SPY Rallies to Resistance Close Above 30 DMA, First Time Since May 3...

The SPY continues to trade in a narrow neutral short-term range of the past six days closing above its 30 DMA and rising into its 134 horizontal resistance area.  Trading continues to be range bound awaiting clarity on the Greek elections this weekend.  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 Thursday.  XLE, XLV, and XLP were the strongest sectors.

Breadth strengthened as advancers led decliners 2.38 to 1 on the NYSE and 1.92 to 1 on the NASDAQ.

Exchange      NYSE    NASDAQ

Advancers     2,144       1,732

Decliners          900          736

SPY moved up $1.40 on 230.5 million shares closing above its 30 DMA for the first time since May 3.  The SPX gained +14.22 at 1,329.10 just below resistance at 1,335.

The Market Forecast green line is pointed up.

AAPL was down -63 cents at 571.53 on 12.3 million shares...

FB gained $1.02 at 28.29 on 17.1 million shares...

GRPN -17 cents, -1.77%…

C Pattern Continuation: INTU, SIAL, SRCL, FISV

C Pattern Pullback: SWKS, AVGO, AAPL, CSTR

C Pattern Reversal:

C Pattern Entry:

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

Breakout: COST, VRSN, ROST

Breakout Continuation: MNST, MCHP, DLTR

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

Bounce:

Daily/Weekly Bull Flags: JDSU, INFA, MCP, SOHU

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

Technical Commentary:

The Euro rallied and TNX, XLF and SPY also rose.  The VIX and bonds moved lower. 

Thursday Highlights:

SPY closes up $1.40

The Euro moved up 76 pips, closed at 1.2631

TNX +0.12

VIX rose -2.59, below 25 at 21.68

XLF closed +16 cents at 14.20

65 of 100 NDX stocks closed higher on Thursday…

Leading NDX 100stocks included CELG, CTRP, BIIB, COST, CMCSA, AMGN, DTV, ESRX, PAYX, VRSN

Lagging NDX stocks included GMCR, QCOM, FSLR, RIMM, GRMN, FLEX, AVGO, MU, STX, MRVL

Leading stocks > +2% on Thursday included UCO, X, FB, FAS, CIEN, LNKD, ATI, URE, CRUS, AKS, SWI, ICE, SLB, BAC, ANR

Losing stocks < -2.0% included PCX, FAZ, SWKS, TSL, NKE, SOHU

Stocks to Watch on Friday

HoldingAbove 30 DMA = 11

TLT, CRUS, SWKS, CIEN, ICE, CDE, GES, CSTR, HUM, BAC, DLR

Moving Above 30 DMA = 6

C, FCX, GLW, HLF, NTES, URE

Moving Below 30 DMA = 1

FAZ

Staying Below 30 DMA

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

Eight Week Intermediate Term Market Trend: Down

Short Term Market Trend: Neutral