SPX, INDU, COMPQ Close Above 30 DMA

The SPX rose +5.97 and closed at 1,218.89.  The SPX is above its 1,200 horizontal resistance and formed another higher high and higher low on the daily candle. Four of the five broad indexes are above their 30 DMA.

Five NDX stocks closed above their 30 DMA today including JOYG, LIFE, QCOM, SPLS and XRAY with the total above at 55.  In our 30 DMA Watch List, 6 stocks closed above the 30 DMA with the total at 39.

Posture turned Bullish on Friday as the MF Green Line moved out of the lower reversal zone on Friday.  Take One Green Arrow trades.

 

NDX spinning top, above30 DMA +0.15%

SPX potential shooting star, close above 30 DMA +0.49%

INDU potential shooting star, close above 30 DMA +0.46%

COMPQ spinning top, close above 30 DMA +0.55%

RUT spinning top, at 30 DMA -0.17%

Breadth strengthened as advancers led decliners 1.84 to 1 on the NYSE and weakened slightly as decliners barely led 1.005 to 1 on the NASDAQ …

Exchange       NYSE        NASDAQ

Advancers      1,971           1,277

Decliners        1,066            1,284          

Index         Change    Close    Direction    Confirmation

VIX                -1.27      31.62      Down          Yes – SPX

SOX              -2.44    355.79      Down          No – COMPQ

Leading stocks > +2% on Wednesday CRM, VMW, FAS, NTES, TBT, FFIV, IL, CREE, F, HAL, URE

Losing stocks < -2.0% included LDK, JNPR, LNKD, INFA, CF, JDSU, ENTR, FAZ, CROX, CIEN, NETL, MOS, ANR, AKS, NVDA, CSTR, WLT

Eight of nine sectors moved higher on Wednesday.  Financials XLF +1.29%, Energy XLE +0.75% and Healthcare XLV +0.69% were the strongest sectors.

Interest rates TNX closed +0.42 at 22.18, bond ETF TLT fell -1.68 and Financials XLF was up 17 cents.  The Euro moved down 71 pips to close at 1.4371 at 5 pm on Wednesday.

SPX

Resistance: 1,225, 1,235, 1,249

Support: 1,200, 1,177, 1,160

The short term 3 day trend is up.

The six-month trend is down.

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 -5.19 – bearish engulfing, above 30 DMA

AMZN +4.31 –white candle, above 30 DMA

BIDU -2.57 – potential dark cloud cover, above 30 DMA

GOOG +0.26 – potential hanging man, below 30 DMA

NFLX -1.27 – spinning top, below 30 DMA

PCLN +2.04 – potential hanging man, above 30 DMA

QCOM +0.22 – spinning top, close above 30 DMA

NDX 100 stocks stronger than the NDX include CTXS, WFM, FFIV, FLIR, TEVA, AMZN, NIHD, ADSK, GMCR and MYL.

Stocks weaker than the NDX include ALTR, NVDA, DLTR, CERN, FSLR, BIDU, YHOO, LRCX, MAT and AAPL.

Stocks to Watch on Thursday

Holding Above 30 DMA = 33

TLT, CF, CHL, CDE, SLW, DE, GMCR, KKD, MOS, NKE, POT, V, CRUS, DLR, HLF, HUM, ICE, JDSU, LVS, NDAQ, NTES, SOHU, TIF, UAL, ZAGG, ARUN, CLF, CMG, CSTR, FWLT, MCP, NGLS, SINA

Moving Above 30 DMA = 6

CREE, DHR, GLW, SWK, URE, VMW

Moving Below 30 DMA = 3

CROX, NVDA, TSL

Staying Below 30 DMA

BAC, VECO, LDK,DECK, HAL, IBM, LNKD, SNDK, SWKS, TPX, ESI, ANF, COH, FCX, GS, SLB, WLT, SWN, DOW, UCO, UNP, ANR, ATI, CAT, CIEN, CRM, FAS, JNPR, SMH, STI, WDC, AKS, C, PCX, TBT, X, ZION, NETL, FFIV, RVBD, ENTR, INFA, A, F, GES, IL

Intermediate Term Market Trend: Down

Short Term Market Trend: Up

Futures Point to a Higher Open on Breakout Continuation...SPX Price Target 1,298...

