SPY Holds Support on Light Volume as Euro Gains...

Three of nine sectors moved higher on Tuesday…XLY, XLE and XLPwere the strongest sectors.

Breadth strengthened as advancers led decliners 1.30 to 1 on the NYSE and 1.44 to 1 on the Nasdaq…

Exchange      NYSE    NASDAQ

Advancers     1,663       1,435

Decliners       1,276        994

Tuesday Highlights:

SPY moved down 14 cents…closing at 141.40…volume was 75.7 million shares…

VIX up 0.14 at 16.49…

Euro up 66 pips at 1.2564…

TNX -0.19 at 16.30…

TLT up 30 cents at 125.84…

XLF down 2 cents at 15.12…

AAPL down 88 cents at 674.80…volume 9.5 million shares …

FB up 19 cents at 19.34… volume 25.4 million shares…

LXK +2.61, +13.73% on heavy volume 13.2 million...

The Market Forecast green line is in upper zone., +

Technical Commentary: The SPY opened lower and moved sideways in a 87 cent range n Tuesday. Volume was again low at 75.7 million shares, an indication that volume will be below average this week going into the 3-day Labor Day weekend. The VIX up slightly and still near its lowest levels. The Euro bounced up in its bull flag pattern.

Chart Targets: 

SPY = 143.10 S&R Measuring

ES = 1,425.75 S&R Measuring

Short-term support at

140.92, 139.80 = SPY

1,403, 1,387 = ES

2,743, 2,700 = NQ

Setup Chart Patterns

Bull Flag: LVS, SOHU, SPY, WDC, EL, DAN, URI, TEN, PCAR, XRAY, MU, VRSN, NVDA, CMCSA, VOD, AVGO, WYNN, ISRG, FOSL, RVBD, SMH, SINA, VMW, GM, F, CIEN, ZION, CA, SHLD, BRCM, LLTC, MCHP, MU, VRSN, BMC,

Horizontal or Diagonal Breakout: SLB, SWKS, CTXS, MSFT

Bounce on

Tuesday – Euro, BBBY, JDSU, GLW, JNPR, COH, CREE,

Monday – FFIV, BIDU, SBUX, INTU, RAX, RCL, JDSU

 

56of 100 NDX stocks closed higher on Tuesday…

Leading NDX 100 stocks included: BIDU, ADSK, ALTR, AVGO, EXPE, PNRA, GOOG, VRTX, BBBY, AMGN

Lagging NDX stocks included: KLAC, DELL, SNDK, MNST, WCRX, YHOO, GOLD, MXIM, ADBE, CHKP

Leading stocks > +2% on Monday included: MCP, ZAGG, VECO, JNPR, INFA, RCL, TSL, LNKD, NKE

Lagging stocks < -2.0% included: AKS, CRM, UAL

Stocks to Watch on Wednesday…

Holding Above 30 DMA = 39

SLB, WDC, UCO, TPX, GS, JNPR, RVBD, SWI, CIEN, CROX, DHR, SMH, SWKS, VECO, CRUS, CREE, C, FAS, FCX, JDSU, NKE, RCL, STI, TBT, TIF, BAC, CDE, CRM, SINA, SOHU, F, AKS, DECK, ZION, ANF, INFA, ICE, LVS, LNKD, HUM, URE

Moving Above 30 DMA = 3

COH, GLW, VECO

Moving Below 30 DMA = 3

AKS, IBM, SWK

Staying Below 30 DMA

ATI, TSL, TSLA, X, ANR, GES, MOS, V, VMW, DE, HLF, LNKD, A, CHL, NTES, GRPN, ANR, CLF, DLR, TLT, ZAGG, FAZ, CMG, ESI, UAL, FB, CSTR, LDK, MCP

Twelve Week Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral