After a small gap up at the open, the SPX filled the gap returning to Monday’s low and then reversed and headed higher in a strong trend day and closed up +38.53 at 1,162.35. The SPX is bounced off support for the second time potentially forming a double bottom. On Tuesday the SPX MACD histogram moved higher confirming its bullish divergence. Volume on SPY increaesed 56 million shares to 330 million shares on Tuesday.
NDX gap up bullish engulfing, confirm inverted hammer, below 30 DMA +4.13%
SPX gap up bullish engulfing, confirm inverted hammer, below 30 DMA +3.43%
INDU gap up bullish engulfing, confirm inverted hammer, below 30 DMA +2.97%
COMPQ gap up bullish engulfing, confirm inverted hammer, below 30 DMA +4.29%
RUT gap up bullish engulfing, confirm inverted hammer, below 30 DMA +4.87%
Breadth strengthened as advancers led decliners 5.53 to 1 on the NYSE and 4.70 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,587 2,155
Decliners 467 458
Index Change Close Direction Confirmation
VIX -6.17 36.27 Down Yes – SPX
SOX +17.15 346.09 Up Yes – COMPQ
Leading stocks > +3% on Tuesday CROX, LDK, GMCR, NVDA, PCX, JDSU, FAS, ANR, TSL, ENTR, SOHU, LNG, COH, DECK, ARUN, NTES, CMG, KKD, CRUS, CREE, RVBD, CRM, IL, FFIV, NDAQ, X, VECO, CLF, SINA, ATI, AKS, TIF, CSTR, POT, SNDK GES, JNPR, WLT, HLF, MCP, LVS, NKE, VMW, STI, CY, CA, NETL, SLB, URE, V, SWK, ANF, CF, SWKS, C, ICE, CIEN, DLR, A, SWN, UCO, ZION, AGU, MOS, WTW, ACN, UAL WDC, SMH, CAT, FWLT TPX, DE, ATW, ZAGG, INFA, HUM, FCX, DOW, GLW, F
Losing stocks < -2.0% included FAZ, SLW
All nine sectors moved higher on Tuesday. Energy XLE +4.51%, Consumer Discretionary XLY +3.87%, and Technology XLK +3.67% were the strongest sectors.
Interest rates TNX closed +0.49 at 21.37, bond ETF TLT fell -1.53 and Financials XLF was up 39 cents. The Euro moved up 84 pips to close at 1.4442 at 5 pm on Tuesday.
SPX
Resistance: 1,160, 1,173, 1,200,
Support: 1,146, 1,134, 1,119
The short term 3 day trend is neutral.
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 +17.16– gap up bullish engulfing, below 30 DMA
AMZN +16.01 – gap up bullish engulfing, below 30 DMA
BIDU +9.71 – gap up bullish engulfing, below 30 DMA
GOOG +20.65 – gap up bullish engulfing, below 30 DMA
NFLX +14.33 – gap up bullish engulfing, below 30 DMA
PCLN +30.29 – gap up bullish engulfing, below 30 DMA
QCOM +1.66 – gap up bullish engulfing, below 30 DMA
NDX 100 stocks stronger than the NDX include GMCR, NVDA, CERN, AMZN, BIDU, MU, FSLR, NFLX, ALTR and PCLN.
Stocks weaker than the NDX include URBN and SIRI.
Stocks to Watch on Wednesday
Holding Above 30 DMA = 5
FAZ, TLT, CF, CHL, SLW, CDE
Moving Above 30 DMA = 0
Moving Below 30 DMA = 1
IAG
Staying Below 30 DMA
LDK, ZAGG, CREE, GMCR, NGLS, NTES, CROX, MCP, CDE, DECK, LVS, SOHU, HLF, CAM, CMG, IAG, MHS, MOS, SNDK, SWKS, TPX, V, 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, NDAQ, 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: Neutral
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