Industrial stock sector turned down.

Industrial stock sector ETF (XLI) Relative Strength Ratio (XLI/SPY) broke down below its lows of the previous 13 weeks on 6/24/14 and is now below its 50-day SMA and 200-day SMA. Absolute price broke down below its lows of the previous 3 weeks on 6/24/14.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEF/SPY) whipsawed back down below its 50-day SMA on 6/24/14, thereby turning systematically bearish (from neutral).

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) rose above its highs of the previous 13 months on 6/24/14, thereby confirming its major uptrend.

The S&P 500 Composite Index (SPX: 1,949.98, down 0.64%) absolute price opened lower on Tuesday but immediately reversed to the upside. SPX made another new all-time intraday high at 11:05 am ET before reversing to the downside. SPX broke down below the intraday lows of the previous 3 trading days in the final hour. SPX closed below the open, below the midpoint of the day’s high-low range, and below the closing price lows of the previous 4 trading days.

Stochastic (12,3,3) oscillator based on the S&P 500 turned down after hitting an overbought level above 94 on 6/23/14.

NYSE total volume rose 13% to a level 7% below its 200-day SMA. Generally, rising volume confirms the direction (up or down) of a price move, but falling volume may indicate diminishing power behind a price trend, which can suggest a price reversal ahead.

The Number of Daily Net New Highs on the NYSE (New Highs minus New Lows), now at 347, all year 2014 has been running below its peaks above 800 recorded in 2012 and 2013, when the S&P 500 was lower than it is now. So, this indicator still is diverging bearishly relative to last year’s levels.

Momentum is a leading indicator of price change, and failing price momentum is often followed by a downside correction. Short-term momentum turned down on 6/24/14 after failing to match the recent highs of 6/9/14 to 6/10/14. In addition, year-to-date 2014, momentum oscillators RSI and MACD based on the S&P 500 Index consistently remained below their highs of 2012 and 2013, despite higher highs in the S&P 500 itself in 2014. Therefore, both have continued to demonstrate bearish divergence compared to the price of the underlying index, the S&P 500.

Beyond the noisy day-to-day price action, the outlook for the stock market appears uncertain. Overvalued, overbought, bearish divergences, low trading volume on up days (generally, not always), rising trading volume on down days, and excessively bullish sentiment remain challenges to a sustainable upside trend. At the same time, the overwhelming bullish majority appears to be going on faith that central banks’ highly-accommodative monetary policies will make stocks rise ever higher, despite the obvious fact that central banks have failed to prevent numerous substantial market declines in the past.

NASDAQ 100 ETF/S&P 500 ETF Relative Strength Ratio (QQQ/SPY) remains systematically neutral. The 50-day SMA is still below the 200-day SMA, but the spread has been narrowing. Absolute price of QQQ crossed above its 50-day SMA on 5/16/14, thereby turning systematically bullish (from neutral).

Tangible Assets, Commodities

U.S. dollar ETF (UUP) price has remained systematically bearish most of the time since peaking at 22.98 on 7/9/13. Support 21.07 and 20.84. Resistance 21.96, 22.34, 22.98, 23.14, 23.52, 25.84, 27.19, and 28.97.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) absolute price fell to its lowest level in more than 3 months on 6/5/14, thereby reconfirming a downside price pullback. DBA crossed back down below its 50-day SMA on 5/9/14, thereby turning systematically neutral (from bullish).

Crude Oil, United States Oil ETF (USO) absolute price rose above its highs of the previous 9 months on 6/20/14, thereby reconfirming its preexisting bullish uptrend. USO rose above its 50-day SMA on 5/12/14, thereby turning systematically bullish (from neutral). Support 35.96, 35.63, 34.97, 34.00, 32.53, 32.12, 30.79, 29.02, 26.28, and 22.74. Resistance 39.54, 39.64, 40.29, 41.38, 42.30, and 45.60.

Gold, SPDR Gold Shares ETF (GLD) absolute price rose above its highs of the previous 2 months, above its 50-day SMA, and above its 200-day SMA on 6/19/14, thereby turning systematically neutral (from bearish). The 50-day SMA has remained below the 200-day SMA since 5/28/14. Support: 114.46, 113.08, and 102.28. Resistance: 133.69, 137.62, 143.43, 149.44, 153.85, 156.80, 164.40, 166.94, 170.01, 174.07, 175.46, 177.40, and 185.85.

Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) rose above its highs of the previous 2 months on 6/19/14 but remains systematically neutral. GDX/GLD crossed above its 50-day SMA on 6/11/14, thereby turning systematically neutral (from bearish). Absolute price also rose above its highs of the previous 2 months on 6/19/14 and remains systematically neutral.

Silver, iShares Silver Trust ETF (SLV) price rose above its highs of the previous 3 months on 6/19/14 but remains systematically neutral. SLV turned systematically neutral (from bearish) on 6/12/14 when it crossed above its 50-day SMA. The 50-day SMA remains below the 200-day SMA, however. Support 17.75, 16.73, 14.37, 12.27, 11.64, and 8.45. Resistance: 21.30, 22.23, 23.84, 25.34, 27.14, 27.35, 28.50, 28.61, 29.73, 31.41, 32.72, 33.31, 34.08, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71, and 48.35.

Silver/Gold ETFs Ratio (SLV/GLD) rose above its highs of the previous 3 months on 6/19/14 but remains systematically neutral. SLV/GLD crossed above its 50-day SMA on 6/5/14, thereby turning systematically neutral (from bearish). The 50-day SMA remains below the 200-day SMA, however.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) absolute price crossed above its 50-day SMA on 6/20/14, turning systematically neutral (from bearish). The 50-day SMA remains in weak position below the 200-day SMA. JJC price broke down below the lows of the previous 4 years on 3/19/14, suggesting a major long-term downtrend. “Dr. Copper” is widely accepted as one of the better indicators of investor confidence (or lack thereof) in the global industrial economy.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Spotlight on event stocks: Here is a stock screen I designed to pick out potential event stocks, both Bullish and Bearish. Sometimes, stocks with large changes in price and volume are later revealed to be deal stocks or are the subject of some other extraordinary events, positive or negative.

Bullish Stocks: Rising Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
40.41% , VRTX , Vertex Pharmaceuticals, VRTX
0.76% , MYY , Short 100% MidCap 400, MYY
1.31% , DXD , Short 200% Dow 30 PS, DXD
3.01% , WY , WEYERHAEUSER
1.31% , FRX , FOREST LABS STK A
0.86% , SYMC , SYMANTEC
2.06% , BIDU , Baidu, Inc., BIDU
1.16% , RL , Polo Ralph Lauren
1.50% , RSX , Russia MV, RSX
1.22% , SDS , Short 200% S&P 500 PS, SDS
0.91% , SBUX , STARBUCKS
0.56% , ECH , Chile MSCI iS, ECH
0.49% , JNS , JANUS CAPITAL
0.61% , CNP , CENTERPNT ENERGY
0.89% , INTC , INTEL
3.97% , MU.O , MICRON TECH
1.10% , INTU , INTUIT
0.80% , HAR , Harman International
1.23% , DHI , D.R. HORTON, DHI
0.67% , NTAP , NETWK APPLIANCE
0.93% , LOW , LOWES
1.01% , TLT , Bond, 20+ Years Treasury, TLT
0.27% , QID , Short 200% QQQ PS, QID
1.03% , KBH , KB HOME
0.50% , DLTR , Dollar Tree Stores Inc
0.63% , BMY , BRISTOL MYERS
0.54% , FB.O , Facebook, Inc., FB
0.53% , F , FORD MOTOR
0.67% , X , US STEEL CORP
0.63% , LBTYA , Liberty Global Inc. (LBTYA)
0.95% , COST , COSTCO WHOLESAL
0.40% , CMCSA , COMCAST HOLDINGS STK A
0.31% , UNH , UNITEDHEALTH GRP
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-1.67% , XSD , Semiconductor SPDR, XSD
-2.97% , IOO , Global 100, IOO
-0.76% , IGM , Technology GS, IGM
-4.42% , PTEN , Patterson-UTI Energy Inc
-3.39% , TXT , TEXTRON
-0.96% , IJJ , Value MidCap S&P 400 B, IJJ
-3.04% , PXE , Energy Exploration & Prod, PXE
-1.03% , IYF , Financial DJ US, IYF
-9.60% , IXP , Telecommunications Global, IXP
-1.93% , XME , Metals & Mining SPDR, XME
-3.19% , BRCM , BROADCOM STK A
-2.99% , CCL , CARNIVAL STK A
-2.10% , XLE , Energy SPDR, XLE
-4.29% , NBR , NABORS
-0.89% , EZA , South Africa Index, EZA
-1.00% , PHO , Water Resources, PHO
-0.69% , EZU , EMU Europe Index, EZU
-0.96% , VAW , Materials VIPERs, VAW
-3.34% , APC , ANADARKO PETRO
-0.91% , VXF , Extended Mkt VIPERs, VXF
-1.97% , CPWR , COMPUWARE
-1.07% , VV , LargeCap VIPERs, VV
-1.24% , SSO , Ultra S&P500 Double, SSO
-1.28% , DDM , Ultra Dow30 Double, DDM
-3.74% , EOG , EOG RESOURCES
-2.09% , TBT , 200% Short US T Bond, TBT
-1.00% , EPP , Pacific ex-Japan, EPP
-1.70% , WAG , WALGREEN
-3.43% , CTB , COOPER TIRE
-0.83% , RPV , Value S&P 500, RPV
-0.29% , IDX , Indonesia MV, IDX
-1.31% , THD , Thailand MSCI iS, THD
-0.86% , VB , Small Cap VIPERs, VB
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
1.50% , Russia MV, RSX
1.08% , South Korea Index, EWY
1.01% , Bond, 20+ Years Treasury, TLT
0.68% , India Earnings WTree, EPI
0.56% , Chile MSCI iS, ECH
0.47% , Bear, Short S&P 500, SH
0.45% , Bond, TIPS U.S. Treasury iS, TIP
0.42% , Bond, Long-Term Corp iBoxx iS, LQD
0.41% , Bond, 10 Year Treasury, IEF
0.38% , Bond, Emerging Mkt JPM iS, EMB
0.37% , India PS, PIN
0.30% , Utilities SPDR, XLU
0.27% , Utilities VIPERs, VPU
0.24% , China LargeCap Growth G D H USX PS, PGJ
0.17% , Bond, Intermediate US Aggregate iS, AGG
0.15% , Silver Trust iS, SLV
0.15% , Commodity Tracking, DBC
0.13% , Oil Fund PowerShares, DBO
0.11% , Financial Preferred, PGF
0.10% , Gold Shares S.T., GLD
0.07% , Health Care SPDR, XLV
0.05% , Bond, High-Yield Junk, JNK
0.04% , Bond, 1-3 Year Treasury, SHY
0.03% , Preferred Stock iS, PFF
0.02% , Realty Cohen & Steers, ICF
0.00% , Bond Treasury Short-Term iS, SHV
0.00% , Singapore Index, EWS
0.00% , Malaysia Index, EWM
0.00% , Japan Index, EWJ
0.00% , Hong Kong Index, EWH
0.00% , Homebuilders SPDR, XHB
-0.02% , Bond Ex-US Treas, BWX
-0.02% , REIT Wilshire, RWR
-0.04% , Bond, Muni S&P ATM-Free iS, MUB
-0.05% , Emerging Markets MSCI iS, EEM
-0.07% , Agriculture DB PS, DBA
-0.08% , Bond, High Yield Corp iBoxx iS, HYG
-0.10% , QQQ Nasdaq 100 Trust, QQQ
