DJIA, DJTA, S&P 500, NASDAQ Composite, Small Caps, Mid Caps, Value, Growth, and Cumulative Daily Advance-Decline Lines for both the NYSE and NASDAQ rose above 18-month highs. All confirmed the Bull Market.

Absolute price for the following major Sectors rose above previous highs: Consumer Discretionary, Industrial, Technology, Energy, and Utilities.

Consumer Staples Stock Sector Relative Strength Ratio (XLP/SPY) broke down below 19-month lows and remains bearish.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell below the lows of the previous 21 months and remains bearish.

Investors Intelligence survey of stock market newsletter advisors, Call/Put Volume Ratios, and implied option volatility have shown bullish complacency in recent weeks. Excessive bullish sentiment sometimes precedes a shakeout to the downside. Sentiment indicators are best considered as background factors. The majority of investors can be right for a long time before a major trend finally changes course. The Art of Contrary Thinking is best used together with more precise market timing tools.
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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 revealed to be deal stocks, sooner or later, 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
1.29% , EPU , Peru MSCI iS, EPU
11.86% , DLX , DELUXE
1.67% , IIH , Internet Infrastructure H, IIH
2.48% , Q , QWEST COMMUNICAT
7.33% , HOT , STARWOOD HOTELS
12.18% , TXT , TEXTRON
7.91% , AM , AMER GREETINGS STK A
7.23% , HSY , HERSHEY FOODS
1.45% , JKG , MidCap Blend Core iS M, JKG
7.23% , TER , TERADYNE
12.32% , SNDK , SanDisk Corporation
6.76% , SHW , SHERWIN WILLIAMS
5.53% , GR , GOODRICH CORP
7.33% , SBUX , STARBUCKS
3.98% , NCR , NCR
6.20% , MAR , MARRIOTT INTL STK A
6.03% , PHM , PULTE HOMES
1.18% , RPV , Value S&P 500, RPV
5.50% , LRCX , LAM RESEARCH CORP
1.24% , RFV , Value MidCap S&P 400, RFV
0.97% , TMW , Wilshire 5000 ST TM, TMW
4.89% , URBN , Urban Outfitters Inc.
6.31% , KBH , KB HOME
2.99% , VFC , VF
3.79% , NVLS , NOVELLUS SYS
5.47% , DHI , D.R. HORTON, DHI
2.52% , PEJ , Leisure & Entertainment, PEJ
2.80% , COL , ROCKWELL COLLINS
1.70% , PZI , Micro Cap Zachs, PZI
5.39% , PNC , PNC FINL SVC
3.76% , XHB , Homebuilders SPDR, XHB
6.06% , WFMI , Whole Foods Market Inc
3.67% , ADSK , AUTODESK
3.33% , PETM , PETsMART Inc
6.59% , LEN , Lennar Corp. (LEN)
4.19% , SHLD , SEARS HOLDINGS
5.74% , DYN , DYNEGY
3.41% , CCL , CARNIVAL STK A
3.58% , DHR , DANAHER
1.13% , JKI , Value MidCap iS M, JKI

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-13.27% , BAX , BAXTER INTL
-3.29% , CTL , CENTURYTEL
-1.55% , EWO , Austria Index, EWO
-6.79% , JNS , JANUS CAPITAL
-7.74% , QCOM , QUALCOMM
-5.75% , ZEUS , Olympic Steell, ZEUS
-3.54% , MOT , MOTOROLA
-0.49% , FEU , Value LargeCap Euro STOXX 50 DJ, FEU
-5.74% , EBAY , EBAY
-1.86% , EWP , Spain Index, EWP
-1.47% , PJP , Pharmaceuticals, PJP
-1.23% , ADRU , Europe 100 BLDRS, ADRU
-3.07% , CTXS , CITRIX SYSTEMS
-2.27% , MZZ , Short 200% MidCap 400 PS, MZZ
-4.18% , ISIL , INTERSIL CORP
-2.80% , KG , KING PHARM
-1.52% , FEZ , Euro STOXX 50, FEZ
-3.49% , MHP , MCGRAW HILL
-0.71% , VPL , Pacific VIPERs, VPL
-1.76% , AVP , AVON
-1.01% , UNP , UNION PACIFIC
-0.24% , SCZ , Small Cap EAFE MSCI iS, SCZ
-2.36% , RFMD , RF Micro Devices Inc
-1.44% , EWQ , France Index, EWQ
-2.19% , BBT , BB&T
-2.63% , BMY , BRISTOL MYERS
-0.86% , FII , FED INVESTORS STK B
-1.85% , PEP , PEPSICO
-1.08% , IEV , Europe 350 S&P Index, IEV
-0.90% , EWU , United Kingdom Index, EWU
-0.72% , EFG , Growth EAFE MSCI, EFG
-1.96% , TEVA , Teva Pharmaceutical Industries Limited
-1.44% , PM , Philip Morris, PM
-1.40% , L , LOEWS
-1.32% , PPH , Pharmaceutical H, PPH
-1.64% , BDX , BECTON DICKINSON
-0.63% , LVLT , LEVEL 3 COMMUNICATIONS
-0.78% , RTN , RAYTHEON
-1.24% , IYH , Healthcare DJ, IYH
-0.81% , BWX , Bond Ex-US Treas, BWX

