Thursday, May 24, 2018

Selloff and Rally Leads to Slightly Lower Close...IWM, DIA Bull Flag Setup...




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Stocks opened lower on Thursday, and following comments that the June Summit with No. Korea was being cancelled, sold off 24 points in the morning.  Buying momentum returned after selling exhausted around 11 am and the SPX rallied 20 points to close down 5 points for the day.

Friday is the last trading day before the three-day Memorial Holiday weekend.  Markets are closed on Monday.  

IWM and DIA are bull flag setups while SPY and QQQ are horizontal breakout setups.   

The DJIA, closed down 75 points at 24,811, led by weakness in CVX, XOM, GS, UNH, JPM and JNJ.

Three sectors were higher on Wednesday, led by utilities XLU +0.82% and industrials XLI +0.49%.

SPY down .56 at 273.36 on 76.0 million shares, 3% above average volume. Down on higher volume.
VIX down .05 at 12.53
Oil down 1.16 to 70.67
TLT up .94 at 118.88 on 8.2 million shares.

GE +2.96%, NKE +1.18%, led the DJIA, 8 advancers.
FOSL +5.11%, NRG +3.86% and KSS +3.61%, led the SPX.
MELI +3.33%, ALGN +2.87%, MU +2.53%, and CELG +2.42%, led the NDX.


Intermediate and long term up trend intact.  3-day short term trend is sideways.

Up: IWM,
Down: QQQ, SPY, DIA,

Breadth weakened on Thursday, as advancers led 1,495 to 1,388 on the NYSE and decliners led 1,501 to 1,358 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 90, bullish

Uptrend sectorsXLE, XLK, XLRE,
Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU
Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,
BA, MU, MAR, CMA, CME, ANET, HRS, KORS,
DLTR, WB, EL, TPR,


45 of 100 NDX stocks closed higher on Thursday.

70 NDX stocks are above their 30 DMA.  SHPG, ULTA, ADP, CTXS, COST, CSX, INTU, ROST, ISRG, HAS, CDNS, INTC, BMRN, ALXN, AMZN, FB, ILMN, MSFT, NFLX, ORLY, SIRI, SNPS, EXPE, FOXA, TTWO, ATVI, TXN, AAPL, CTAS, ADBE, ALGN, JBHT, NVDA, PAYX, ADI, ADSK, BIIB, CA, EA, GOOGL, KLAC, MAR, SWKS, CERN, MCHP, FAST, XLNX, FISV, MU, MXIM, PYPL, QCOM, AMGN, ESRX, WBA, INCY, HOLX, MYL, VRTX, WDC, CTRP, IDXX, VRSK, ASML, AVGO, LRCX, WYNN, STX, PCAR, SBUX, WDAY,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 3
PCAR, SBUX, WDAY,

Moving Below 30 DMA = 0



The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Sideways

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Wednesday, May 23, 2018

Stocks Rally Following FOMC Minutes...IWM, DIA Bull Flag Setups...




© 2018

Stocks opened lower on Wednesday, following comments on Tuesday regarding progress on a China trade dealBuying momentum returned following the release of the FOMC minutes at 2 pm EDT and stocks finished Wednesday near their highs.    

IWM and DIA are bull flag setups while SPY and QQQ are horizontal breakout setups.   

The DJIA, closed up 52 points at 24,886, led by strength in BA, MCD, CAT, AAPL and V.

Six sectors were higher on Wednesday, led by utilities XLU +0.91% and real estate XLRE +0.81%.

SPY up .75 at 273.36 on 64.6 million shares, 11% below average volume. Up on higher volume.
VIX down .64 at 12.58
Oil down .30 to 71.83
TLT up .85 at 117.94 on 9.6 million shares.

INTC +1.40%, MCD +1.36%, led the DJIA, 16 advancers.
TIF +23.29%, RL +14.34% and LOW +10.43%, led the SPX.
CTRP +3.98%, NFLX +3.95%, ALGN +3.47%, and MELI +3.40%, led the NDX.


Intermediate and long term up trend intact.  3-day short term trend is up.

Up: QQQ, SPY, DIA, IWM,
Down:

Breadth strengthened on Wednesday, as advancers led 1,495 to 1,388 on the NYSE and led 1,533 to 1,327 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 89, bullish

Uptrend sectorsXLE, XLK, XLRE,
Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU
Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,
BA, MU, MAR, CMA, CME, ANET, HRS, KORS,
DLTR, WB, EL, TPR,


68 of 100 NDX stocks closed higher on Wednesday.

67 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 1
STX,

Moving Below 30 DMA = 3
CMCSA, PCAR, WDAY,


The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Up

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Tuesday, May 22, 2018

SPY Pulls Back on Light Volume...MU Jumps on Share Buyback, Financials Lead Sectors...





© 2018


After spending most of the day in a trading range, SPY, DIA, QQQ, and IWM sold off in last 90 minutes to close lower.  IWM made a slightly higher intra-day high before closing lower for the first time in five days.

The DJIA, closed down 178 points at 24,834, led by weakness in BA, HD, MMM, UNH, CAT and MCD.

MU +6.40%, led the NDX after announcing a $10 billion share buyback.

Three sectors were higher on Tuesday, led by industrial XLI +0.67% and utilities XLU +0.37%.

SPY down .76 at 272.61 on 52.9 million shares, 28% below average volume. Down on lower volume.
VIX up .14 at 13.22
Oil down .53 to 72.13
TLT down .18 at 117.09 on 4.7 million shares.

VZ +0.78%, JPM +0.77%, led the DJIA, 9 advancers.
TJX +3.25%, FITB +3.20% and KIM +3.14%, led the SPX.
MU +6.40%, CELG +2.57%, KLAC +1.96%, and ESRX +1.61%, led the NDX.


Intermediate and long term up trend intact.  3-day short term trend is up.

Up:
Down: QQQ, SPY, DIA, IWM,

Breadth weakened on Tuesday, as decliners led 1,743 to 1,156 on the NYSE and led 1,668 to 1,217 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 88, bullish

Uptrend sectorsXLE, XLK, XLRE,
Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU
Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,
BA, MU, MAR, CMA, CME, ANET, HRS, KORS,
DLTR, WB, EL, TPR,


40 of 100 NDX stocks closed higher on Tuesday.

69 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 1
CMCSA,

Moving Below 30 DMA = 2
AAL, WBA,


The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Up

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