After a 71 point rise last week the SPX was down -1.79 to close at 1,337.88. The positive side is that markets do need to pause, exhale and accommodate sellers. The fact that the SPX stayed above Friday’s S1 at 1,330 indicates that profit-takers didn’t have a lot of selling pressure today.
AAPL, AMZN, BIDU, GOOG, NFLX and PCLN were six of the top nine leaders in the NDX 100 on Tuesday.
Gold, silver, agriculture and oil stocks rose on a day when the dollar was stronger and could suggest that the down tick in the Euro and interest rates may be a fake out.
Short term traders need to stay alert for a potential move below Tuesday’s low which could represent the end of the six day short term up trend. Tuesday is the high day. Keep in mind Friday's S1 is below Tuesday's low and may act as short term support even if price moves below Tuesday's low Traders have different rules for a short term high day and a move below Tuesday’s low could represent a potential exit for some short term traders.
(click image to enlarge)
SPX potential bearish harami, above 30 DMA -0.13%
INDU spinning top, above 30 DMA -0.10%
COMPQ white spinning top, above 30 DMA +0.35%
RUT potential hanging man, above 30 DMA +0.19%
Breadth weakened as decliners led advancers 1.02 to 1 on the NYSE and advancers led decliners 1.02 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,481 1,301
Decliners 1,519 1,273
Index Chg. Close Direction Confirmation
VIX +0.19 16.06 Up Yes – SPX
SOX -4.17 414.94 Down No – COMPQ
Leading stocks > +2% on Tuesday included SLW, SINA, UCO, IAG, ANF, SOHU, CDE, AGU, CRM, POT, CROX, CF, NTES, INFA, AKS, ARUN, TIF, HLF, CSTR, FAZ
Losing stocks < -2.0% included CIEN, CREE, VECO, FWLT, JDSU, CRUS, MCP, STI, NETL, FAS
Positives – COMPQ, RUT, XLE, TLT, AAPL, AMZN, BIDU, GOOG, NFLX, PCLN, QCOM
Negatives – XLF, SOX, TNX, Euro, breadth and sectors weakened
Four of nine sectors moved higher onTuesday. Energy XLE +0.62% and Consumer Discretionary XLY +0.44% were the strongest sectors. Financials XLF -0.90% was the weakest sector.
Interest rates TNX moved down -0.61, bond ETF TLT rose 21 cents and Financials XLF was down 14 cents. The Euro moved down 99 pips to close at 1.4422 at 5 pm on Tuesday.
SPX
Resistance: 1,344, 1,359, 1,370
Support: 1,330, 1,321, 1,310
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 +6.17– large white candle, above 30 DMA
AMZN +3.70 – large white candle, breakout continuation, above 30 DMA
BIDU +2.52 – doji, above 30 DMA
GOOG +11.41 –white candle, horizontal breakout setup, above 30 DMA
NFLX +21.64 – gap large white candle, above 30 DMA
PCLN +10.57 – large white candle, breakout continuation, above 30 DMA
QCOM +0.26 –spinning top, above 30 DMA
NDX 100 stocks stronger than the NDX include NFLX, ILMN, GOOG, PCLN, SBUX, AAPL, GMCR, AMZN, BIDU, CHKP, SNDK and DLTR.
Stocks weaker than the NDX include KLAC, SHLD, LLTC, NVDA, LRCX, AMAT , CA
Stocks to Watch on Wednesday
Holding Above 30 DMA
TIF, KKD, CROX, GMCR, HUM, INFA, TPX, AGU, CMG, CRM, HLF, NETL, VMW, ATW, NGLS, CHL, CLF, ENTR, ESI, ACN, CSTR, ARUN, FFIV, ICE, POT, RVBD, TBT, A, AKS, CAM, CAT, COH, CRUS, DECK, DLR, DOW, FCX, LDK, LVS, NKE, NTES, PCX, SLB, TSL, UNP, WDC, ZION, ATI, DE, FAS, GES, MCP, MOS, NDAQ, SWN, URE, V, X, DHR, SINA, SMH, SWK, BAC, CY, F, HAS, SOHU, WLT, WTW
Moving Above 30 DMA = 4
ANF, CDE, SLW, SNDK
Moving Below 30 DMA = 2
GS, STI
Staying Below 30 DMA
CF, FAZ, TLT, UAL, UNG, IAG, VECO, CREE, NVDA, ANR, FWLT, MHS, JDSU, JNPR, GLW, CIEN, IL, SWKS, UCO
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
1 comment:
Thanks, Dave. I'm catching on!
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