9 major U.S. stock sectors ranked in order of long-term relative strength:

Consumer Discretionary (XLY) Bullish, Overweight. The Relative Strength Ratio (XLY/SPY) rose above 12-year highs on 4/22/10 and remains bullish. Absolute price of XLY rose above 2-year highs on 4/23/10 and remains bullish. Support 33.87, 33.15, 31.94, 31.66, 30.99, 29.90, 29.25, 28.66, 28.21 and 26.62. Resistance and 38.25 and 39.09.

Industrial (XLI) Bullish, Overweight. The Relative Strength Ratio (XLI/SPY) rose above 18-month highs on 4/22/10 and remains bullish. Absolute price of XLI moved above 18-month highs on 4/23/10 and remains bullish. Support 31.73, 31.27, 29.79, 29.60, and 28.15. Resistance 34.24, 34.50, and 35.00.

Technology (XLK) Neutral, Market Weight. The Relative Strength Ratio (XLK/SPY) rose above 2-month highs on 4/16/10 but since has drifted back down into the neutral zone. Absolute price moved up to a new 19-month high on 4/23/10 and remains bullish. Support 23.42, 23.07, 22.90, 22.66, 22.52, 21.30, 20.71, 20.46 and 20.09. Resistance 24.68 and 25.69.

Financial (XLF) Neutral, Market Weight. The Relative Strength Ratio (XLF/SPY) and absolute price both broke sharply below 2-week lows on 4/16/10. XLF remains neutral. Support 15.52, 15.37, and 15.12. Resistance 17.12, 17.16, and 17.87.

Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) fell below 7-week lows on 4/21/10. XLB/SPY remains bearish. Absolute price of XLB also fell below 2-week lows on 4/16/10. Support 33.40, 32.85, and 32.58. Resistance 35.16, 35.38 and 37.10.

Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) fell below 17-month lows on 3/25/10 but since has recovered into the neutral zone. Absolute price of XLE broke out above 18-month highs on 4/23/10 and remains bullish. Support 59.52, 58.58, 58.27, 54.72, 52.67 and 51.34. Resistance 62.73, 69.95, and 78.10.

Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) broke down below 19-month lows on 4/23/10 and remains bearish. Absolute price of XLP stalled since its high on 4/5/10 but remains bullish. Support 27.76, 27.23, 26.82, 26.49, 26.04, 25.93 and 25.71. Resistance 28.75, 29.29 and 30.29.

Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLV/SPY) fell below 18-month lows on 4/22/10 and remains bearish. Absolute price of XLV fell below 2-month lows on 4/22/10 and remains neutral relative to 50- and 200-day averages. Support 31.00, 30.27, 30.65 and 29.55. Resistance 32.05, 32.18, 32.42, 32.69, 33.16, 33.37 and 33.74.

Utilities (XLU) Neutral, Market Weight. The Relative Strength Ratio (XLU/SPY) fell below 3-year lows on 4/15/10 and remains bearish. Absolute price of XLU rose above 3-month highs on 4/23/10 and is bullish. Support 29.30, 28.45, and 28.10. Resistance 31.30, 31.64 and 32.08.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) has been underperforming since 10/14/09. EEM/SPY trend turned bearish on 4/16/10, according to strict moving average analysis. Absolute price of EEM fell below 2-week lows on 4/16/10.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) fell below 12-month lows on 4/22/10. EFA/SPY has been bearish since peaking on 9/9/09. In contrast, absolute price of EFA rose above its highs of the previous 18 months on 4/14/10 and remains bullish. With RS and price trends in conflict, stand aside.

NASDAQ Composite/S&P 500 Relative Strength Ratio rose above 9-year highs on 4/22/10 and remains bullish. Absolute price of the NASDAQ closed above 22-month highs on 4/23/10 and remains bullish.

