S&P 500 key levels: 1300-1320 above, 1250 below
The market remains in an intermediate-term uptrend and is approaching upside resistance at 1300-1320 on the S&P 500 and 11,800-12,000 on the DJIA. The market’s behavior at these levels should offer clues about the future of the current uptrend; meanwhile, a break below ~1250 on the S&P 500 and ~11,300 on the DJIA would likely negate the current positive trend picture.
New positions
No new positions were added this week.
Watchlists
The following stocks showed up on this week’s “upside strength” scans, suggesting that they may be headed higher and may represent good buying opportunities on weakness: Bemis (BMS), Harley Davidson (HOG), and Progress Energy (PGN).
The following stocks showed up on this week’s “oversold” scans of beaten-down quality stocks, suggesting that likely further near-term weakness may represent a buying opportunity: Buckeye Partners LP (BPL), Host Hotels & Resorts (HST), Magellan Midstream Partners LP (MMP), NuStar Energy (NS), and Patterson-UTI Energy (PTEN).
