Tuesday, June 12, 2012

SPY Bounces Closes Just Below 30 DMA and Horizontal Resistance....


On Tuesday twenty-three NDX stocks crossed above their 30 DMA on Tuesday… AKAM, AMAT, BBBY, BIIB, BRCM, CERN, ESRX, FSLR, INFY, INTU, KLAC, MAT, MCHP, MXIM, NVDA, NWSA, ORLY, PCAR, QCOM, SIAL, VRSN, XLNX, YHOO…making 45 NDX stocks above their 30 DMA.

The SPY which reversed much of Monday’s pull back closed just below its 30 DMA.  After a trade reaches a target, Chart Signals begins to look for re-entry.  After reaching a horizontal resistance target, a typical entry would be the breakout. 


All nine sectors moved higher on Tuesday.  XLB, XLI, and XLF were the strongest sectors.

Breadth strengthened as decliners led advancers 3.61 to 1 on the NYSE and 2.31 to 1 on the NASDAQ.


Exchange      NYSE    NASDAQ
Advancers     2,360       1,739
Decliners          652          750

SPY moved up $1.50 on 181.8 million shares closing just below its 30 DMA and forming a white candle.  The SPX closed up +15.25 at 1,324.18 below resistance at 1,335.

The Market Forecast green line is pointed up.

AAPL was up 4.99 at 576.16 on 15.5 million shares...

FB +39 cents at 27.40 on 15.8 million shares...

GRPN -39 cents, -3.77%



C Pattern Continuation: SRCL, SWKS COST, AVGO, FISV, AAPL, CSTR

C Pattern Pullback:

C Pattern Reversal:

C Pattern Entry: QCOM, AKAM, INTU, SIAL, ORLY  

C Pattern Setup: CMG, MSFT, SBUX, GOOG, SHLD, V, DHR, A, CTXS, VMW, ZAGG, TSLA, CRM,

Breakout: VRSN, ROST, VMED

Breakout Continuation: MNST, MCHP, DLTR

Breakout Setup: RVBD, C, JDSU, EXPD, ALXN, SPY, DIA, QQQ, IWM, AAPL, ICE, CHKP, FAS, VECO, URE, CRUS, WFM, MOS, F, BIDU, PNRA, LVS

Bounce: GOLD

Daily/Weekly Bull Flags: INFA, MCP, SOHU

MACD Histogram Bullish Divergence Confirmed: ALTR, TPX, NFLX, MRVL, CROX



Technical Commentary:
The Euro rallied as did TNX, XLF and SPY.  The VIX and bonds moved lower.


Tuesday Highlights:
SPY closes up 1.50
The Euro moved up 27 pips, closed at 1.2503
TNX +0.61
VIX fell -1.47, below 25 at 22.09
XLF closed +20 cents at 14.08


85 of 100 NDX stocks closed higher on Tuesday…

Leading NDX 100stocks included FSLR, SNDK, PCAR, MU, ALXN, GRMN, CERN, ORLY, GOLD, VOD

Lagging NDX stocks included APOL, CTRP, BIDU, CELG, GOOG, DTV, MYL, TEVA, GILD, GMCR

Leading stocks > +2% on Tuesday included FAZ, GRPN, PCX, ANR, ZAGG

Losing stocks < -2.0% included AKS, PCX, ANR, TPX, RVBD, UCO, X, UAL, ATI, JDSU, FAS, CLF, C, ZAGG, VECO, CRM, CRUS, URE, GRPN, CIEN, SWKS, MCP, BAC, ZION, CREE, VMW, TSL, COH, ANF, TSLA, RCL, SINA, SWI, INFA, JNPR, CROX, DECK, FCX, STI, CDE, LVS, DE, GES, MOS, CMG, DLR

Stocks to Watch on Wednesday

HoldingAbove 30 DMA = 11
TLT, FAZ, NTES, CRUS, SWKS, CIEN, ICE, CDE, GES, CSTR, HUM

Moving Above 30 DMA = 5
BAC, F, GLW, MOS, TSL

Moving Below 30 DMA = 1



Staying Below 30 DMA
CMG, DECK, DLR, NKE, RVBD, UAL, VECO, SINA, SWI, A, DHR, GRPN, TSLA, V, ZAGG, CRM, LDK, LNKD, CHL, URE, CREE, STI, WDC, ANF, ATI, DE, IBM, SLB, VMW, ESI, FAS, FCX, SMH, TIF, UCO, AKS, ANR, JNPR, X, HLF, SOHU, CROX, LVS, PCX, RCL, CLF, MCP, SWK, TPX, ZION, INFA, TBT, JDSU, C, GS, COH

Eight Week Intermediate Term Market Trend: Down
Short Term Market Trend: Neutral

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