Growth Stock/Value Stock Relative Strength Ratio (IWF/IWD) fell to a 5-month low on 4/14/10. IWF/IWD remains below both 50- and 200-day simple moving averages. In contrast, absolute price of IWF rose above 18-month highs on 4/23/10 and remains bullish. When relative strength and absolute price trends are in conflict, it may be best to stand aside.

Russell 1000 Value ETF Relative Strength Ratio (IWD/SPY) rose above 6-month highs on 4/14/10 and is bullish. Absolute price of IWD rose above 18-month highs on 4/23/10 and is bullish.

The S&P 500 Equally Weighted ETF Relative Strength Ratio (RSP/SPY) rose above previous 6-year highs on 4/23/10 and remains bullish. Absolute price of RSP rose above 19-month highs on 4/23/10 and remains bullish.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell below the lows of the previous 21 months on 4/23/10 and remains bearish. Absolute price of OEX remains bullish relative to its moving averages.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) rose above 17-month highs on 4/23/10. Absolute price of IWM rose further above 17-month highs on 4/23/10. Both remain in bullish position relative to key moving averages.

The S&P MidCap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above 15-year highs on 4/23/10 and remains bullish. Absolute price of MDY rose above 21-month highs on 4/23/10 and remains bullish.

Crude Oil nearest futures contract price appears to have entered a correction since peaking at 87.09 on 4/6/10. Minor corrections are normal. Longer term, Oil remains bullish. Support 78.86, 77.05, 76.71, 72.60, 69.50, 68.59 and 65.05. Resistance 90.51, 98.65, and 102.84.

Gold nearest futures contract price appears to have entered a correction since peaking at 1170.7 on 4/12/10. Minor corrections are normal. Longer term, Gold remains bullish. Support 1084.8, 1045.2, 1026.9 and 989.3. Resistance 1170.7, 1196.8 and 1226.4.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) has turned neutral for the intermediate-term trend after stabilizing since making a low on 1/29/10. Longer term, the trend appears unfavorable, since gold mining stocks have underperformed gold bullion since 9/17/09.

Silver/Gold Ratio has partially recovered since making a low on 2/8/10 and has improved from bearish to neutral.

Copper nearest futures contract price appears to have entered a correction since peaking at 3.68 on 4/12/10. Minor corrections are normal. Longer term, Copper remains bullish. Strength in Copper suggests renewed hope about prospects for the world economy, while weakness suggests doubts. Support 3.29, 3.1505, 3.034, and 2.811. Resistance 3.795 and 4.27.

U.S. Treasury Bond nearest futures contract price recovered modestly over the past 2 weeks but remains bearish over the longer term. Support 115.15, 114.06. 113.04 and 112.15. Resistance 118.12, 119.18, 120.11 and 123.18.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) rose above 3-month highs on 4/15/10 and remains bullish. Absolute price of JNK rose above 3-month highs on 4/21/10 and remains bullish.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) rose to a 2-month high on 4/23/10 and remains bullish. This means investors prefer more inflation protection. Absolute price of TIP rose to a 10-week high on 4/21/10 and remains bullish.

The U.S. dollar nearest futures contract price appears to have entered a correction since peaking at 82.52 on 3/25/10. Minor corrections are normal. Longer term, USD remains bullish. Support 80.14, 79.73, 79.61, 78.83, 78.20, 76.74 and 75.90. Resistance 82.52, 83.145 and 83.335.

The Art of Contrary Thinking: The various surveys of investor sentiment are best considered as background factors. The majority of investors can be right for a long time before a major trend finally changes course. The Art of Contrary Thinking is best used together with more precise market timing tools.

Advisory Service Sentiment: There were 53.3% Bulls versus 17.4% Bears as of 4/21/10, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear ratio rose to 3.06, up from 2.70 the previous week. The current Bull/Bear ratio is approaching its peak at 3.36 set on 1/13/10, which was the highest bullish sentiment in 6 years. The 20-year range is 0.41 to 3.74, the median is 1.51, and the mean is 1.57.

VIX Fear Index fell to a 33-month low of 15.23 on 4/12/10. A low and falling VIX suggests bullish complacency. VIX is down from a closing high of 80.86 set on 11/20/08. VIX is a market estimate of expected constant 30-day volatility, calculated by weighting S&P 500 Index CBOE option bid/ask quotes spanning a wide range of strike prices for the two nearest expiration dates.

VXN Fear Index fell to a 31-month low of 15.53 on 4/14/10. A low and falling VXN suggests bullish complacency. VXN is down from a closing high of 80.64 set on 11/20/08. VXN measures NASDAQ Volatility using a method comparable to that used for VIX.

ISEE Call/Put Ratio rose to 1.85 on 4/15/10, a high level that indicates extreme bullish sentiment, which might be taken as a sign to be alert. Its 2-year mean is 1.20, and its typical range is 0.69 to 1.71, which represents two standard deviations from the mean.

CBOE Put/Call Ratio fell to 0.32 on 4/14/10, a low level that indicates extreme bullish sentiment, which might be taken as a sign to be alert. The 2-year mean is 0.70, and the typical range is 0.44 to 0.96, which represents two standard deviations from the mean.

The Dow Theory again confirmed a Bullish Major Trend on 4/23/10, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 18 months. The Dow Theory signaled the current Primary Tide Bull Market on 7/23/09, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above their closing price highs of the previous 6 months. That 7/23/09 bullish signal reversed the previous bearish signal: the two Averages signaled a Primary Tide Bear Market on 11/21/07, when both Averages closed below their closing price lows of August 2007.

S&P 500 Composite (SPX) absolute price rose above 18-month highs on 4/23/10, again confirming its bullish trend. Support 1190.19, 1183.68, and 1175.12. Resistance 1220.03 and 1228.74.

S&P 500 Cash Index Potential Resistance
1576.09, high of 10/11/2007
1552.76, high of 10/31/2007
1523.57, high of 12/11/2007
1498.85, high of 12/26/2007
1440.24, high of 5/19/2008
1406.32, high of 5/29/2008
1381.50, Fibonacci 78.6% of 2007-2009 range
1366.59, high of 6/17/2008
1335.63, high of 6/25/2008
1313.15, high of 8/11/2008
1274.42, high of 9/8/2008
1255.09, high of 9/12/2008
1238.81, Fibonacci 78.6% of 1,576.09 high
1228.74, Fibonacci 61.8% of 2007-2009 range
1220.03, high of 9/25/2008

S&P 500 Cash Index Potential Support
1190.19, low of 4/22/2010
1183.68, low of 4/19/2010
1175.12, low of 4/9/2010
1141.45, low of 3/15/2010
1116.11, high of 3/1/2010
1086.95, Fibonacci 38.2% of 2/5-2/19/10 range
1086.02, low of 2/25/2010
1078.46, Fibonacci 50.0% of 2/5-2/19/10 range
1069.97, Fibonacci 61.8% of 2/5-2/19/10 range
1044.50, low of 2/5/2010
1036.31, Fibonacci 23.6% of 2009-2010 range
1029.54, Gann 25.0% of 2009-2010 range
1029.38, low of 11/2/2009
1019.95, low of 10/2/2009
991.97, low of 9/2/2009
978.51, low of 8/17/2009
969.08, Gann 37.5% of 2009-2010 range
965.69, Fibonacci 38.2% of 2009-2010 range
956.23, high of 6/11/2009
908.62, Gann 50.0% of 2009-2010 range
869.32, low of 7/8/2009
851.55, Fibonacci 61.8% of 2009-2010 range
666.79, intraday low of 3/6/2009

One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol

3.51% Sweden Index, EWD
2.84% Metals & Mining SPDR, XME
2.41% Energy SPDR, XLE
2.35% Energy VIPERs, VDE
2.28% Energy DJ, IYE
2.23% Natural Resource iS GS, IGE
1.79% Value SmallCap S&P 600, RZV
1.71% Biotech SPDR, XBI
1.71% Homebuilders SPDR, XHB
1.69% Basic Materials DJ US, IYM
1.64% Russia MV, RSX
1.61% Oil, Crude, U.S. Oil Fund, USO
1.53% Silver Trust iS, SLV
1.53% Realty Cohen & Steers, ICF
1.50% Energy Global, IXC
1.47% Austria Index, EWO
1.41% Small Cap EAFE MSCI iS, SCZ
1.36% Value SmallCap Russell 2000, IWN
1.32% REIT VIPERs, VNQ
1.30% Real Estate US DJ, IYR
1.29% European VIPERs, VGK
1.23% Dividend International, PID
1.21% Growth SmallCap VIPERs, VBK
1.21% Gold Shares S.T., GLD
1.20% REIT Wilshire, RWR
1.14% Water Resources, PHO
1.13% Value SmallCap VIPERS, VBR
1.12% Indonesia MV, IDX
1.12% Mexico Index, EWW
1.11% Turkey MSCI iS, TUR
1.10% Germany Index, EWG
1.09% United Kingdom Index, EWU
1.09% Small Cap VIPERs, VB
1.08% Microcap Russell, IWC
1.07% Value SmallCap S&P 600 B, IJS
1.06% SmallCap Russell 2000, IWM
1.05% Growth BARRA Small Cap 600, IJT
1.04% Growth MidCap 400 B, IJK
1.00% Health Care SPDR, XLV
0.99% Singapore Index, EWS
0.98% Value MidCap S&P 400 B, IJJ
0.98% Value MidCap Russell, IWS
0.97% WilderHill Clean Energy PS, PBW
0.96% SmallCap S&P 600, IJR
0.93% EMU Europe Index, EZU
0.92% MidCap S&P 400 SPDRs, MDY
0.92% Growth EAFE MSCI, EFG
0.92% Malaysia Index, EWM
0.90% MidCap Russell, IWR
0.90% Growth MidCap Russell, IWP
0.89% Materials SPDR, XLB
0.89% France Index, EWQ
0.88% MidCap S&P 400 iS, IJH
0.87% Transportation Av DJ, IYT
0.87% South Africa Index, EZA
0.86% Spain Index, EWP
0.86% Value 1000 Russell, IWD
0.86% Europe 350 S&P Index, IEV
0.83% LargeCap Blend S&P=Weight R, RSP
0.82% Value LargeCap Dynamic PS, PWV
0.79% Growth SmallCap R 2000, IWO
0.79% Utilities SPDR, XLU
0.78% Utilities VIPERs, VPU
0.77% Netherlands Index, EWN
0.75% EAFE Index, EFA
0.75% Value VIPERs, VTV
0.73% Dividend SPDR, SDY
0.72% Thailand MSCI iS, THD
0.71% LargeCap Blend Russell 3000, IWV
0.70% Taiwan Index, EWT
0.70% Value S&P 500 B, IVE
0.70% Dividend High Yield Equity PS, PEY
0.69% China LargeCap Growth G D H USX PS, PGJ
0.69% LargeCap VIPERs, VV
0.68% Growth VIPERs, VUG
0.68% Blend Total Market VIPERs, VTI
0.67% Japan Index, EWJ
0.66% Switzerland Index, EWL
0.66% Commodity Tracking, DBC
0.66% LargeCap 1000 R, IWB
0.66% Global 100, IOO
0.65% S&P 500 SPDRs LargeCap Blend, SPY
0.65% Bond, High-Yield Corporate, HYG
0.63% S&P 500 iS LargeCap Blend, IVV
0.62% Growth 1000 Russell, IWF
0.61% Capital Markets KWB ST, KCE
0.61% Italy Index, EWI
0.61% Industrial SPDR, XLI
0.60% Dividend DJ Select, DVY
0.60% Growth S&P 500/BARRA, IVW
0.59% Global ex US ACWI iS, ACWX
0.58% Latin Am 40, ILF
0.58% Dividend Appreciation Vipers, VIG
0.56% LargeCap Blend S&P 100, OEF
0.55% DIAMONDS (DJIA), DIA
0.54% Belgium Index, EWK
0.54% Emerging Markets, EEM
0.51% South Korea Index, EWY
0.51% Emerging VIPERs, VWO
0.50% India Earnings WTree, EPI
0.50% Financials VIPERs, VFH
0.43% Value EAFE MSCI, EFV
0.42% Canada Index, EWC
0.42% Growth LargeCap NASDAQ 100, QQQQ
0.42% Financial DJ US, IYF
0.41% Info Tech VIPERs, VGT
0.40% Emerging 50 BLDRS, ADRE
0.40% Networking, IGN
0.30% Financial SPDR, XLF
0.26% India PS, PIN
0.25% Technology SPDR, XLK
0.24% Pacific VIPERs, VPL
0.23% Chile MSCI iS, ECH
0.20% Technology DJ US, IYW
0.19% Brazil Index, EWZ
0.15% Telecom DJ US, IYZ
0.14% Financial Services DJ, IYG
0.08% Consumer Discretionary SPDR, XLY
0.06% Financial Preferred, PGF
0.06% Semiconductor iS GS, IGW
0.02% Semiconductor SPDR, XSD
0.02% Bond Ex-US Treas, BWX
0.01% Bond, TIPS, TIP
0.00% Bond Muni ATM-Free S&P iS, MUB
-0.02% Bond, Corp, LQD
-0.04% Bond, 1-3 Year Treasury, SHY
-0.08% Preferred Stock iS, PFF
-0.12% Bond, Aggregate, AGG
-0.18% Hong Kong Index, EWH
-0.23% Pacific ex-Japan, EPP
-0.23% Bond EmrgMkt JPM iS, EMB
-0.25% Consumer Staples SPDR, XLP
-0.28% Bond, 10 Year Treasury, IEF
-0.31% China 25 iS, FXI
-0.35% Bond, 20+ Years Treasury, TLT
-0.37% Australia Index, EWA
-1.08% Agriculture DB PS, DBA