SPX Closes Below 1,200 Following EU Weakness...

All nine sectors moved lower on Monday.  XLU -1.24%, XLY -1.56% and XLP -1.61% were the strongest sectors.

The Euro was down 33 pips to 1.3490 at 5 pm EDT on Monday.  TLT was up 71 cents.  Financials XLF was down 31 cents.

The broad indexes moved lower with the RUT -2.44%, INDU -2.11%, COMPQ -1.92%, NDX -1.90% and SPX -1.86%.  The SPX moved down -22.67 to close at 1,192.98.

The VIX moved up +0.91 to 32.91.

AAPL, AMZN, BIDU, GOOG, PCLN and QCOM moved lower on Monday.

Breadth weakened as decliners led advancers 5.83 to 1 on the NYSE and 4.88 to 1 on the NASDAQ.

Exchange         NYSE        NASDAQ

Advancers           447              436

Decliners          2,607            2,132       

Leading stocks > +2% on Monday FAZ, NVDA, ZAGG

Losing stocks < -2.0% included SINA, GRPN, ARUN, TPX, FAS, ENTR, HLF, BAC, WLT, C, URE, AKS, TIF, X, JDSU, KKD, CIEN, IL, CROX, ANR, CRUS, UNP, CREE, PCX, LVS, TSL, NTES, FFIV, JNPR, ZION, GLW, HAL, CDE, CAT, INFA, DLR, LNKD, A, ATI, CLF, DOW, CSTR, SNDK, ICE, VECO, STI, SWKS, UAL, LDK, SWK, SLW, DHR, SMH, RVBD, FCX, DE, ESI, POT, IBM

NDX 100 stocks stronger than the NDX included NVDA, GMCR, SIRI, HSIC, XRAY, ROST, STX, URBN, ALXN and CTRP.

Stocks weaker than the NDX include GILD, NFLX, RIMM, FSLR, WYNN, AMZN, INFY, PCLN, LRCX and EBAY.

Eleven NDX stocks ADSK, CTXS, ESRX, GOOG, INTC, ISRG, JOYG, and MXIM   moved below their 30 DMA leaving 14 NDX stocks above the 30 DMA. 

Stocks to Watch on Tuesday

Holding Above 30 DMA = 12

FFIV, UNP, SWK, NGLS, CAT, DLR, UCO, GLW, HUM, FAS, TLT, FAZ

Moving Above 30 DMA = 0

Moving Below 30 DMA = 13

A, AKS, CHL, CLF, DE, IBM, INFA, NDAQ, NTES, RVBD, SWK, TIF, X

Staying Below 30 DMA

CIEN, HAL, JDSU, JNPR, LVS, SLB, SNDK, VMW, ANR, ARUN, CF, COH, CREE, CRM, CRUS, DHR, FCX, KKD, NKE, SLW, SMH, SWN, URE, V, WLT, CMG, DECK, DOW, HLF, ICE, NVDA, PCX, TPX, GES, LDK, MOS, RCL, VECO, C, ENTR, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Seven Week Intermediate Term Market Trend: Netural

Short Term Market Trend: Down

Futures Point to a Lower Open Following Continued EU Debt Concerns...

BMO – ES -15.75 and NQ -20.00 futures are lower 30 minutes before the open in pre-market trading and point to a lower open…volume is moderate for pre-market with more stocks quoting down than up…Financial stocks, XLF is down 23 cents on 150,500 shares in pre-market at this time…

EU debt concerns led European stocks lower over night and continued concerns over lack of results in budget talks from the congressional super committee are in establishing a negative tone before the open…

TLT is up 73 cents and the Euro is down 49 pips in overnight trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, PCLN and QCOM are quoting lower…

Dave’s Insight for Monday:  lower Euro…higher bonds…Financials lower…setting up a lower open …Monday last week was the high day and Wednesday broke its low…looks like today will move below last Thursday’s low to critical horizontal support area…Always follow YOUR rules at entry, exits and stops...

Chart Signals will be watching XLF, TNX and VIX today as key factors in any SPX move…

SPX

Resistance: 1,216, 1,230, 1,249

Support: 1,205, 1,177, 1,160

Quoting Down – CMG, CF, LNKD, FAS, SINA, FFIV, VMW, DECK, IBM, CRM, CAT, URE, DE, GS, CDE, CLF, V, SLB, UNP, WLT, SWN, TPX, FCX, UCO, CSTR, LVS, HLF, SLW, MOS, ANR, HAL, GRPN, COH, X, POT, SNDK, MCP, RCL, C, CROX, JNPR, SMH, DHR, RVBD, DOW, ARUN, ANF, PCLN, WYNN, GOOG, AAPL, BIDU, AMZN, GILD, FFIV, INFY, JHOYG, GMCR, FSLR, NFLX, ADBE, ADSK, CTSH, CTRP

Quoting Up – FAZ, TLT, ISRG

SPX Holds 1,200 Support, Forms Inside Day...

The Tom and Dave Show attracted more that 600 traders for two hours on Thursday evening and more than 350 traders attended Dave's Trading the Trend, Knowing When to Exit on Friday morning at 11:15 am.


Five of nine sectors moved higher on Friday.  XLU +0.70%, XLB +0.54% and XLF +0.32% were the strongest sectors.

The Euro was up 66 pips to 1.3523 at 5 pm EDT on Friday.  TLT was down 3 cents.  Financials XLF was up 4 cents.

The broad indexes moved lower with the INDU +0.22%, RUT +0.09%, SPX -0.04%, COMPQ -0.60 and NDX -0.80%.  The SPX moved down -0.48 to close at 1,215.65.

The SPX held at its 1,210 horizontal support area while forming an inside day.  An inside day often is the beginning of a shift in momentum and leads to a short-term trend reversal.

(click image to enlarge)

 

The VIX moved down -2.51 to 32.00.  This was a non-confirmation.

AAPL, AMZN, BIDU, GOOG, PCLN and QCOM moved lower on Friday.

Breadth strengthened as advancers led decliners 1.31 to 1 on the NYSE and 1.01 to 1 on the NASDAQ.

Exchange         NYSE        NASDAQ

Advancers        1,693           1,263

Decliners          1,287           1,243


Leading stocks > +2% on Friday included GRPN, MOS, WDC, CF, RCL, HLF

Losing stocks < -2.0% included CRM, MCP, ANF, VMW, LNKD, LDK, NTES, SOHU, JDSU, HAL, ANR, TPX, SWKS, RVBD, UCO, FWLT

NDX 100 stocks stronger than the NDX included MRVL, NIHD, MAT, SIRI, NFLX, EXPE, TEVA, SRCL, CMCSA and WYNN.

Stocks weaker than the NDX include STX, AMZN, CTRP, CERN, PCLN, BIDU, ILMN, NTAP, ADSK and LRCX.

Eight NDX stocks BIIB, ILMN, KLAC, PCLN, ROST, SNDK, VOD and XLNX moved below their 30 DMA leaving 24 NDX stocks above the 30 DMA.

Stocks to Watch on Monday

Holding Above 30 DMA = 25

FFIV, UNP, SWK, TIF, NGLS, CAT, DLR, RVBD, UCO, AKS, GLW, A, ATI, DE, HUM, CLF, X, INFA, NDAQ, FAS, IBM, CHL, TLT, NTES, FAZ

Moving Above 30 DMA = 0

Moving Below 30 DMA = 8

CIEN, HAL, JDSU, JNPR, LVS, SLB, SNDK, VMW

Staying Below 30 DMA

ANR, ARUN, CF, COH, CREE, CRM, CRUS, DHR, FCX, KKD, NKE, SLW, SMH, SWN, URE, V, WLT, CMG, DECK, DOW, HLF, ICE, NVDA, PCX, TPX, GES, LDK, MOS, RCL, VECO, C, ENTR, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Six Week Intermediate Term Market Trend: Up

Short Term Market Trend: Down

SPX Breaks Diagonal Support, Falls to Horizontal Support...

Tom and Dave had a great session with several hundred traders in attendance in Thursday night’s session.

The Euro was up 6 pips to 1.3457 at 5 pm EDT on Thursday. TLT was up 95 cents. Financials XLF was down 25 cents.

The broad indexes moved lower with the NDX -2.25%, COMPQ -1.96%, SPX -1.68%, RUT -1.52%, and INDU -1.13%. The SPX moved down -20.78 to close at 1,216.13.

The SPX broke its diagonal support line in its symmetrical triangle and fell to its horizontal support area.

The VIX moved up +1.00 to 34.51.

AAPL, AMZN, BIDU, GOOG, PCLN and QCOM moved lower on Thursday.

Exchange      NYSE      NASDAQ
Advancers        577           710
Decliners       2,445        1,787

Leading stocks > +2% on Thursday FAZ, LNKD, NTES, GRPN, ANF

Losing stocks < -2.0% included CF, ARUN, CREE, PCX, SWKS, ANR, MOS, SLW, GES, RVBD, ZAGG, FAS, WDC, UCO, JNPR, HAL, POT, LDK, SWN, MCP, CLF, AKS, SOHU, CRM, SLB, JDSU, SINA, INFA, VECO, CSTR, CDE, F, FCX, ENTR, NVDA, URE, CRUS, A, SMH, ICE, GS, X, TSL, VMW, C, SNDK, FFIV, CIEN, ATI, FWLT, DOW, TPX, WLT, ZION, KKD, DECK, GLW, DHR, LVS, V, CROX, UAL, COH, CAT, RCL

NDX 100 stocks stronger than the NDX included SIRI, FSLR, LINTA, DLTR and VOD.

Stocks weaker than the NDX include NTAP, AMAT, MRVL, MU, BRCM, NFLX, LRCX, FLEX, BIDU and PCLN.

Seventeen NDX stocks including ADBE, AMAT, BIDU, EXPE, LLTC, LRCX, MCHP, MRVL, MXIM, NTAP and SBUX moved below their 30 DMA leaving 29 NDX stocks above the 30 DMA.

Stocks to Watch on Friday
Holding Above 30 DMA = 32
FFIV, SNDK, UNP, SWK, TIF, VMW, JNPR, NGLS, CAT, DLR, RVBD, SLB, UCO, AKS, GLW, A, CIEN, ATI, DE, HUM, HAL, CLF, JDSU, LVS, X, INFA, NDAQ, FAS, IBM, CHL, TLT, NTES
Moving Above 30 DMA = 1
FAZ
Moving Below 30 DMA = 17
ANR, ARUN, CF, COH, CREE, CRM, CRUS, DHR, FCX, KKD, NKE, SLW, SMH, SWN, URE, V, WLT
Staying Below 30 DMA
CMG, DECK, DOW, HLF, ICE, NVDA, PCX, TPX, GES, LDK, MOS, RCL, VECO, C, ENTR, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Six Week Intermediate Term Market Trend: Up
Short Term Market Trend: Down

Futures Point to a Slightly Lower Open...

Dave is teaching a 4 Day Live today and will be in Las Vegas this evening for the Tom and Dave Show...Come Join Us...



BMO - ES -1.75 and NQ -3.00 futures point to a slightly lower open...XLF is down 12 cents...Euro is up 40 pips...TLT is up 24 cents...




Post this evening...

SPX Falls Following Fitch Report on Banking Industry....

If you are in the Las Vegas area on Thursday Nov 17, 6:45 – 8:45 pm, please join us at the Tom and Dave Show live at Bally’s/Paris Las Vegas Hotel during the Las Vegas Traders Expo.

Dave will also present on Friday 11:15 am – 12:00 pm on Trading the Trend, Knowing When to Exit

All nine sectors moved lower on Wednesday after Fitch issued a report stating that the credit outlook for the U.S. banking sector could worsen if the Euro Zone debt crisis is not resolved in a timely and orderly manner. XLP -0.89%, XLU -1.20% and XLI -1.47% were the strongest sectors.

The Euro was down 72 pips to 1.3451 at 5 pm EDT on Wednesday reaching its lowest level since Oct 9. TLT was up 1.07. Financials XLF was down 32 cents.

The broad indexes moved lower with the RUT -1.78%, NDX -1.77%, COMPQ -1.73%, SPX -1.66% and INDU -1.58%. The SPX moved down -20.90 to close at 1,236.91.

The SPX fell to its diagonal support line in its symmetrical triangle in the last hour of trading. The Euro and ES futures rose Wednesday evening.


With today’s sell off following the Fitch report, its seems improbable that the support bounce we expected this week to the 1,277 to 1,292 resistance area will occur. The SPX price target is still 1,363 within the 10 week time window we mentioned when the SPX broke out of the 1,220 resistance area four weeks ago.

The VIX moved up +2.29 to 33.51.

AAPL, AMZN, BIDU, GOOG, PCLN and QCOM moved lower on Wednesday.

Breadth weakened as decliners led advancers 3.20 to 1 on the NYSE and 2.75 to 1 on the NASDAQ.

Exchange       NYSE     NASDAQ
Advancers         720          682
Decliners        2,309       1,880

Leading stocks > +2% on Wednesday WDC, FAZ, ZAGG, UCO, NTES, ARUN, IL

Losing stocks < -2.0% included ANF, LDK, FAS, UAL, CROX, ANR, PCX, LNKD, GS, VECO, C, DECK, HUM, MCP, BAC, SWK, CLF, ICE, CRM, FCX, TPX, KKD, CMG, NDAQ, ATI, GES, RVBD, SWN, F, SWKS, DOW, TIF, DHR, COH, JNPR, CDE, NKE, STI, X, MOS, HLF, V, AKS, VMW, URE, NVDA

NDX 100 stocks stronger than the NDX included MU, GMCR, ADSK, JOYG, ATVI, RIMM and ADBE.

Stocks weaker than the NDX include NFLX, WCRX, ILMN, CHKP, NWSA, FLEX, ALTR, WYNN, ESRX and CMCSA.

Twenty three NDX stocks including ALTR, ALXN, CHKP, NVDA, ORCL, VOD and YHOO moved below their 30 DMA leaving 44 NDX stocks above the 30 DMA.

Stocks to Watch on Thursday
Holding Above 30 DMA = 48
FFIV, SNDK, NKE, COH, UNP, DHR, SMH, SWK, TIF, VMW, JNPR, NGLS, CAT, DLR, SWN, RVBD, SLB, UCO, AKS, GLW, A, CIEN, URE, ATI, CF, DE, FCX, HUM, ANR, HAL, DE, CLF, SLW, CRM, JDSU, LVS, X, INFA, NDAQ, V, CREE, KKD, FAS, IBM, CHL, WLT, TLT, CRUS
Moving Above 30 DMA = 2
ARUN, NTES
Moving Below 30 DMA = 8
CMG, DECK, DOW, HLF, ICE, NVDA, PCX, TPX
Staying Below 30 DMA
GES, LDK, MOS, RCL, VECO, C, ENTR, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Six Week Intermediate Term Market Trend: Up
Short Term Market Trend: Down

Futures Point to a Lower Open, Euro Up from Overnight Lows...

Dave is teaching a 4 Day Live...

BMO - ES -8.50 and NQ -6.75 futures point to a lower open...XLF is down 9 cents...Euro is down 34 pips...TLT is up 9 cents...

Pre-market is mixed and does not indicate a change in our expectation for a support bounce by weekend to the 1,277 to 1,292 area...

Post this evening...

SPX Rallies as AAPL Rises...Euro Lower...Futures Down in After-hours...

If you are in the Las Vegas area on Thursday Nov 17, 6:45 – 8:45 pm, please join us at the Tom and Dave Show live at Bally’s/Paris Las Vegas Hotel during the Las Vegas Traders Expo.

Dave will also present on Friday 11:15 am – 12:00 pm on Trading the Trend, Knowing When to Exit


Eight of nine sectors moved higher on Tuesday. XLK +1.35%, XLI +0.59% and XLP +0.48% were the strongest sectors.

The Euro was down 99 pips to 1.3533 at 5 pm EDT on Tuesday. TLT was down 16 cents. Financials XLF was up 5 cents.

The broad indexes moved lower with the RUT +1.39%, COMPQ +1.09%, NDX +1.06 %, SPX +0.48% and INDU +0.14%. The SPX moved up +6.03 to close at 1,257.81.

The SPX rallied to its diagonal resistance line in its symmetrical triangle as the Euro rallied but sold off late in the day. The Euro fell further Tuesday evening leading futures lower.

We continue to look for the support bounce to continue this week at least to the 1,277 to 1,292 resistance area. The SPX price target is still 1,363 within the 10 week time window we mentioned when the SPX broke out of the 1,220 resistance area four weeks ago.

The VIX moved up +0.09 to 31.22. This is a non-confirmation.

AAPL, BIDU, GOOG, PCLN and QCOM moved higher on Tuesday. AMZN moved lower.

Breadth strengthened as advancers led decliners 1.71 to 1 on the NYSE and 2.07 to 1 on the NASDAQ.

Exchange     NYSE      NASDAQ
Advancers    1,903         1,712
Decliners      1,107           825

Leading stocks > +2% on Tuesday IL, CLF,CREE, INFA, RVBD, UCO, X, FWLT, CRM, CRUS, DE

Losing stocks < -2.0% included ZAGG, WDC, LNKD, LDK, TSL, ANF, VECO, CIEN

NDX 100 stocks stronger than the NDX included GMCR, RIMM, BRCM, FLEX, DTV, CTSH, INTC, AAPL, PCLN and WYNN.

Stocks weaker than the NDX include CTRP, ATVI, SPLS,SHLD, WCRX, STX, VOD, VRTX, NTAP and DLTR.

Four NDX stocks including CHKP and DTV moved above their 30 DMA making 71 NDX stocks above the 30 DMA.

Stocks to Watch on Wednesday
Holding Above 30 DMA = 54
FFIV, SNDK, NKE, COH, UNP, DHR, DOW, SMH, SWK, TIF, TPX, VMW, JNPR, NGLS, CAT, DLR, SWN, RVBD, SLB, UCO, AKS, GLW, A, CIEN, URE, ATI, CF, CMG, DE, FCX, HUM, ANR, HAL, DE, CLF, SLW, CRM, JDSU, LVS, X, INFA, NDAQ, V, CREE, KKD, FAS, IBM, ICE, NVDA, CHL, DECK, HLF, WLT, TLT
Moving Above 30 DMA = 2
CRUS, PCX
Moving Below 30 DMA = 6
ARUN, GES, LDK, MOS, RCL, VECO
Staying Below 30 DMA
C, ENTR, FWLT, GS, SOHU, STI, ZION, MCP, TSL, BAC, CSTR, F, IL, NTES, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Six Week Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral

Futures Point to a Lower Open as Euro Nears Thursday Low...HD Up on Earnings...

Dave is teaching a 4 Day Live this week…


BMO – ES -13.00 and NQ -21.50 futures are lower 70 minutes before the open in pre-market trading and point to a lower open…volume is light for pre-market with more stocks quoting down thanvup…Financial stocks, XLF is down 15 cents on 4,400 shares in pre-market at this time…

TLT is up 63 cents and the Euro is down 83 pips in overnight trading…

NDX leaders AAPL, AMZN, BIDU, GOOG, PCLN and QCOM are quoting lower…

Dave’s Insight for Tuesday: lower Euro…higher bonds…Financials lower…setting up a lower open …SPX moves lower in its symmetrical triangle...SPX price target is still 1,363 within the 10 week time window we mentioned when it broke out four weeks ago…use the bounce above the high of the low day as a new entry opportunity according to your rules…move stops to protect profits also according to your rules…Always follow YOUR rules at entry, exits and stops...

Chart Signals will be watching XLF, TNX and VIX today as key factors in any SPX move…

SPX
Resistance: 1,260, 1,277, 1,292
Support: 1,249, 1,230, 1,216

SPX Moves Lower on Weak Euro...Consolidating in Bullish Triangle...

If you are in the Las Vegas area on Thursday Nov 17, 6:45 – 8:45 pm, please join us at the Tom and Dave Show live at Bally’s/Paris Las Vegas Hotel during the Las Vegas Traders Expo.

Dave will also present on Friday 11:15 am – 12:00 pm on Trading the Trend, Knowing When to Exit


All nine sectors moved lower on Monday. XLI -0.62%, XLV -0.68% and XLY -0.73% were the strongest sectors.

The Euro was down 113 pips to 1.3632 at 5 pm EDT on Monday. TLT was up $1.86. Financials XLF was down 26 cents.

The broad indexes moved lower with the NDX -0.61 %, INDU -0.61%, COMPQ -0.80%, SPX -0.96% and RUT -1.58%. The SPX moved down -12.07 to close at 1,251.78. The SPX continues in a symmetrical triangle.

The SPX paused in its symmetrical triangle as the Euro opened weak and remained weak near support all day. We continue to look for the support bounce to continue this week at least to the 1,277 to 1,292 resistance area. The SPX price target is still 1,363 within the 10 week time window we mentioned when the SPX broke out of the 1,220 resistance area four weeks ago.

The VIX moved up +1.09 to 31.13.

Many individual stocks including AMZN, BIDU, GOOG, PCLN and QCOM moved higher on Monday. AAPL moved lower.

Breadth weakened as decliners led advancers 3.19 to 1 on the NYSE and 3.01 to 1 on the NASDAQ.

Exchange      NYSE       NASDAQ
Advancers       720             638
Decliners       2,301          1,921

Leading stocks > +2% on Monday FAZ, WLT, ZAGG, LVS, CIEN, INFA, CROX, CRM

Losing stocks < -2.0% included VECO, FAS, URE, TSL, STI, C, FWLT, TBT, CREE, KKD, BAC, ZION, LDK, CRUS, GS, DLR, CSTR, PCX, SLW, SOHU, SWN, ANR

NDX 100 stocks stronger than the NDX included ALXN, QCOM, BIDU, CTXS, GOOG, ATVI, AMZN, CELG, VOD and COST.

Stocks weaker than the NDX include CTRP, VRTX, GMCR, NIHD, PCAR, FSLR, INFY, SHLD, AKAM and MAT.

Ten NDX stocks including CHKP, CTRP, DTV, GILD, INFY, MU, and SHLD moved below their 30 DMA leaving 71 NDX stocks above the 30 DMA.

Stocks to Watch on Tuesday
Holding Above 30 DMA = 57
FFIV, SNDK, NKE, COH, UNP, DHR, DOW, SMH, SWK, TIF, TPX, VMW, JNPR, NGLS, RCL, CAT, DLR, SWN, RVBD, SLB, UCO, AKS, GLW, A, CIEN, URE, ATI, CF, CMG, DE, FCX, HUM, ANR, HAL, DE, CLF, SLW, CRM, JDSU, LDK, LVS, X, INFA, MOS, NDAQ, V, CREE, KKD, VECO, FAS, IBM, ICE, NVDA, CHL, DECK, HLF, WLT
Moving Above 30 DMA = 3
ARUN, GES, TLT
Moving Below 30 DMA = 9
C, CRUS, ENTR, FWLT, GS, PCX, SOHU, STI, ZION
Staying Below 30 DMA
MCP, TSL, BAC, CSTR, F, IL, NTES, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN

Six Week Intermediate Term Market Trend: Up
Short Term Market Trend: Neutral

Futures Point to a Lower Open as Euro Moves Lower....

Dave is teaching a 4 Day Live this week…

 

If you are in the Las Vegas area on Thursday Nov 17, 6:45 – 8:45 pm, please join us at the Tom and Dave Show live at Bally’s/Paris Las Vegas Hotel during the Las Vegas Traders Expo.

Dave will also present on Friday 11:15 am – 12:00 pm on Trading the Trend, Knowing When to Exit

BMO – ES -7.50 and NQ -9.50 futures are lower more than 90 minutes before the open in pre-market trading and point to a lower open…volume is light for pre-market with more stocks quoting down thanup…Financial stocks, XLF is down 2 cents on 2,000 shares in pre-market at this time…

TLT is up 45 cents and the Euro is down 129 pips in overnight trading…following the appointment of a new PM in Greece and Italy…Italian bond auction was at a record yield of 6.29%...

NDX leaders AMZN, BIDU, PCLNB and QCOM are quoting higher…AAPL and GOOG are lower…

Dave’s Insight for Monday:  lower Euro…higher bonds…Financials lower…setting up a lower open … SPX price target is still 1,363 within the 10 week time window we mentioned when it broke out four weeks ago…use the bounce above the high of the low day as a new entry opportunity according to your rules…move stops to protect profits also according to your rules…Always follow YOUR rules at entry, exits and stops...

Chart Signals will be watching XLF, TNX and VIX today as key factors in any SPX move…

SPX

Resistance: 1,260, 1,277, 1,292

Support: 1,249, 1,230, 1,216

Quoting Down – GS, GAS, UCO, SLB, CMG, TIF, FCX, WLT, DLR, HAL, X, GRPN, CTRP, GOOG, GMCR, JOYG, AAPL, ISRG, AMGN, NFLX, FSLR

Quoting Up – CRM, IBM, FAZ, CAT, TLT, PCLN

Veterans, Thank You for Your Service...SPX Support Bounce Continuation...

.
Check out Dave with Tom today at the 121 minute mark link, Click here:  https://www.tastytrade.com/#/videos/20111111-fullshow

If you are in the Las Vegas area on Thursday Nov 17, 6:45 – 8:45 pm, please join us at the Tom and Dave Show live at Bally’s/Paris Las Vegas Hotel during the Las Vegas Traders Expo.

Dave will also present on Friday 11:15 am – 12:00 pm on Trading the Trend, Knowing When to Exit

All nine sectors moved higher on Friday. XLY +2.52%, XLI +2.38% and XLF +2.36% were the strongest sectors.

The Euro was up 140 pips to 1.3745 at 5 pm EDT on Friday.  Bond markets were closed on Friday for Veterans Day.  TLT was down 71 cents.  Financials XLF was up 30 cents.

The broad indexes moved higher with the RUT +2.64%, INDU +2.19%, COMPQ +2.04%, SPX +1.95% and NDX +1.89 %.  The SPX moved up +24.15 to close at 1,263.85.  The SPX is currently in a symmetrical triangle.

(click image to enlarge)

The SPX continued Thursday’s support bounce and closed above the high of the inside day creating an entry signal for short term bullish trades.  We look for the support bounce to continue next week at least to the 1,277 to 1,292 resistance area.  The SPX price target is still 1,363 within the 10 week time window we mentioned when the SPX broke out of the 1,220 resistance area four weeks ago.

Many individual stocks gave a support bounce break above the high of the low day or inside day on Friday.  Others are setup for a potential bounce on Monday.

The VIX moved down -2.77 to 30.04.

AMZN, BIDU, GOOG, PCLN and QCOM moved higher on Friday.  AAPL moved lower.

Breadth strengthened as advancers led decliners 6.10 to 1 on the NYSE and 3.56 to 1 on the NASDAQ.

Exchange        NYSE        NASDAQ

Advancers       2,596           1,941

Decliners           425              545          

Leading stocks > +2% on Friday ZAGG, IL, FAS, AKS, FWLT, URE, ATI, ENTR, VECO, CDE, JNPR, SNDK, CLF, CAT, GLW, LVS, SWK, SINA, UAL, CREE, FFIV, DECK, ANR, SWKS, VMW, CIEN, CROX, KKD, SLW, NVDA, SOHU, HAL, ZION, TSL, SLB, NDAQ, WDC, SMH, DE, BAC, COH, DOW, X, UCO, MOS, LNKD, CRUS, TPX, UNP, C, ANF, INFA, NKE, DHR, TIF, V, DLR, IBM, GS, CF, ICE, STI

Losing stocks < -2.0% included MCP, FAZ, LDK

NDX 100 stocks stronger than the NDX included GMCR, SPLS, LRCX, RIMM, WYNN, MU, KLAC, SNDK, ADSK and LINTA.

Stocks weaker than the NDX include ATVI, VRTX, GRMN, AMGN, TEVA and AAPL.

Ten NDX stocks including BBBY, COST, CTRP, EXPE, GILD, MSFT and MU moved above their 30 DMA making 79 NDX stocks above the 30 DMA. 

Stocks to Watch on Monday

Holding Above 30 DMA = 55

FFIV, SNDK, NKE, COH, UNP, DHR, DOW, SMH, SWK, TIF, TPX, VMW, JNPR, NGLS, RCL, CAT, DLR,  SWN, RVBD, SLB, UCO, AKS, GLW, A, CIEN, URE, ATI, CF, CMG, DE, FCX, HUM, ANR, HAL, PCX, CDE, CLF, SLW, CRM, JDSU, LDK, LVS, X, INFA, MOS, NDAQ, V, CREE, KKD, VECO, CRUS, FAS, IBM, ICE, NVDA

Moving Above 30 DMA = 11

C, CHL, DECK, ENTR, FWLT, GS, HLF, SOHU, STI, WLT, ZION

Moving Below 30 DMA = 1

MCP

Staying Below 30 DMA

ARUN, TLT, TSL, BAC, CSTR, F, GES, IL, NTES, POT, SINA, SWKS, WDC, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GRPN
Deleted: GMCR     Added: GRPN

Five Week Intermediate Term Market Trend: Up

Short Term Market Trend: Up

Futures Point to a Higher Open as Greece, Italy Progress Toward Resolution...

BMO – ES +14.25 and NQ +24.50 futures are higher about 20 minutes before the open in pre-market trading and point to a higher open…volume is moderate for pre-market with more stocks quoting up than down…Financial stocks, XLF is up 18cents on 258,800 shares in pre-market at this time…

We express appreciation to all Veterans today for their sacrifice and service to our country.

Markets perceive progress in Greece and Italy expecting a new PM in Greece by the weekend and the possibility of a new leader in Italy also by the weekend.

TLT is down -67 cents and the Euro is up 69 pips in overnight trading…

NDX leaders AAPL, AMZN, BIDU, GOOG and QCOM are quoting higher…PCLN is unchanged…

Dave’s Insight for Friday:  higher Euro…lower bonds…Financials higher…setting up a higher open …the SPX is continuing Thursday’s support bounce…SPX price target is still 1,363 within the 10 week time window we mentioned when it broke out two weeks ago…use the bounce above the high of the low day as a new entry opportunity according to your rules…move stops to protect profits also according to your rules…Always follow YOUR rules at entry, exits and stops...

Chart Signals will be watching XLF, TNX and VIX today as key factors in any SPX move…

SPX

Resistance: 1,249, 1,260, 1,273

Support: 1,230, 1,216, 1,205

Quoting Down – MCP, FAZ, TLT, INFY, TEVA

Quoting Up – GOOG, CMG, FAS, GS, IBM, DECK, CRM, WLT, CAT, SLB, SINA, LNKD, CLF, CF, TIF, DE, V, ANR, FCX, NKE, POT, GMCR, HAL, C, MOS, GLW, UNP, X, SWN, SNDK, VMW, NVDA, SWKS, WDC, LVS, JNPR, DOW, SOHU, CROX, PCX, UAL, RCL, WYUNN, BIDU, AAPL, AMZN, CERN,JOYG, NFLX, GMCR, VMED, CMCSA, ISRG, AKAM, SNDK, QCOM, BRCM, NVDA

SPX Holds Support, Forms Bullish Harami...

All nine sectors moved higher on Thursday. XLE +1.74%, XLV +1.42% and XLI +1.22% were the strongest sectors.

The Euro was up 64 pips to 1.3605 at 5 pm EDT on Thursday.  TNX closed was up +1.01 at 20.56.  TLT was down -1.76.  Financials XLF was up 6 cents.

The broad indexes moved higher with the INDU +0.96%, RUT +0.92%, SPX +0.86%, COMPQ +0.13%, and NDX -0.09 %.  The SPX moved up +10.60 to close at 1,239.970.  The SPX held support and formed an inside day.

The VIX moved down -3.35 to 32.81.

AAPL, AMZN, BIDU, GOOG, PCLN and QCOM moved lower on Thursday.

Breadth strengthened as advancers led decliners 1.99 to 1 on the NYSE and 1.67 to 1 on the NASDAQ.

Exchange        NYSE        NASDAQ

Advancers       1,815           1,574

Decliners           912              940          

Leading stocks > +2% on Thursday LDK, UCO, RVBD, SWN, TBT, CRUS, ATI, GLW, HAL, A, CIEN, UNP

Losing stocks < -2.0% included GMCR, IL, TSL, LVS, ZAGG, UAL, CROX, SWKS, DECK, MCP, BAC, CMG

NDX 100 stocks stronger than the NDX included CSCO, VRTX, SIRI, NIHD, MRVL, CMCSA, ERTS, NWSA, STX and FAST.

Stocks weaker than the NDX include GMCR, WYNN, NFLX, MU, BBBY, RIMM, LINTA, AAPL, ILMN and JOYG.

Nine NDX stocks including DTV, ERTS, LRCX, MRVL and NVDA moved above their 30 DMA making 69 NDX stocks above the 30 DMA. 

