The majority of major stock price indexes moved further above 2-year highs, following through on the recent bullish upside breakout for stocks.

Silver broke sharply below the lows of the previous 2 weeks. The short-term price trend has turned down. If this downtrend continues, it could have implications for inflation expectations.

Copper fell below the lows of the previous 6 weeks. The short-term price trend still appears to be down. Weakness in Copper suggests doubts about the economic outlook.

U.S. Treasury Bond price rose above 6-week highs, confirming that the short-term trend is still up. The Bond could be building an intermediate-term bullish base since the low of 2/9/11.
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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
12.04% , GT , GOODYEAR TIRE
7.65% , PMCS , PMC SIERRA
7.13% , LEG , LEGGETT & PLATT
8.71% , OXY , OCCIDENTAL
0.64% , ADRU , Europe 100 BLDRS, ADRU
4.20% , EMN , EASTMAN CHEM
0.98% , PBW , WilderHill Clean Energy PS, PBW
5.93% , BHH , Internet B2B H, BHH
1.90% , ORCL , ORACLE
2.75% , EPU , Peru MSCI iS, EPU
3.49% , KMX , CarMax
1.69% , TWX , TIME WARNER INC
0.83% , CVG , CONVERGYS
2.46% , CAT , CATERPILLAR
1.54% , INTC , INTEL
0.25% , PSTL , Steel Global PS ETF, PSTL
1.84% , PXE , Energy Exploration & Prod, PXE
1.79% , CTSH , Cognizant Technology Solutions
1.47% , IDX , Indonesia MV, IDX
2.47% , DVN , DEVON ENERGY
1.49% , GNTX , Gentex Corporation
1.33% , CSCO , CISCO SYSTEMS
0.97% , AAPL , APPLE COMPUTER
0.22% , IXJ , Healthcare Global, IXJ
1.56% , WMB , WILLIAMS
1.31% , FRN , Frontier Markets Guggenheim , FRN
2.72% , MRO , MARATHON OIL
3.66% , FLR , FLUOR
1.62% , LO , Lorillard, Inc. LO
1.03% , FPX , IPOs, First Tr IPOX-100, FPX
1.96% , TUR , Turkey MSCI iS, TUR
0.45% , CAG , CONAGRA FOODS
2.32% , NCR , NCR
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Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-14.03% , RIMM , RESEARCH IN MOTION LTD
-6.19% , PBI , PITNEY BOWES
-3.11% , LVLT , LEVEL 3 COMMUNICATIONS
-1.26% , XBI , Biotech SPDR, XBI
-3.40% , NWL , NEWELL RUBBER
-2.96% , MSFT , MICROSOFT
-7.45% , VFC , VF
-4.75% , JBL , JABIL CIRCUIT
-4.09% , WY , WEYERHAEUSER
-3.21% , NYT , NY TIMES STK A
-0.63% , MTK , Technology MS sT, MTK
-1.30% , BBBY , BED BATH BEYOND
-1.48% , SHLD , SEARS HOLDINGS
-2.55% , SWK , Stanley Black & Decker
-0.60% , TTH , Telecom H, TTH
-2.23% , TGT , TARGET
-1.89% , ETN , EATON
-2.27% , DELL , DELL
-2.97% , CLF , CLIFFS NATURAL RESOURCES, CLF
-2.56% , MRVL , MARVELL TECHNOLOGY
-2.08% , AON , AON
-1.85% , ITT , ITT INDS
-1.32% , LOW , LOWES
-1.19% , PCAR , PACCAR
-0.85% , QCOM , QUALCOMM
-0.51% , AMGN , AMGEN
-1.02% , TAP , ADOLPH COORS STK B, TAP
-0.78% , BBH , Biotech H, BBH
-0.70% , COST , COSTCO WHOLESAL
-1.84% , SBUX , STARBUCKS
-1.44% , GCI , GANNETT
-0.85% , HD , HOME DEPOT
-2.33% , ZEUS , Olympic Steel, ZEUS

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

Energy (XLE) Neutral, Market Weight. The Relative Strength Ratio (XLE/SPY) has been consolidating gains since 4/5/11 and remains neutral. Absolute price has been consolidating gains since 4/6/11. Support 77.92, 75.18, 72.85, 68.73, 67.49, 65.25, 65.03, 60.96, 60.21, 57.70, 55.68, 53.22, 50.33, 48.56, 46.16, and 43.66. Resistance 80.97, 83.27, and 91.42.

Industrial (XLI) Neutral, Market Weight. The Relative Strength Ratio (XLI/SPY) has been consolidating gains since 4/4/11 and remains neutral. Absolute price rose above previous 2-year highs on 4/29/11. Support 37.39, 36.24, 35.08, 35.03, 31.82, 31.58, 30.79, 30.51, 30.32, 29.77, and 27.67. Resistance 39.0 and 39.97.

Consumer Discretionary (XLY) Neutral, Market Weight. The Relative Strength Ratio (XLY/SPY) has been moving sideways for 2 months. Longer term, the Ratio has been consolidating gains since 11/26/10. Absolute price rose above 3-year highs on 4/28/11, which is bullish. Support 38.90, 38.46, 36.61, 36.13, 35.32, 35.02, 34.78, 33.94, 33.11, 32.66, 31.70, 29.80, 28.64, 28.21, and 26.62. Resistance 40.72.

Materials (XLB) Neutral, Market Weight. The Relative Strength Ratio (XLB/SPY) ) has been consolidating gains since 4/5/11 and remains neutral. Absolute price has been consolidating gains since 4/6/11. Support 39.89, 38.44, 38.06, 36.44, 34.20, 33.70, 32.36, 29.88, 29.43, and 27.67. Resistance 41.28, 43.04, 45.21, 45.21, and 46.54.

Health Care (XLV) Neutral, Market Weight. The Relative Strength Ratio (XLV/SPY) remains neutral based on moving average relationships, with the 50-day SMA of the RS Ratio below the 200-day SMA. Absolute price remains bullish. Support 32.57, 31.43, 30.14, 30.11, 29.87, 28.00, 27.49. Resistance 36.61 and 37.89.

Consumer Staples (XLP) Neutral, Market Weight. The Relative Strength Ratio (XLP/SPY) remains neutral, based on moving average relationships, with the 50-day SMA of the RS Ratio below the 200-day SMA. Absolute price remains bullish. Support 29.64, 28.71, 28.22, 28.04, 27.76, 27.63, 27.46, 26.34, 25.30, and 24.95. Resistance: none.

Technology (XLK) Bearish, Under Weight. The Relative Strength Ratio (XLK/SPY) fell below 13-month lows on 4/5/11. The Ratio gave a clear bearish signal on 3/22/11 when the 50-day SMA of the RS Ratio crossed below the 200-day SMA. Absolute price of XLK peaked on 2/18/11 and remains neutral. Support 25.20, 24.87, 23.87, 23.74, 23.64, 23.56, 22.68, 22.53, 21.60, 20.01, and 19.51. Resistance 27.09, 27.43, 27.63, and 28.60.

Utilities (XLU) Neutral, Market Weight. The Relative Strength Ratio (XLU/SPY) remains neutral, based on moving average relationships, with the 50-day SMA of the RS Ratio below the 200-day SMA. Absolute price rose above 2-year highs on 4/29/11 and remains bullish. Support 31.35, 31.20, 30.74, 30.53, 29.66, 27.91, 27.44, and 25.76. Resistance 34.89 and 36.24.

Financial (XLF) Bearish, Under Weight. The Relative Strength Ratio (XLF/SPY) fell below 2-year lows on 4/27/11 and remains bearish. Absolute price fell below 3-week lows on 4/18/11 and remains neutral. Support 15.79, 15.39, 15.08, 14.36, 14.25, 14.20, 13.29, and 13.08. Resistance 16.75, 16.85, 17.20, and 17.87.
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Emerging Markets Stocks ETF (EEM) Relative Strength Ratio (EEM/SPY) remains neutral, with the 50-day SMA below the 200-day SMA.

Foreign Stocks ETF (EFA) Relative Strength Ratio (EFA/SPY) remains neutral, with the 50-day SMA below the 200-day SMA.

NASDAQ Composite/S&P 500 Relative Strength Ratio has been consolidating gains since 1/18/11 and remains neutral. Absolute price rose above 10-year highs on 4/28/11, reconfirming a bullish major trend.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) fell further below 28-year lows on 4/21/11, again reconfirming its preexisting bearish major trend.

The Small Cap Russell 2000 Index/Large Cap Relative Strength Ratio (IWM/SPY) rose above all-time highs on 4/5/11, thereby reconfirming its preexisting bullish major trend.

