SPX Holds at 1,310 Support, Forms Hammer...

Dave will be flying Friday morning and will post again Friday afternoon.  See you in the Weekly Wrap after the close...


The SPX returned to a more typical trading range as interest rates TNX rose +0.64 to 3.030%.  The May Jobs report will be released before the open on Friday.

SPX hammer, close below 30 DMA -0.12%
INDU hammer, below 30 DMA -0.34%
COMPQ doji bullish harami, below 30 DMA +0.15%
RUT spinning top, below 30 DMA -0.09%

Breadth strengthened as decliners led advancers 1.12 to 1 on the NYSE and advancers led decliners 1.01 to 1 on the NASDAQ …

Exchange      NYSE      NASDAQ
Advancers     1,421        1,292
Decliners       1,596        1,275

Index      Chg.     Close     Direction     Confirmation
VIX        -0.21       18.30        Down          Yes – SPX
SOX      +0.14     426.42        Up               Yes – COMPQ

Leading stocks > +2% on Wednesday included ESI, HLF, SINA, TBT, UNG, ARUN, SOHU

Losing stocks < -2.0% included ANR, WTW, GES, CDE, ENTR


The May Unemployment and Jobs reports will be out before the open on Friday. This typically creates some short term volatility. Watch short term support levels for a potential break.

If support holds these up trending bull flag setups could give an entry opportunity:  ANF, TIF, COH, CY, FFIV, VECO, GMCR, KKD, CMG, CF, CREE, INFA, CRM, V, GES, NVDA, POT, AGU, CHL

SPX
Resistance: 1,321, 1,330, 1,344
Support: 1,310, 1,300, 1,288


The short term 3 day trend is down.
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 +0.59 – spinning top, above 30 DMA
AMZN +1.25 – bullish harami, below 30 DMA
BIDU +6.02 – open gap bullish engulfing, just below 30 DMA
GOOG +2.46 – spinning top, just below 30 DMA
NFLX +4.44 – white candle, above 30 DMA
PCLN +5.72 – spinning top, below 30 DMA
QCOM +0.64 – bullish harami, above 30 DMA


NDX 100 stocks stronger than the NDX include APOL, JOYG, BIDU, VRTX, BIIB, EBAY, FFIV, NFLX, VRSN, CTRP, CTXS, AKAM, QCOM and PCLN.


Stocks weaker than the NDX include ESRX, INTU, MU, COST, WFMI, GRMN, SYMC, DLTR, PAYX, BBBY, CERN, MSFT, CSCO and ROST.


Stocks to Watch on Friday
Holding Above 30 DMA
HUM, HLF, ANF, DLR, TIF, COH, TLT, CY, FFIV, VECO, GMCR, KKD, RVBD, FAZ, ACN, CMG, VMW, CF, CREE, INFA, CRM, IAG, NGLS, V, GES, NVDA, POT, AGU CHL, UNG
Moving Above 30 DMA = 3
ESI, SINA, UNP
Moving Below 30 DMA = 3
ANR, TPX, WTW
Staying Below 30 DMA
A, AKS, ATW, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SLB, SMH, SNDK, STI, SWN, 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: Up
Short Term Market Trend: Neutral