Stocks to Watch on Friday

Holding Above 30 DMA = 51

FFIV, SNDK, NKE, COH, UNP, DHR, DOW, SMH, SWK, TIF, TPX, VMW, JNPR, NGLS, RCL, CAT, DLR,  SWN, RVBD, SLB, UCO, AKS, GLW, A, CIEN, URE, ATI, CF, CMG, DE, FCX, HUM, ANR, HAL, PCX, CDE, CLF, MCP, SLW, CRM, JDSU, LDK, LVS, X, INFA, MOS, NDAQ, V, CREE, KKD, VECO

Moving Above 30 DMA = 5

CRUS, FAS, IBM, ICE, NVDA

Moving Below 30 DMA = 6

ARUN, DECK, HLF, TLT, TSL, WLT

Staying Below 30 DMA

BAC, C, CHL, CSTR, ENTR, F, FWLT, GES, GS, IL, NTES, POT, SINA, SOHU, STI, SWKS, WDC, ZION, ZAGG, LNKD, ANF, ESI, TBT, UAL, CROX, FAZ, GMCR

Five Week Intermediate Term Market Trend: Up

Short Term Market Trend: Neutral

Futures Rally as Italian and Greek Fears Subside...GMCR Gaps Lower...

1:00 pm ET - The SPY opened higher and sold off and is bouncing off a slightly higher low than Wednesday's low and is currently in a hammer candle, bullish harami, inside day pattern which of course can change by the end of the day...many stocks are forming similar patterns and setting up potential support bounce entry signals into the five week up trend...




BMO – ES +19.25 and NQ +29.25 futures are higher about 30 minutes before the open in pre-market trading and point to a higher open…volume is moderate for pre-market with more stocks quoting up than down…Financial stocks, XLF is up 21cents on 20,100 shares in pre-market at this time…

On Wednesday Italian bonds fell on debt fears and concerns over wrangling on the next Greek PM spooked markets and ES futures opened down 30 points and held in that area until afternoon.  Then the ES dropped another 13 points to close near the low.

When the markets open 30 points lower this creates a challenge for many traders to decide if they should exit lower than their stops or wait for a rally to their stop level.  A rally after the open did allow many stocks and indexes rally to the low of the previous day before falling to a lower daily low.

As is so often the case with speculative fears, the very next day today, Italian bonds have rallied, the new Greek PM has been agreed on and stocks are rallying to the upside.  If a trader did stop out Wednesday the right thing to do is to immediately look for re-entry on a valid entry signal.

TLT is down -1.42 and the Euro is up 121 pips in overnight trading…

GMCR -19.76, -29.48% following earnings…

NDX leaders AAPL, AMZN, BIDU, GOOG, PCLN and QCOM are quoting higher…

Dave’s Insight for Thursday:  higher Euro…lower bonds…Financials higher…setting up a higher open …the SPX is reversing this morning after Italian bonds find support and a new Greek PM is agreed upon…SPX price target is still 1,363 within the 10 week time window we mentioned when it broke out two weeks ago…use pull backs as new entry opportunities according to your rules…move stops to protect profits also according to your rules…Always follow YOUR rules at entry, exits and stops...

Chart Signals will be watching XLF, TNX and VIX today as key factors in any SPX move…

SPX

Resistance: 1,249, 1,260, 1,273

Support: 1,230, 1,216, 1,205,

Quoting Down – GMCR, TLT, NKE, SOHU, CHL, FWLT, DLTR, ROST, WFM, WCRX,

Quoting Up – PCLN, GOOG, AAPL, BIDU, CMG, FAS, CF, FFIV, CRM, GS, SINA, CAT, DECK, IBM, URE, VMW, WLT, SLB, TIF, MOS, DE, CLF, UCO, DLR, COH, LNKD, MCP, A, C, ANR, FCX, RVBD, HUM, ANF, POT, SNDK, X, ZAGG, LVS, DOW, NVDA, CREE, JNPR, CRUS, TBT, RCL, SWKS, JDSU, CROX, HLF, UAL, GLW, BIDU, FFIV, AMZN, JOYG, WYNN, CSCO, QCOM, FSLR, NIHD, VOD, BRCM, NFLX, FAST, VRTX, COST, SIAL, AKAM, ORCL,NVDE, CTRP, SBUX, ESRX

SPX Breaks Low of the High Day Following Lower Euro on Italian Bond Drop...

Dave is flying home this evening after teaching a two-day Advanced Technicals Workshop in Dallas, Texas to approximately 200 traders.


The SPX fell -46.82 to close at 1,229.10 as the Euro fell 292 pips to 1.3541, its lowest close since October 6 as Italian bonds dropped on renewed European debt fears. 

Ninety-nine of the NDX 100 stocks closed lower on Wednesday.  Many stocks broke the low of the high day of the five-day short-term  rally, creating an exit signal for many short-term trades.

Futures Point to a Lower Open as Euro Falls...