Thursday evening Dave and Tom gave spoke for 2 hours to several hundred traders at the Trader’s Expo in Dallas. Dave will be traveling home Friday morning and will post again later Friday.
The SPX fell to 1,258 and reversed up +2.22 to close at 1,267.64 closing at its 1,267 horizontal resistance area.
Interest rates TNX moved lower and bonds TLT rose 44 cents. Financial stocks XLF rose 8 cents.
SPX potential bullish harami, below 30 DMA +0.18%
INDU piercing line, below 30 DMA +0.54%
COMPQ hammer, below 30 DMA -0.29%
RUT potential bullish harami, below 30 DMA +0.27%
Breadth strengthened as decliners led advancers 1.21 to 1 on the NYSE and advancers led decliners 1.06 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,366 1,338
Decliners 1,656 1,254
Index Chg. Close Direction Confirmation
VIX +1.41 22.73 Up No – SPX
SOX -4.57 393.87 Down Yes – COMPQ
Leading stocks > +2% on Thursday included CROX, CAM
Losing stocks < -2.0% included IAG, JDSU, AKS, CIEN, MOS, MCP, PCX, CF, POT, SINA, ESI, NVDA, FFIV, UNG, ATI, CY, HLF, ACN, ANR, SLW, SWKS, WLT, F, ANF, CREE, NTES, X, CLF
SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,249
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -1.59 – hammer, below 30 DMA
AMZN -2.33 – spinning top, below 30 DMA
BIDU -2.60 – large black candle, below 30 DMA
GOOG -2.58 – spinning top, below 30 DMA
NFLX -7.82 – large black candle, close below 30 DMA
PCLN -9.46 – black candle, below 30 DMA
QCOM -1.11 – large black candle, below 30 DMA
NDX 100 stocks stronger than the NDX include SHLD, WFM, ORLY, FAST, FSLR, AKAM, SRCL, CSCO, COST, MSFT, LIFE and EXPD.
Stocks weaker than the NDX include VMED, NVDA, FFIV, CTSH, NFLX, TEVA, KLAC, FLEX, MU, STX, BIDU, CTXS, QCOM and PCLN.
Stocks to Watch on Friday
Holding Above 30 DMA
TIF, KKD, FAZ, ESI, CROX, GMCR, TLT
Moving Above 30 DMA = 0
Moving Below 30 DMA = 5
AKS, CF, HLF, NGLS, UNG
Staying Below 30 DMA
ACN, AGU, CHL, CRM, DLR, FCX, FFIV, HUM, IAG, ICE, POT, SLB, TBT, UNP, VMW, CMG, INFA, SWN, CY, V, VECO, COH, ATW, CREE, RVBD, ANF, GES, NVDA, SINA, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FWLT, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Friday, June 17, 2011
Thursday, June 16, 2011
Futures Point to a Flat Open...
BMO – ES -0.75 and NQ -2.00 futures are slightly lower about 10 minutes before the open in pre-market trading and point to a flat open on Thursday…volume is light for pre-market with a similar number of stocks quoting down and up…Financial stocks, XLF is quoting down 2 cents on 512,400 volume in pre-market…
It’s time to change from the June M contracts on the ES and NQ to the U September futures contracts…Friday is quarterly expiration…June index contracts end trading with today’s close.
TLT is up 31 cents and the Euro is down 25 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU and QCOM are quoting higher in pre-market trading…GOOG, NFLX and PCLN are lower…
Dave’s Insight for Thursday: After Wednesday’s pullback and test of short term support the market is near flat this morning, as long as price stays above support we will look for another bounce…if price breaks support look for a move to the next level…Continue to follow your rules and take trades accordingly…Watch XLF as a key factor whether a bounce will occur after a test of support…
SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,249
Quoting Down – ISRG, PCLN, DECK, JDSU, UCO, CIEN, GES, GS, CROX, TSL, WYNN, CTSH, NFLX, CTXS, VMED, TEVA
Quoting Up – SHLD, BBBY, FISV, ADSK, CERN, BIDU, APOL, ICE, SINA, ESI, SOHU, MCP, ARUN, FFIV, CLF, KKD, URE, KLAC, PAYX, AAPL, MXIM, AMZN, NTAP, FAST
It’s time to change from the June M contracts on the ES and NQ to the U September futures contracts…Friday is quarterly expiration…June index contracts end trading with today’s close.
TLT is up 31 cents and the Euro is down 25 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU and QCOM are quoting higher in pre-market trading…GOOG, NFLX and PCLN are lower…
Dave’s Insight for Thursday: After Wednesday’s pullback and test of short term support the market is near flat this morning, as long as price stays above support we will look for another bounce…if price breaks support look for a move to the next level…Continue to follow your rules and take trades accordingly…Watch XLF as a key factor whether a bounce will occur after a test of support…
SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,249
Quoting Down – ISRG, PCLN, DECK, JDSU, UCO, CIEN, GES, GS, CROX, TSL, WYNN, CTSH, NFLX, CTXS, VMED, TEVA
Quoting Up – SHLD, BBBY, FISV, ADSK, CERN, BIDU, APOL, ICE, SINA, ESI, SOHU, MCP, ARUN, FFIV, CLF, KKD, URE, KLAC, PAYX, AAPL, MXIM, AMZN, NTAP, FAST
Wednesday, June 15, 2011
SPX New Low Close at Horizontal Support...
The SPX reversed Tuesday’s bounce and fell -22.45 to close at 1,265.42. The SPX fell below its short term diagonal resistance and fell to its 1,267 horizontal resistance area.
Interest rates TNX and Financials XLF fell and bonds TLT rose. Many stocks also reversed Tuesday’s support bounce entry and fell back near horizontal support. A break of support on Thursday would generate new low targets on the charts.
INDU large black candle, below 30 DMA -1.48%
COMPQ large black candle, below 30 DMA -1.76%
RUT large black candle, below 30 DMA -1.83%
Breadth weakened as decliners led advancers 5.35 to 1 on the NYSE and 3.72 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 481 556
Decliners 2,577 2,072
Index Chg. Close Direction Confirmation
VIX +3.06 21.32 Up Yes – SPX
SOX -8.31 398.44 Down Yes – COMPQ
Leading stocks > +2% on Wednesday included FAZ
Losing stocks < -2.0% included UCO, FAS, ARUN, SOHU, SINA, ANR, PCX, TSL, RVBD, MOS, FWLT, CF, CIEN, CSTR, JDSU, VMW, CDE, AGU, JNPR, KKD, TBT, WDC, URE, A, ZAGG, SWKS, ESI, CAN, CRUS, GLW, CLF, ANF, IAG, FFIV, BAC, NDAQ, FCX, DOW, DLR, WLT, SNDK, POT, TPX, COH, ATI, CAT, UNP, DE, ENTR, SLB, NVDA, F, STI, GES, CY, WTW
Positives – TLT
Negatives – SPX, VIX, INDU, COMPQ, NDX, RUT, TNX, XLE, XLB, XLF, AAPL, AMZN, BIDU, PCLN, Euro, breadth and sectors weakened
All nine sectors moved lower on Wednesday. Utilities XLU -1.23% and Healthcare XLV -1.36% were the strongest sectors.
SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,249
The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -5.69 – black candle, below 30 DMA
AMZN -3.98 – inverted hammer, at horizontal support, below 30 DMA
BIDU -5.98 – large black candle, below 30 DMA
GOOG -5.42 – spinning top, below 30 DMA
NFLX -4.00 – spinning top, above 30 DMA
PCLN -9.55 – spinning top, below 30 DMA
QCOM -1.48 – large black candle, below 30 DMA
NDX 100 stocks stronger than the NDX include NTAP, WCRX, GMCR, ALXN, CEPH, CELG, ORLY, GILD, GRMN and MAT.
Stocks weaker than the NDX include CTXS, BDIU, STX, CTSH, SHLD, MU, EBAY ADSK, JOYG, PAYX, FLEX, LINTA, APOL, BRCM and ADBE.
Stocks to Watch on Thursday
Holding Above 30 DMA
HLF, TIF, KKD, FAZ, CF, UNG, ESI, NGLS, CROX, AKS, GMCR
Moving Above 30 DMA = 1
TLT
Moving Below 30 DMA = 15
ACN, AGU, CHL, CRM, DLR, FCX, FFIV, HUM, IAG, ICE, POT, SLB, TBT, UNP, VMW
Staying Below 30 DMA
CMG, INFA, SWN, CY, V, VECO, COH, ATW, CREE, RVBD, ANF, GES, NVDA, SINA, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FWLT, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
SPX large black candle, below 30 DMA -1.74%
Futures Point to a Lower Open over Greece Concerns...
BMO – ES -12.00 and NQ -20.00 futures are lower about 40 minutes before the open in pre-market trading and point to a lower open on Wednesday…concerns over Greek debt, a 24 hour general strike and global economic concerns are being cited for the pre-market softness…volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting down 11 cents on 16,400 volume in pre-market…
It’s time to change from the June M contracts on the ES and NQ to the U September futures contracts…
TLT is up 23 cents and the Euro is down 155 pips in premarket trading …
Bounces Moved Higher on Tuesday: ICE, HUM, AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Entry on Tuesday: ANF, SPY, ACN, ENTR, FWLT
Bull Flag Entry on Tuesday: UNP, VMW, TIF, CROX, GES, HLF, GMCR, KKD, MA, CMG
Support Bounce Setups for Wednesday: NVDA, ATW, RVBD, ARUN, CY
Bull Flag Setups for Wednesday: CHL, NFLX, INFA, CRM, WTW, MRVL, CF, COH
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower in pre-market trading…
Dave’s Insight for Wednesday: Watch the pullback this morning, which is not uncommon after a strong up day, as long as price stays above support we will expect the bounce to resume…Continue to follow your rules and take trades accordingly…Watch XLF as a key factor whether the bounce continues after a test of support…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – TIF, CMG, WLT, CRM, SINA, SLB, CF, VMW, CLF, CAT, SOHU, UCO, GMCR, POT, DE, URE, X, CROX, ANR, FAS, V. FCX, MOS, SLW, SWN, SNDK, SWKS, GES, DECK, LVS, PCX, DHR, TSL, PCLN, GOOG, AAPL, ISRG, BIDU, AMZN, JOYG, NFLX, FSLR, GMCR, QOCM, TEVA
Quoting Up – FAZ, HUM, MCP, ARUN, ACN, BMC, ALXN, WYNN, ESRX, NTAP
It’s time to change from the June M contracts on the ES and NQ to the U September futures contracts…
TLT is up 23 cents and the Euro is down 155 pips in premarket trading …
Bounces Moved Higher on Tuesday: ICE, HUM, AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Entry on Tuesday: ANF, SPY, ACN, ENTR, FWLT
Bull Flag Entry on Tuesday: UNP, VMW, TIF, CROX, GES, HLF, GMCR, KKD, MA, CMG
Support Bounce Setups for Wednesday: NVDA, ATW, RVBD, ARUN, CY
Bull Flag Setups for Wednesday: CHL, NFLX, INFA, CRM, WTW, MRVL, CF, COH
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting lower in pre-market trading…
Dave’s Insight for Wednesday: Watch the pullback this morning, which is not uncommon after a strong up day, as long as price stays above support we will expect the bounce to resume…Continue to follow your rules and take trades accordingly…Watch XLF as a key factor whether the bounce continues after a test of support…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – TIF, CMG, WLT, CRM, SINA, SLB, CF, VMW, CLF, CAT, SOHU, UCO, GMCR, POT, DE, URE, X, CROX, ANR, FAS, V. FCX, MOS, SLW, SWN, SNDK, SWKS, GES, DECK, LVS, PCX, DHR, TSL, PCLN, GOOG, AAPL, ISRG, BIDU, AMZN, JOYG, NFLX, FSLR, GMCR, QOCM, TEVA
Quoting Up – FAZ, HUM, MCP, ARUN, ACN, BMC, ALXN, WYNN, ESRX, NTAP
Tuesday, June 14, 2011
SPX Bounces From Lower Low on Bullish Divergence...
The SPX formed a morning star pattern and rose +16.04 to close at 1,287.87. The SPX broke out of short term diagonal resistance and rose the 1,288 horizontal resistance.
Interest rates TNX and Financials XLF rose and bonds TLT fell, which is generally positive for the SPX. Numerous stocks listed below gave either a support bounce entry, a bull flag entry or a cross above the 30 DMA entry on Tuesday.SPX large white candle confirms bullish harami, below 30 DMA +1.26%
We hope you followed your rules and were able to enter positions based on the bounce that occurred on Tuesday.
INDU morning star, below 30 DMA +1.03%
COMPQ morning star, below 30 DMA +1.48%
RUT bullish engulfing, below 30 DMA +1.85%
Breadth strengthened as advancers led decliners 4.90 to 1 on the NYSE and 3.41 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,521 2,045
Decliners 514 598
Index Chg. Close Direction Confirmation
VIX -1.35 18.26 Down Yes – SPX
SOX +7.67 406.75 Up Yes – COMPQ
Leading stocks > +2% on Tuesday included KKD, TSL, SOHU, SINA, ENTR, SWKS, LDK, TPX, WDC, GMCR, CAM, CRUS, ANR, PCX, UCO, MCP, FWLT, AKS, ARUN, JDSU, DECK, RVBD, CDE, CSTR, FCX, CLF, URE, A, TBT, SWK, CF, ATI, TIF, IAG, ANF, SLW, NTES, CRM, CAT, X, WLT, MOS, GES, NETL, FFIV, VMW, ICE, DE, F, SLB, CMG, ACN, FAS, ATW, AGU, LVS, DHR
Losing stocks < -2.0% included FAZ
Positives – SPX, VIX, INDU, COMPQ, NDX, RUT, TNX, XLE, XLB, XLI, XLY, AAPL, AMZN, BIDU, NFLX, QCOM, Euro, breadth and sectors strengthened
Negatives – TLT, PCLN
All nine sectors moved higher on Tuesday. Energy XLE +2.13% and Basic Materials XLB +1.93% were the strongest sectors.
