SPX Makes New High Close as Euro, XLF Rise...

Dave just finished teaching 240 traders in San Francisco and 90 plus traders in Sacramento how to improve trading using technical analysis and will be flying home early Friday morning.  Next post will be Friday after the close.

Eight of nine sectors moved higher on Thursday.  XLF, XLP and XLE were the strongest sectors.

The SPX, INDU, COMPQ, NDX and RUT closed higher on Thursday.  AAPL, NFLX and QCOM rose as AMZN, BIDU, GOOG and PCLN moved lower.

Money Flow

Euro   +119 pips  1.3368

TNX     -0.21        19.84

TLT      -0.01      116.73

XLF     +0.14        14.72

SPX    +5.80    1,363.46

VIX      -1.39         16.80

RUT +1.56%

COMPQ +0.81%

NDX +0.59%

SPX +0.43%

INDU +0.36%

Money Flow was mostly typical as the Euro moved higher and XLF and SPX followed.  TNX was slightly lower and bonds TLT was near unchanged.  The VIX moved lower.  The most recent SPX breakout has an intermediate term chart target of 1,428 within 12 weeks of the breakout.

The VIX made its lowest close since July 8, 2011 did confirm the SPX move on Thursday.

Breadth strengthened as advancers led decliners 2.56 to 1 on the NYSE and 2.47 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ

Advancers       2,164          1,818

Decliners            843             735

The Euro continued to rise and broke through its early February short-term resistance area and is moving towards its 1.3534 chart target from its Jan 24 horizontal resistance breakout.

Our Bull Flag stocks were mixed again on Tuesday.  Thirteen moved higher and seventeen moved lower.  CSTR, MOS, STI, C, CERN, GRM, BAC and GMCR moved up more than 1%.  UAL, NFLX, RCL, GES, LNKD, VECO, JNPR, F and IL moved down more than 1%.

Bull Flag and Breakout Setups/Entries – JNPR, CREE, LNKD, GES, SWKS, BRCM, STI, FFIV, LVS, GLW, GS, GRMN, VECO, NFLX, C, CSTR, F, FAS, IL, MOS, RCL, UAL, FSLR, CERN, COST, CSCO, CTSH, WDC, GMCR, BAC…removed GILD due to gap down.

Leading stocks > +2% on Thursday included ICE, SWI, UCO, TPX, CIEN, VECO, DLR, IL, CRM, SNDK, SWKS, ARUN, FAS, CRUS, URE, SLW

Losing stocks < -2.0% included TSL, LDK, FAZ

NDX 100 stocks stronger than the NDX included SHLD, EBAY, FLEX, AVGO, CTRP, ALXN, SNDK, VRTX, STX and FOSL.

Stocks weaker than the NDX include FSLR, INTU, MU, GMCR, BRCM, AMAT, WYNN, GRMN, AMZN and CTSH.

Three NDX stocks DELL, EXPD and SNDK closed above the 30 DMA and two CTSH and MU closed below making 73 NDX stocks above their 30 DMA.

Stocks to Watch on Friday

Holding Above 30 DMA = 64

WDC, CMG, DOW, ENTR, FAS, SWK, NKE, CRUS, SMH, SWKS, JDSU, NGLS, BAC, CF, CHL, STI, A, C, CAT, TPX, ESI, KKD, CREE, GS, CROX, HLF, LNKD, LVS, SLW, TSL, CSTR, VECO, COH, CRM, FFIV, SLB, INFA, NTES, NVDA, SWI, VMW, IBM, ZAGG, TSLA, LDK, GES, JNPR, V, ICE, ZION, NDAQ, TIF, RVBD, SWN, UCO, ANF, DECK, CDE, DHR, MOS, TBT, HAL, MCP

Moving Above 30 DMA = 3

DLR, SNDK, URE

Moving Below 30 DMA = 1

TSL

Staying Below 30 DMA

CIEN, F, GLW, HUM, RCL, ARUN, SINA, UAL, DE, UNP, CLF, FCX, IL, X, GRPN, ANR, PCX, POT, MCP, SOHU, AKS, TLT, ATI, FAZ

Four Month Intermediate Term Market Trend: Up

Short Term Market Trend: Up