Tuesday, June 12, 2018

QQQ, IWM Move Higher Following Summit...SPY, DIA Range...FOMC Expected to Raise Rates on Wednesday...




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ADP, ALGN, AMZN, CA, COST, CSX, CTAS, EA, FOXA, IDXX, ILMN, ISRG, JBHT, ORLY, PAYX, ROST, and SIRI made new highs.

IWM and QQQ were bull flag entries and are now horizontal breakout setups.

The DJIA, closed down 2 points at 25,320, above 25,000 for the fifth straight day, led by strength in HD, CAT, AAPL and V offset by weakness in GS and TRV.

Six sectors were higher on Tuesday, led by utilities XLU +1.15% and real estate XLRE +0.56%.

SPY up .36 at 278.92 on 58.8 million shares, 2% above average volume. Up on higher volume.
VIX down .01 at 12.34
Oil down .03 to 66.04
TLT up .03 at 119.34 on 6.0 million shares.

HD +0.84%, CAT +0.76%, led the DJIA, 11 advancers.
AYI +3.77%, CXO +3.26% and ABMD +3.02%, led the SPX.
JD +4.62%, ADP +3.89%, TSLA +3.21%, and DLTR +3.14%, led the NDX.

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

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

Breadth was similar on Tuesday, as advancers led 1,454 to 1,426 on the NYSE and led 1,564 to 1,325 on the NASDAQ

The SPY MFC green line is in the upper zone and is at 97.5, bullish

Uptrend sectorsXLY, XLK, XLRE, XLE,
Neutral sectors: XLF, XLV, XLI, XLB, XLU
Down trend sectors: XLP

Intermediate-term trending stocks
RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP, EL
BA, MU, MAR, CMA, CME, ANET, HRS, KORS,
DLTR, WB, TPR,


76 of 100 NDX stocks closed higher on Tuesday.

81 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 2
CTSH, INTC,

Moving Below 30 DMA = 3
STX, ULTA, WDC,



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

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

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