Monday, March 19, 2018

FB and Tech Sector Lead Stocks Lower...FOMC starts Tuesday, Announcement on Wednesday...

After the Close Review of Monday’s market action… SPY, QQQ, FB, GOOGL, AMZN, DIA, BA, IWM, ADBE, ADSK, INTC, LRCX, MCHP, more great setups …9:02 pm PST
© 2018

FB, GOOGL and AMZN pulled down the NDX on Monday.  The FOMC meets Tuesday and Wednesday and it is widely expected that they will raise the Fed Funds rates ¼% with a press conference 2:00 pm ET on Wednesday.

The DJIA, down 335 points to 24,610, led by weakness in MMM, GS, CAT, JNJ and MCD. 

Ten sectors were lower on Monday, led by utilities XLU -0.62% and financial XLF -0.73%.

SPY down 3.71 at 270.49 on 109.0 million shares, 17% below average volume.  Down on higher volume.
VIX up 3.22 at 19.02
Oil down .11 to 62.22
TLT down .38 at 119.43 on 8.4 million shares.

BA +0.39%, and NKE -0.30%, led the DJIA, 1 advancers.
SIG +2.02% and NOC +1.86%, led the SPX.
STX +0.52%, ROST +0.38% and JBHT -0.09% led the NDX.

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


Breadth weakened on Monday, as decliners led 2,304 to 622 on the NYSE and led 2,112 to 803 on the NASDAQ.

The SPY MFC green line turned down at 71, defensive. 

Uptrend sectors:  XLK,
Neutral sectors: XLY, XLF, XLV, XLI, XLB, XLE, XLRE,
Down trend sectors: XLP, 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… ADBE, MU, SQ, RNG, IBKR, SHOP, BA, NVDA, RACE, VRSN, ATVI, WB, V, ANET, ISRG, TAL, EA, EBAY, LYV, CAT, MAR, ALGN, CCL, RCL, TRU, WYN, PYPL, A, AABA, BABA, FCAU,  FB, CBOE, TTWO, WYNN, AA, WUBA, EDU, CC,

2 of 100 NDX stocks closed higher on Monday.

59 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 0                            

Moving Below 30 DMA = 12

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: Down


snp said...

orcl down big after hours to 48.22.

snp said...

watch the vix--x. that is also a bull flag.

Don said...

Excellent Video today....Your explanation of the price action is Priceless. While most traders freak out, your commentary keeps us on track with what is really happening through your years of experience. Thanks for your amazing insight.

Dave Johnson said... are right...thanks for watching each day...Dave