Tuesday, March 20, 2018

First Day of Spring Thaws Monday's Freeze...AMZN, NVDA Rise as FB Falls...FOMC Announcement Wednesday at 2 pm ET...

After the Close Review of Tuesday’s market action… DIA, BA, CAT, V, QQQ, NVDA, ADBE, AMZN, SPY, $VIX, IWM, ADSK, INTC, LRCX, MCHP, STX, NFLX, SQ, WDC, more great setups …9:57 pm PST
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AMZN and NVDA offset the drop in FB as the NDX rose on Tuesday.  The FOMC meeting concludes on tomorrow and it is widely expected that the Fed will raise rates ¼% with a press conference 2:00 pm ET on Wednesday.

The DJIA, up 116 points to 24,727, led by strength in BA, CAT, UNH and V

Five sectors were higher on Tuesday, led by energy XLE +0.85%, and discretionary XLY +0.60%.

SPY up .46 at 270.95 on 59.7 million shares, 52% below average volume.  Up on lower volume.
VIX down .82 at 18.20
Oil up 1.52 to 63.74
TLT down .48 at 118.95 on 5.4 million shares.

BA +1.77%, and NKE +1.66%, led the DJIA, 19 advancers.
DOV +4.01% and CHK +3.32%, led the SPX.
NVDA +3.56%, ADBE +3.41% and AMZN +2.69% led the NDX.

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

Down: IWM,

Breadth strengthened on Tuesday, as decliners led 1,622 to 1,264 on the NYSE and led 1,586 to 1,255 on the NASDAQ.

The SPY MFC green line turned down at 70.9, defensive

Uptrend sectorsXLK,
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,

53 of 100 NDX stocks closed higher on Tuesday.

61 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 3                            

Moving Below 30 DMA = 1

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

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1 comment:

Don said...

Another Great Video....Trading Strong Stocks is the key. Thanks, Dave