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

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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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