Bond ETF TLT moved down $1.46. Financials XLF moved up 7 cents. The Euro moved up 25 pips to close at 1.4440 at 5 pm on Tuesday.
Bounces Moved Higher on Tuesday: ICE, HUM, AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Entry on Tuesday: ANF, SPY, ACN, ENTR, FWLT
Bull Flag Entry on Tuesday: UNP, VMW, TIF, CROX, GES, HLF, GMCR, KKD, MA, CMG
Support Bounce Setups for Wednesday: NVDA, ATW, RVBD, ARUN, CY
Bull Flag Setups for Wednesday: CHL, NFLX, INFA, CRM, WTW, MRVL, CF, COH
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +5.84 – gap up white candle, below 30 DMA
AMZN +3.67 – hammer, at horizontal support, below 30 DMA
BIDU +6.97 – gap up bullish engulfing, below 30 DMA
GOOG +3.64 – inverted hammer, below 30 DMA
NFLX +3.90 – hammer, above 30 DMA
PCLN -1.41 – spinning top, below 30 DMA
QCOM +1.18 – morning star, below 30 DMA
NDX 100 stocks stronger than the NDX include BIDU, GMCR, CTRP, BIIB, JOYG, PCAR, STX, FAST, LLTC, BRCM, LIFE, FSLR, WYNN, KLAC and BBBY.
Stocks weaker than the NDX include RIMM, VRTX, SHLD, GILD, LINTA, CELG, EBAY, PCLN, CTSH and ALXN.
Stocks to Watch on Wedesnday
Holding Above 30 DMA
HLF, DLR, TIF, KKD, FAZ, CF, UNG, ESI, AGU, HUM, NGLS, POT, CROX, CHL
Moving Above 30 DMA = 11
AKS, CRM, FCX, FFIV, GMCR, IAG, ICE, SLB, TBT, UNP, VMW
Moving Below 30 DMA = 1
TLT
Staying Below 30 DMA
CMG, INFA, SWN, CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FWLT, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Interest rates TNX and Financials XLF rose and bonds TLT fell, which is generally positive for the SPX. Numerous stocks listed below gave either a support bounce entry, a bull flag entry or a cross above the 30 DMA entry on Tuesday.SPX large white candle confirms bullish harami, below 30 DMA +1.26%
We hope you followed your rules and were able to enter positions based on the bounce that occurred on Tuesday.
INDU morning star, below 30 DMA +1.03%
COMPQ morning star, below 30 DMA +1.48%
RUT bullish engulfing, below 30 DMA +1.85%
Breadth strengthened as advancers led decliners 4.90 to 1 on the NYSE and 3.41 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 2,521 2,045
Decliners 514 598
Index Chg. Close Direction Confirmation
VIX -1.35 18.26 Down Yes – SPX
SOX +7.67 406.75 Up Yes – COMPQ
Leading stocks > +2% on Tuesday included KKD, TSL, SOHU, SINA, ENTR, SWKS, LDK, TPX, WDC, GMCR, CAM, CRUS, ANR, PCX, UCO, MCP, FWLT, AKS, ARUN, JDSU, DECK, RVBD, CDE, CSTR, FCX, CLF, URE, A, TBT, SWK, CF, ATI, TIF, IAG, ANF, SLW, NTES, CRM, CAT, X, WLT, MOS, GES, NETL, FFIV, VMW, ICE, DE, F, SLB, CMG, ACN, FAS, ATW, AGU, LVS, DHR
Losing stocks < -2.0% included FAZ
Positives – SPX, VIX, INDU, COMPQ, NDX, RUT, TNX, XLE, XLB, XLI, XLY, AAPL, AMZN, BIDU, NFLX, QCOM, Euro, breadth and sectors strengthened
Negatives – TLT, PCLN
All nine sectors moved higher on Tuesday. Energy XLE +2.13% and Basic Materials XLB +1.93% were the strongest sectors.
Bond ETF TLT moved down $1.46. Financials XLF moved up 7 cents. The Euro moved up 25 pips to close at 1.4440 at 5 pm on Tuesday.
Bounces Moved Higher on Tuesday: ICE, HUM, AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Entry on Tuesday: ANF, SPY, ACN, ENTR, FWLT
Bull Flag Entry on Tuesday: UNP, VMW, TIF, CROX, GES, HLF, GMCR, KKD, MA, CMG
Support Bounce Setups for Wednesday: NVDA, ATW, RVBD, ARUN, CY
Bull Flag Setups for Wednesday: CHL, NFLX, INFA, CRM, WTW, MRVL, CF, COH
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +5.84 – gap up white candle, below 30 DMA
AMZN +3.67 – hammer, at horizontal support, below 30 DMA
BIDU +6.97 – gap up bullish engulfing, below 30 DMA
GOOG +3.64 – inverted hammer, below 30 DMA
NFLX +3.90 – hammer, above 30 DMA
PCLN -1.41 – spinning top, below 30 DMA
QCOM +1.18 – morning star, below 30 DMA
NDX 100 stocks stronger than the NDX include BIDU, GMCR, CTRP, BIIB, JOYG, PCAR, STX, FAST, LLTC, BRCM, LIFE, FSLR, WYNN, KLAC and BBBY.
Stocks weaker than the NDX include RIMM, VRTX, SHLD, GILD, LINTA, CELG, EBAY, PCLN, CTSH and ALXN.
Stocks to Watch on Wedesnday
Holding Above 30 DMA
HLF, DLR, TIF, KKD, FAZ, CF, UNG, ESI, AGU, HUM, NGLS, POT, CROX, CHL
Moving Above 30 DMA = 11
AKS, CRM, FCX, FFIV, GMCR, IAG, ICE, SLB, TBT, UNP, VMW
Moving Below 30 DMA = 1
TLT
Staying Below 30 DMA
CMG, INFA, SWN, CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FWLT, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Neutral
Futures Point to a Support Bounce and Higher Open...
BMO – ES +13.75 and NQ +20.00 futures are higher about 40 minutes before the open in pre-market trading and point to a higher open on Tuesday… volume is moderate for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting up 13 cents on 251,100 volume in pre-market…
It’s time to change from the June M contracts on the ES and NQ to the U September futures contracts…
TLT is down 85 cents and the Euro is up 32 pips in premarket trading …
Bounces Moved Higher on Monday: ICE, HUM
Bounces Pulled Back on Monday: AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Setups for Tuesday: ANF, SPY, NVDA, ATW, RVBD, ACN, ENTR, FWLT, ARUN, CY
Bull Flag Setups for Tuesday: UNP, VMW, TIF, CHL, CROX, GES, HLF, GMCR, KKD, MA, NFLX, CMG, INFA, CRM, WTW, MRVL, CF, COH, HANS
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting higher in pre-market trading…
Dave’s Insight for Tuesday: The SPX formed a bullish harami and closed Monday, at its 1,270 support level and is bouncing in pre-market trading…NDX leaders are stronger this morning…early trading looks like another potential support bounce…Continue to follow your rules and take trades accordingly…Watch XLF as a key factor whether the bounce continues or another reversal occurs…Manage your trades based on the price action you see on the chart you are trading…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – FAZ, TLT, DHR, WTW, WYNN
Quoting Up –PCLN, AAPL, GOOG, NFLX, BIDU, AMZN, FFIV, CTXS, JOYG, SINA, FFIV, CMG, CRM, WLT, DECK, SOHU, VECO, CAT, MOS, MCP, CLF, GS, DE, CAM, VMW, UNP, SLB, ANR, POT, FCX, CY, SMH, SNDK, LVS, FAS, URE, X, GMCR, WDC, HUM TBT, ZION, SWK, SWKS, JDSU, UCO, V, TIF, TSL, PCX, SLW, UAL, CREE, ALTR, FSLR, INFY, SHLD, QOCM, SNDK, NTAP, AMGN, ORCL, CTSH, BRCM, ERS, RIMM, STX
It’s time to change from the June M contracts on the ES and NQ to the U September futures contracts…
TLT is down 85 cents and the Euro is up 32 pips in premarket trading …
Bounces Moved Higher on Monday: ICE, HUM
Bounces Pulled Back on Monday: AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Setups for Tuesday: ANF, SPY, NVDA, ATW, RVBD, ACN, ENTR, FWLT, ARUN, CY
Bull Flag Setups for Tuesday: UNP, VMW, TIF, CHL, CROX, GES, HLF, GMCR, KKD, MA, NFLX, CMG, INFA, CRM, WTW, MRVL, CF, COH, HANS
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are quoting higher in pre-market trading…
Dave’s Insight for Tuesday: The SPX formed a bullish harami and closed Monday, at its 1,270 support level and is bouncing in pre-market trading…NDX leaders are stronger this morning…early trading looks like another potential support bounce…Continue to follow your rules and take trades accordingly…Watch XLF as a key factor whether the bounce continues or another reversal occurs…Manage your trades based on the price action you see on the chart you are trading…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – FAZ, TLT, DHR, WTW, WYNN
Quoting Up –PCLN, AAPL, GOOG, NFLX, BIDU, AMZN, FFIV, CTXS, JOYG, SINA, FFIV, CMG, CRM, WLT, DECK, SOHU, VECO, CAT, MOS, MCP, CLF, GS, DE, CAM, VMW, UNP, SLB, ANR, POT, FCX, CY, SMH, SNDK, LVS, FAS, URE, X, GMCR, WDC, HUM TBT, ZION, SWK, SWKS, JDSU, UCO, V, TIF, TSL, PCX, SLW, UAL, CREE, ALTR, FSLR, INFY, SHLD, QOCM, SNDK, NTAP, AMGN, ORCL, CTSH, BRCM, ERS, RIMM, STX
Monday, June 13, 2011
SPX Forms Bullish Harami as Euro Rises...
The SPX formed a potential bullish harami on Monday closing up +0.85 at 1,271.83. Downward momentum slowed as buyers offset much of Monday's selling as the SPX rose to 1,277 which is Friday's R1 level before closing at 1,271. Look for confirmation of the potential bullish harami with a close above the body of Monday's spinning top candle.
COMPQ spinning top, below 30 DMA -0.15%
RUT spinning top, below 30 DMA -0.30%
Breadth strengthened and remained negative as decliners led advancers 1.25 to 1 on the NYSE and 1.77 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,360 947
Decliners 1,700 1,679
Index Chg. Close Direction Confirmation
VIX +0.75 19.61 Up No – SPX
SOX -3.72 399.08 Down Yes – COMPQ
Leading stocks > +2% on Monday included GMCR, FAS, LDK, UAL, TSL
Losing stocks < -2.0% included MCP, SLW, CRUS, UCO, ANR, SINA, ATW, WLT, SWKS, ARUN, VECO, AKS, FWLT, IAG, ENTR, MOS, CY, JNPR, CIEN, X, SOHU, ATI, RVBD, UNG, FAZ, SWN, CRM, CSTR, CAM
Positives – TLT, XLF, Euro, breadth and sectors strengthened
Negatives –VIX, RUT, COMPQ, breadth remained negative, XLE, XLB, BIDU, GOOG, PCLN
Six of nine sectors moved higher on Monday. Financials XLF +1.01% and Healthcare XLV +0.50% were the strongest sectors.
Bond ETF TLT moved down 49 cents. Financials XLF moved up 15 cents. The Euro moved up 69 pips to close at 1.4415 at 5 pm on Monday.
Bounces Moved Higher on Monday: ICE, HUM
Bounces Pulled Back on Monday: AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Setups for Tuesday: ANF, SPY, NVDA, ATW, RVBD, ACN, ENTR, FWLT, ARUN, CY
Bull Flag Setups for Tuesday: UNP, VMW, TIF, CHL, CROX, GES, HLF, GMCR, KKD, MA, NFLX, CMG, INFA, CRM, WTW, MRVL, CF, COH
SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,244
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +0.70 – bullish harami, below 30 DMA
AMZN -0.24 – spinning top, at horizontal support, below 30 DMA
BIDU -3.66 – black candle, below 30 DMA
GOOG -4.77 – black candle, below 30 DMA
NFLX -1.40 – spinning top, above 30 DMA
PCLN -11.05 – large black candle, below 30 DMA
QCOM -0.20 – spinning top, below 30 DMA
NDX 100 stocks stronger than the NDX include SHLD, QGEN, GMCR, WCRX, DELL VOD, EXPE, ORCL, MSFT, ADP, SPLS, FAST, DLTR an WFM.
Stocks weaker than the NDX include BIDU, JOYG, BRCM, PCLN, ILMN, MRVL, VRTX, MU, WYNN, FLEX, VRSN, ESRX, LLTC and FFIV
Stocks to Watch on Tuesday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, KKD, FAZ, CF, UNG, ESI, AGU, HUM, NGLS, POT, CROX
Moving Above 30 DMA = 1
CHL
Moving Below 30 DMA = 3
AKS, CRM, IAG
Staying Below 30 DMA
CMG, FFIV, GMCR, INFA, SLB, SWN, VMW, CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, UNP, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
As the SPX continued to reach lower support levels over the past two weeks a positive began to develop last Wednesday as downward momentum in Financials began to slow. Today XLF actually had a small support bounce closing at 14.98 just two cents above the high of the low day on Friday. If the XLF continues to move higher this week, look for the SPX to bounce.
SPX potential bullish harami, below 30 DMA +0.07%
INDU doji, below 30 DMA +0.01%COMPQ spinning top, below 30 DMA -0.15%
RUT spinning top, below 30 DMA -0.30%
Breadth strengthened and remained negative as decliners led advancers 1.25 to 1 on the NYSE and 1.77 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,360 947
Decliners 1,700 1,679
Index Chg. Close Direction Confirmation
VIX +0.75 19.61 Up No – SPX
SOX -3.72 399.08 Down Yes – COMPQ
Leading stocks > +2% on Monday included GMCR, FAS, LDK, UAL, TSL
Losing stocks < -2.0% included MCP, SLW, CRUS, UCO, ANR, SINA, ATW, WLT, SWKS, ARUN, VECO, AKS, FWLT, IAG, ENTR, MOS, CY, JNPR, CIEN, X, SOHU, ATI, RVBD, UNG, FAZ, SWN, CRM, CSTR, CAM
Positives – TLT, XLF, Euro, breadth and sectors strengthened
Negatives –VIX, RUT, COMPQ, breadth remained negative, XLE, XLB, BIDU, GOOG, PCLN
Six of nine sectors moved higher on Monday. Financials XLF +1.01% and Healthcare XLV +0.50% were the strongest sectors.
Bond ETF TLT moved down 49 cents. Financials XLF moved up 15 cents. The Euro moved up 69 pips to close at 1.4415 at 5 pm on Monday.
Bounces Moved Higher on Monday: ICE, HUM
Bounces Pulled Back on Monday: AGU, TPX, ATI, A, DHR, FCX, SLB, ESI, IAG, POT
Support Bounce Setups for Tuesday: ANF, SPY, NVDA, ATW, RVBD, ACN, ENTR, FWLT, ARUN, CY
Bull Flag Setups for Tuesday: UNP, VMW, TIF, CHL, CROX, GES, HLF, GMCR, KKD, MA, NFLX, CMG, INFA, CRM, WTW, MRVL, CF, COH
SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,244
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +0.70 – bullish harami, below 30 DMA
AMZN -0.24 – spinning top, at horizontal support, below 30 DMA
BIDU -3.66 – black candle, below 30 DMA
GOOG -4.77 – black candle, below 30 DMA
NFLX -1.40 – spinning top, above 30 DMA
PCLN -11.05 – large black candle, below 30 DMA
QCOM -0.20 – spinning top, below 30 DMA
NDX 100 stocks stronger than the NDX include SHLD, QGEN, GMCR, WCRX, DELL VOD, EXPE, ORCL, MSFT, ADP, SPLS, FAST, DLTR an WFM.
Stocks weaker than the NDX include BIDU, JOYG, BRCM, PCLN, ILMN, MRVL, VRTX, MU, WYNN, FLEX, VRSN, ESRX, LLTC and FFIV
Stocks to Watch on Tuesday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, KKD, FAZ, CF, UNG, ESI, AGU, HUM, NGLS, POT, CROX
Moving Above 30 DMA = 1
CHL
Moving Below 30 DMA = 3
AKS, CRM, IAG
Staying Below 30 DMA
CMG, FFIV, GMCR, INFA, SLB, SWN, VMW, CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, UNP, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Higher Open...
BMO – ES +5.50 and NQ +7.00 futures are highesu1er about 20 minutes before the open in pre-market trading and point to a higher open on Monday… volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting down 8 cents on 165,600 volume in pre-market…
It's time to change from the June M contracts on the ES and NQ to the U September futures contracts...
It's time to change from the June M contracts on the ES and NQ to the U September futures contracts...
TLT is down 47 cents and the Euro is up 48 pips in premarket trading …
Support Bounce Setups for Friday: ATW, RVBD, AN, ANF, GES, NVDK, ENTR, FWLT, ARUN
Bounces Moved Higher on Friday: AGU
Bounces Pulled Back on Friday: TPX, ICE, ATI, A, DHR, FCX, SLB, SPY, CF, COH, CY, ESI, HUM, IAG, POT, UNP, VMW
Bull Flag Entry on Friday: VECO
Support Bounce Setups for Monday: ATW, RVBD, ACN, ANF, GES, NVDA, ENTR, FWLT, ARUN
Bull Flag Setups for Monday: TIF, GMCR, KKD, CY, CMG, INFA, CRM , MA
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and QCOM are quoting higher in pre-market trading…
SPX
Dave’s Insight for Monday: The SPX closed Friday at its 1,270 support level and is bouncing in pre-market trading…NDX leaders are stronger this morning…early trading looks like another potential support bounce similar to Thursday’s bounce …Continue to follow your rules…Watch XLF as a key factor whether the bounce continues or another reversal occurs…Manage your trades based on the price action you see on the chart you are trading…
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – UCO, FAZ, TLT, AGU, SLW, CAN, V, SWK, GILD, GRMN, CELG, DTV
Quoting Up – HLF, DECK, SINA, SOHU, FFIV, CLF, DLR, MOS, CHL, CREE, ARUN, GS, ANF, CF, DE, CAT, VMW, TIF, PCX, GMCR, URE, ATI, CY, CMG, POT, FAS, TBT, X, ANR, RVBD, ISRG, FSLR, ALXN, AAPL, NFLX, BIIB, SRCL, AMZN, PCLN, FFIV, ROST, BIDU, VOD, INFY, FISV, BBBY, APOL, JOYG, ALTR, RIMM, AKAM, CTSH, LIFE, PCAR, DLTR
Friday, June 10, 2011
SPX Closes Down 18 at 1,270...
Live from the Oregon Trail the SPX closes lower for the 18th time in the last 29 days. The SPY traded 219 million shares it highest level since last Friday when it traded 234 million shares.
Positives – TLT, XLF
All nine sectors moved lower on Friday. Utilities XLU -0.66% and Financials XLF -0.67% were the strongest sectors.
Bond ETF TLT moved up 74 cents. Financials XLF moved down 10 cents. The Euro moved down 159 pips to close at 1.4346 at 5 pm on Friday.
Bounces Moved Higher: AGU
CRM , MA
SPX
NDX 100 stocks stronger than the NDX include FSLR, SHLD, FLEX, ATVI, VRTX and SNDK.
Stocks weaker than the NDX include FFIV, CTRP, ALXN, NIHD, JOYG, MRVL, VOD, RIMM, GMCR, BIIB, VMED, SPLS, NWSA, PCAR and BRCM.
Stocks to Watch on Monday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, KKD, FAZ, CF, CRM, IAG, UNG, ESI, AGU, HUM, NGLS, POT
Moving Above 30 DMA = 2
AKS, CROX
Moving Below 30 DMA = 8
CHL, CMG, FFIV, GMCR, INFA, SLB, SWN, VMW
Staying Below 30 DMA
CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, UNP, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
The SPX formed a large black candle on Friday closing down -18.02 at 1,270.98. Diagonal support broke on Monday and the SPX has continued to fall looking for throughout the week. If buyers don’t appear the market will continue to break subsequent support levels. Watch the short term levels we post every morning and evening. If a bounce occurs follow your rules.
Some headlines are saying the six week slide is the longest weekly slide since 2002. Sounds pretty grim? What the headline doesn’t say is that week 2, 3 and 4 of the six week pull back were barely lower and only weeks 1, 5 are 6 were down significantly.
While the headline is technically correct, it makes the pull back sound worse than it is. The SPX is down just over 7% from its high. Most of us can find other six week periods that are down more than 7% since 2002 even though they may have not been down 6 straight weeks.
Remember the media wants to suck you in emotionally by sensationalizing the news and stirring things up. Just keep following your entry and exit signals according to your rules and don’t let the headlines distract you.
(click image to enlarge)
SPX large black candle, below 30 DMA -1.40%INDU large black candle, below 30 DMA -1.42%
COMPQ large black candle, below 30 DMA -1.53%
RUT large black candle, below 30 DMA -1.65%
Breadth weakened as decliners led advancers 4.11 to 1 on the NYSE and 3.32 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 592 602
Decliners 2,439 1,999
Index Chg. Close Direction Confirmation
VIX +1.09 18.86 Up Yes – SPX
SOX -6.82 402.80 Down Yes – COMPQ
Leading stocks > +2% on Friday included AKS, FAZ
Losing stocks < -2.0% included UCO, URE, ENTR, ARUN, JNPR, FWLT, CDE, F, FFIV, SLW, TPX. CY, WTW, DECK, RVBD, JDSU, GMCR, FAS, IAG, CAM, ANR, SLB, ATW, SWK, SWKS, CAT, ANF, V, HUM, WLT, DLR, SWN, CMG, LVS
Positives – TLT, XLF
Negatives – SPX, VIX, INDU, RUT, COMPQ, NDX, breadth and sectors weakened, XLE, AAPL, AMZN, GOOG, NFLX, PCLN, QCOM, Euro
Bounces Moved Higher: AGU
Bounces Pulled Back: TPX, ICE, ATI, A, DHR, FCX, SLB, SPY, CF, COH, CY, ESI, HUM, IAG, POT, UNP, VMW
Bull Flag Entry on Friday: VECO
Support Bounce Setups for Monday: ATW, RVBD, ACN, ANF, GES, NVDA, ENTR, FWLT, ARUN
Bull Flag Setups for Monday: TIF, GMCR, KKD, CY, CMG, INFA, SPX
Resistance: 1,278, 1,288, 1,300
Support: 1,267, 1,257, 1,244
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -5.59 – large black candle break support, below 30 DMA
AMZN -3.15 – black candle, inside day, below 30 DMA
BIDU -1.52 – inverted hammer, below 30 DMA
GOOG -7.22 – black candle break support, below 30 DMA
NFLX -3.94 – spinning top, above 30 DMA
PCLN -9.99 – large black candle, below 30 DMA
QCOM -1.27 –large black candle, below 30 DMANDX 100 stocks stronger than the NDX include FSLR, SHLD, FLEX, ATVI, VRTX and SNDK.
Stocks weaker than the NDX include FFIV, CTRP, ALXN, NIHD, JOYG, MRVL, VOD, RIMM, GMCR, BIIB, VMED, SPLS, NWSA, PCAR and BRCM.
Stocks to Watch on Monday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, KKD, FAZ, CF, CRM, IAG, UNG, ESI, AGU, HUM, NGLS, POT
Moving Above 30 DMA = 2
AKS, CROX
Moving Below 30 DMA = 8
CHL, CMG, FFIV, GMCR, INFA, SLB, SWN, VMW
Staying Below 30 DMA
CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, UNP, ANR, TPX, WTW, A, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to Lower Open...
Dave is traveling today and will miss the Weekly Wrap...
9:45 am EDT - LULU +5.75 beats estimates gaps up...
BMO – ES -5.75 and NQ -7.75 futures are lower about 20 minutes before the open in pre-market trading and point to a lower open on Friday… volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting down 9 cents on 76,400 volume in pre-market…
Pre-market trading has very few stocks following through on Thursday’s bounce…
Support Bounce Setups for Friday: ATW, RVBD, AN, ANF, GES, NVDK, ENTR, FWLT, ARUN
Bull Flag Setups for Friday: TIF, VECO, GMCR, KKD, CMG, IFNA, CRM, MA GES, CHL, HLF, CROX, WTW, NFLX, MRVL
TLT is up 48 cents and the Euro is down 64 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and QCOM are quoting lower in pre-market trading… PCLN is flat …
Dave’s Insight for Friday: The SPX closed at its 1,288 resistance level and is pulling back in pre-market trading…NDX leaders are weak again this morning…early trading looks like a lack of follow through on Thursday’s bounce …Continue to follow your rules…Watch XLF as a key factor whether the bounce continues or a reversal occurs…Manage your trades based on the price action you see on the chart you are trading…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – UCO, DECK, WLT, CDE, SLW, FCX, AGU, CAT, VMW, SLB, ANR, STI, DE, GS, FAS, TBT, GES, ANF, CROX, V, ARUN, CREE, ATW, INFA, MHS, POT, GOOG, AAPL, NFLX, AMZN, URBN, BIDU, QCOM, CTXS, JOYG
Quoting Up – TIF, ESI, FAZ, JNPR, TLT, SINA, ATI, CMCSA, ISRG, VRTX, WFM, COST
9:45 am EDT - LULU +5.75 beats estimates gaps up...
BMO – ES -5.75 and NQ -7.75 futures are lower about 20 minutes before the open in pre-market trading and point to a lower open on Friday… volume is light for pre-market with more stocks quoting down than up…Financial stocks, XLF is quoting down 9 cents on 76,400 volume in pre-market…
Pre-market trading has very few stocks following through on Thursday’s bounce…
Support Bounce Setups for Friday: ATW, RVBD, AN, ANF, GES, NVDK, ENTR, FWLT, ARUN
Bull Flag Setups for Friday: TIF, VECO, GMCR, KKD, CMG, IFNA, CRM, MA GES, CHL, HLF, CROX, WTW, NFLX, MRVL
TLT is up 48 cents and the Euro is down 64 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and QCOM are quoting lower in pre-market trading… PCLN is flat …
Dave’s Insight for Friday: The SPX closed at its 1,288 resistance level and is pulling back in pre-market trading…NDX leaders are weak again this morning…early trading looks like a lack of follow through on Thursday’s bounce …Continue to follow your rules…Watch XLF as a key factor whether the bounce continues or a reversal occurs…Manage your trades based on the price action you see on the chart you are trading…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – UCO, DECK, WLT, CDE, SLW, FCX, AGU, CAT, VMW, SLB, ANR, STI, DE, GS, FAS, TBT, GES, ANF, CROX, V, ARUN, CREE, ATW, INFA, MHS, POT, GOOG, AAPL, NFLX, AMZN, URBN, BIDU, QCOM, CTXS, JOYG
Quoting Up – TIF, ESI, FAZ, JNPR, TLT, SINA, ATI, CMCSA, ISRG, VRTX, WFM, COST
Thursday, June 9, 2011
SPX Bounces After Reaching Support Resistance Target of 1,277...
The SPX hit 1,277 on Wednesday which was both its 1,278 support level and it support resistance measuring distance target. On Thursday the SPX bounced closing up +9.44 at 1,289.00.
SPX bullish engulfing, below 30 DMA +0.74%
Buying pressure was stronger than selling for the first time in seven trading sessions. Several stocks including TPX, ICE, ATI, AGU, POT, CF and bounced off of support as buying pressure increased.
