AMD Leads SPX as Broad Markets Pause and Test Following Breakout on Monday…

DIA, SPY pulled back after making a new all-time closing high on Monday.

SPY a second chance breakout setup.

IWM pulled back and is giving a second chance opportunity in its bull flag pattern.

Two sectors were positive, led by healthcare XLV and utilities XLU.

SPY down 1.65 at 243.01 on 56.9 million shares, 19% below average

VIX up 0.49 to 10.86.

Oil down 0.97 to 43.36

TLT up 1.13 at 127.30…on 8.4 million shares, 13% above average.

MRK +1.33% and PFE +1.02% lead the DJIA.

AMD +5.95%, LEN +2.14% and LH +1.80% led the SPX.

REGN +5.02%, ALXN +2.49%, BIIB +2.1% and INCY +1.88% led the NDX.

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

Up:

Down: DIA, SPY, QQQ, IWM

Uptrend sectors:  XLY, XLP, XLV, XLI, XLU, XLK, XLRE, XLB, XLF

Breadth weakened as decliners led 2,077 to 838 on the NYSE and led 1,916 to 885 on the NASDAQ.

The SPY MFC green line is pointed down in upper zone at 89, bullish.

Look for a potential bounce in: TSLA, MNST, CC, BBY, LRCX, ADSK,

One Day Pullback: QQQ, SPY, IWM, XLY, JD, KLAC, AABA, AMAT, MCHP, SWKS, TAL, NFLX,

Bounces included:

Break of short-term support: CSX, COST,

Potential Breakouts include: AMD, EA, ADBE, WB, HUN, FB, ATVI, EXPE, MAR, WYN, ANET, RACE, MOMO, SHOP, DDD, RCL, AMZN, XLY, WMT, NVDA, PYPL, WDC, BABA, KWEB, BIDU, SQ, AVGO, AAPL, BBRY, XLNX, GOOGL, V,

Breakouts: MCD, HD,

New Highs: TLT, DIA

23 of 100 NDX stocks closed higher on Tuesday.

48 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 2

IDXX, INCY,

Moving Below 30 DMA = 18

AAL, ADI, ADSK, CA, CMCSA, CSX, DISCA, DISH, FAST, FOXA, GOOG, LVNTA, MAR, MCHP, QCOM, TXN, VIAB, XLNX,

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Neutral

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