SPX Forms Inverted Hammer at Feb 23 - 24 Horizontal Support Level...

Dave is traveling home from an AT Workshop in Phoenix tonight...

SPX spinning top at support

INDU spinning top at support

COMPQ spinning top at support, higher low

RUT spinning top at support, higher low

Breadth strengthened on Wednesday and turned positive as advancers led decliners 1.73 to 1 on the NYSE and 1.25 to 1 on the NASDAQ …

Exchange       NYSE          NASDAQ

Advancers      1,901             1,472

Decliners        1,094              1,170

Index              Chg.    Close    Direction      Confirmation

VIX                 -0.31       20.70     Down            Yes – SPX

SOX              +6.31     456.09     Up                 Yes – COMPQ

Leading stocks > +2% on Wednesday included PCX, WLT, CAM, CIEN, UCO, TBT, CLF, MA, CSTR, SMH, VMW

Losing stocks < -2.0% included SINA, NVDA, SOHU, JDSU, UAL

Positives – breadth and sectors strengthened, TNX, Euro, AAPL, AMZN, BIDU, PCLN, bonds fell

Negatives –

Downward momentum halted on Wednesday as selling pressure decreased and buying pressure increased. 

Interest rates moved higher on Wednesday and bond ETF TLT was down -1.42.  The Euro rose 88 pips to 1.3863 at 5 pm ET

SPX

Resistance: 1,311, 1,321, 1,330

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

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 +2.81 – spinning top, close above 30 DMA

AMZN +2.58 – piercing line at horizontal support

NFLX -0.40 – spinning top does not confirm hammer at earnings gap support

QCOM -0.94 – black candle in bull flag pullback

GOOG +0.03 – spinning top at horizontal support

BIDU +1.66 – spinning top at earnings gap support

NDX 100 stocks stronger than the NDX include XLNX, LRCX, KLAC, YHOO, ALTR, BRCM, VRTX, CEPH, WFMI, EXPD, AKAM, SRCL, STX, NWSA and CTXS.

Stocks weaker than the NDX include NVDA, JOYG, COST, ADSK, FLEX, QCOM, FSLR, NIHD, AMGN, RIMM, CMCSA, HSIC, SBUX, FISV and CSCO.

Stocks to Watch on Thursday
Holding Above 30 DMA
NDAQ, VLO, CLF, JDSU, CRUS, GLW, NYX, URE, DISH, DLR, HUM, NTES, CAM,  SLB, SPG, CAT, NETL, ATW, SWK, ICE, JNPR, AMD, DHR,  ARUN, CIEN, HSY, DECK, GMCR, GES, RVBD, SLW, ESI, HLF, TLT, MOS, SWKS, AGU, POT, FAZ, MCP

Moving Above 30 DMA = 7

CMG, HAS, MA, MHS, SMH, V, VECO

Moving Below 30 DMA = 3

HANS, IPI, SOHU

Staying Below 30 DMA

AIV, AKS, ATI, BA, CF, DOW, FAS, GES, SWN, TIF, UNP, ACN, CRM, CSTR, LDK, SNDK, STI, TSL, TIE, A, BAC, DE, FDX, FWLT, GS, JEC, LVS, LXK, NVDA, PCP, PNC, TBT, UAL, X, PCX, SINA, SKX, WLT, ZION, VMW, UNG, WHR, F, LCC, CHL, FCX, CREE, GME, UCO

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