INDU bullish engulfing, below 30 DMA +0.63%
COMPQ bullish harami, below 30 DMA +0.35%
RUT bullish harami, below 30 DMA +0.58%
Breadth strengthened as advancers led decliners 1.76 to 1 on the NYSE and 1.68 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 1,919 1,690
Decliners 1,085 1,005
Index Chg. Close Direction Confirmation
VIX -1.02 17.77 Down Yes – SPX
SOX +0.68 409.62 Down Yes – COMPQ
Leading stocks > +2% on Thursday included TPX, MOS, CF, POT, ATI, LDK, SOHU, AGU, CAM, NDAQ, ICE, HUM, IAG, FAS, NGLS, DE, SLB, KKD, SLW, VMW, COH, HLF, SWKS, PCX, CDE, FCX, A
Losing stocks < -2.0% included CIEN, SINA, MCP, UNG, FAZ, TSL
Positives – SPX, VIX, INDU, RUT, COMPQ, NDX, breadth and sectors strengthened, XLB, XLE, AMZN, BIDU
Negatives – AAPL, GOOG, TLT
All nine sectors moved higher on Thursday. Basic Materials XLB +1.66% and Energy XLE +1.36% were the strongest sectors.
Bond ETF TLT moved down -39 cents. Financials XLF +1.15% moved up 17 cents.
Support Bounce Entry: TPX, ICE, ATI, A, DHR, FCX, SLB, SPY
Bull Flag Entry on Thursday: AGU, CF, COH, ESI, HUM, IAG, POT, UNP, VMW
Support Bounce Setups for Friday: ATW, RVBD, AN, ANF, GES, NVDA, ENTR, FWLT, ARUN
Bull Flag Setups for Friday: TIF, VECO, GMCR, KKD, CMG, CY, INFA, CRM, MA GES, CHL, HLF, CROX, WTW, NFLX, MRVL
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
The short term 3 day trend is neutral.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL -0.75 – inside day, below 30 DMA
AMZN +1.63 – open gap doji, outside day, below 30 DMA
BIDU +2.54 – bullish harami, below 30 DMA
GOOG -2.44 – black candle, below 30 DMA
NFLX +0.31 – doji, above 30 DMA
PCLN +2.49 – hammer, below 30 DMA
QCOM -0.43 –spinning top, below 30 DMA
NDX 100 stocks stronger than the NDX include FLEX, URBN, RIMM, SIAL, BIDU, ERTS, BBBY, SHLD, CTXS, ORLY, SPLS, XLNX, KLAC and WFM.
Stocks weaker than the NDX include VRTX, FFIV, NVDA, MXIM, QCOM, AKAM, CA, SBUX, LINTA, ALTR, ISRG, GOOG, STX and LRCX.
Stocks to Watch on Friday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, FFIV, GMCR, KKD, FAZ, CMG, CF, CRM, IAG, UNG, ESI, SWN
Moving Above 30 DMA = 8
AGU, CHL, HUM, INFA, NGLS, POT, SLB, VMW
Moving Below 30 DMA = 0
Staying Below 30 DMA
CROX, CY, V, VECO, COH, ATW, CREE, RVBD, ACN, ANF, GES, NVDA, SINA, UNP, ANR, TPX, WTW, A, AKS, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
Futures Point to a Higher Open...
11:30 am EDT - TPX support bounce setup and potential entry depending on entry rules...
10:30 am EDT - SPY support bounce setup and potential short term counter trend entry depending on entry rules...
BMO – ES +5.00 and NQ +5.25 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open on Thursday… volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF is quoting up 4 cents on 33,400 volume in pre-market…
Bull Flag Setups for Thursday: TIF, COH, CY, VECO, GMCR, KKD, CMG, CF, IFNA, CRM, MA GES, POT, AGU, CHL, HLF, HUM, CROX, WTW, NFLX, MRVL
AAPL and AMZN are support bounce Setups...
TLT is up 36 cents and the Euro is down 77 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and PCLN are quoting higher in pre-market trading… QCOM is flat …
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – SINA, FAZ, GMCR, ANF, HLF, TBT, VRTX, URBN, MXIM
Quoting Up – CF, CSTR, MOS, WLT, FFIV, POT, CRM, SOHU, SWK, AGU, DE, UCO, CAT, DLR, SLB, COH, ANR, TLT, SNDK, GS, TSL, SLW, LVS, SWKS, CLF, PCLN, ALTR, AMZN, GOOG, AAPL, BIDU, NFLX, JOYG, WYNN, CMCSA, APOL
10:30 am EDT - SPY support bounce setup and potential short term counter trend entry depending on entry rules...
BMO – ES +5.00 and NQ +5.25 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open on Thursday… volume is light for pre-market with more stocks quoting up than down…Financial stocks, XLF is quoting up 4 cents on 33,400 volume in pre-market…
Bull Flag Setups for Thursday: TIF, COH, CY, VECO, GMCR, KKD, CMG, CF, IFNA, CRM, MA GES, POT, AGU, CHL, HLF, HUM, CROX, WTW, NFLX, MRVL
AAPL and AMZN are support bounce Setups...
TLT is up 36 cents and the Euro is down 77 pips in premarket trading …
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and PCLN are quoting higher in pre-market trading… QCOM is flat …
Dave’s Insight for Thursday: The SPX closed at its 1,278 support level and is bouncing in pre-market trading…the COMPQ has been particularly weak this week and is NOT showing much relative strength this morning …Continue to follow your rules…Watch XLF as a key factor whether the bounce continues or a reversal occurs…Manage your trades based on the price action you see on the chart you are trading…
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
Quoting Down – SINA, FAZ, GMCR, ANF, HLF, TBT, VRTX, URBN, MXIM
Quoting Up – CF, CSTR, MOS, WLT, FFIV, POT, CRM, SOHU, SWK, AGU, DE, UCO, CAT, DLR, SLB, COH, ANR, TLT, SNDK, GS, TSL, SLW, LVS, SWKS, CLF, PCLN, ALTR, AMZN, GOOG, AAPL, BIDU, NFLX, JOYG, WYNN, CMCSA, APOL
Wednesday, June 8, 2011
SPX Falls to 1,278 Support...Five Week Down Trend Continues...
The SPX broke its 1,288 support and fell to the 1,278 support level closing down -5.38 at 1,279.56. Many stocks continued their five week down trend and moved to new five week lows. Buying pressure is short lived in most stocks. Even NFLX -.1.43, one of the strongest stocks over the past five weeks moved slightly lower in its bull flag pull back.
RVBD did give a support break entry signal on Wednesday.
AAPL has a horizontal support setup similar to the setup we did on May 23 that got filled on May 25 and closed on June 1.