BMO – ES +12.00 and NQ +19.25 futures are higher about 45 minutes before the open in pre-market trading and point to a higher open…volume is light for pre-market with more stocks quoting up thandown…Financial stocks, XLF is up 10 cents on 9,100 shares in pre-market at this time…

TLT is up 29 cents and the Euro is down 2 pips in premarket trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting higher in pre-market trading…

Dave’s Insight for Wednesday: Tuesday was the typical breakout pause or profit taking following a large up day…the pull back stayed above Monday S1 level…all sectors were higher except XLF…advancers led decliner on both the NYSE and NASDAQ…Follow your rules for trading breakouts as the double bottom breakout looks to continue up…The SPX chart target is 1,298…Pull backs to support may be a second chance to enter the trend…Take the trade according to your rules…Posture did turn bullish on Friday, Green Line is above 20 and rising…Watch XLF as a key factor in any SPX move up or down…

SPX
Resistance: 1,225, 1,235, 1,249
Support: 1,200, 1,177, 1,160

Quoting Down – URE, HUM, FAZ, CHL, DHR, DLR, UCO, ANF, ICE, SWK, ESRX, SRCL, SHLD, XRAY, COST, CELG, CERN, EBAY, FISV, SBUX

Quoting Up – SINA, BIDU, JOYG, PCLN, NFLX, GOOG, WYNN, CMG, CRM, CF, VMW, CAT, DECK, GMCR, SOHU, DE, MCP, RVBD, LNKD, CSTR, FCX, IBM, X, WLT, GS, MOS, LVS, HAL, V, ANR, SLB, RCL, SNDK, TLT, CIEN, JDSU, POT, C, SWKS, AAPL, AMZN, FFIV, LIFE, CTXS, NTAP, RIMM, ISRG, DLTR, BIIB, TEVA, CTRP

NDX Closes Above 30 DMA...SPX, INDU, COMPQ and RUT Close Just Below...

The SPX rose +2.84 and closed at 1,212.92. The SPX closed above its 1,200 horizontal resistance and formed a higher high and higher low on the daily candle. Each of the broad indexes stayed above horizontal resistance.

NDX leaders AMZN, BIDU, NFLX, PCLN and QCOM all gained more than the NDX, AAPL and GOOG gained less.

Eight NDX stocks closed above their 30 DMA today including BIDU, CA, CTRP, EBAY, MSFT, MYL, NVDA and SIAL with the total above at 51. In our 30 DMA Watch List, 9 stocks closed above the 30 DMA with the total at 36.

Posture turned Bullish on Friday as the MF Green Line moved out of the lower reversal zone on Friday. It is time to take One Green Arrow trades again.

NDX white candle horizontal breakout, close above 30 DMA +0.62%
SPX potential hanging man, at 30 DMA +0.23%
INDU potential hanging man, at 30 DMA +0.18%
COMPQ white candle horizontal breakout, at 30 DMA +0.55%
RUT white candle horizontal breakout, at 30 DMA +0.47%

Breadth weakened as advancers led decliners 1.76 to 1 on the NYSE and 1.09 to 1 on the NASDAQ …

Exchange     NYSE     NASDAQ
Advancers    1,910        1,324
Decliners      1,084        1,204

Index     Change     Close     Direction     Confirmation
VIX            +0.61      32.89      Down            No – SPX
SOX           -0.21     358.23      Down            No – COMPQ

Leading stocks > +2% on Tuesday JDSU, SINA, MCP, KKD, LNKD, ENTR, GMCR, CSTR, CIEN, RVBD, UCO, SOHU, NTES, NETL, LVS, HUM, VMW, NVDA, FWLT, UNP

Losing stocks < -2.0% included TBT, BAC, LDK, ANR, CRM, NKE

SPX
Resistance: 1,225, 1,235, 1,249
Support: 1,200, 1,177, 1,160

The short term 3 day trend is up.
The six-month trend is down.
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.

NDX 100 stocks stronger than the NDX include RIMM, CTRP, NFLX, WYNN, GMCR, BIDU, MAT, VRTX, PCLN, EXPE and NVDA.

Stocks weaker than the NDX include MU, LRCX, WCRX, SPLS, MCHP, ADBE, ADSK, NWSA, XRAY and FLIR.

