Tuesday became the new high day as the SPX reached 1,220.39 before selling off and closing down -2.00 at 1,202.09. The VIX moved up +0.13 and closed at 32.86.
The battle between buyers and sellers at resistance continued today. SPY volume of 218.8 million shares was its lightest daily volume since September 7, suggesting that lack of buying at resistance was as big a factor as any profit taking that occurred.
The Euro was up slightly as was TNX, and XLF just didn’t hold on to early gains. Advancers reversed and decliners led by the end of the day.
Six NDX stocks AMAT, APOL, BIDU, FISV, JOYG and XLNX moved below their 30 DMA leaving 78 NDX stocks above the 30 DMA. In our 30 DMA Watch List, twelve stocks moved below the 30 DMA leaving 42 stocks above their 30 DMA.
Intermediate Posture based on the MF Green Line remained bullish today as the green line moved above 70.
Technical indicators weakened today including more stocks moving below their 30 DMA. The evidence did not entirely tip to the negative; however, traders should protect profits and be prepared to take short-term bearish trades if the SPY moves below the four-day support level of 118.70.
(click image to enlarge)
NDX dark cloud cover, above30 DMA -0.56%
SPX potential shooting star, above 30 DMA -0.17%
INDU potential tombstone doji, above 30 DMA +0.07%
COMPQ dark cloud cover, above 30 DMA -0.86%
RUT bearish engulfing, close below 30 DMA -1.69%
Breadth strengthened and remained negative as decliners led advancers 1.73 to 1 on the NYSE and 2.55 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,099 713
Decliners 1,910 1,825
Index Change Close Direction Confirmation
VIX +0.13 32.86 Up Yes – SPX
SOX -4.73 372.76 Down Yes – COMPQ
Leading stocks > +2% on Tuesday RCL, V, SLW
Losing stocks < -2.0% included MCP, TSL, SINA, LDK, PC, RVBD, CF, CLF, LNKD, WLT, ANR, FFIV, CRM, SOHU, ZAGG, VECO, CSTR, FCX, POT,ENTR, MOS, GES, FWLT, X, ATI, VMW, WDC, TPX, HUM, INFA, AKS, C, NVDA, SWK, SWN, SNDK, CROX, GS, SLB, NTES
Three of nine sectors moved higher on Tuesday. Utilities XLU +1.45%, Healthcare XLV +0.92% and Consumer Staples XLY +0.20% were the strongest sectors.
Interest rates TNX closed up +0.07 at 19.47, bond ETF TLT moved up 48 cents and Financials XLF closed down 4 cents. The Euro moved up 20 pips to close at 1.3706 at 5 pm on Tuesday.
SPX
Resistance: 1,225, 1,235, 1,249
Support: 1,200, 1,177, 1,160
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 +1.82 – potential shooting star, all-time high, above 30 DMA
AMZN -8.44 – bearish engulfing, above 30 DMA
BIDU -5.70 – bearish engulfing, close below 30 DMA
GOOG -0.04 – potential shooting star, above 30 DMA
NFLX -13.72 – large black candle, below 30 DMA
PCLN +5.79 – potential shooting star in trading range, above 30 DMA
QCOM -0.56 – dark cloud cover, above 30 DMA
NDX 100 stocks stronger than the NDX include CELG, CERN, VRTX, ALXN, GILD, AMGN, SIAL, INTC, LRCX and PCLN.
Stocks weaker than the NDX include NFLX, FFIV, FSLR, ILMN, JOYG, XLNX, RIMM, CTRP, BIDU and AMZN.
Stocks to Watch on Wednesday
Holding Above 30 DMA = 41
TLT, CHL, SLW, DE, GMCR, V, JDSU, LVS, CSTR, DECK, ICE, NGLS, NVDA, SNDK, TIF, CIEN, CMG, COH, CREE, CRUS, ENTR, HUM, NDAQ, NKE, SMH, UAL, VMW, A, ANF, CRM, DHR, FFIV, SWKS, TPX, ARUN, CROX, HLF, STI, SWN, URE, IBM
Moving Above 30 DMA = 1
Moving Above 30 DMA = 1
RCL
Moving Below 30 DMA = 12
ATI, CF, DOW, GES , IL
Staying Below 30 DMA
CDE, CLF, DLR, F, FAS, MCP, POT, UCO, WLT, ZION, AKS, CAT, FWLT, PCX, JNPR, NTES, FAZ, SOHU, ZAGG, GLW, SWK, TSL, BAC, VECO, LDK, HAL, ESI, FCX, GS, SLB, ANR, C, TBT, X, INFA
Six Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
1 comment:
Dave:
Thank you.
Robert
CANI_212
Post a Comment