Two of nine sectors moved higher on Wednesday. XLK, XLF and XLV were the strongest sectors. ZION +10.50%, RF +6.93% and BAC +4.12% gained after announcement late Tuesday that each had passed the Fed’s stress test.
(click image to enlarge)
Breadth weakened as decliners led advancers 2.78 to 1 on the NYSE and 2.16 to 1 on the NASDAQ.
Exchange NYSE NASDAQ
Advancers 800 805
Decliners 2,230 1,745
Wednesday was a typical pause day after large rise. The major indexes absorbed profit-taking and held above the mid-section or S1 level of Tuesday’s candle. A pause that holds above S1 typically leads to trend continuation. The SPY moved fell 15 cents on decreased volume of 145.1 million shares.
Wednesday was a typical pause day after large rise. The major indexes absorbed profit-taking and held above the mid-section or S1 level of Tuesday’s candle. A pause that holds above S1 typically leads to trend continuation. The SPY moved fell 15 cents on decreased volume of 145.1 million shares.
AAPL +21.48, +3.78% had another monster day closing at 589 leading the NDX higher. AAPL accounted for 18.2 points of the 10.98 point rise in the NDX. Obviously NDX decliners offset a portion of those points as 68 NDX stocks moved lower, 31 rose and FLEX was unchanged.
The SPX has a twelve week price target of 1,427 from its breakout on Jan 18.
Money Flow
Euro -52 pips 1.3083
TNX +1.67 22.74
TLT -2.87 111.04
XLF +0.02 15.44
SPX -1.67 1,394.28
VIX +0.51 15.31
NDX +0.41%
INDU +0.12%
COMPQ +0.03%
SPX -0.12%
RUT -0.94%
Money Flow was mixed on Wednesday as the Euro moved lower. Market action suggests that bond investors think that the Fed may not continue to keep longer term rates artificially low, by aggressively supporting the long bond, as the TNX jumped to its highest level and TLT dropped to its lowest level since Oct 28. XLF and SPX both were near unchanged.
The VIX moved up and confirmed the slightly lower close on the SPX. made its lowest close since April 29, 2011.
(click image to enlarge)
Setups
(click image to enlarge)
Leading stocks > +2% on Wednesday included ZION, CLF, TBT, STI, BAC, ANF, AKS, X, SWKS
Losing stocks < -2.0% included CDE, LDK, SLW, SINA, SOHU, CHL, IL, C, GS, JNPR, HAL, WLT, ENTR, NVDA, DECK, MCP, ANR, TLT, RVBD, FCX, UNP, LNKD, TSLA, SWI, PCS, SNDK, UAL, NGLS
NDX 100 stocks stronger than the NDX included BBBY, AAPL, SPLS, ATVI, ALTR, ADSK, DELL, MU, COST and XRAY.
Stocks weaker than the NDX include EA, GOLD, VOD, NVDA, CTRP, BIDU, RIMM, NUAN, MNST and AKAM.
One NDX stock ATVI closed above the 30 DMA and five AMZN, BMC, LLTC, MYL and VMED moved below leaving 75 NDX stocks above their 30 DMA.
Stocks to Watch on Thursday
Holding Above 30 DMA = 52
CMG, NKE, CRUS, SWKS, NGLS, CHL, TPX, HLF, LNKD, LVS, CSTR, CRM, INFA, SWI, VMW, IBM, TSLA, GES, V, ICE, TIF, UCO, DLR, SNDK, SINA, ANF, BAC, C, COH, FAS, GS, NTES, SWK, VECO, ZION, DHR, TBT, WDC, FFIV, MCP, GLW, URE, A, ARUN, DOW, F, JDSU, KKD, NDAQ, SMH, SOHU, STI
Moving Above 30 DMA = 2
CLF, X
Moving Below 30 DMA = 6
CAT, CIEN, CREE, RCL, SWN, ZAGG
Staying Below 30 DMA
PCS, CF, FAZ, TLT, RVBD, CROX, MOS, POT, SLW, CDE, LDK, SLB, ENTR, HAL, JNPR, UNP, ESI, IL, NVDA, DECK, TSL, HUM, UAL, WLT, DE, FCX, GRPN, ANR, PCX, AKS, ATI
Five Month Intermediate Term Market Trend: Up
Short Term Market Trend: Up
4 comments:
I'm happy to visit your blog, really hope to become your friends so can view the latest content in your blog
very nice article very well explained thanks for the post..keep posting
It was an excellent learning experience many thanks
My Fellow Technicians:
Here's an observation on the $SPX chart. Dave talks about the 1,427 S/R measuring distance target. If you pull your Fib down to the low of 10/4/11 and the high of 10/27/11... Well look where that 161% target lands ... 1,427!! We know what that means ... 'multiple invitations' have been sent out for that target. (Also, if you draw your Fib to the open of 10/4/11 instead of the ultimate low, the 161% target would be at 1,413. That might be a target for some traders as well). Remember, Dave's BGO: Use Fibs to see hidden levels of support or resistance, so 1,413 and 1,427 may be places where SPX slows down or pulls back because an upside target is where you sell and when you sell, the price goes down.
Best of success,
Steven
Post a Comment