Stocks to Watch on Wednesday
Holding Above 30 DMA = 27
TLT, CF, CHL, CDE, SLW, DE, GMCR, KKD, MOS, NKE, POT, V, CROX, CRUS, DLR, HLF, HUM, ICE, JDSU, LVS, NDAQ, NTES, SOHU, TIF, TSL, UAL, ZAGG
Moving Above 30 DMA = 9
ARUN, CLF, CMG, CSTR, FWLT, MCP, NGLS, NVDA, SINA
Moving Below 30 DMA = 2
BAC, VECO
Staying Below 30 DMA
LDK,CREE, DECK, HAL, IBM, LNKD, SNDK, SWKS, TPX, ESI, ANF, COH, FCX, GS, SLB, WLT, SWN, DOW, UCO, UNP, VMW, ANR, ATI, CAT, CIEN, CRM, FAS, JNPR, SMH, STI, URE, WDC, AKS, C, PCX, TBT, X, ZION, NETL, DHR, FFIV, RVBD, ENTR, INFA, SWK, A, F, GES, GLW, IL

Intermediate Term Market Trend: Down
Short Term Market Trend: Up

Futures Point to a Lower Open...Breakouts Usually Test...

Dave is teaching an Advanced Technicals Workshop to approximately 350 traders in Dallas today...


BMO – ES -8.75 and NQ -12.25 futures are lower about 45 minutes before the open in pre-market trading and point to a lower open…volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is down 12 cents on 24,500 shares in pre-market at this time…

TLT is up 1.73 cents and the Euro is down 97 pips in premarket trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower in pre-market trading…

Dave’s Insight for Tuesday: After Monday’s strong up day and breakout a pause or profit taking pull back is typical…Follow your rules for protecting your profits…Pull backs to support may be a second chance to enter the trend…Take the trade according to your rules…Posture did turn bullish on Friday, Green Line is above 20 and rising…Watch XLF as a key factor in any SPX move up or down…

SPX
Resistance: 1,225, 1,235, 1,249
Support: 1,200, 1,177, 1,160

Quoting Down – GOOG, AAPL, PCLN, BIDU, AMZN, NFLX, SINA, CLF, GS, LNKD, WLT, SLB, CRM, MCP, CF, FFIV, VMW, IBM, DE, TBT, MOS, CAT, DECK, HAL, UCO, CSTR, NKE, X, FAS, POT, DLR, C, GMCR, CROX, WDC, SNDK, PCX, FCX, LVS, WYNN, FFIV, INFY, QCOM, VOD, RIMM, AKAM, SBUX

Quoting Up – ISRG, TLT, FAZ, SLW, CDE, DHR, URBN

Horizontal Breakout SPX, NDX, INDU, COMPQ and RUT...New Chart Price Target...

The SPX rose +33.28 and closed at 1,210.08. The SPX broke out of its 1,200 horizontal resistance and has a chart price target of 1,298. Each of the broad indexes also broke out of horizontal resistance and have new chart targets also.

NDX leaders AMZN, PCLN and QCOM all gained more than the NDX, AAPL, BIDU, GOOG and NFLX gained less.

Twenty six NDX stocks closed above their 30 DMA today with the total above the 30 DMA at 44.  In our 30 DMA Watch List, 17 stocks closed above the 30 DMA with the total above at 29.

The potential double bottom is now a confirmed double bottom with Monday’s breakout. Posture turned Bullish on Friday as the MF Green Line moved out of the lower reversal zone. It is time to take One Green Arrow trades again.


NDX large white candle horizontal breakout, below 30 DMA +2.87%
SPX large white candle horizontal breakout, below 30 DMA +2.83%
INDU large white candle horizontal breakout, below 30 DMA +2.26%
COMPQ large white candle horizontal breakout, below 30 DMA +3.32%
RUT large white candle horizontal breakout, below 30 DMA +4.75%

Breadth strengthened as advancers led decliners 10.40 to 1 on the NYSE and 6.62 to 1 on the NASDAQ …

Exchange      NYSE      NASDAQ
Advancers     2,820        2,267
Decliners          271           342

Index     Change     Close     Direction     Confirmation
VIX            -3.31       32.28        Down           Yes – SPX
SOX       +12.66      358.44        Up                Yes – COMPQ

