The SPX fell -14.47 and closed at 1,204.42. The SPX is above its 1,200 horizontal resistance and made a lower high and lower low on the daily candle. Each of the broad indexes closed below their 30 DMA.
The VIX rose only +0.20 which did not show an increase in fear relative to the drop in the SPX
Five NDX stocks closed below their 30 DMA today including BIDU, EBAY, JOYG, SIAL and SPLS with the total above dropping to 50. In our 30 DMA Watch List, 2 stocks moved above the 30 DMA with the total at 30.
Posture remained Bullish on Thursday as the MF Green Line moved out of the lower reversal zone on Friday. Take One Green Arrow trades.
NDX bearish engulfing, closed below 30 DMA -0.98
SPX bearish engulfing, closed below 30 DMA -1.19%
INDU bearish engulfing, closed below 30 DMA -1.03%
COMPQ spinning top, closed below 30 DMA -1.30%
RUT evening star, below30 DMA -2.46%
Breadth weakened as decliners led advancers 2.78 to 1 on the NYSE and 3.92 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 801 516
Decliners 2,227 2,026
Index Change Close Direction Confirmation
VIX +0.20 31.82 Up Yes – SPX
SOX -5.99 349.85 Down Yes – COMPQ
Leading stocks > +2% on Thursday CRM, VMW, FAS, NTES, TBT, FFIV , IL
Losing stocks < -2.0% included LDK, JNPR, LNKD, INFA, CF, JDSU, ENTR, FAZ, CROX, CIEN, NETL, MOS, ANR, AKS, NVDA, CSTR, WLT
All nine sectors moved lower on Wednesday. Consumer Staples XLP -0.36%, Utilities XLU -0.65% and Healthcare XLV -0.66% were the strongest sectors.
Interest rates TNX closed -0.72 at 22.18, bond ETF TLT rose 1.94 and Financials XLF was down 30 cents. The Euro moved down 112 pips to close at 1.4371 at 5 pm on Thursday.
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 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 -3.80 – black candle, above 30 DMA
AMZN -2.69 – dark cloud cover, above 30 DMA
BIDU -1.49 – potential shooting star, closes below 30 DMA
GOOG -8.46 – black candle confirms hanging man, below 30 DMA
NFLX -1.74 – shooting star, below 30 DMA
PCLN -7.42 – black candle confirms hanging man, above 30 DMA
QCOM -0.40 – black candle, above 30 DMA
NDX 100 stocks stronger than the NDX include ORLY
Stocks weaker than the NDX include ADSK, GRMN, FSLR, FFIV, FLIR, STX, WCRX, MU, ILMN and ERTS.
Stocks to Watch on Friday
Holding Above 30 DMA = 28
TLT, CF, CHL, CDE, SLW, DE, GMCR, KKD, MOS, NKE, POT, V, CRUS, DLR, HLF, HUM, JDSU, LVS, NDAQ, NTES, SOHU, TIF, UAL, CLF, CSTR, NGLS, SINA, VMW
Moving Above 30 DMA = 2
CIEN, DECK
Moving Below 30 DMA = 11
ARUN, CMG, CREE, DHR, FWLT, GLW, ICE, MCP, SWK, URE, ZAGG
Staying Below 30 DMA
CROX, NVDA, TSL, BAC, VECO, LDK, HAL, IBM, LNKD, SNDK, SWKS, TPX, ESI, ANF, COH, FCX, GS, SLB, WLT, SWN, DOW, UCO, UNP, ANR, ATI, CAT, 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: Neutral
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