Thursday, May 10, 2018

IWM Pennies Shy of All-time Closing High...VIX Closes Lower...Stocks Break Resistance and New Highs Appear...





After a higher open, SPY continued its short-term up trend for the fourth consecutive day, breaking out of its horizontal resistance high on April 18 and finishing with its highest close since March 16.   

IWM moved to within 8 cents of its all-time intra-day high of 160.25 on Jan 24, before closing at 159.53, 6 cents below its all-time closing high of 159.59 on Jan 23.

VIX 13.23, made its lowest close since Jan 26.

The DJIA, closed up 197 points at 24,739, led by strength in UNH, AAPL, JNJ, XOM, GS and DIS.

Ten sectors were higher on Thursday, led by utilities XLU +1.41% and healthcare XLV +1.34%.

SPY up 2.52 at 272.02 on 72.0 million shares, 21% below average volume. Up on higher volume.
VIX down .19 at 13.23
Oil up .16 to 71.40
TLT up .95 at 118.93 on 7.1 million shares.

XOM +2.24%, UNH +1.96%, led the DJIA, 29 advancers.
TRIP +22.80%, FOSL +9.06% and GCI +5.63%, led the SPX.
XRAY +4.40%, ALGN +3.63%, HOLX +3.47%, and ESRX +3.40%, led the NDX.


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

Up: QQQ, SPY, DIA, IWM
Down:  

Breadth strengthened slightly on Thursday, as advancers led 2,085 to 806 on the NYSE and led 1,746 to 1,156 on the NASDAQ.

The SPY MFC green line is pointed up and is at 80, bullish

Uptrend sectorsXLE, XLK, XLRE, XLU
Neutral sectors: XLF, XLY, XLV, XLI, XLB,
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,


84 of 100 NDX stocks closed higher on Thursday.

69 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 5
CHKP, CTRP, HOLX, NTES, VRSK,

Moving Below 30 DMA = 1
BKNG,


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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Up

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3 comments:

Mark Lindgren said...

Thanks for the blog. I sure do miss your videos....

Heskerw said...

Thanks Dave! Always insightful and very helpful to see your analysis and perspective. Look to this daily.

WH

Don said...

I know you have to be very busy with the "Live Monitoring" but we appreciate your blog. It is in my daily routine.

Thanks for your insights and teachings.