SPX Forms Spinning Top, Day 2 of Potential Morning Star...

Seven of nine sectors moved lower on Tuesday.  XLV +0.25%, XLP +0.10% and XLY -0.05% were the strongest sectors.

The Euro was up 22 pips to 1.3512 at 5 pm EDT on Tuesday.  TNX was down -0.23 to 19.39.  TLT was up $1.34.  Financials XLF was down 11 cents.

The broad indexes moved lower with the NDX +0.23%, COMPQ -0.07%, SPX -0.41%, INDU -0.46% and RUT -0.80%.  The SPX moved down -4.94 to close at 1,188.04.

With a potential Morning Star on the SPX be on alert for a break above the high of the low day on Wednesday on the SPY and many individual stocks.

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SPY traded 216.1 million shares, 13 million shares less than Monday, two days before the Thanksgiving Day Holiday.  Expect volume to drop further on Wednesday. 

The VIX moved down -0.94 to 31.97.  This is a non-confirmation.

The NDX was the only broad index to close higher on Tuesday.  AAPL, AMZN, BIDU, PCLN and QCOM moved higher on Tuesday.  GOOG closed slightly lower.

Are the bullish candle patterns on AAPL, AMZN, BIDU, PCLN and QCOM an early indication of a market reversal like they were on October 4 and 5?  Be on alert just in case they are.

AAPL = Morning Star, closed above the high of the low day

AMZN = Piercing Line

BIDU = confirmed Hammer

PCLN = Piercing Line

QCOM = Bullish Engulfing

Flagging Stocks to Watch: UNP, SWK, DLR, UCO, GLW, HUM, FFIV, AKAM, ORLY, STX, FAST, QCOM, MU

 

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Breadth strengthened as decliners led advancers 1.60 to 1 on the NYSE and 1.78 to 1 on the NASDAQ.

Exchange         NYSE        NASDAQ

Advancers        1,160              896

Decliners          1,862           1,595

Leading stocks > +2% on Tuesday TSL, LDK, MCP, NVDA, ENTR, SLW, FAZ, DECK

Losing stocks < -2.0% included CRM, GRPN, VMW, GS, CLF, SOHU, LNKD, FAS, MOS

NDX 100 stocks stronger than the NDX included GILD, BIIB, CTRP, NVDA, ALXN, WFM, AAPL, DLTR, AMZN and LIFE.

Stocks weaker than the NDX include FSLR, NFLX, GMCR, ADSK, AMAT, NIHD, SHLD, RIMM, MRVL and JOYG.

Three NDX stocks BIIB, NVDA and SBUX moved above their 30 DMA making 13 NDX stocks above the 30 DMA.  The other ten are FFIV, AKAM, ORLY, STX, VRSN, FAST, QCOM, DTV, MU and SIRI.

Stocks to Watch on Wednesday

Holding Above 30 DMA = 9

FFIV, UNP, NGLS, DLR, UCO, GLW, HUM, TLT, FAZ

Moving Above 30 DMA = 1

NVDA

Moving Below 30 DMA = 1

CAT

Staying Below 30 DMA

A, AKS, CHL, CLF, DE, IBM, INFA, NDAQ, NTES, RVBD, SWK, TIF, X, CIEN, HAL, JDSU, JNPR, LVS, SLB, SNDK, VMW, ANR, ARUN, CF, COH, CREE, CRM, CRUS, DHR, FCX, KKD, NKE, SLW, SMH, SWN, URE, V, WLT, CMG, DECK, DOW, HLF, ICE, PCX, TPX, GES, LDK, MOS, RCL, VECO, C, ENTR, FAS, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Seven Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Down

SPX