SPX Reaches 1,321 Price Target...New High Close for SPX, INDU, NDX and RUT...

The SPX formed a white candle closing up +8.18 at 1,319.05, a new high close and reaching its 1.321 price target intra-day.

SPX white candle, new high close

INDU white candle, new high close

COMPQ white candle horizontal breakout

RUT white candle at horizontal resistance

Breadth strengthened on Monday as advancers led decliners 2.26 to 1 on the NYSE and 2.09 to 1 on the NASDAQ …

Exchange       NYSE          NASDAQ

Advancers      2,087             1,817

Decliners          921                 869

Index              Chg.    Close    Direction      Confirmation

VIX                 +0.35      16.28    Up                  No – SPX

SOX               -1.86     461.25    Down             No – COMPQ

Leading stocks > +2% on Monday included ATW, LCC, FAS, CSTR, NYX, A, UAL, ZION, BAC, ESI, SKX, CF, F, RVBD, DECK, DHR, URE, AGU  

Losing stocks < -2.0% included UNG, NVDA, FAZ, UCO, NETL, HUM, GLW, CRUS, HANS, FCX

Positives – NDX, COMPQ, SPX, INDU, AAPL, XLF leading sector, breadth strengthened, sectors strengthened

Negatives – SOX, VIX

Interest rates moved slightly lower on Monday and bond ETF TLT rose 46 cents.  The Euro moved slightly up 5 pips to 1.3581 at 5 pm ET. 

Eight of nine sectors moved higher on Monday with Financials XLF +1.46% and Industrials XLI +0.94% leading all sectors.

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Earnings – continue to watch earnings releases this next week

 

Charts to Watch

A bull flag, a C Pattern, a C Pattern return move and a reversal pattern.  Potential reversals not shown: F, LCC and UAL.

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SPX

Resistance: 1,321, 1,330

Support: 1,311, 1,300, 1,281

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 +5.38 – white candle horizontal breakout, new high close

AMZN +0.50 – spinning top, support bounce continuation, potential bear flag

NFLX -2.05 – dark cloud cover pullback to horizontal breakout

QCOM -0.16 – spinning top

GOOG +3.31 – white candle, support bounce potential bear flag

BIDU +1.28 – white spinning top above gap support

NDX 100 stocks stronger than the NDX include: CHKP, MU, MRVL, TEVA, JOYG, CTRP, INFY, AAPL, CA, MSFT, SRCL and LRCX

Stocks weaker than the NDX include: NVDA, VRTX, NWSA, VOD, GILD, BIIB and AKAM

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

Moving Above 30 DMA = 4

ESI, HAS, SLW, VECO

Moving Below 30 DMA = 0

Staying Below 30 DMA
AIV, LVS, WLT, UNP, UCO, UNG, WHR, F, FDX, MHS, TLT, CHL, VMW, FCX, GS, HLF, CREE, GME, CSTR, MCD, FAZ

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