Eight of nine sectors moved higher on Wednesday, XLE, XLY and XLF were the strongest sectors.
Money Flow
Euro +124 pips 1.2859
TNX +0.47 18.97
TLT -1.47 119.97
XLF +0.21 13.92
SPX +14.37 1,308.67
VIX -1.31 20.89
RUT +1.79%
COMPQ +1.53%
NDX +1.37%
SPX +1.11%
INDU +0.78%
Indexes were in theoretically ideal order as small caps led and large cap industrials trailed.
Money Flow did follow the Euro higher as TNX rose and bonds closed lower. XLF and the SPX moved higher. The SPX made its highest close since July 26 and is just 62 points below its May 2 high of 1,370, the SPX’s highest level since the March 2009 low. The SPX 1,308 close is a closing breakout of the Oct 27 high and forecasts a new chart target of 1,428 within 12 weeks.
The VIX did confirm the rising SPX today.
Wednesday Earnings of Interest
FAST miss
GS beat
STT miss
EBAY beat
FFIV beat
XLNX beat
(click image to enlarge)
Earnings continue this week with AMD, BAC, FLEX, FCX, GOOG, INTC, IBM, ISRG, MSFT, MS, SWKS, UNP and UNH on Thursday and GE, STI and SLB reporting on Friday.
(click image to enlarge)
SPY moved up $1.43 on rising volume of 163 million shares.
Breadth strengthened as advancers led decliners 3.80 to 1 on the NYSE and 3.23 to 1 on the NASDAQ.
Exchange NYSE NASDAQ
Advancers 2,406 1,948
Decliners 632 603
AAPL, AMZN, ORCL, INTC, CSCO, ALTR, GOOG, PCLN, AMGN, GILD and LLTC led the NDX higher on Wednesday.
Leading stocks > +2% on Wednesday JDSU, GS, JNPR, VECO, GRPN, ARUN, BAC, CREE, SLB, RVBD, SWKS, SNDK, FAS, CRM, CROX, CSTR, SMH, ENTR, PCX, LDK, TSL, ANF, IL, TPX, NVDA, INFA, HAL, FCX, A, CIEN, MCP, X, COH, CDE, C, F, RCL, ANR, ZAGG, WLT, SWK, TBT, ICE, CRUS, ZION, FFIV
Losing stocks < -2.0% included FAZ, CF, MOS
NDX 100 stocks stronger than the NDX included LLTC, ALTR, FSLR, SHLD, AVGO, MU, ADSK, MXIM, XLNX and MCHP.
Stocks weaker than the NDX include APOL, DTV, FAST, BIDU, RIMM, VMED, MNST, EBAY, CLEG and CHKP.
Nine NDX stocks AMZN, ATVI, BBBY, FFIV, GOOG, LLTC, MAT, ORCL and YHOO closed above the 30 DMA making 89 NDX stocks above their 30 DMA.
Stocks to Watch on Thursday
Holding Above 30 DMA = 62
V, WDC, LDK, DLR, IL, URE, CMG, DE, DOW, ENTR, FAS, HUM, SWK, UNP, F, NKE, ATI, CIEN, CRUS, SMH, SWKS, ZION, JDSU, NGLS, AKS, BAC, CF, CHL, DHR, STI, X, A, C, CAT, CLF, FCX, MOS, POT, TPX, ESI, RVBD, SNDK, GLW, KKD, CREE, GS, JNPR, CROX, HLF, LNKD, LVS, RCL, SLW, SOHU, TSL, CSTR, SINA, TLT, VECO, COH, MCP, UCO
Moving Above 30 DMA = 7
ARUN, CDE, CRM, FFIV, HAL, NDAQ, SLB
Moving Below 30 DMA = 0
Staying Below 30 DMA
GES, ANR, NVDA, TBT, TIF, PCX, ANF, IBM, ICE, GRPN, NTES, FAZ, TSLA, INFA, DECK, VMW, SWN, WLT, ZAGG
Fifteen Week Intermediate Term Market Trend: Up
Short Term Market Trend: Up
5 comments:
I really dont get it. Thursday can be considered a breakout, but how to arrive at the target of 1428 within 12 weeks...end April 12 weeks.?Other indicators - like RSI seems overbrought...Its tough to see that we can arrive at 1428 within 12 weeks, without corrections?
Dave:
Thank you for the daily posts (and Charts)
Very Appreciated.
Robert
CANI_212
Maggi,
Here is how I get close to Dave's target.
The break out is breaking above the Oct 27 high. Oct 27 to today is about 12 weeks.
Oct 27 high of 1292 - Nov 28 low of 1158 = 134 add to the break out level of 1292 is 1426
This is as close as I can get to Dave's numbers. There is always some play involved because of "Areas or Zones" and how you draw the lines.
The other indicators are a reflection of price.
There may be pull packs along the way.
Trend is the most important factor in every trade.
Dave, how did I do?
Don
Don... Thanks.
Dave thanks for sharing your insights...
Don,
Good job. I just used the 200% measure from the low to high. If the tool was off 2 points due to an inexact line, that's okay because a price target is a zone just like S&R. I'll recheck the line later to see if it is off.
DJ
Maggi,
First nowhere in the post does it say "without corrections," so that is something you mind just assumed incorrectly.
Second, when I teach S&R breakout price targets in a workshop or webcast, I always teach that there will likely be corrections between the breakout and price target. Breakouts are likely to pullback to the breakout area about 70% of the time and generally in 12 weeks there will likely be several other pull backs.
I hope this helps.
DJ
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