Selectivity is once again becoming big money’s buying strategy. Semiconductor, communication network, computer storage and airline stocks are generating strong selling. Financials and specific stocks like NKE, GOOG, ISRG and AAPL are attracting buying.
Check the charts on JPM, WFC, STT, KEY, C, BAC, GS, ZION
The Euro, interest rates and financial stocks rose as the SPX continued Tuesday’s support bounce to close up +17.96 at 1,343.80.
(click image to enlarge)
SPX large white candle, above 30 DMA +1.35%
INDU large white candle, above 30 DMA +1.21%
COMPQ white spinning top, above 30 DMA +0.72%
RUT white candle, above 30 DMA +1.07%
Breadth strengthened as advancers led decliners 4.57 to 1 on the NYSE and 2.12 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,436 1,764
Decliners 582 832
Index Chg. Close Direction Confirmation
VIX -1.53 17.56 Down Yes – SPX
SOX +3.77 398.88 Up Yes – COMPQ
Leading stocks > +2% on Thursday included MHS, MCP, FAS, NVDA, GES, WLT, UNP, BAC, STI, ATI, X, SLB, ANR, CF, MOS, FWLT, DE, ATW, GS, SWN, AKS
Losing stocks < -2.0% included FFIV, CRUS, WDC, ARUN, FAZ, SINA, ESI, CRM, SWKS, NETL, SLW, JNPR, RVBD, UNG,
Positives – SPX, VIX, INDU, TNX, XLF, GOOG, Euro
Negatives TLT, AMZN, BIDU, NFLX, PCLN
Just three of nine sectors moved higher on Wednesday. Financials XLF +2.40% and Energy XLE +1.97% were the strongest sectors.
Interest rates TNX closed +0.77, bond ETF TLT fell 74 cents and Financials XLF was rose 36 cents. The Euro moved up 207 pips to close at 1.4421 at 5 pm on Thursday.
SPX
Resistance: 1,344, 1,359, 1,370
Support: 1,330, 1,321, 1310
The short term 3 day trend is up.
The six-month trend is neutral.
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 +0.39 – spinning top, new high close, above 30 DMA
AMZN -2.34 –black candle, above 30 DMA
BIDU -4.82 – bearish engulfing, above 30 DMA
GOOG +11.64 – bullish engulfing, above 30 DMA
NFLX -5.59 – black candle, bull flag setup, above 30 DMA
PCLN -3.94 – inverted hammer, above 30 DMA
QCOM -0.36 –white candle gap down, above 30 DMA
NDX 100 stocks stronger than the NDX include ALXN, ESRX, RIMM, VMED, NVDA, ISRG, ALTR, NWSA, CSCO and JOYG.
Stocks weaker than the NDX include STX, FFIV, BIDU, DELL, NFLX, CTXS, AMZN, DTV, INTC and PCLN.
Stocks to Watch on Friday
Holding Above 30 DMA
TIF, KKD, CROX, GMCR, TPX, AGU, CMG, HLF, VMW, ATW, NGLS, CLF, ESI, ACN, CSTR, ICE, POT, AKS, CAM, CAT, COH, CRUS, DECK, DLR, FCX, LVS, NKE, NTES, PCX, SLB, SWN, URE, V, SINA, SOHU, WTW, ANF, CDE, SLW, CF, IAG, ANR, ATI, MOS, DLR, WLT, CHL, CY, MCP, UCO, MHS
Moving Above 30 DMA = 9
DE, DOW, FAS, GS, STI, TBT, UNP, X, ZION
Moving Below 30 DMA = 9
CRM, DHR, FFIV, JNPR, NETL, SWK, TLT, UNG, WDC
Staying Below 30 DMA
ARUN, FAZ, RVBD, HUM, ENTR, INFA, SWK, SMH, A, F, GES, HAS, NDAQ, SNDK, LDK, BAC, TSL, UAL, UNG, VECO, CREE, NVDA, FWLT, JDSU, GLW, CIEN, IL
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
1 comment:
Dave,
Many thanks for the continued diligence in sharing your knowledge and helping others to learn. Good to hear you again in the Thur Trading Room.
-Rob in Raleigh
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