Leading stocks > +2% on Monday: CIEN, FAS, IL, LNKD, JDSU, ENTR, RCL, X, BAC, CRM, SNDK, ANF, GES, PCX, CREE, ZION, RVBD, URE, AKS, CLF, TPX, LDK, CRUS, DOW, STI, WLT, GLW, SOHU, ATI, A, VECO, FWLT, F, INFA, ANR, C, JNPR, UCO, NETL, MOS, SWKS, CF, LVS, DECK, VMW, CROX, ARUN, FFIV, TSL, ICE, GS, DE, UAL, TIF, SWK, CAAT, CSTR, HAL, SMH, SLB, DHR, NDAQ, POT, WDC, FCX, TBT, DLR, SWN, ESI, NVDA, NKE, HLF, NTES, HUM, CMG, NGLS, IBM, COH, KKD

Losing stocks < -2.0% included FAZ

All nine sectors moved higher on Monday. Financials XLF +4.15%, Industrials XLI +3.17% and Materials XLB +3.02% were the strongest sectors.

Interest rates TNX closed +0.83 at 22.71, bond ETF TLT fell -1.50 and Financials XLF was up 53 cents. The Euro moved up 12 pips to close at 1.4509 at 5 pm on Monday.

SPX
Resistance: 1,225, 1,235, 1,249
Support: 1,200, 1,177, 1,160

The short term 3 day trend is up.
The six-month trend is down.
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 +6.39– gap up white candle, above 30 DMA
AMZN +7.26 – gap up large white candle, close above 30 DMA
BIDU +3.60 – potential hanging man, below 30 DMA
GOOG +12.22 – gap up white candle, below 30 DMA
NFLX +3.14 – gap up black candle, below 30 DMA
PCLN +17.54 – large white candle, close above 30 DMA
QCOM +1.98 – large white candle, below 30 DMA

NDX 100 stocks stronger than the NDX include MU, SNDK, YHOO, SHLD, SIRI, JOYG, PCAR, INFY, FLEX and ADSK.

Stocks weaker than the NDX include VRTX.

Stocks to Watch on Tuesday
Holding Above 30 DMA = 12
TLT, CF, CHL, CDE, SLW, DE, GMCR, KKD, MOS, NKE, POT, V
Moving Above 30 DMA = 17
BAC, CROX, CRUS, DLR, HLF, HUM, ICE, JDSU, LVS, NDAQ, NTES, SOHU, TIF, TSL, UAL, VECO, ZAGG
Moving Below 30 DMA = 1
FAZ
Staying Below 30 DMA
LDK,CREE, NGLS, MCP, DECK, CMG, HAL, IBM, LNKD, SNDK, SWKS, TPX, ESI, ANF, COH, FCX, GS, SLB, WLT, SINA, SWN, DOW, UCO, UNP, VMW, CLF, ANR, ATI, CAT, CIEN, CRM, FAS, JNPR, SMH, STI, URE, WDC, AKS, C, CSTR, PCX, TBT, X, ZION, NETL, DHR, FFIV, ARUN, RVBD, ENTR, INFA, SWK, A, F, GES, NVDA, FWLT, GLW, IL

Intermediate Term Market Trend: Down
Short Term Market Trend: Up

Futures Point to a Higher Open...Posture is Bullish...

BMO – ES +12.75 and NQ +22.25 futures are higher about 30 minutes before the open in pre-market trading and point to a higher open…volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF is up 22 cents on 59,700 shares  in pre-market at this time…

TLT is down -1.54 cents and the Euro is up 36 pips in premarket trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting higher in pre-market trading…

Dave’s Insight for Monday:  Take the trade according to your rules…weekly candles and MACD indicate that this move is for real…position size for market conditions and remember premiums are high and selling strategies may be attractive…look for a potential break of resistance of the potential double bottom pattern in the 1,205 area … Posture did turn bullish on Friday, Green Line is above 20 and rising…Watch XLF as a key factor in any SPX move up or down…

SPX

Resistance: 1,177, 1,200, 1,225

Support: 1,160, 1,146, 1,134

Quoting Down – FAZ, HLF, TLT, HLF, HUM, NKE, A, SLW

Quoting Up – GOOG, PCLN, AAPL, NFLX, AMZN, BIDU, GMCR, CMG, LNKD, SINA, DECK, FFIV, CF, WLT, CAT, GS, CRM, SLB, IBM, UCO, TIF, DE, SOHU, CLF, MOS, MCP, HAL, URE, RCL, LVS, TBT, ANF, POT, FCX, WDC, CREE, X, FAS, DOW, C, SNDK, RVBD, SWKS, ARUN, CROX, COH, VMW, NETL, PCX, JDSU, JNPR, TSL, GLW, F, WYNN, FFIV, CHKP, LIFE, JOYG, INFY, RIMM, DTV, QCOM, BRCM, CERN, ORCL, NTAP

I See a MACD a Risin', I See a Rally on the Way...SPX Closes 1,176, Forms Weekly Piercing Line Pattern...

