SPX, INDU, COMPQ, NDX and SOX New High Close...RUT and TRAN Lag...

The SPX formed a potential hanging man closing up +3.77 at 1,310.87, a new high close.

SPX white candle, new high close

INDU white candle, new high close

COMPQ white candle at horizontal resistance

RUT potential hanging man, did not confirm Thursday’s potential hanging man

Breadth weakened on Friday as decliners led advancers 1.01 to 1 on the NYSE and 1.06 to 1 on the NASDAQ …

Exchange       NYSE          NASDAQ

Advancers      1,488             1,282

Decliners        1,507              1,360

Index              Chg.     Close    Direction      Confirmation

VIX                 -0.76       15.93     Down             Yes – SPX

SOX              +9.45     463.11     Up                  Yes – COMPQ

Leading stocks > +2% on Friday included CIEN, CRUS, A, ARUN, GMCR, JNPR, RVBD, SOHU, GLW, NETL, SWKS, SINA, SKX, CMG, CRM, GME, GES, NVDA, TBT  

Losing stocks < -2.0% included CSTR, LVS, AIV, X, UCO, ESI, LCC, PCX, AKS, LDK, TSL

Positives – SOX, NDX, COMPQ, VIX, TNX, SPX, INDU, AAPL, NFLX

Negatives – breadth weakened, sectors weakened, Euro weakness

Interest rates rose on Friday and bond ETF TLT broke support down 91 cents.  The Euro moved down 57 pips to 1.3576 at 5 pm ET. 

Six of nine sectors moved higher on Friday with Consumer Discretionary XLY +0.69% and Technology XLK +0.64% leading all sectors. 

Earnings – continue to watch earnings releases this next week

Breakouts and Setups – SWKS, X, RIMM, JNPR, SINA, ADSK, ALTR, BMC, COST, CSCO, CTSH, DTV, EBAY, FAST, FFIV, KLAC, NWSA, PAYX, PCLN, ROST, SHLD, VOD, VRSN, AKS

SPX

Resistance: 1,311, 1,321

Support: 1,300, 1,281, 1,271

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 +3.06 – white candle bull flag bounce

AMZN +2.22 – white candle, support bounce continuation, potential bear flag

NFLX +8.58 – large white candle, bull flag bounce, breakout, new high close

QCOM +0.25 – potential hanging man, new high close

GOOG +0.83 – spinning top at 30 DMA, potential bear flag

BIDU -0.82 – small bearish engulfing above gap support

NDX 100 stocks stronger than the NDX include SRCL, FFIV, BRCM, GRMN, NFLX, ALTR, CELG, NIHD, URBN, JOYG, WFMI, XLNX, VRSN, NVDA, AMAT, SHLD and LRCX.

Stocks weaker than the NDX include: LIFE, FISV, FSLR, MYL, CHKP, ORCL, WYNN and INFY.

Stocks to Watch on Monday
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

Moving Above 30 DMA = 4

A, CRM, GES, RVBD

Moving Below 30 DMA = 4

AIV, ESI, LVS, SLW

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

Added: CIEN, TIF

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

Making 2011 the best year ever!

Week 5 is done.  Just 47 weeks left to go as we move towards our objective to make 2011our best year ever.  How did you do?

                 

Again evaluate your trades for week 5.  Did you buy, hold and sell where you were supposed to according to your rules?

The big question for this week is did you re-enter according to your rules as Chart Signals guided you early in the week?  If so, you likely increased your profits and finished the week looking good.

Give yourself an A+ or 10 for each trade that you did follow your rules.

How is your portfolio doing YTD compared with the following indexes?  If you outperformed the SOX give yourself an A+, the INDU, NDX or SPX give yourself an A.

 

                        Week 5              YTD

SPX                 2.71%               4.23%

NDX                 2.98%               5.43%

SOX                5.59%             12.45%

INDU                2.27%              4.45%

Finally, take your annual goal that you sent in to Chart Signals and divide that goal by 52 weeks and multiply by 5.  How does your week 5 results compare to your goal?  If you are at the goal or higher give yourself and A+.