SPX Rises 22 Points, Makes Highest Close Since the Feb 18 High...

The SPX formed a large white candle and closed up +22.53 at 1,330.97 on Thursday.  A breakout above 1,332 will generate a SPX price target of 1,362.  We will look for a potential breakout on Friday.  Watch for the jobs report Friday morning...

SPX morning star pattern

INDU morning star pattern

COMPQ large white candle breaks short term resistance

RUT large white candle breaks short term resistance

Breadth strengthened again on Thursday as advancers led decliners 4.43 to 1 on the NYSE and 3.32 to 1 on the NASDAQ …

Exchange       NYSE          NASDAQ

Advancers      2,468             2,051

Decliners           556               617

Index              Chg.    Close    Direction      Confirmation

VIX                 -2.10       18.60     Down            Yes – SPX

SOX              +8.68     464.77     Up                 Yes – COMPQ

Leading stocks > +2% on Thursday included ARUN, VLO, CRUS, FAS, RVBD, LCC, ATI, CIEN, PCX, NETL, CF, CLF, ACN, WLT, GES, GMCR, DISH, DOW, DE, NTES, IPI, A, CAT, BAC, FWLT, BA, FDX, URE, SINA, PCP, CAM, STI, SWKS, WHR,  V, HAS, JDSU, TIE, GLW, UAL, TIF, AGU, VMW, MA, GME, MCP, HANS, AIV, SMH, SLB  

Losing stocks < -2.0% included FAZ

Positives – SPX, INDU, COMPQ, NDX, RUT, VIX, AAPL, BIDU, GOOG, PCLN, QCOM, breadth and sectors strengthened, TNX, Euro, bonds fell

Negatives –

Interest rates bounced higher on Thursday and bond ETF TLT fell sharply for the second straight day down -0.89.  The Euro rose 100 pips to 1.3963 at 5 pm ET closing above its Feb 1 horizontal resistance.  The Euro breakout signals a higher Euro and lower dollar.

All nine sectors rose on Thursday with Industrials XLI +2.42%, Healthcare XLV +2.06% and Financials XLF +2.04% leading all sectors.

Review the stocks that crossed above their 30 DMA and those already above their 30 DMA for support bounce and breakout opportunities including:  A, ARUN, CAT, CRUS, DISH, DOW, JOYG, NETL, NTES, PCLN, PCX, QCOM, RVBD, VLO, WYNN...and ETFs SPY, QQQQ, IWM and DIA

Many stocks are setup and could cross their 30 DMA on Friday including: BAC, FWLT, JEC, STI, SOHU, TBT

SPX

Resistance: 1,330, 1,344, 1,362

Support: 1,321, 1,311, 1,300

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 +7.44 – spinning top approaching horizontal resistance

AMZN +0.77 – black spinning top confirms piercing line at horizontal support

NFLX -0.86 – spinning top does not confirm hammer at earnings gap support

QCOM +1.74 – white candle in bull flag support bounce

GOOG +8.77 – white candle above high of low day in support bounce

BIDU +2.36 – spinning top support bounce off 30 DMA and earnings gap

NDX 100 stocks stronger than the NDX include VRTX, FLEX, MU, ALTR, RIMM, WYNN, PCLN, CHRW, BMC, JOYG, CHKP, WCRX, QCOM, KLAC and LRCX.

Stocks weaker than the NDX include AKAM, NFLX, TEVA, GENZ, CSCO and FSLR.

Stocks to Watch on Friday
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, RVBD, SLW, ESI, HLF, UCO, MOS, SWKS, AGU, POT, MCP, CMG, HAS, MA, MHS, SMH, V, VECO

Moving Above 30 DMA = 16

A, ACN, ATI, BA, CF, CSTR, DE, DOW, FAS, GES, HANS, IPI, PCX, TIF, UNP, WLT

Moving Below 30 DMA = 2

FAZ, TLT

Staying Below 30 DMA

SOHU, AIV, AKS, SWN, CRM, LDK, SNDK, STI, TSL, TIE, BAC, FDX, FWLT, GS, JEC, LVS, LXK, NVDA, PCP, PNC, TBT, UAL, X, SINA, SKX, ZION, VMW, UNG, WHR, F, LCC, CHL, FCX, CREE, GME

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