SPX New Low Close at Horizontal Support...

The SPX reversed Tuesday’s bounce and fell -22.45 to close at 1,265.42. The SPX fell below its short term diagonal resistance and fell to its 1,267 horizontal resistance area.

Interest rates TNX and Financials XLF fell and bonds TLT rose. Many stocks also reversed Tuesday’s support bounce entry and fell back near horizontal support. A break of support on Thursday would generate new low targets on the charts.


INDU large black candle, below 30 DMA -1.48%
COMPQ large black candle, below 30 DMA -1.76%
RUT large black candle, below 30 DMA -1.83%

Breadth weakened as decliners led advancers 5.35 to 1 on the NYSE and 3.72 to 1 on the NASDAQ …

Exchange      NYSE       NASDAQ
Advancers         481            556
Decliners        2,577         2,072

Index      Chg.       Close     Direction     Confirmation
VIX         +3.06        21.32        Up               Yes – SPX
SOX        -8.31      398.44        Down         Yes – COMPQ

Leading stocks > +2% on Wednesday included FAZ

Losing stocks < -2.0% included UCO, FAS, ARUN, SOHU, SINA, ANR, PCX, TSL, RVBD, MOS, FWLT, CF, CIEN, CSTR, JDSU, VMW, CDE, AGU, JNPR, KKD, TBT, WDC, URE, A, ZAGG, SWKS, ESI, CAN, CRUS, GLW, CLF, ANF, IAG, FFIV, BAC, NDAQ, FCX, DOW, DLR, WLT, SNDK, POT, TPX, COH, ATI, CAT, UNP, DE, ENTR, SLB, NVDA, F, STI, GES, CY, WTW

Positives – TLT

Negatives – SPX, VIX, INDU, COMPQ, NDX, RUT, TNX, XLE, XLB, XLF, AAPL, AMZN, BIDU, PCLN, Euro, breadth and sectors weakened

All nine sectors moved lower on Wednesday. Utilities XLU -1.23% and Healthcare XLV -1.36% were the strongest sectors.

SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,249

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 -5.69 – black candle, below 30 DMA
AMZN -3.98 – inverted hammer, at horizontal support, below 30 DMA
BIDU -5.98 – large black candle, below 30 DMA
GOOG -5.42 – spinning top, below 30 DMA
NFLX -4.00 – spinning top, above 30 DMA
PCLN -9.55 – spinning top, below 30 DMA
QCOM -1.48 – large black candle, below 30 DMA

NDX 100 stocks stronger than the NDX include NTAP, WCRX, GMCR, ALXN, CEPH, CELG, ORLY, GILD, GRMN and MAT.

Stocks weaker than the NDX include CTXS, BDIU, STX, CTSH, SHLD, MU, EBAY ADSK, JOYG, PAYX, FLEX, LINTA, APOL, BRCM and ADBE.

Stocks to Watch on Thursday
Holding Above 30 DMA
HLF, TIF, KKD, FAZ, CF, UNG, ESI, NGLS, CROX, AKS, GMCR
Moving Above 30 DMA = 1
TLT
Moving Below 30 DMA = 15
ACN, AGU, CHL, CRM, DLR, FCX, FFIV, HUM, IAG, ICE, POT, SLB, TBT, UNP, VMW
Staying Below 30 DMA
CMG, INFA, SWN, CY, V, VECO, COH, ATW, CREE, RVBD, ANF, GES, NVDA, SINA, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FWLT, 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, MOS, X, CAM, BAC

Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down



SPX large black candle, below 30 DMA -1.74%