Friday, September 20, 2019

SPX Continues to Grind in Trading Range Just Below All-time Highs...


© 2019

SPX closes at 2,992, four points below it’s open on Monday at 2,996.  It’s weekly range of 43 points was the smallest range since the first week of July. 

This Week:
  • Tuesday SPX trades in a narrow range as /ZQ trading drops probability of ¼% rate cut to 48.5%,
  • Wednesday FOMC cuts rates ¼%, SPX falls to 2,978 until Fed Chair Powell’s news conference at 2:30 pm ET when SPX rallies to a 3,006 close,
  • Thursday SPX reverses rally after US trade advisor says POTUS is ready to escalate trade war if no agreement soon,
  • Friday sells off after Montana Farm Bureau says China delegation cancels farm trip.

The DJIA, closed down 159 points at 26,935 led by weakness in BA, HD, AAPL, UTX and CAT.  Closing below 27,000 after trading above for seven trading days.

Three of eleven sectors were higher on Friday, led by healthcare XLV +0.56% and utilities XLU +0.40%.


SPY down 1.41 at 298.28 after declaring a 1.383619 dividend on Friday, on 97.4 million shares, 34% above average volume.  Down on higher volume.
VIX up 1.27 at 15.32
Oil down .25 at 58.39
TLT up 1.85 at 141.89 on 13.3 million shares.
GLD up 1.67 at 142.95

MRK +1.42%, DOW +1.20%, led the DJIA, 10 advancers, -3
SWN +2.96%, IT +2.50% and ORLY +2.29% led the SPX.
INCY +3.96%, ALGN +3.43%, REGN +3.40% and XRAY +2.46% led the NDX.


Long term up trend intact.  3-day short term trend is sideways.

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

Breadth was similar on Friday, as advancers led 1,501 to 1,406 on the NYSE and decliners led 1,570 to 1,516 on the NASDAQ

The SPY MFC green line is in the upper zone and turned down at 90 and is counter-trend defensive as 7-day trend is sideways. 

Uptrend sectorsXLU, XLRE, XLP, XLY, XLK, XLC, XLI, XLF, XLB,
Neutral sectors:  XLV, XLE,

Down trend sectors:
The 6-month intermediate trend is up.  The ten-day trend is up.

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

25 of 100 NDX stocks closed higher on Friday.

69 NDX stocks are above their 30 DMA:  SBUX, CELG, KLAC, NTES, SYMC, PEP, EA, ATVI, BKNG, CHTR, COST, JBHT, CMCSA, QCOM, AAPL, MYL, SIRI, ASML, LRCX, MU, NVDA, WDC, DLTR, AMAT, AVGO, CSX, CTXS, INTC, JD, NXPI, TXN, AAL, ADI, EXPE, FAST, FB, GOOGL, LULU, MCHP, MXIM, NTAP, SWKS, TSLA, WBA, ADSK, GILD, TMUS, UAL, BIDU, HAS, HSIC, KHC, BIIB, CSCO, ILMN, ISRG, EBAY, WLTW, MNST, BMRN, MSFT, ORLY, PAYX, SNPS, TTWO, VRSK, ALGN, CHKP, INCY, REGN,


NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 3
CHKP, INCY, REGN,

Moving Below 30 DMA = 7
AMZN, CTSH, LBTYA, MAR, MDLZ, ROST, WYNN,


Add Comments here

Thursday, September 19, 2019

SPX Ends Unchanged after Trading Range Day...


© 2019


The DJIA, closed down 52 points at 27,094 led by weakness in DIS, HD, BA, GS and AAPL.  Closing above 27,000 for the seventh day in a row.

Six of eleven sectors were higher on Thursday, led by healthcare XLV +0.47% and utilities XLU +0.47%.


SPY down .02 at 301.08 on 78.0 million shares, 8% above average volume.  Flat on higher volume.
VIX up .10 at 14.05
Oil up .45 at 58.64
TLT up .42 at 140.04 on 13.4 million shares.
GLD up .57 at 141.28

MSFT +1.84%, MRK +1.14%, led the DJIA, 13 advancers, -4
CI +2.66%, GCI +2.65% and OXY +2.62% led the SPX.
ALXN +2.61%, ALGN +2.59%, MSFT +1.84% and ADSK +1.50% led the NDX.


Long term up trend intact.  3-day short term trend is sideways.

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

Breadth strengthened on Thursday, as advancers led 1,515 to 1,410 on the NYSE and decliners led 1,664 to 1,396 on the NASDAQ

The SPY MFC green line is in the upper zone at 92 and is short-term bullish

Uptrend sectorsXLRE, XLU, XLP, XLY, XLK, XLC, XLI, XLF, XLB,
Neutral sectors:  XLV,
Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

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

46 of 100 NDX stocks closed higher on Thursday.

73 NDX stocks are above their 30 DMA:  SBUX, CELG, KLAC, NTES, SYMC, PEP, EA, ATVI, BKNG, CHTR, COST, JBHT, CMCSA, QCOM, AAPL, MYL, SIRI, ASML, LRCX, MU, NVDA, ROST, WDC, DLTR, LBTYA, AMAT, AVGO, CSX, CTSH, CTXS, INTC, JD, NXPI, TXN, AAL, ADI, AMZN, EXPE, FAST, FB, GOOGL, LULU, MCHP, MXIM, NTAP, SWKS, TSLA, WBA, ADSK, GILD, TMUS, UAL, BIDU, HAS, HSIC, KHC, MAR, WYNN, BIIB, CSCO, ILMN, ISRG, EBAY, WLTW, MNST, BMRN, MDLZ, MSFT, ORLY, PAYX, SNPS, TTWO, VRSK, ALGN,


NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 1
ALGN,  

Moving Below 30 DMA = 3
CHKP, CTRP, XLNX,


Add Comments here

Wednesday, September 18, 2019

Big Money are Net Buyers after the Fed Cuts Rates 1/4%...SPX/SPY Rallies and VIX Falls...


© 2019


Price reaction to the Fed ¼% cut and the 2:30 pm ET News Conference.  Talk is cheap.  One can listen to all the commentary one chooses.  In the end, Institutional action speaks louder than words.  Institutions bought the rate cut and Powell’s subsequent News Conference 30 minutes later.  How do we know?  Look at the chart of the actual buying and selling price action on SPY, VIX, JPM and KLAC, just to point out four.

Just before and after the 2:00 pm ET Fed rate cut: SPY, VIX, JPMKLAC
                          (click image to enlarge)

The DJIA, closed up 36 points at 27,147 led by strength in BA, AAPL, JPM, GS and MSFT.  Closing above 27,000 for the sixth day in a row.

Four of eleven sectors were higher on Wednesday, led by real estate XLRE +1.41% and utilities XLU +0.87%.

SPY up .18 at 301.10 on 74.1 million shares, average volume.  Up on higher volume.
VIX down .49 at 13.95
Oil down .44 at 58.19
TLT up .59 at 139.03 on 11.1 million shares.
GLD down .89 at 140.71

BA +1.41%, AXP +1.20%, led the DJIA, 17 advancers, +2
CMA +2.20%, SIVB +2.07% and LEN +1.98% led the SPX.
KLAC +3.53%, AMAT +1.74%, ILMN +1.59% and ADI +1.11% led the NDX.

Long term up trend intact.  3-day short term trend is sideways.



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

Breadth weakened slightly on Wednesday, as decliners led 1,569 to 1,348 on the NYSE and led 1,825 to 1,217 on the NASDAQ

The SPY MFC green line is in the upper zone at 92 and is short-term bullish. 

Uptrend sectorsXLRE, XLU, XLP, XLY, XLK, XLC, XLI, XLF, XLB,
Neutral sectors:  XLV,
Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

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

38 of 100 NDX stocks closed higher on Wednesday.

75 NDX stocks are above their 30 DMA:  SBUX, CELG, KLAC, NTES, SYMC, PEP, EA, ATVI, BKNG, CHTR, COST, JBHT, CMCSA, QCOM, AAPL, MYL, SIRI, ASML, LRCX, MU, NVDA, ROST, WDC, DLTR, LBTYA, AMAT, AVGO, CSX, CTSH, CTXS, INTC, JD, NXPI, TXN, AAL, ADI, AMZN, EXPE, FAST, FB, GOOGL, LULU, MCHP, MXIM, NTAP, SWKS, TSLA, WBA, ADSK, CTRP, GILD, TMUS, UAL, BIDU, CHKP, HAS, HSIC, KHC, MAR, WYNN, BIIB, CSCO, ILMN, ISRG, EBAY, WLTW, MNST, BMRN, MDLZ, MSFT, ORLY, PAYX, SNPS, TTWO, VRSK, XLNX,


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

Moving Below 30 DMA = 3
AMD, NFLX, PYPL,


Add Comments here