The SPX rose +17.53 and closed at 1,176.80.  Thursday’s potential bear flags including CAT, IBM, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM moved lower at the open and reversed like the broad market and closed higher for the day. 

NDX leaders AAPL, AMZN, BIDU, NFLX, PCLN and QCOM all gained more than the NDX, only GOOG gained less.

After the formation of a potential double bottom, a MACD histogram bullish divergence and a pause pull back on Thursday; buyers took control and stocks closed higher on Friday which was confirmed by a rising MACD histogram.

Equally impressive were the bullish candles the SPX Piercing Line, the INDU Bullish Engulfing and the NDX and RUT Bullish Harami on the weekly charts accompanied by a weekly confirmation with a rising MACD histogram.  In this bull market since March 2009, a rising weekly MACD has led to at least modestly higher prices and in several instances, significantly higher prices.

Also our posture turned Bullish as the MF Green Line moved out of the lower reversal zone on Friday.  It is time to take One Green Arrow trades again.

(click image to enlarge)

NDX bullish engulfing, below 30 DMA +2.55%

SPX hammer, below 30 DMA +1.51%

INDU hammer, below 30 DMA +1.21%

COMPQ bullish engulfing, below 30 DMA +2.49%

RUT hammer-like white candle, below 30 DMA +2.58%

Breadth strengthened as advancers led decliners 5.03 to 1 on the NYSE and 3.67 to 1 on the NASDAQ …

Exchange       NYSE        NASDAQ

Advancers      2,532           2,013

Decliners           503                548          

Index         Change    Close    Direction    Confirmation

VIX                -4.17      35.59      Down           Yes – SPX

SOX             +9.45     345.78      Up                Yes – COMPQ

Leading stocks > +2% on Friday ARUN, TIF, RVBD, KKD, ZAGG, COH, GMCR, JDSU, AKS, VMW, A, UAL, FFIV, SINA, DECK, TSL, INFA, MCP, ATI, CRM, POT, ENTR, NVDA, CROX, NETL, LVS, DE, CREE, CLF, PCX, ANR, X, MOS, SLW, CRUS, ANF, HUM, TPX, CMG, GES, FAS, CIEN, NKE, URE, CDE, SOHU, CF, SWK, WLT, CSTR, SNDK, JNPR, VECO, GLW, WDC, FCX, SLB, CAT, ZION, HLF, SWKS, NDAQ, DHR, V, SMH, HAL, IBM, LNKD, RCP

Losing stocks < -2.0% included FAZ, TBT, LDK

Eight of nine sectors moved higher on Friday.  Materials XLB +2.11%, Consumer Discretionary XLY +2.09% and Industrials XLI +2.08% and were the strongest sectors.

Interest rates TNX closed -0.34 at 21.88, bond ETF TLT rose 1.06 and Financials XLF was up 11 cents.  The Euro moved up 118 pips to close at 1.4497 at 5 pm on Friday.

SPX

Resistance: 1,177, 1,200, 1,225

Support: 1,160, 1,146, 1,134

The short term 3 day trend is up.

The six-month trend is down.

The twelve-month trend is neutral.

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 +9.86– large white candle, close above 30 DMA

AMZN +7.24 – large white candle, below 30 DMA

BIDU +6.61 – large white candle, below 30 DMA

GOOG +6.82 – white spinning top, below 30 DMA

NFLX +6.06 – bullish engulfing, below 30 DMA

PCLN +19.91 – large white candle, below 30 DMA

QCOM +1.99 – bullish engulfing, below 30 DMA

NDX 100 stocks stronger than the NDX include GMCR, ILMN, ERTS, FFIV, MYL, MU, BIDU, CERN, WFM and LINTA.

Stocks weaker than the NDX include YHOO, NTAP, VOD, VRTX and CTRP.

