The SPX hit 1,277 on Wednesday which was both its 1,278 support level and it support resistance measuring distance target. On Thursday the SPX bounced closing up +9.44 at 1,289.00.
SPX bullish engulfing, below 30 DMA +0.74%
Buying pressure was stronger than selling for the first time in seven trading sessions. Several stocks including TPX, ICE, ATI, AGU, POT, CF and bounced off of support as buying pressure increased.
INDU bullish engulfing, below 30 DMA +0.63%
COMPQ bullish harami, below 30 DMA +0.35%
RUT bullish harami, below 30 DMA +0.58%
Breadth strengthened as advancers led decliners 1.76 to 1 on the NYSE and 1.68 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,919 1,690
Decliners 1,085 1,005
Index Chg. Close Direction Confirmation
VIX -1.02 17.77 Down Yes – SPX
SOX +0.68 409.62 Down Yes – COMPQ
Leading stocks > +2% on Thursday included TPX, MOS, CF, POT, ATI, LDK, SOHU, AGU, CAM, NDAQ, ICE, HUM, IAG, FAS, NGLS, DE, SLB, KKD, SLW, VMW, COH, HLF, SWKS, PCX, CDE, FCX, A
Losing stocks < -2.0% included CIEN, SINA, MCP, UNG, FAZ, TSL
Positives – SPX, VIX, INDU, RUT, COMPQ, NDX, breadth and sectors strengthened, XLB, XLE, AMZN, BIDU
Negatives – AAPL, GOOG, TLT
All nine sectors moved higher on Thursday. Basic Materials XLB +1.66% and Energy XLE +1.36% were the strongest sectors.
Bond ETF TLT moved down -39 cents. Financials XLF +1.15% moved up 17 cents.
Support Bounce Entry: TPX, ICE, ATI, A, DHR, FCX, SLB, SPY
Bull Flag Entry on Thursday: AGU, CF, COH, ESI, HUM, IAG, POT, UNP, VMW
Support Bounce Setups for Friday: ATW, RVBD, AN, ANF, GES, NVDA, ENTR, FWLT, ARUN
Bull Flag Setups for Friday: TIF, VECO, GMCR, KKD, CMG, CY, INFA, CRM, MA GES, CHL, HLF, CROX, WTW, NFLX, MRVL
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
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 -0.75 – inside day, below 30 DMA
AMZN +1.63 – open gap doji, outside day, below 30 DMA
BIDU +2.54 – bullish harami, below 30 DMA
GOOG -2.44 – black candle, below 30 DMA
NFLX +0.31 – doji, above 30 DMA
PCLN +2.49 – hammer, below 30 DMA
QCOM -0.43 –spinning top, below 30 DMA
NDX 100 stocks stronger than the NDX include FLEX, URBN, RIMM, SIAL, BIDU, ERTS, BBBY, SHLD, CTXS, ORLY, SPLS, XLNX, KLAC and WFM.
Stocks weaker than the NDX include VRTX, FFIV, NVDA, MXIM, QCOM, AKAM, CA, SBUX, LINTA, ALTR, ISRG, GOOG, STX and LRCX.
Stocks to Watch on Friday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, FFIV, GMCR, KKD, FAZ, CMG, CF, CRM, IAG, UNG, ESI, SWN
Moving Above 30 DMA = 8
AGU, CHL, HUM, INFA, NGLS, POT, SLB, VMW
Moving Below 30 DMA = 0
Staying Below 30 DMA
CROX, CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, UNP, ANR, TPX, WTW, A, AKS, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
1 comment:
thanks Dave. your comments about support and res on the spx are clearly spot on. It's amazing (accidentally of course) that the index came just to that point before bouncing. Now the only question is if it will continue down after one up day, or being going back with higher lows and higher highs.
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