Monday is Memorial Day: Our Gratitude and Compassion to all Families Who Have Sacrificed Protecting America...

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Monday is Memorial Day and we express gratitude for all men and women who gave their lives protecting freedom and America while serving in the US military and express our compassion to all the families of those who gave there lives.

Six of eleven sectors were higher on Friday, led by XLRE, XLU and XLC

SPY up 0.56 at 295.44 on 63.9 million shares, below average volume, up on lower volume.

VIX down 1.37 at 28.16

UNH, TRV, PG led the DJIA, 15 advancers, +9

COTY, FOSL, AMT, A led the SPX, 271 advancers

SPLK, LULU, ALGN, MELI led the NDX, 67 advancers

The two-year trend term is up.  The one-year trend is sideways.

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the previous three weeks and had a re-breakout of resistance on Friday.

Up: IWM, QQQ, SPY,

Down: DIA,

Breadth strengthened on Friday as advancers led 1,650 to 1,277 on the NYSE and led 1,904 to 1,354 on the NASDAQ

The SPX MFC green line is turned up at 93 and is short-term bullish.  Price action is a horizontal re-breakout.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

The 6-month intermediate trend is down a little.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

67 of 100 NDX stocks closed higher on Friday.

80 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, REGN, TTWO, VRTX, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, INCY, PAYX, ULTA, WDC, EXC,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 1

EXC,

Moving Below 30 DMA = 2

NFLX, TCOM,    

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SPX Pulls Back as US China Tensions Rise...Weekly Jobless Claims Slow, Still Higher than Expected...

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Before the market opened the Weekly Jobless Claims, report was 2.438 million above estimate of 2.375 million.  /ES futures initially pulled back 3 points before rising 10+ points.  About an hour after the open, news that China warned of countermeasures against the US coronavirus threats sent the futures down more than 30 point before shifting to a trading range for the rest of Thursday.

NDX -107.03, -1.13%, and SPX -23.10, -0.78%, closed lower testing the horizontal resistance breakout that occurred on Wednesday.  The SPX is a re-breakout setup at the close and if the NDX opens below 9,354 it will be a re-breakout setup Friday morning.

NVDA -1.99, -0.57% moved lower after a positive EPS report after the close.

Two of eleven sectors were higher on Thursday, led by XLY, XLI and XLF

SPY down 2.05 at 294.88 on 78.2 million shares, below average volume, down on lower volume.

VIX up 1.54 at 29.53

BA, RTX, TRV led the DJIA, 6 advancers, -18

LB, GCI GPS, NCLH led the SPX, 151 advancers

ROST, ULTA, UAL LULU led the NDX, 19 advancers

The two-year trend term is up.  The one-year trend is sideways.

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the previous three weeks broke out of resistance on Wednesday and did a breakout test today.

Up: IWM,

Down: DIA, SPY, QQQ,

Breadth weakened on Thursday as advancers led 1,542 to 1,394 on the NYSE and decliners led 1,951 to 1,394 on the NASDAQ

The SPX MFC green line is turned up at 91 and is short-term bullish.  Price action is a horizontal breakout test.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

The 6-month intermediate trend is down a little.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

19 of 100 NDX stocks closed higher on Thursday.

80 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TCOM, TXN, XLNX, INCY, PAYX, ULTA, WDC,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 3

ALXN, EXC, MU,   

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SPX, NDX Breakout of Horizontal Resistance...FB, AMZN Hit New All-time High...Jobless Claims Before Open on Thursday...

© 2020

NDX +186.48, +2.00%, and SPX +48.67, +1.67%, gapped up from Tuesday’s close and broke through horizontal resistance.  SPX closed at its highest level since March 6.  The NDX made its highest close since Feb 20, the day after it made a new all-time closing high.

Weekly Jobless Claims report is Thursday at 8:30 a.m. ET, before the market open.  Consensus estimate is 2,375,000 new claims.

All eleven sectors were higher on Wednesday, led by XLE, XLC and XLF

SPY up 4.96 at 296.93 on 85.8 million shares, below average volume, up on lower volume.

VIX down 2.54 at 27.99

DIS, INTC, AXP led the DJIA, 24 advancers, +21

MGM, NOV AA, TWTR led the SPX, 416 advancers

ADI, ASML, FB, UAL led the NDX, 86 advancers

The two-year trend term is up.  The one-year trend is sideways.

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the past three weeks but has returned to resistance broke out today for an uptrend continuation.

Up: IWM, QQQ, SPY, DIA,

Down:

Breadth strengthened on Wednesday as advancers led 2,361 to 586 on the NYSE and led 2,611 to 698 on the NASDAQ

The SPX MFC green line is turned up at 89 and is short-term bullish.  Price action is a horizontal resistance breakout.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

The 6-month intermediate trend is down a little.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

86 of 100 NDX stocks closed higher on Wednesday.

83 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TCOM, TXN, XLNX, ALXN, EXC, INCY, MU, PAYX, ULTA, WDC,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

ALXN, EXC, INCY, MU, PAYX, ULTA, WDC,

Moving Below 30 DMA = 1

SIRI,  

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