The S&P Mid Cap 400/Large Cap Relative Strength Ratio (MDY/SPY) rose above all-time highs on 4/5/11, thereby reconfirming its preexisting bullish major trend.

Crude Oil nearest futures contract price rose above 2-year highs on 4/29/11, confirming uptrends in all timeframes. Support 110.71, 105.98, 105.31, 102.70, 97.02, 96.22, 95.14, 87.09, 83.85, 83.55, 80.28, 80.06, 79.84, 79.25, 78.86, 73.52, 72.63, 70.76, 70.35, 69.51, 68.59, 67.15, 65.05, and 64.24. Resistance 120.42, 130.0, and 147.27.

Gold nearest futures contract price rose above all-time highs on 4/29/11, again reconfirming its major uptrend. Support 1492.0, 1445.0, 1411.5, 1380.7, 1419.5, 1351.4, 1309.1, 1307.7, 1297.0, 1274.8, 1270.5, 1232.4, 1210.9, 1191.5, and 1155.6. Resistance: none.

Gold Mining Stocks ETF (GDX) Relative Strength Ratio (relative to the Gold bullion ETF, GDX/GLD) is bearish. It crossed below the 50-day SMA on 4/15/11, remains below the 200-day SMA, and the 50-day SMA remains below the 200-day SMA.

Silver nearest futures contract price broke sharply below the lows of the previous 2 weeks. The short-term price trend has turned down. If this downtrend continues, it could have implications for inflation expectations. Support 39.70, 39.12, 37.08, 36.43, 33.565, 31.695, 31.61, 30.265, 29.635, 26.30, 24.98, and 22.84. Resistance: 49.82 and 50.35.

Silver/Gold Ratio rose above 27-year highs on 4/28/11, again reconfirming its preexisting bullish major trend.

Copper nearest futures contract price fell below the lows of the previous 6 weeks on 4/29/11. The short-term price trend still appears to be down. Copper appears to be in an intermediate-term consolidation since peaking at 4.6575 on 2/15/11. Strength in Copper suggests confidence in the economic outlook, while weakness suggests doubts. Support 4.076, 3.9795, 3.6065, 3.3930, 3.1775, 2.9285, 2.8555, 2.8445, and 2.72. Resistance: 4.533, 4.554, 4.6495, and 4.6575.

U.S. Treasury Bond nearest futures contract price rose above 6-week highs on 4/29/11, confirming that the short-term trend is still up. The Bond could be building an intermediate-term bullish base since the low of 2/9/11. In its favor, nearly everyone has been talking bearish on Bonds this year, so the Bond could be oversold. Support 120.20, 119.15, 117.28, 117.04, 116.26, 115.15, 114.06, 113.04, and 112.15. Resistance 123.22, 123.26, 128.00 129.14, 129.27, 132.26, 133.00, 135.12, 135.19, 136.31, 137.31, and 142.31.

Junk/Investment-Grade Corporate Bonds Relative Strength Ratio (JNK/LQD) has been stuck in a neutral trading range most of the time since JNK peaked at 41.32 on 11/4/10.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year Relative Strength Ratio (TIP/IEF) has eased lower after rising above 2-year highs on 4/8/11. The Ratio had been in a rising trend from 8/24/10 to 4/8/11, reflecting fixed-income investors’ preference for inflation-protected TIPs over the unprotected 7-10 Year U.S. Treasury Note ETF (IEF).

The U.S. dollar nearest futures contract price fell further below the lows of the previous 16 months on 4/29/11, again reconfirming a long-term, major downtrend. Support 70.80. Resistance 76.055, 76.87, 77.675, 78.98, 79.34, 81.635, 81.935, 82.02, 83.64, 84.73, 85.36, 86.71, 88.80, 89.22, 89.71, and 92.53.

Advisory Service Sentiment: There were 57.3% Bulls versus 15.7% Bears as of 4/6/11, according to the weekly Investors Intelligence survey of stock market newsletter advisors. The Bull/Bear Ratio soared to 3.65, up from 2.23 the previous week. The Ratio rose its highest level in the 8 years since the 20-year high of 3.74 set on 6/18/03. Following that 2003 peak, the stock market turned sideways/choppy for 2 months and sentiment reverted toward the mean. The Ratio’s 20-year range is 0.41 to 3.74, the median is 1.56, and the mean is 1.63. According to Humphrey B. Neill, The Art of Contrary Thinking, when everybody thinks alike, everyone is likely to be wrong.

VIX Fear Index fell below its 3-year range on 4/20/11, hitting 14.30 intraday, and again confirming a preexisting trend toward bullish complacency. This follows a brief spike up to an intraday peak of 31.28 on 3/16/11. Fear was short-lived. 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.

The Dow Theory reconfirmed a Primary Tide Bull Market as of 4/28/11, when both the Dow-Jones Industrial Average and the Dow-Jones Transportation Average closed above closing price highs of the previous 2-years. The Dow Theory originally 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.

S&P 500 Composite (SPX) moved further above 2-year highs, following through on the recent bullish upside breakout.

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

S&P 500 Cash Index Potential Support
1294.70, low of 4/18/11
1249.05, low of 3/16/11
1246.73, high of 12/13/10
1238.81, Fibonacci 78.6% of 1,576.09 high
1235.05, high of 12/7/10
1232.85, low of 12/16/10
1228.74, Fibonacci 61.8% of 2007-2009 range
1227.08, high of 11/5/10
1173.00, low of 11/16/10
1171.70, low of 10/27/10
1166.74, low of 10/20/10
1159.71, low of 10/19/10
1,151.41, low of 10/7/10
1,131.87, low of 10/4/10
1122.79, low of 9/23/2010
1114.63, low of 9/15/2010
1110.88, low of 9/10/2010
1091.15, low of 9/7/2010
1039.70, low of 8/27/10
1039.31, Fibonacci 23.6% of June-Aug. 2010 range
1010.91, low of 7/1/2010
1008.55, Fibonacci 38.2% of 2009-2010 range
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
943.29, Gann 50.0% of 2009-2010 range
878.04, Fibonacci 61.8% of 2009-2010 range
874.17, Gann 62.5% of 2009-2010 range
869.32, low of 7/8/2009
805.17, Gann 75.0% of 2009-2010 range
785.13, Fibonacci 78.6% 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

1.96% Turkey MSCI iS, TUR
1.85% Semiconductor SPDR, XSD
1.78% Energy VIPERs, VDE
1.70% Gold Shares S.T., GLD
1.70% Energy DJ, IYE
1.51% Energy & Nat Res iS GS, IGE
1.50% Latin Am 40, ILF
1.49% Energy SPDR, XLE
1.47% Indonesia MV, IDX
1.35% Netherlands Index, EWN
1.35% MidCap S&P 400 iS, IJH
1.33% Chile MSCI iS, ECH
1.32% South Africa Index, EZA
1.31% Frontier Markets Guggenheim , FRN
1.27% Switzerland Index, EWL
1.26% Metals & Mining SPDR, XME
1.15% Brazil Index, EWZ
1.14% Taiwan Index, EWT
1.14% Energy Global, IXC
1.08% Mexico Index, EWW
1.07% Agriculture DB PS, DBA
1.05% Commodity Tracking, DBC
1.04% Emerging 50 BLDRS, ADRE
0.98% WilderHill Clean Energy PS, PBW
0.92% South Korea Index, EWY
0.78% Russia MV, RSX
0.76% Thailand MSCI iS, THD
0.71% Oil, Crude, U.S. Oil Fund, USO
0.71% Emerging VIPERs, VWO
0.65% Oil Fund PowerShares, DBO
0.65% Belgium Index, EWK
0.63% Growth SmallCap R 2000, IWO
0.60% Emerging Markets, EEM
0.57% Bond EmrgMkt JPM iS, EMB
0.55% Basic Materials DJ US, IYM
0.55% Italy Index, EWI
0.53% Spain Index, EWP
0.51% Global ex US ACWI iS, ACWX
0.50% Growth EAFE MSCI, EFG
0.49% Small Cap VIPERs, VB
0.49% DIAMONDS (DJIA), DIA
0.45% Germany Index, EWG
0.44% Europe 350 S&P Index, IEV
0.44% Dividend High Yield Equity PS, PEY
0.43% Dividend International, PID
0.42% India PS, PIN
0.42% Industrial SPDR, XLI
0.39% Materials SPDR, XLB
0.38% MidCap Russell, IWR
0.38% Financial Preferred, PGF
0.38% Bond Ex-US Treas, BWX
0.37% Growth SmallCap VIPERs, VBK
0.36% SmallCap Russell 2000, IWM
0.35% Info Tech VIPERs, VGT
0.35% Singapore Index, EWS
0.35% Semiconductor iS IGW, SOXX
0.34% LargeCap Blend Russell 3000, IWV
0.33% MidCap S&P 400 SPDRs, MDY
0.32% European VIPERs, VGK
0.32% United Kingdom Index, EWU
0.31% Dividend Appreciation Vipers, VIG
0.31% LargeCap Blend S&P 100, OEF
0.31% France Index, EWQ
0.31% China LargeCap Growth G D H USX PS, PGJ
0.31% Bond, 20+ Years Treasury, TLT
0.30% Value MidCap S&P 400 B, IJJ
0.29% Microcap Russell, IWC
0.29% Transportation Av DJ, IYT
0.29% LargeCap 1000 R, IWB
0.29% Value SmallCap Russell 2000, IWN
0.29% Consumer Staples SPDR, XLP
0.28% Technology DJ US, IYW
0.27% S&P 500 iS LargeCap Blend, IVV
0.26% Value VIPERs, VTV
0.26% LargeCap VIPERs, VV
0.26% Blend Total Market VIPERs, VTI
0.25% Utilities VIPERs, VPU
0.25% Preferred Stock iS, PFF
0.24% SmallCap S&P 600, IJR
0.24% Bond, High-Yield Corporate, HYG
0.24% S&P 500 SPDRs LargeCap Blend, SPY
0.23% Growth VIPERs, VUG
0.22% Bond, High-Yield Junk, JNK
0.22% Growth BARRA Small Cap 600, IJT
0.22% EMU Europe Index, EZU
0.21% Growth S&P 500/BARRA, IVW
0.21% Utilities SPDR, XLU
0.21% Growth 1000 Russell, IWF
0.21% Bond, TIPS, TIP
0.21% Hong Kong Index, EWH
0.20% Bond, 10 Year Treasury, IEF
0.20% Value S&P 500 B, IVE
0.20% Water Resources, PHO
0.20% Value EAFE MSCI, EFV
0.20% Bond Muni ATM-Free S&P iS, MUB
0.19% LargeCap Blend S&P=Weight R, RSP
0.19% Bond, Corp, LQD
0.19% Japan Index, EWJ
0.19% Global 100, IOO
0.18% Value 1000 Russell, IWD
0.17% Growth MidCap 400 B, IJK
0.16% Value MidCap Russell, IWS
0.15% Small Cap EAFE MSCI iS, SCZ
0.14% Growth MidCap Russell, IWP
0.14% Pacific VIPERs, VPL
0.12% Value SmallCap VIPERS, VBR
0.11% Dividend DJ Select, DVY
0.08% Bond, Aggregate, AGG
0.07% Malaysia Index, EWM
0.05% Value SmallCap S&P 600 B, IJS
0.05% Bond, 1-3 Year Treasury, SHY
0.03% Sweden Index, EWD
0.03% Bond Treasury Short-Term iS, SHV
0.00% Value LargeCap Dynamic PS, PWV
0.00% Homebuilders SPDR, XHB
-0.02% China 25 iS, FXI
-0.03% Canada Index, EWC
-0.06% Health Care SPDR, XLV
-0.07% Dividend SPDR, SDY
-0.07% Consumer Discretionary SPDR, XLY
-0.07% Technology SPDR, XLK
-0.08% Capital Markets KWB ST, KCE
-0.08% QQQ Nasdaq 100 Trust, QQQ
-0.13% Financials VIPERs, VFH
-0.18% Financial SPDR, XLF
-0.21% Financial Services DJ, IYG
-0.23% Financial DJ US, IYF
-0.24% India Earnings WTree, EPI
-0.28% Networking, IGN
-0.28% Australia Index, EWA
-0.42% REIT Wilshire, RWR
-0.47% EAFE Index, EFA
-0.48% Real Estate US DJ, IYR
-0.49% Telecom DJ US, IYZ
-0.56% Silver Miners Global X, SIL
-0.58% REIT VIPERs, VNQ
-0.62% Realty Cohen & Steers, ICF
-0.71% Pacific ex-Japan, EPP
-0.80% Silver Trust iS, SLV
-1.26% Biotech SPDR, XBI
-1.40% Austria Index, EWO