Stocks to Watch on Monday

Holding Above 30 DMA = 5

FAZ, TLT, CF, CHL, CDE, SLW

Moving Above 30 DMA = 7

DE, GMCR, KKD, MOS, NKE, POT, V

Moving Below 30 DMA = 0

Staying Below 30 DMA

NDAQ, LDK, ZAGG, CREE, NGLS, NTES, CROX, MCP, CDE, DECK, LVS, SOHU, HLF, CMG, SNDK, SWKS, TPX, ESI, ANF, COH, FCX, GS, SLB, WLT, SINA, SWN, DOW, UCO, UNP, VMW, CLF, ANR, ATI, CAT, CIEN, CRM, CRUS, DLR, FAS, ICE, JNPR, SMH, STI, TIF, URE, WDC, AKS, CSTR, DE, PCX, TBT, X, ZION, NETL, DHR, FFIV, SWK, ARUN, RVBD, HUM, ENTR, INFA, A, F, GES, BAC, TSL, UAL, VECO, NVDA, FWLT, JDSU, GLW, IL

Intermediate Term Market Trend: Down

Short Term Market Trend: Up

Removed –ACN, AGU, ATW, CAM, CY, HAS, IAG, MHS, UNG, WTW

Added – HAL, IBM, LNKD, RCL

Futures Point to a Lower Open After GDP at 1%...

BMO – ES -7.00 and NQ -8.75 futures are lower about 20 minutes before the open in pre-market trading and point to a lower open, following the GDP report  of 1% growth, forecast had be 1.1%…volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is down 11 cents on 30,400 shares  in pre-market at this time…

TLT is up 92 cents and the Euro is up 42 pips in premarket trading…

NDX leaders BIDU and QCOM are quoting higher in pre-market trading…AAPL, AMZN, GOOG, NFLX and PCLN are lower.

Dave’s Insight for Friday:  Take the trade according to your rules…Potential bear flags appeared on the chart on Thursday including CAT, IBM, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM …position size for market conditions and remember premiums are high and selling strategies may be attractive…Posture did not turn bullish on Thursday, Green Line is below 20 and we wait for it to turn back up…Watch XLF which has been up the past two days and is still a key factor in any SPX move up or down…

SPX

Resistance: 1,173, 1,200, 1,225

Support: 1,160, 1,146, 1,134

Quoting Down –PCLN, VRTX, NFLX, GOOG, AAPL, AMZN, WYNN, GMCR, VOD, SBUX, FFIV, CELG, QGEN, CMG, CF, WLT, SINA, MCP, HLF, GS, MOS, CAT, DE, CLF, CHL, V, SLB, ANR, POT, TBT, FFIV, UCO, SOHU, LVS, FCX, FAS, URE, CROX, UNP

Quoting Up – TIF, ARUN, FAZ, DHR, VMW, WTW, FSLR, BIDU, RIMM, URBN, TLT, HLF, ATW, NKE, CAM, AGU, MHS, NTES, JNPR, ZAGG

SPX Gives Back Wednesday's Gains Forms Bearish Engulfing Pattern...

The SPX fell -15.33 and closed at 1,159.27.  A large number of charts formed potential bear flags including CAT, IBM, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM.

After the market close on Thursday AAPL announced that Steve Jobs would step down as CEO and continue as Chairman of the Board.  AAPL fell in after-hours trading -19.08 or -5.07%.  On Friday morning AAPL opened down only 9 points and rose the rest of the day to close at 373.72 down -2.46.

NDX bearish engulfing, below 30 DMA -1.72%

SPX bearish engulfing, below 30 DMA -1.56%

INDU bearish engulfing, below 30 DMA -1.51%

COMPQ bearish engulfing, below 30 DMA -1.95%

RUT bearish engulfing, below 30 DMA -2.62%

Breadth weakened as decliners led advancers 3.16 to 1 on the NYSE and 4.10 to 1 on the NASDAQ …

Exchange       NYSE        NASDAQ

Advancers         731              504

Decliners        2,313           2,070

Index         Change    Close    Direction    Confirmation

VIX               +3.86        39.76      Up               Yes – SPX

SOX              -9.36      336.33      Down         Yes – COMPQ

Leading stocks > +2% on Thursday BAC, C, SLW, CDE, TSL, FAZ, ZAGG

Losing stocks < -2.0% included GES, CIEN, LNG,CROX, URE, NVDA, CY, SLB, ESI, ATI, ARUN, NDAQ, ANF, VMW, CREE, LVS, CRM, DECK, JNPR, VECO, GLW, WTW, SNDK, MHS, SWKS, UAL, DHR, INFA, MCP, DE, SWN, X, JDSU, V, ZION, HU, RVBD, SMH, CAT, ENTR, SWK, HAS, CMG, NKE, FFIV, FAS, COH, ICE, TBT, HLF

All nine sectors moved lower on Thursday.  Financials XLF -0.31% and Materials XLB -1.10% were the strongest sectors.

