AAPL, NDX, SPX Intra-day Reversal as Euro Moves Lower...Yellow Alert...

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Eight of nine sectors moved lower on Wednesday.  XLB, XLP and XLE were the strongest sectors.

Several short-term bearish signs appeared on the charts today.

- The ES futures ranged 23.50 points from 1,358 before the open to 1,334.50 this evening.  This is close to the maximum selloff range of 33.75 points (Jan 30) for the ES since Dec 19.

- The VIX made its highest close since Jan 17.
- Bearish Engulfing pattern on the SPY, NDX and  AAPL.

- NDX stocks above the 30 DMA dropped to 75, its lowest level since Jan 7.

- The RUT and INDU failed to make a new intra-day high like the NDX, COMPQ and SPX.

Technically the short-term trend on the SPX and SPY is still neutral.  Since Wednesday is the new high day, a move below today’s low needs to occur first.  Additionally, the old resistance on Jan 26 at SPY 133.40 needs to be broken to really be a break of the current short-term support.

This is a short-term Yellow Alert.

These comments are on the short-term trend and the Intermediate Term Trend is still up.

Follow your rules for stop adjustment and potential short-term exit.

You may also want to begin to look for potential short-term bearish entries should the short-term trend change.

Money Flow

Euro     -70 pips   1.3063

TNX     +0.07         19.31

TLT      -0.21        117.55

XLF      -0.09          14.47

SPX      -7.27     1,343.23

VIX      +1.60         21.14

SPX -0.54%

COMPQ -0.55%

NDX -0.75%

INDU -0.76%

RUT -0.81%

Money Flow was mostly typical as the Euro moved lower XLF and SPX followed.  The VIX moved higher.  Slightly atypical the TNX was up slightly and bonds TLT were slightly down.  The most recent SPX breakout has an intermediate term chart target of 1,428 within 12 weeks of the breakout, now just 76 points away.

The VIX moved up and did confirm the SPX on Wednesday.

(click image to enlarge)

 Breadth strengthened as decliners led advancers 1.36 to 1 on the NYSE and weakened sligthly 1.69 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ

Advancers       1,276             940

Decliners         1,736          1,595

ANF +3.71, +8.32% gained big following better than expected EPS.

NTAP +3.42, +8.58% meet estimates after the close.

The Euro has moved back to its late January short-term support area.

If short-term support holds on the SPY and SPX the following stocks are still potential Bull Flag Setups/Entries – JNPR, CREE, LNKD, GES, SWKS, BRCM, STI, FFIV, GILD, LVS, GLW, GS, GRMN, VECO, NFLX, C, CSTR, F, FAS, IL, MOS, RCL, UAL, FSLR, CERN, COST, CSCO, CTSH, WDC, GMCR, BAC

(click image to enlarge)

Leading stocks > +2% on Wednesday included ANF, JNPR, NTES, DECK, CREE, LNKD, ANR, ESI, SWN, CROX, GES, JDSU

Losing stocks < -2.0% included ZAGG, DE, UNP, SWI, SINA, BAC, AKS, WDC, TSL, IL

NDX 100 stocks stronger than the NDX included SHLD, CMCSA, TEVA, INFY, PCAR, NTAP, CTRP, RIMM, SNDK and AVGO.

Stocks weaker than the NDX include NUAN, AMZN, MNST, BBBY, CHRW, EXPD, GMCR, AAPL, FOSL and BIDU.

One NDX stock TEVA closed above the 30 DMA and seven AMZN, EXPD, GOLD, MCHP, NWSA, ORCL and PNRA closed below leaving 75 NDX stocks above their 30 DMA.

Stocks to Watch on Thursday

Holding Above 30 DMA = 63

WDC, DLR, URE, CMG, DOW, ENTR, FAS, SWK, F, NKE, CIEN, CRUS, SMH, SWKS, JDSU, NGLS, BAC, CF, CHL, STI, A, C, CAT, TPX, ESI, KKD, CREE, GS, CROX, HLF, LNKD, LVS, RCL, SLW, TSL, CSTR, SINA, VECO, COH, ARUN, CRM, FFIV, SLB, INFA, NTES, NVDA, SWI, VMW, IBM, ZAGG, UAL, TSLA, LDK, GES, JNPR, V, ICE, ZION, NDAQ, TIF, RVBD, SWN, UCO

Moving Above 30 DMA = 2

ANF, DECK

Moving Below 30 DMA = 4

DE, DHR, UNP, WLT

Staying Below 30 DMA

CDE, CLF, FCX, GLW, HAL, IL, MOS, TBT, X, GRPN, ANR, PCX, POT, MCP, SOHU, AKS, TLT, HUM, ATI, SNDK, FAZ

Eighteen Week Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral