Breadth Weakens as WMT Drags DJIA Down...Semiconductor Stocks Lift NDX...

After the Close Review of Tuesday’s market action…$NDX, $SPX, $RUT, $INDU weekly chart review, QQQ, AAPL, FB, AMZN, GOOGL, MSFT, XLNX, AMAT, LRCX, KLAC, ADI, CDNS, SWKS, NVDA, WDC, MCHP, ASML, INTC, SPY, NBL, MOS, WMT, HD, DIA, WMT, UTX, GS, UNH, JNJ, TRV, SPY, $VIX hbo setups…10:30 pm PST

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The DJIA fell 254 points to 24,964 was led down by weakness in WMT, UTX, GS, UNH, JNJ and TRV. 

Semiconductor stocks were up on Tuesday led by XLNX +3.13%, AMAT +2.96%, LRCX +2.94%, KLAC +2.82% ADI +2.69%, SWKS +2.21%, NVDA +2.15%, MCHP +1.74%, ASML +1.71% and INTC +1.69%. 

One sector was higher on Tuesday, led by technology XLK +0.09%, and discretionary XLY -0.31%.

SPY down 1.71 at 271.40 on 86.3 million shares, 34% below average volume.  Down on lower volume.

VIX up 1.14 at 20.60

Oil up .06 to 61.57

TLT down .52 at 118.19 on 8.2 million shares, 34% below average volume.  Down on lower volume.

INTC +1.67%, and MSFT +0.78%, led the DJIA, 5 advancers.

NBL +10.81%, MOS +5.25%, and CMG +3.91%, led the SPX.

XLNX +3.13%, AMAT +2.96%, LRCX +2.94%, KLAC +2.82% and ADI +2.69% led the NDX.

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

Up: QQQ,

Down: SPY, IWM, DIA,

Breadth weakened on Tuesday, as decliners led 1,937 to 984 on the NYSE and led 1,977 to 970 on the NASDAQ.

The SPY MFC green line turned at 52, bullish. 

Uptrend sectors:  XLY,

Neutral sectors: XLF, XLV, XLI, XLK, XLE, XLB,

Down trend sectors: XLP, XLRE, XLU,

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past month and it is appropriate to wait for the uptrend to resume before considering entry… IBKR, ADBE, TAL, EA, EBAY, SHOP, LYV, SQ, RACE, BA, NVDA, VRSN, ATVI, WB, RNG, CCL, RCL, V, TRU, WYN, PYPL, A, CAT, MAR, AABA, BABA, FCAU, ALGN,  FB, ANET, CBOE, TTWO, WYNN, ISRG, AA, WUBA, EDU, CC, MU,

50 of 100 NDX stocks closed higher on Tuesday.

39 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 5                            

ASML, ISRG, KLAC, LRCX, SNPS,

Moving Below 30 DMA = 11

ALXN, AMGN, CHKP, CHTR, COST, CTRP, FAST, JBHT, MDLZ, SYMC, VRSK,

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

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