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
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