Another strong day for the market has now propelled major indices through both their 50 day and 200 day moving averages over the last two weeks. At this point there is some significant technical resistance ahead and a rest would be welcomed.
On the S&P 500 index 1130 is key the price point to watch. For me I am looking for some tight trading sideways action to let some overbought indicators mellow out before we attempt a key push through this strong resistance area.
S&P 500 (SPX) - Another strong day for the market and 1130 is within reach. Expect strong resistance and with the market overbought we should see a rest here shortly.
F5 Networks (FFIV) - After a powerful break through $80 in July this stock has based out and most recently broke through $92 to move up to fresh all time highs.
Baidu.com (BIDU) - With today's move through $85 we can expect $88 to be tested again in the near future as long as the market cooperates.
Ezchip Semiconductor (EZCH) - Numerous accumulation days as this stock has based again and broke out here in September.
Deere & Co (DE) - Agriculture has been hot and John Deere has been a nice selection. Good clear bases have lead to the most recent bull flag that today the stock broke through to close at fresh 52-week highs.
Lexmark (LXK) - I noted the $39 buy area back in August and finally today the stock has broken out. Next resistance $42 highs.
Wynn Resorts (WYNN) - This nice long term base could lead to a big break higher. Buypoint $94.10 if market is acting well. Look for huge volume on the break to affirm direction.
Riverbed Technology (RVBD) - Hard slowing this stock down. Heavy accumulation has helped this stock move up some 50% since early July.
Radware (RDWR) - This stock continues to move nicely from my original noted buy point of $24.10.
Mosaic (MOS) - Like other agriculture stocks (POT for example being bought out) MOS has had a fantastic run since bottoming in July. Huge volume along the way. Next buypoint $60.40 but Id play tightly considering market is in need for a rest.
Stay frosty out there .