SPX Holds 1,200 Support, Forms Inside Day...

The Tom and Dave Show attracted more that 600 traders for two hours on Thursday evening and more than 350 traders attended Dave's Trading the Trend, Knowing When to Exit on Friday morning at 11:15 am.


Five of nine sectors moved higher on Friday.  XLU +0.70%, XLB +0.54% and XLF +0.32% were the strongest sectors.

The Euro was up 66 pips to 1.3523 at 5 pm EDT on Friday.  TLT was down 3 cents.  Financials XLF was up 4 cents.

The broad indexes moved lower with the INDU +0.22%, RUT +0.09%, SPX -0.04%, COMPQ -0.60 and NDX -0.80%.  The SPX moved down -0.48 to close at 1,215.65.

The SPX held at its 1,210 horizontal support area while forming an inside day.  An inside day often is the beginning of a shift in momentum and leads to a short-term trend reversal.

(click image to enlarge)

 

The VIX moved down -2.51 to 32.00.  This was a non-confirmation.

AAPL, AMZN, BIDU, GOOG, PCLN and QCOM moved lower on Friday.

Breadth strengthened as advancers led decliners 1.31 to 1 on the NYSE and 1.01 to 1 on the NASDAQ.

Exchange         NYSE        NASDAQ

Advancers        1,693           1,263

Decliners          1,287           1,243


Leading stocks > +2% on Friday included GRPN, MOS, WDC, CF, RCL, HLF

Losing stocks < -2.0% included CRM, MCP, ANF, VMW, LNKD, LDK, NTES, SOHU, JDSU, HAL, ANR, TPX, SWKS, RVBD, UCO, FWLT

NDX 100 stocks stronger than the NDX included MRVL, NIHD, MAT, SIRI, NFLX, EXPE, TEVA, SRCL, CMCSA and WYNN.

Stocks weaker than the NDX include STX, AMZN, CTRP, CERN, PCLN, BIDU, ILMN, NTAP, ADSK and LRCX.

Eight NDX stocks BIIB, ILMN, KLAC, PCLN, ROST, SNDK, VOD and XLNX moved below their 30 DMA leaving 24 NDX stocks above the 30 DMA.

Stocks to Watch on Monday

Holding Above 30 DMA = 25

FFIV, UNP, SWK, TIF, NGLS, CAT, DLR, RVBD, UCO, AKS, GLW, A, ATI, DE, HUM, CLF, X, INFA, NDAQ, FAS, IBM, CHL, TLT, NTES, FAZ

Moving Above 30 DMA = 0

Moving Below 30 DMA = 8

CIEN, HAL, JDSU, JNPR, LVS, SLB, SNDK, VMW

Staying Below 30 DMA

ANR, ARUN, CF, COH, CREE, CRM, CRUS, DHR, FCX, KKD, NKE, SLW, SMH, SWN, URE, V, WLT, CMG, DECK, DOW, HLF, ICE, NVDA, PCX, TPX, GES, LDK, MOS, RCL, VECO, C, ENTR, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Six Week Intermediate Term Market Trend: Up

Short Term Market Trend: Down