTAP and ORLY led NDX losers after reporting earnings…

Stocks weaker than the NDX include NTAP, ORLY, FFIV, SPLS, DELL AAPL, ESRX, PCAR, AMGN, NFLX, EXPE and VOD.

Stocks to Watch on Friday
Holding Above 30 DMA
SINA, NDAQ, SMH, VLO, FWLT,CLF, JDSU, CRUS, DE, FAS, GLW, JEC,  ACN, NYX, ATI, URE, DISH, POT, BA, TSL, DLR, HANS, HUM, LDK, NTES, CAM,  SLB, TIE, MA, SPG, STI, CAT, DOW, MOS, NETL, SOHU, SWKS, ATW, SWK, TBT, ICE, JNPR, PCP, AGU, AMD, BAC, CF, DHR, IPI, LXK, PNC, SKX, V, ZION, ARUN, CIEN, CMG, HSY, DECK, GMCR, TIF, UAL, GES, RVBD, SLW, VECO, UNP, AKS, CRM, ESI, FDX, PCX, SNDK, X, LVS, A, MHS, NVDA

Moving Above 30 DMA = 4

CSTR, HAS, HLF, WLT

Moving Below 30 DMA = 2

GS, VMW

Staying Below 30 DMA

MCP, SWN, AIV, UCO, UNG, WHR, F, LCC, TLT, CHL, FCX, CREE, GME, FAZ

Added: VLO     Removed: HOLX, MCD

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