SPX spinning top, below 30 DMA -0.42%
INDU spinning top, below 30 DMA -0.18%
COMPQ black candle, below 30 DMA -0.97%
RUT black candle, below 30 DMA -1.19%
Breadth weakened as decliners led advancers 2.80 to 1 on the NYSE and 2.79 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 794 690
Decliners 2,228 1,930
Index Chg. Close Direction Confirmation
VIX +0.72 18.79 Up Yes – SPX
SOX -8.70 408.94 Down Yes – COMPQ
Leading stocks > +2% on Wednesday included UCO, FAZ
Losing stocks < -2.0% included CIEN, SINA, TSL, MCP, LDK, CRUS, JDSU, ANF, SOHU, TPX, ENTR, CREE, ARUN, CY, GES, SLW, DECK, V, ANR, KKD, RVBD, HLF, CDE, ATI, FAS, NVDA, SWKS, INFA, PCX, IL, COH, SMH, VECO
Positives – XLE, AAPL, AMZN, GOOG, TLT
Negatives – SPX, VIX, INDU, RUT, COMPQ, NDX, breadth and sectors weakened, BIDU
Four of nine sectors moved higher on Wednesday. Energy XLE +0.30% and Utilities XLU +0.24% were the strongest sectors.
Bond ETF TLT moved up 75 cents. Financials XLF -0.91% moved down 13 cents.
Bull Flag Entry on Wednesday: ALXN
Bull Flag Setups for Thursday: TIF, COH, CY, VECO, GMCR, KKD, CMG, CF, IFNA, CRM, MA GES, POT, AGU, CHL, HLF, HUM, CROX, WTW, NFLX, MRVL
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +0.20 – potential morning star, below 30 DMA
AMZN +0.50 – spinning top inside day confirms bullish harami, below 30 DMA
BIDU -4.15 – black candle, below 30 DMA
GOOG +0.14 – spinning top, below 30 DMA
NFLX -1.43 – spinning top, above 30 DMA
PCLN -5.44 – spinning top, below 30 DMA
QCOM -0.21 –hammer, below 30 DMA
NDX 100 stocks stronger than the NDX include EBAY, EXPE, ILMN, COST, SYMC, CERN, GRMN, CMCSA, GILD, AMZN, BBBY, AMGN, HSIC and AAPL.
Stocks weaker than the NDX include MU, WFM, ALTR, AKAM, BIDU, ADSK, FSLR, RIMM, NVDA, URBN, ERTS, SPLS, XLNX and ADBE.
Stocks to Watch on Thursday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, FFIV, GMCR, KKD, FAZ, CMG, CF, CRM, IAG, UNG, ESI, SWN
Moving Above 30 DMA = 0
Moving Below 30 DMA = 5
CROX, CY, INFA, V, VECO
Staying Below 30 DMA
COH, AGU, ATW, CHL, CREE, HUM, POT, RVBD, SLB, VMW, ACN, ANF, GES, NGLS, NVDA, SINA, UNP, ANR, TPX, WTW, A, AKS, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
RVBD did give a support break entry signal on Wednesday.
AAPL has a horizontal support setup similar to the setup we did on May 23 that got filled on May 25 and closed on June 1.
SPX spinning top, below 30 DMA -0.42%
INDU spinning top, below 30 DMA -0.18%
COMPQ black candle, below 30 DMA -0.97%
RUT black candle, below 30 DMA -1.19%
Breadth weakened as decliners led advancers 2.80 to 1 on the NYSE and 2.79 to 1 on the NASDAQ …
Exchange NYSE NASDAQ
Advancers 794 690
Decliners 2,228 1,930
Index Chg. Close Direction Confirmation
VIX +0.72 18.79 Up Yes – SPX
SOX -8.70 408.94 Down Yes – COMPQ
Leading stocks > +2% on Wednesday included UCO, FAZ
Losing stocks < -2.0% included CIEN, SINA, TSL, MCP, LDK, CRUS, JDSU, ANF, SOHU, TPX, ENTR, CREE, ARUN, CY, GES, SLW, DECK, V, ANR, KKD, RVBD, HLF, CDE, ATI, FAS, NVDA, SWKS, INFA, PCX, IL, COH, SMH, VECO
Positives – XLE, AAPL, AMZN, GOOG, TLT
Negatives – SPX, VIX, INDU, RUT, COMPQ, NDX, breadth and sectors weakened, BIDU
Four of nine sectors moved higher on Wednesday. Energy XLE +0.30% and Utilities XLU +0.24% were the strongest sectors.
Bond ETF TLT moved up 75 cents. Financials XLF -0.91% moved down 13 cents.
Bull Flag Entry on Wednesday: ALXN
Bull Flag Setups for Thursday: TIF, COH, CY, VECO, GMCR, KKD, CMG, CF, IFNA, CRM, MA GES, POT, AGU, CHL, HLF, HUM, CROX, WTW, NFLX, MRVL
SPX
Resistance: 1,288, 1,300, 1,310
Support: 1,278, 1,267, 1,257
The short term 3 day trend is down.
The six-month trend is up.
The twelve-month trend is up.
Trade with the trend of the chart you are trading.
Bullish entry signal is a bounce off support and a break above the high of the low day or a break out of horizontal resistance.
Bearish entry signal is a break of short term support or a bounce down from the 30 DMA or other resistance.
AAPL +0.20 – potential morning star, below 30 DMA
AMZN +0.50 – spinning top inside day confirms bullish harami, below 30 DMA
BIDU -4.15 – black candle, below 30 DMA
GOOG +0.14 – spinning top, below 30 DMA
NFLX -1.43 – spinning top, above 30 DMA
PCLN -5.44 – spinning top, below 30 DMA
QCOM -0.21 –hammer, below 30 DMA
NDX 100 stocks stronger than the NDX include EBAY, EXPE, ILMN, COST, SYMC, CERN, GRMN, CMCSA, GILD, AMZN, BBBY, AMGN, HSIC and AAPL.
Stocks weaker than the NDX include MU, WFM, ALTR, AKAM, BIDU, ADSK, FSLR, RIMM, NVDA, URBN, ERTS, SPLS, XLNX and ADBE.
Stocks to Watch on Thursday
Holding Above 30 DMA
HLF, DLR, TIF, TLT, FFIV, GMCR, KKD, FAZ, CMG, CF, CRM, IAG, UNG, ESI, SWN
Moving Above 30 DMA = 0
Moving Below 30 DMA = 5
CROX, CY, INFA, V, VECO
Staying Below 30 DMA
COH, AGU, ATW, CHL, CREE, HUM, POT, RVBD, SLB, VMW, ACN, ANF, GES, NGLS, NVDA, SINA, UNP, ANR, TPX, WTW, A, AKS, CLF, CRUS, CSTR, DECK, DHR, ENTR, FCX, FWLT, ICE, SMH, SNDK, STI, URE, ZION, UAL, MHS, HAS, JDSU, JNPR, SWK, ARUN, GLW, ATI, CIEN, DOW, F, CAT, IL, NDAQ, SWKS, WDC, MCP, WLT, FAS, LVS, SOHU, UCO, DE, NETL, PCX, LDK, TSL, NTES, SLW, GS, CDE, TBT, MOS, X, CAM, BAC
Intermediate Term Market Trend: Neutral
Short Term Market Trend: Down
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