DIA, SPY, IWM Finish May Lower...AMZN, ADBE Make New High...MU Hit by Downgrade...

© 2018

Futures began pulling back shortly before the open Thursday and fell to 2,700 where buyers stepped in with a small rally to close at 2,707.50.

AMZN, MSFT and ADBE made new highs.  MU -7.96%, dropped following a downgrade to equalweight from overweight by MS.  Their price target remains 65.

IWM pulled back and tested Wednesday’s horizontal breakout and is again a breakout setup. QQQ is also a horizontal breakout setup while DIA and SPY are diagonal breakout setups.   

The DJIA, closed down 251 points at 24,415, led by weakness in BA, CAT, UNH, GS and MCD.

Two sectors were higher on Thursday, led by utilities XLU +0.16% and technology XLK +0.03%.

SPY down 1.67 at 270.94 on 93.5 million shares, 23% above average volume. Down on higher volume.

VIX up .49 at 15.43

Oil down 1.13 to 67.10

TLT down .20 at 121.22 on 10.7 million shares.

V +0.06%, MSFT -0.11%, led the DJIA, 1 advancer.

GM +12.87%, GLW +3.11% and PVH +2.89%, led the SPX.

EXPE +2.56%, ADI +2.32%, FB +2.19%, and GOOGL +2.09%, led the NDX.

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

Up:

Down: QQQ, SPY, IWM, DIA

Breadth weakened on Thursday, as decliners led 1,876 to 1,062 on the NYSE and led 1,792 to 1,096  on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 81.9, bullish. 

Uptrend sectors:  XLE, XLK, XLRE,

Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

29 of 100 NDX stocks closed higher on Thursday.

59 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 11

ALXN, DLTR, HAS, HOLX, MDLZ, MYL, SBUX, STX, TSLA, ULTA, VRTX,

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

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IWM All-time Closing High as SPX Reverses Tuesday's Drop Led by Energy and Financial Sectors...

© 2018

Futures rose overnight as sellers with concerns over political instability in Italy appeared to have exhausted on Tuesday. The rally, which reversed Tuesday’s selloff, continued after the open led by the energy and financial sectors.

AMZN, MSFT, NFLX, MU, ADBE and CSX made new highs.

IWM bounced in its bull flag setup while QQQ and SPY are horizontal breakout setups.   

The DJIA, closed up 306 points at 24,667, led by strength in BA, DVX, HD, XOM, MMM, GS and UNH.

Ten sectors were higher on Wednesday, led by energy XLE +3.03% and financial XLF +1.82%.

SPY up 3.59 at 272.61 on 69.5 million shares, 6% below average volume. Up on lower volume.

VIX down 2.08 at 14.94

Oil up 1.36 to 68.23

TLT down .82 at 121.42 on 11.6 million shares.

XOM +3.93%, CVX +3.11%, led the DJIA, 27 advancers.

NFX +5.34%, SWN +4.93% and APC +4.74%, led the SPX.

MNST +5.42%, TSLA +2.81%, BIIB +2.55%, and KHC +2.51%, led the NDX.

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

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth strengthened on Wednesday, as advancers led 2,380 to 546 on the NYSE and led 1,991 to 880 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 85, bullish. 

Uptrend sectors:  XLE, XLK, XLRE,

Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

76 of 100 NDX stocks closed higher on Wednesday.

70 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 12

ALXN, ASML, DLTR, ISRG, MDLZ, MYL, SBUX, STX, TSLA, VRSK, VRTX, WDAY,

Moving Below 30 DMA = 1

AMAT,

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

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Political Concerns in Italy Lead the Euro Lower,Bonds Rise as Interest Rates, Financials and SPX Move Lower...

© 2018

Futures fell overnight as concerns over political instability in Italy increased.  The Euro fell to a multi-month low and bonds rose while interest rates, the financial sector and the SPX all fell.

IWM is a bull flag setups while QQQ is a horizontal breakout setup.   

The DJIA, closed down 391 points at 24,361, led by weakness in GS, BA, JPM, AXP, MMM, TRV, UNH, MCD and DIS.

One sector was higher on Tuesday, led by real estate XLRE +0.26% and utilities XLU +0.00%.

SPY down 3.13 at 269.02 on 115.9 million shares, 55% above average volume. Down on higher volume.

VIX up 3.80 at 17.02

Oil down .63 to 66.87

TLT up 2.62 at 122.24 on 21.6 million shares.

KO +0.66%, PFE +0.06%, led the DJIA, 2 advancers.

FL +20.16%, DGX +4.88% and LH +3.84%, led the SPX.

BMRN +4.77%, AAL +3.10%, AVGO +2.67%, and INCY +2.64%, led the NDX.

