Monday, May 14, 2018

Markets Pause as Breadth Weakens...Watch for Breakout Test...





Breadth weakened on Monday as DIA, QQQ and SPY closed higher, while forming spinning tops on Monday following horizontal breakouts on Thursday or Friday.  Be prepared for a potential breakout test on each of these charts.

IWM made a new all-time intra-day high before closing down 61 cents.

The DJIA, closed up 68 points at 24,899, led by strength in UNH, BA and WMT.

Four sectors were higher on Monay, led by energy XLE +0.69% and healthcare XLV +0.66%.

SPY up .13 at 272.98 on 54.7 million shares, 36% below average volume. Up on lower volume.
VIX up .28 at 12.93
Oil up .66 to 71.17
TLT down .63 at 118.60 on 4.9 million shares.

UNH +1.94%, WMT +1.21%, led the DJIA, 19 advancers.
NWSA +4.22%, GPS +4.08% and TGT+3.77%, led the SPX.
SYMC +9.63%, XLNX +3.24%, WDC +2.94%, and QCOM +2.73%, led the NDX.


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

Up: DIA, QQQ, SPY,
Down: IWM,

Breadth weakened on Monday, as decliners led 1,547 to 1,363 on the NYSE and led 1,600 to 1,302 on the NASDAQ.

The SPY MFC green line is pointed up and is at 90, 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,


56 of 100 NDX stocks closed higher on Monday.

70 NDX stocks are above their 30 DMA.  


NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 3
CTRP, VRTX, WBA,

Moving Below 30 DMA = 2
TSLA, VRSK,


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

Add Comments here

No comments: