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Building on a flourish of record high closes, the S&P 500 index is up 0.5% Thursday afternoon. If the S&P can do some work above 1580 it would be constructive, with new pivot support at 1572-1574. Pivot resistance is now yesterday’s high of 1589.Some sectors are at highs and some have made lower highs. There aren’t that many tight patterns to sink your teeth into, as most are already in motion. I will say I like to trim on the third up day, but doesn’t that mean it’s a time to short.
Goldman Sachs (NYSE:GS) downgraded Microsoft (MSFT) on the PC slowdown, so that put some early pressure on mega cap tech. I’m pretty sure the Street knows that MSFT didn’t rally on “growth" the last two days. It's more of a value, defensive play at this point, despite being a tech stock. It could be worth a look around $29.20-29.50. Intel (NASDAQ:INTC) has some support at $21.50-21.70.
Apple (NASDAQ:AAPL) woke up a bit yesterday. It would be nice to see it hold $433 and perhaps give us an additional buyable spot through $437. It kissed $438 earlier this morning and had settled back to $434 by noontime.
Google (NASDAQ:GOOG) is still up from Monday lows below $470, but had retreated from levels above $790 yesterday to just above $785 at midday. We focused on buying $783.50 and got rewarded. The next resistance spot is $796-798.
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Netflix (NASDAQ:NFLX) has a lower pivot that could provide opportunity. If it gets above $171.40, it could reach $176-178.
Amazon (NASDAQ:AMZN) is still building its pattern. The next resistance area is $267.40.
EBay (NASDAQ:EBAY) is working well and still looks good.
Yahoo! (NASDAQ:YHOO) made 2013 highs yesterday as Marissa Mayer continues to crack the whip.
LinkedIn (NYSE:LNKD) is still hanging in pretty tough. Yesterday there was some opportunity above $173.58 but I'm not sure if we will see 2013 highs until potentially after earnings.
Research in Motion (NASDAQ:BBRY) is very tight. Above $15.10 on volume could be good for a trade. Below $14.50 and it is probably a short.
Banks all bounced back but none are at 2013 highs. I guess they are waiting for JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) to report earnings Friday morning.
The Dow Transports (NYSE:IYT) continued its snap-back, big move from last Friday’s "Red Dog Reversal." Now it needs to stay above $108 to stay constructive.
The Homebuilders (NYSE:XHB) also had a nice bounce back into resistance. If it can digest above $29ish, perhaps it could get back in motion above $29.63.
The Russell 2000 ETF (NYSE:IWM) has seen a powerful move back near the highs. Holding above $92.79 could keep it in the game for follow-through.
In the pharmaceutical space, Regeneron (NASDAQ:REGN), Onyx (NASDAQ:ONXX) and Celgene (NASDAQ:CELG) all had nice moves, and T3Live has listed them over the last few days.
Metals are still stuck in downtrends. There is not much to do until Gold (NYSE:GLD) tries to test the $148-150 area. We'll see what happens there.
*DISCLOSURES: Scott Redler is long FB, BAC, AAPL, ZNGA, EBAY, S. Short SPY and short SPY 154 puts.