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

Up:

Down: IWM, QQQ, SPY, DIA,

Breadth was mixed on Tuesday, as decliners led 1,707 to 1,210 on the NYSE and  led 1,860 to 1,064 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 85, bullish. 

Uptrend sectors:  XLE, XLK, XLRE,

Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

16 of 100 NDX stocks closed higher on Tuesday.

59 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

AMAT,

Moving Below 30 DMA = 11

AAL, ADSK, ALXN, ASML, ISRG, MAR, MYL, SBUX, VRSK, VRTX, WDAY, 

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

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SPX Drifts Lower on Light Volume...Markets Closed Monday for Memorial Day...

© 2018

SPY drifted lower on Friday on the lowest daily volume in over three months.  QQQ bucked the broader market closing higher on strength in AMZN, INTC, AVGO and AAPL. 

Friday was the last trading day before the three-day Memorial Holiday weekend.  Markets are closed on Monday.    

IWM and DIA are bull flag setups while SPY and QQQ are horizontal breakout setups.   

The DJIA, closed down 58 points at 24,753, led by weakness in CVX, CAT, XOM, and GS.

Four sectors were higher on Friday, led by real estate XLRE +0.82% and utilities XLU +0.44%.

SPY down .65 at 272.15 on 56.3 million shares, 22% below average volume. Down on lower volume.

VIX .69 at 13.22

Oil down 3.17 to 67.50

TLT up .74 at 119.62 on 8.4 million shares.

INTC +1.26%, UNH +0.91%, led the DJIA, 13 advancers.

FL +20.16%, DGX +4.88% and LH +3.84%, led the SPX.

BMRN +4.77%, AAL +3.10%, AVGO +2.67%, and INCY +2.64%, led the NDX.

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

Up: QQQ,

Down: IWM, DIA, SPY,

Breadth was mixed on Friday, as decliners led 1,547 to 1,314 on the NYSE and advancers led 1,504 to 1,348 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 91, bullish. 

Uptrend sectors:  XLE, XLK, XLRE,

Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

64 of 100 NDX stocks closed higher on Friday.

69 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

AAL, KHC,

Moving Below 30 DMA = 3

PCAR, ROST, STX,

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

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Selloff and Rally Leads to Slightly Lower Close...IWM, DIA Bull Flag Setup...

© 2018

Stocks opened lower on Thursday, and following comments that the June Summit with No. Korea was being cancelled, sold off 24 points in the morning.  Buying momentum returned after selling exhausted around 11 am and the SPX rallied 20 points to close down 5 points for the day.

Friday is the last trading day before the three-day Memorial Holiday weekend.  Markets are closed on Monday.  

IWM and DIA are bull flag setups while SPY and QQQ are horizontal breakout setups.   

The DJIA, closed down 75 points at 24,811, led by weakness in CVX, XOM, GS, UNH, JPM and JNJ.

Three sectors were higher on Thursday, led by utilities XLU +0.82% and industrials XLI +0.49%.

SPY down .56 at 273.36 on 76.0 million shares, 3% above average volume. Down on higher volume.

VIX down .05 at 12.53

Oil down 1.16 to 70.67

TLT up .94 at 118.88 on 8.2 million shares.

GE +2.96%, NKE +1.18%, led the DJIA, 8 advancers.

FOSL +5.11%, NRG +3.86% and KSS +3.61%, led the SPX.

MELI +3.33%, ALGN +2.87%, MU +2.53%, and CELG +2.42%, led the NDX.

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

Up: IWM,

Down: QQQ, SPY, DIA,

Breadth weakened on Thursday, as advancers led 1,495 to 1,388 on the NYSE and decliners led 1,501 to 1,358 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 90, bullish. 

Uptrend sectors:  XLE, XLK, XLRE,

Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

45 of 100 NDX stocks closed higher on Thursday.

70 NDX stocks are above their 30 DMA.  SHPG, ULTA, ADP, CTXS, COST, CSX, INTU, ROST, ISRG, HAS, CDNS, INTC, BMRN, ALXN, AMZN, FB, ILMN, MSFT, NFLX, ORLY, SIRI, SNPS, EXPE, FOXA, TTWO, ATVI, TXN, AAPL, CTAS, ADBE, ALGN, JBHT, NVDA, PAYX, ADI, ADSK, BIIB, CA, EA, GOOGL, KLAC, MAR, SWKS, CERN, MCHP, FAST, XLNX, FISV, MU, MXIM, PYPL, QCOM, AMGN, ESRX, WBA, INCY, HOLX, MYL, VRTX, WDC, CTRP, IDXX, VRSK, ASML, AVGO, LRCX, WYNN, STX, PCAR, SBUX, WDAY,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 3

PCAR, SBUX, WDAY,

Moving Below 30 DMA = 0

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

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