Interest rates TNX closed -0.38 at 22.22, bond ETF TLT rose 1.15 and Financials XLF was down 4 cents.  The Euro moved down 33 pips to close at 1.4379 at 5 pm on Thursday.

SPX

Resistance: 1,173, 1,200, 1,225

Support: 1,160, 1,146, 1,134

The short term 3 day trend is up.

The six-month trend is down.

The twelve-month trend is neutral.

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 -2.46– gap down white candle, below 30 DMA

AMZN -1.70 – spinning top, below 30 DMA

BIDU -0.59 – black spinning top, below 30 DMA

GOOG -3.25 – black spinning top, below 30 DMA

NFLX -0.20 – inverted hammer, below 30 DMA

PCLN -1.94 – potential shooting star, below 30 DMA

QCOM -0.98 – bearish engulfing, below 30 DMA

NDX 100 stocks stronger than the NDX include MU, FSLR, ERTS, NFLX, GILD, PCLN and BIDU.

Stocks weaker than the NDX include URBN, AMAT, VOD, HSIC, NVDA, ESRX, APOL, INFY, NIHD and WCRX.

Stocks to Watch on Friday

Holding Above 30 DMA = 5

FAZ, TLT, CF, CHL,

Moving Above 30 DMA = 2

CDE, SLW

Moving Below 30 DMA = 3

MOS, NDAQ, V

Staying Below 30 DMA

IAG, LDK, ZAGG, CREE, GMCR, NGLS, NTES, CROX, MCP, CDE, DECK, LVS, SOHU, HLF, CAM, CMG, IAG, MHS, SNDK, SWKS, TPX, WTW, ESI, ANF, ATW, COH, FCX, GS, POT, SLB, WLT, NKE, SINA, SWN, ACN, AGU, DOW, UCO, UNP, VMW, CLF, ANR, ATI, CAT, CIEN, CRM, CRUS, CY, DLR, FAS, ICE, JNPR, SMH, STI, TIF, URE, WDC, AKS, CSTR, DE, PCX, TBT, X, ZION, KKD, NETL, DHR, FFIV, SWK, UNG, ARUN, RVBD, HUM, ENTR, INFA, A, F, GES, HAS, BAC, TSL, UAL, VECO, NVDA, FWLT, JDSU, GLW, IL

Intermediate Term Market Trend: Down

Short Term Market Trend: Up

Futures Point to a Flat Open...

BMO – ES +3.50 and NQ -2.50 futures are mixed about 80 minutes before the open in pre-market trading and point to a slightly higher to flat open…volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is up 8 cents of 4,800 shares  in pre-market at this time…

TLT is down 1 cent and the Euro is up 14 pips in premarket trading…

After the market close AAPL announced that Steve Jobs would step down as CEO and continue as Chairman of the Board.  AAPL is down just -6.47 in pre-market after being down -19.08 or -5.07% in after-hours trading.

NDX leaders BIDU, GOOG and NFLX are quoting higher in pre-market trading…AAPL, PCLN, and QCOM are lower and AMZN is near unchanged.

Dave’s Insight for Thursday:  Take the trade according to your rules…Continue to follow your rules for divergence, double bottom or higher low trades…position size for market conditions and remember premiums are high and selling strategies may be attractive…Posture did not turn bullish on Wednesday, Green Line is below 20 and could turn back up…Watch XLF which has been up the past two days and is still a key factor in any SPX move up or down…

SPX

Resistance: 1,173, 1,200, 1,225

Support: 1,160, 1,146, 1,134

Quoting Down – AAPL, SRG, PCLN, CF, DHR, GES, NKE, HUM, SOHU, CDE, FAZ, SLB, HLF, ZION, SNDK, DECK, DLR, AGU, WTW, SWN, JNPR, SMH, GMCR, ACN, SLW, CREE, IAG, ANR, SWKS, INFY, ALXN, HSIC, CTSH, SIAL, LIFE, BIIB, VOD, ORLY SNDK, APOL, AMAT

Quoting Up – CMG, FFIV, SINA, UCO, FCCX, CAT, POT, TIF, LVS, C, GOOG, NFLX, BIDU, DLTR, RIMM

Interest Rates Jump, Gold and Bonds Dump...Financials Lead SPX Higher...

