SPX Closes at 1,207...Horizontal Resistance as TNX, XLF and Euro Continue to Move Higher...

Eight of nine sectors moved higher on Wednesday. XLF +2.53%, XLI +1.27% and XLB +0.99%, were the strongest sectors.

On Wednesday the Euro was up 143 pips to 1.3786. TNX was up +0.66 to 22.26.  Interest rates reached their higherst level since August 29.  TLT was down -1.69. Financials XLF was up 31 cents.

The broad indices all moved higher with the RUT +1.66%, SPX +0.98% , INDU +0.90%, COMPQ +0.84% and NDX +0.53%. The SPX moved up +11.71 and closed at 1,207.25. The VIX moved down -1.60 to 31.26.

Wednesday is the high day of the recent short term up trend as the SPX closed near its 1,205 horizontal resistance area.  With XLF and the SPX near horizontal resistance, a key to an SPX horizontal breakout will be interst rates and XLF continuing to move higher.  Earnings reactions will also be an important factor over the next three weeks.  Move stops up to protect profits in the event that the SPX rolls over.

JPM, GOOG and FAST report earnings on Thursday October 13.

Breadth strengthened as advancers led decliners 4.05 to 1 on the NYSE and 2.75 to 1 on the NASDAQ.

Exchange      NYSE      NASDAQ
Advancers      2,443       1,881
Decliners          603          684

Leading stocks > +2% on Wednesday LNKD, FAS, RCL, TSL, C, ZION, AKS, HUM, SWKS, MCP, RVBD, FWLT, X, LDK, SWK, CREE, SLW, DOW, BAC, URE, CSTR, ENTR, STI, COH, TBT, CLF, ANF, POT, GS, KKD, ESI, SWN, CDE, TIF, DHR, UAL, NKE, GES, DLR, ICE, HLF

Losing stocks < -2.0% included FAZ, PCX, WDC, SOHU, SINA, GMCR

NDX 100 stocks stronger than the NDX included INFY, CTSH, NIHD, SHLD, NFLX, ADSK, SIRI, AMAT, SPLS and CMCSA.

Stocks weaker than the NDX include ALXN, GMCR, RIMM, CERN, ORLY, ROST, PCLN, CHKP, ATVI and CELG.

Three NDX stocks including APOL, SIRI and XRAY moved above their 30 DMA making 77 NDX stocks now above the 30 DMA.

Stocks to Watch on Thursday
Holding Above 30 DMA = 37
IBM, ARUN, DECK, FFIV, ICE, INFA, SNDK, CRUS, CSTR, F, NDAQ, NKE, ANF, COH, ENTR, NVDA, UNP, CRM, CROX, DHR, DOW, GLW, SMH, STI, SWK, TIF, TPX, UAL, V, VMW, ZION, A, C, JNPR, NGLS, RCL, ZAGG
Moving Above 30 DMA = 13
CAT, CMG, DLR, ESI, FAS, FWLT, GES, HLF, HUM, LNKD, SWKS, SWN, TBT
Moving Below 30 DMA = 2
TLT, WDC
Staying Below 30 DMA
UCO, FAZ, GMCR, CHL, IL, JDSU, LVS, SLW, CIEN, CREE, DE, URE, ATI, CF, KKD, MOS, RVBD, SINA, CDE, CLF, MCP, POT, WLT, AKS, PCX, NTES, SOHU, TSL, BAC, VECO, LDK, HAL, FCX, GS, SLB, ANR, X

Nine Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up