Tuesday, March 27, 2012

Trading Pauses, Pulls Back on Tuesday, SPX Holds Above S1...

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Two of nine sectors moved higher on Tuesday, XLU, XLV and XLK were the strongest sectors.

Breadth weakened as decliners led advancers 1.39 to 1 on the NYSE and 1.67 to 1 on the NASDAQ.

Exchange        NYSE       NASDAQ
Advancers       1,243             945
Decliners         1,736          1,581


Tuesday’s trading was a typical pause pullback day after a strong trend move day on MondayOnly thirty five of the NDX 100 rose led by AAPL +7.50, +1.24% which closed at $614.48 on 21.6 million shares.  

The SPY moved down 44 cents on volume of 119.6 million shares, after rising $1.96 on MondayThe SPX stayed above its S1 level the first short-term support level with candlestick analysis which is typically a bullish indication of a probable trend continuation.

Money Flow
Euro       -40 pips    1.3315
TNX        -0.57          22.44
TLT        +0.81        112.63
XLF        -0.14          15.97
SPX        -3.99     1,412.52
VIX        +1.33          15.59

NDX +0.15%
COMPQ -0.07%
SPX -0.28%
INDU -0.33%
RUT -0.73%

Money Flow was typical on Monday the Euro, TNX, XLF and SPX moved lower.  Bonds TLT moved higher.  The VIX moved higher and did confirm the SPX move on Tuesday.

While it is a good idea to move stops to protect profits according to your rules, Tuesday’s trading does indicate that this intermediate term trend is still most likely to continue.

The Jan 18 SPX breakout has an intermediate term chart target of 1,427 within 12 weeks of the breakout on Jan 18.

(click image to enlarge)



Continuation:  A, SBUX, ROST, KLAC, ISRG, AMZN, BIIB

Pause:  CLF, PCLN, CMG, SWI, SMH, BIDU, V, DLR, QCOM, CELG, ORLY, CHKP, ADSK

Pause in Flag Move:  RCL, ZION, STI, CREE, GLW, HLF, LVS, CSTR, INFA, SWK, VECO,

Breakout Move:  JDSU, JNPR, AAPL, ADBE, DHR, SOHU, CIEN

Flag Move:  CIEN, SHLD

 (click image to enlarge)

Flag Setups: AKS, X, SWKS, NGLS, TIF, ANF, C, TBT

Breakout Setups: VMW, CROX, WYN, TPX, DOW, COH, BAC, FAS, URE, BRCM, CSTR, HLF, LVS, GLW, POT, INFA, CF, ZAGG, PNRA, NTAP, AKAM, FOSL, CERN, WYNN, FFIV, GRMN, GS, GOOG, CTXS



Leading stocks > +2% on Tuesday included MCP, GRPN, SINA, JNPR, CIEN, JDSU, IL, SOHU, FAZ

Losing stocks < -2.0% included LDK, PCS, PCX, SLB, DECK, BAC, ESI, VECO, TSL, HAL, CRM, FAS, NDAQ, SWI

NDX 100 stocks stronger than the NDX included MU, SHLD, INTU, AMZN, AAPL, LRCX, ISRG, VMED, MNST and ATVI.

Stocks weaker than the NDX include APOL, EXPE, GOLD, CERN, STX, NUAN, CTXS, SPLS, FSLR and FOSL.

Four NDX stocks AMGN, EA, GILD and MU closed above the 30 DMA making 84 NDX stocks above their 30 DMA.

Stocks to Watch on Wednesday
Holding Above 30 DMA = 59
CMG, CRUS, SWKS, TPX, HLF, LNKD, LVS, CSTR, CRM, INFA, SWI, VMW, IBM, V, TIF, DLR, SNDK, ANF, BAC, C, COH, FAS, GS, NTES, SWK, VECO, ZION, DHR, TBT, FFIV, MCP, GLW, URE, ARUN, DOW, NDAQ, SMH, STI, CLF, X, CIEN, CREE, RCL, CF, POT, SOHU, CHL, CROX, WDC, ZAGG, A, JDSU, MOS, UCO, HUM, RVBD, TSLA, UAL, UNP
Moving Above 30 DMA = 1
JNPR
Moving Below 30 DMA = 4
DE, ICE, NGLS, NKE
Staying Below 30 DMA
AKS, SINA, F, KKD, TSL, ATI, CAT, SWN, GES, PCS, FAZ, TLT, SLW, CDE, LDK, SLB, ENTR, HAL, ESI, IL, NVDA, DECK, WLT, FCX, GRPN, ANR, PCX

Five Month Intermediate Term Market Trend: Up
Short Term Market Trend: Up 

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