Late Selloff Sends DIA, SPY, QQQ Lower After Budget Deal and Yields Rise...

After the Close Review of Wednesday’s market action…IWM, DIA, BA, UTX, WMT, TRV, HD, SPY, QQQ, AAPL, AMZN, FB, GOOGL, MSFT, MCHP, MXIM, MU, NFL, AMZN, ADBE, EA, EBAY, STX, $SPX and other great setups …10:10 pm PST

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The DJIA fell 19 points to 24,893, held up by strength in BA, UTX, WMT and TRV. 

Two sectors were higher on Wednesday, led by industrials XLI +0.18% and financial XLF +0.07%.

SPY down 1.46 at 267.67 on 167.2 million shares, 51% above average volume.  Down on lower volume.

VIX down 2.25 at 27.73

Oil down 2.19 to 61.73

TLT down 1.14 at 118.82 on 16.2 million shares, 35% above average volume.  Down on higher volume.

BA +2.11%, and WMT +1.93%, led the DJIA, 13 advancers.

XL +12.48%, FOSL +7.55%, and BLL +6.50%, led the SPX.

HAS +8.83%, WYNN +8.64%, DISH +4.11%, CTSH +3.55%, and TSLA +3.30%, led the NDX.

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

Up: IWM

Down: DIA, SPY, QQQ

Breadth weakened on Wednesday, as advancers led 1,537 to 1,407 on the NYSE and led 1,572 to 1,374 on the NASDAQ.

The SPY MFC green line is below the upper zone and is pointed down at 38, short-term bearish.  If price bounces above the high of today, go with price as this oscillator lags.

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… CBOE, IBKR, ADBE, ANET, TAL, EA, EBAY, TTWO, SHOP, LYV, SQ, RACE, ALGN,  ATVI, FB, FCAU, WB, RNG, AABA, BABA, CCL, RCL, BA, CAT, MAR, V, TRU, WYN, WYNN, PYPL, NVDA, ISRG, VRSN, AA, WUBA, EDU, CC, MU, A,

29 of 100 NDX stocks closed higher on Wednesday.

22 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 5                            

CTSH, PCLN, STX, TSLA, WYNN

Moving Below 30 DMA = 11

ADSK, ASML, CTRP, FB, FOXA, LVNTA, MELI, MSFT, MU, VRTX, WDC

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

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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