Interest rates moved higher TNX +1.23, bonds TLT -3.11 moved lower and Financials was the leading sector XLF +0.33.  Gold GC -79 collapsed for the second straight day and is down $146 in two days.

Behind the back drop of falling interest rates, gold and bonds and rising financial stocks the SPX rose +15.25 and closed at 1,177.60.

After the market close AAPL announced that Steve Jobs would step down as CEO and continue as Chairman of the Board.  AAPL fell -19.08 or -5.07%.

NDX white candle, below 30 DMA +0.74%

SPX large white candle, below 30 DMA +1.31%

INDU large white candle, below 30 DMA +1.29%

COMPQ white candle, below 30 DMA +0.88%

RUT large white candle, below 30 DMA +1.39%

Breadth weakened as advancers led decliners 2.27 to 1 on the NYSE and 1.97 to 1 on the NASDAQ …

Exchange       NYSE        NASDAQ

Advancers      2,105           1,698

Decliners          924              859

Index         Change    Close    Direction    Confirmation

VIX               -0.37       35.90       Down          Yes – SPX

SOX             -0.40      345.69      Down          No – COMPQ

Leading stocks > +2% on Wednesday BAC, FAS, TBT, FWLT, ANR, C, ZION, A, DECK, DHR, ESI, DE, GS, HLF, CLF, V, NDAQ, MOS, TSL, STI, CAT, NKE, COH, IL, KKD, LDK, URE, CROX

Losing stocks < -2.0% included FAZ, ZAGG, SINA, SLW, SOHU, CREE, TLT, IAG, UNG, VECO, CY, RVBD

All nine sectors moved higher on Wednesday.  Financials XLF +2.68%, Utilities XLU +2.16%, and Industrials XLI +2.02% were the strongest sectors.

Interest rates TNX closed +1.23 at 22.60, bond ETF TLT fell -3.11 and Financials XLF was up 33 cents.  The Euro moved down 30 pips to close at 1.4412 at 5 pm on Wednesday.

SPX

Resistance: 1,173, 1,200, 1,225

Support: 1,160, 1,146, 1,134

The short term 3 day trend is up.

The six-month trend is down.

The twelve-month trend is neutral.

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 +2.58– spinning top, below 30 DMA

AMZN +0.18 – doji, below 30 DMA

BIDU -2.68 – black spinning top, below 30 DMA

GOOG +4.47 – white spinning top, below 30 DMA

NFLX -3.51 – hammer, below 30 DMA

PCLN +8.89 – white candle, below 30 DMA

QCOM +0.08 – hammer, below 30 DMA

NDX 100 stocks stronger than the NDX include ADSK, RIMM, JOYG, LIFE, ALXN, SIRI, WCRX, ISRG, NWSA and LINTA.

Stocks weaker than the NDX include MU, URBN, GILD, BIDU, GMCR, NFLX, YHOO, NVDA, ALTR and VRTX.

Stocks to Watch on Thursday

Holding Above 30 DMA = 5

FAZ, TLT, CF, CHL,

Moving Above 30 DMA = 3

MOS, NDAQ, V

Moving Below 30 DMA = 2

CDE, SLW

Staying Below 30 DMA

IAG, LDK, ZAGG, CREE, GMCR, NGLS, NTES, CROX, MCP, CDE, DECK, LVS, SOHU, HLF, CAM, CMG, IAG, MHS, SNDK, SWKS, TPX, WTW, ESI, ANF, ATW, COH, FCX, GS, POT, SLB, WLT, NKE, SINA, SWN, ACN, AGU, DOW, UCO, UNP, VMW, CLF, ANR, ATI, CAT, CIEN, CRM, CRUS, CY, DLR, FAS, ICE, JNPR, SMH, STI, TIF, URE, WDC, AKS, CSTR, DE, PCX, TBT, X, ZION, KKD, NETL, DHR, FFIV, SWK, UNG, ARUN, RVBD, HUM, ENTR, INFA, A, F, GES, HAS, BAC, TSL, UAL, VECO, NVDA, FWLT, JDSU, GLW, IL

Intermediate Term Market Trend: Down

Short Term Market Trend: Up