Happy Thanksgiving...FB Up on Rising Volume...SPY Closes Higher...

Six of nine sectors moved higher and XLF was unchanged on Wednesday…XLE, XLY and XLK were the strongest sectors. 

Breadth strengthened on Wednesday as advancers led decliners …2.08 to 1 on the NYSE and 1.81 to 1 on the NASDAQ…

SPY up 26 cents at 139.45...volume down to 81.7 million shares

VIX +0.23 at 15.31…
TNX +0.31 at 16.87…

TLT down 7 cents at 124.33…
XLF unchanged at 15.65…volume 26.2 million shares

AAPL up 79 cents at 561.70…volume 13.3 million shares …

FB up 1.22 at`24.32…on rising volume of 89.8 million shares…

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Technical Commentary:
The SPY inched higher and closed 8 cents above Chart Signals 139.37 price target (Monday evening), in narrow range trading on light pre-holiday volume on Wednesday following a pause on Tuesday.  Monday’s S1 area continues to act as short-term support.  The VIX moved up and did not confirm the SPY move up.

The ES and NQ futures also moved slightly higher in a narrow trading range on light volume.  Once again the ES rose to Chart Signals (Mon/Tues evening) price target of 1,393 reaching 1,393.75 before closing at 1,389.  

Stocks with increased volume included: CRM, DE, GRPN, IBM, TSL, CHL, FB, INTC, PNRA, CTXS, VRSN and BIDU.

Volume was lighter for SPY, DIA, QQQ, IWM and most stocks as traders prepared for the Thanksgiving holiday weekend.

The SPY has retraced just over 50% of its selloff from its Nov 6 high and could be ready to pull back, the weight of the evidence suggests recent support is the near-term low and this bounce is likely to continue even if it does pull back.

The Euro closed up 12 pips at 1.2828.  TNX, interest rates rose and TLT, bonds moved down 7 cents.

XLF unchanged, BO setup.

SPY – S1 holds, 139.50 BO setup

AAPL – S1 holds, black spinning top

FB – large white candle, at BO point, highest since July downtrend

FAS – potential hanging man above S1, BO setup

AMZN – large white candle, divergence bounce, double bottom BO setup

EXPE - flag bounce continuation, nearing BO setup

STX – bullish harami, IT support

VIAB – hammer, holds DBO

RIMM – large white candle BO continuation

CRUS – gap black candle V BO

F – white spinning top, flag bounce continuation

PHM – doji, bounce continuation off IT support

SWK – doji, bounce continuation nearing BO setup

SWI – white candle BO

RAX – doji, divergence bounce continuation

URI – white candle DBO

YELP – hammer

XHB – white spinning top, bounce continuation off IT support

XRT – white candle above horizontal BO

BO = breakout, DBO = diagonal breakout, CT = counter-trend, IT = intermediate term

The Market Forecast Green Line is pointed up crossing out of the lower reversal zone.

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Chart Targets:

SPY = 139.37, 140.39, 141.68 short-term resistance
ES = 1,393, 1,402 short-term resistance

EUR/USD = 1.2876, 1.3020 short-term resistance

Short-term support at
1.2659 = Euro

137.82 = SPY

78.38 = SPXL
1,386.50 = ES
2,588 = NQ


Setups:
Bull Flag:  QCOM, RCL, JOE, ROVI, TRIP, PENN, FLO, DSW, AOL

Horizontal Setup: OSK, BBBY

Diagonal Setup:  MCO

C-Pattern: GOOG, WMB, FAS, IBM, STI, TPX, WDC, CRUS, TIF, SPY, URE, FCX, MOS, GS, CDE, LVS, SLB, RVBD

Confirmed MACD Divergence:  DIA, QQQ, GOOG, CTSH, IBM

Moves:

Gap Up: CRM, THOR

Gap Down:  STJ, DE

 

Bounce: EXPD, CIEN, JDSU, HNT, SVU, IBKR, PDCO, HPQ

C-Pattern: JAH, YNDX, CRM, SWI, JDSU, RAX, SWK

Breakout: FB, BSX

Continuation:  CELG, CHRW, PCLN, VMW, IBM, INGR, ADSK, WHR, EXPE, LNKD, CERN, AVY, AGQ, F, DDS, SBUX, SPY, DIA, QQQ, IWM, V, VMED, PCAR, FL, THC, SIRO, CREE, TER, WDC, CTSH, SMH, DV

Pause: TXN, GILD, TSN, AAN, GOOG, SHLD, BKD, ISIL, HCA, LLTC, NTAP, VAR, BTU, ADSK, TXN

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 65 of 100 NDX stocks closed higher and one unchanged on Wednesday…

Leading NDX 100 stocks included: RIMM, FFIV, CTXS, NVDA, WCRX, MNST, NUAN, AMZN, MYL, SNDK

Lagging NDX stocks included: SHLD, VRTX, SIRI, WFM, ESRX, BIDU, KRFT, INTC, NWSA, GOLD

Leading stocks > +2% on Wednesday included: GRPN, CRM, TSL, FB, LDK, MCP, HLF, X, CHL, CRUS, CMG, TPX, URI, VMW, JDSU, CDE

Lagging stocks < -2.0% included: DE, STI

Stocks to Watch on Friday…

Holding Above 30 DMA = 37
YHOO, MYL, ORLY, CERN, NFLX, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, SPLS, CSCO, NTAP, EXPE, GMCR, ISRG, VMED, ATVI, CHKP, EA, EXPD, LLTC, MXIM, PCAR, SYMC, TXN, XLNX , AMGN, BIIB, CELG, COST, DLTR, EBAY, LIFE, SIAL  

Moving Above 30 DMA = 3

AMZN, BBBY, FISV

Moving Below 30 DMA = 0
 

Staying Below 30 DMA

DELL, LRCX, CHRW, MU, SIRI, KLAC, LINTA, SHLD, SRCL, FLEX, STX, WYNN, ADBE, AVGO, CMCSA, INTU, MAT, NWSA, SYMC, ADSK, AKAM, AMAT, GOLD, MCHP, MSFT, NVDA, ORCL, PAYX, PNRA, SNDK, WFM, FOSL, ADP, FAST, INTC, BIDU, CTSH, PCAR, VIAB, ALXN, ESRX, MNST, TXN, VRSN, GOOG, MYL, APOL, INFY, ORLY, VRTX, BMC, FFIV, GRMN, VOD, WCRX, DTV, NUAN, AAPL, BRCM, CA, CTXS, SYMC, ALTR, KLAC, ROST, MRVL, KRFT

Six Week Intermediate Term Market Trend: Down

Short Term Market Trend: Up