-0.18% , Oil, Crude, U.S. Oil Fund, USO
-0.19% , Taiwan Index, EWT
-0.24% , Consumer Discretionary SPDR, XLY
-0.25% , Germany Index, EWG
-0.28% , Emerging 50 BLDRS, ADRE
-0.29% , Indonesia MV, IDX
-0.29% , Biotech SPDR, XBI
-0.32% , Mexico Index, EWW
-0.36% , Consumer Staples SPDR, XLP
-0.44% , Dividend SPDR, SDY
-0.46% , Brazil Index, EWZ
-0.47% , Dividend High Yield Equity PS, PEY
-0.48% , Switzerland Index, EWL
-0.52% , Dividend International, PID
-0.52% , Technology SPDR, XLK
-0.53% , Growth EAFE MSCI, EFG
-0.58% , LargeCap Growth Russell 1000 iS, IWF
-0.59% , Global ex U.S. LargeCap Blend, ACWX
-0.59% , MidCap Russell, IWR
-0.60% , S&P 500 SPDRs LargeCap Blend, SPY
-0.60% , Info Tech VIPERs, VGT
-0.61% , Growth MidCap Russell, IWP
-0.62% , DIAMONDS (DJIA), DIA
-0.62% , LargeCap Blend Russell 1000 iS, IWB
-0.62% , Value MidCap Russell, IWS
-0.63% , Foreign LargeCap EAFE MSCI iS, EFA
-0.63% , France Index, EWQ
-0.66% , Financial SPDR, XLF
-0.67% , LargeCap Blend Russell 3000 iS, IWV
-0.69% , Global LargeCap Blend MSCI iS, ACWI
-0.69% , EMU Europe Index, EZU
-0.72% , LargeCap Blend S&P=Weight R, RSP
-0.73% , Netherlands Index, EWN
-0.73% , Italy Index, EWI
-0.73% , SmallCap Blend EAFE MSCI iS, SCZ
-0.74% , Technology DJ US, IYW
-0.76% , Value EAFE MSCI, EFV
-0.77% , Dividend Appreciation Vipers, VIG
-0.77% , Sweden Index, EWD
-0.78% , LargeCap Value Russell 1000 iS, IWD
-0.79% , Real Estate US DJ iS, IYR
-0.80% , MidCap S&P 400 SPDRs, MDY
-0.82% , LargeCap Growth S&P 500 iS, IVW
-0.82% , Microcap Russell, IWC
-0.83% , Value SmallCap VIPERS, VBR
-0.85% , REIT VIPERs, VNQ
-0.85% , Growth VIPERs, VUG
-0.86% , Small Cap VIPERs, VB
-0.89% , South Africa Index, EZA
-0.91% , Value LargeCap Dynamic PS, PWV
-0.93% , SmallCap Value Russell 2000 iS, IWN
-0.93% , Spain Index, EWP
-0.95% , Materials SPDR, XLB
-0.96% , Pacific VIPERs, VPL
-0.96% , MidCap Value S&P 400 iS, IJJ
-0.96% , Belgium Index, EWK
-0.99% , Growth SmallCap VIPERs, VBK
-1.00% , Pacific ex-Japan, EPP
-1.00% , Water Resources, PHO
-1.00% , Networking, IGN
-1.01% , Industrial SPDR, XLI
-1.02% , LargeCap Blend S&P 100, OEF
-1.03% , Financial DJ US, IYF
-1.03% , Canada Index, EWC
-1.04% , MidCap Growth S&P 400 iS, IJK
-1.04% , SmallCap Value S&P 600 iS, IJS
-1.04% , MidCap Blend S&P 400 iS, IJH
-1.04% , SmallCap Growth Russell 2000 iS, IWO
-1.06% , LargeCap Blend S&P 500 iS, IVV
-1.07% , SmallCap Blend Russell 2000 iS, IWM
-1.07% , LargeCap VIPERs, VV
-1.09% , Semiconductor iS IGW, SOXX
-1.09% , SmallCap Blend S&P 600 iS, IJR
-1.11% , Emerging VIPERs, VWO
-1.11% , Blend Total Market VIPERs, VTI
-1.11% , SmallCap Growth S&P 600 iS, IJT
-1.12% , Transportation Av DJ, IYT
-1.14% , United Kingdom Index, EWU
-1.14% , Dividend U.S. DJ iS, DVY
-1.14% , LargeCap Value S&P 500 iS, IVE
-1.15% , Frontier Markets Guggenheim , FRN
-1.15% , Financials VIPERs, VFH
-1.24% , Austria Index, EWO
-1.25% , Value VIPERs, VTV
-1.26% , Telecom DJ US, IYZ
-1.28% , Latin Am 40, ILF
-1.30% , Capital Markets KWB ST, KCE
-1.31% , Thailand MSCI iS, THD
-1.33% , Financial Services DJ, IYG
-1.33% , Basic Materials DJ US, IYM
-1.38% , Australia Index, EWA
-1.57% , Turkey MSCI iS, TUR
-1.67% , Semiconductor SPDR, XSD
-1.77% , China 25 iS, FXI
-1.93% , Metals & Mining SPDR, XME
-2.10% , Energy VIPERs, VDE
-2.10% , Energy SPDR, XLE
-2.33% , WilderHill Clean Energy PS, PBW
-2.36% , European VIPERs, VGK
-2.48% , Energy & Nat Res iS GS, IGE
-2.55% , Energy DJ, IYE
-2.84% , Energy Global, IXC
-2.97% , Global 100, IOO
-3.03% , Dividend ex-U.S. DJ iS, IDV
-3.38% , Europe 350 S&P Index, IEV
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The S&P 500 Composite Potential Resistance
1968.17, high of 6/24/14

The S&P 500 Composite Potential Support
1925.78 , low of 6/12/2014
1902.75, 50-day SMA
1859.79, low of 5/7/2014
1850.61, low of 4/28/2014
1820.74, 200-day SMA
1813.55, high of 11/29/2013
1737.92, low of 2/5/2014
1729.86, high of 9/19/2013
1711.57, high of 10/15/2013
1709.67, high of 8/2/2013
1703.85, high of 9/26/2013
1700.18, high of 8/8/2013
1698.78, high of 7/23/2013
1696.81, high of 8/13/2013
1696.55, high of 10/1/2013
1695.93, low of 10/15/2013
1687.18, high of 5/22/2013
1687.11, low of 9/27/2013
1676.03, low of 7/26/2013
1674.99, low of 9/30/2013
1672.40, high of 9/9/2013
1671.84, low of 7/16/2013
1670.36, low of 10/3/2013
1669.51, high of 8/26/2013
1654.19, high of 6/18/2013
1654.18, high of 7/9/2013
1652.61, low of 8/16/2013
1646.47, low of 10/9/2013
1629.05, low of 8/27/2013
1560.33, low of 6/24/2013
1536.03, low of 4/18/2013
1530.94, high of 2/19/2013
1485.01, low of 2/26/2013
1474.51, high of 9/14/2012
1451.64, low on 1/8/2013
1448.00, high of 12/19/2012
1440.24, high of 5/19/2008
1439.15, high of 9/12/2012
1438.59, high of 12/12/2012
1434.27, high of 11/2/2012
1432.82, low of 12/20/2012
1430.53, low of 9/26/2012
1426.76, low of 12/12/2012
1425.53, low of 10/12/2012
1423.73, high of 12/3/2012
1422.58, low of 12/21/2012
1422.38, high of 4/2/2012
1422.06, low of 10/22/2012
1421.12, high of 10/25/2012
1420.34, high of 12/7/2012
1419.70, high of 11/29/2012
1418.71, high of 8/17/2012
1415.32, high of 5/1/2012
1409.16, high of 11/23/2012
1403.28, low of 10/26/12
1401.58, low of 12/28/12
1398.11, low of 12/31/2012
1397.68, low of 11/26/2012
1396.56, low of 9/4/2012
1391.04, low of 8/6/2012
1388.71, low of 5/3/2012
1385.43, low of 11/28/2012
1380.39, high of 7/19/2012
1374.81, high of 7/3/2012
1370.58, high of 5/2/2011
1363.49, high of 6/19/2012
1357.38, low of 4/10/2012
1343.35, low of 11/16/2012
1340.03, low of 3/6/2012
1335.52, high of 6/11/2012
1334.93, high of 5/31/2012
1329.24, low of 7/24/2012
1329.05, high of 6/7/2012
1328.49, high of 5/22/2012
1325.41, low of 7/12/2012
1306.62, low of 6/12/2012
1291.98, low of 5/18/2012
1266.74, low of 6/4/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1234.81, low of 11/3/2011
1231.04, high of 12/16/2011
1226.64, low of 11/9/2011
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1202.37, low of 12/19/2011
1158.66, low of 11/25/2011
1074.77, low of 10/4/2011
1010.91, low of 7/1/2010
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
869.32, low of 7/8/2009
666.79, intraday low of 3/6/2009