SPX Rallies as AAPL Rises...Euro Lower...Futures Down in After-hours...

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Eight of nine sectors moved higher on Tuesday. XLK +1.35%, XLI +0.59% and XLP +0.48% were the strongest sectors.

The Euro was down 99 pips to 1.3533 at 5 pm EDT on Tuesday. TLT was down 16 cents. Financials XLF was up 5 cents.

The broad indexes moved lower with the RUT +1.39%, COMPQ +1.09%, NDX +1.06 %, SPX +0.48% and INDU +0.14%. The SPX moved up +6.03 to close at 1,257.81.

The SPX rallied to its diagonal resistance line in its symmetrical triangle as the Euro rallied but sold off late in the day. The Euro fell further Tuesday evening leading futures lower.

We continue to look for the support bounce to continue this week at least to the 1,277 to 1,292 resistance area. The SPX price target is still 1,363 within the 10 week time window we mentioned when the SPX broke out of the 1,220 resistance area four weeks ago.

The VIX moved up +0.09 to 31.22. This is a non-confirmation.

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

Breadth strengthened as advancers led decliners 1.71 to 1 on the NYSE and 2.07 to 1 on the NASDAQ.

Exchange     NYSE      NASDAQ
Advancers    1,903         1,712
Decliners      1,107           825

Leading stocks > +2% on Tuesday IL, CLF,CREE, INFA, RVBD, UCO, X, FWLT, CRM, CRUS, DE

Losing stocks < -2.0% included ZAGG, WDC, LNKD, LDK, TSL, ANF, VECO, CIEN

NDX 100 stocks stronger than the NDX included GMCR, RIMM, BRCM, FLEX, DTV, CTSH, INTC, AAPL, PCLN and WYNN.

Stocks weaker than the NDX include CTRP, ATVI, SPLS,SHLD, WCRX, STX, VOD, VRTX, NTAP and DLTR.

Four NDX stocks including CHKP and DTV moved above their 30 DMA making 71 NDX stocks above the 30 DMA.

Stocks to Watch on Wednesday
Holding Above 30 DMA = 54
FFIV, SNDK, NKE, COH, UNP, DHR, DOW, SMH, SWK, TIF, TPX, VMW, JNPR, NGLS, CAT, DLR, SWN, RVBD, SLB, UCO, AKS, GLW, A, CIEN, URE, ATI, CF, CMG, DE, FCX, HUM, ANR, HAL, DE, CLF, SLW, CRM, JDSU, LVS, X, INFA, NDAQ, V, CREE, KKD, FAS, IBM, ICE, NVDA, CHL, DECK, HLF, WLT, TLT
Moving Above 30 DMA = 2
CRUS, PCX
Moving Below 30 DMA = 6
ARUN, GES, LDK, MOS, RCL, VECO
Staying Below 30 DMA
C, ENTR, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, NTES, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

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