© 2018
Stocks
opened lower on Tuesday after continuing tariff comments from both the U.S. and
China on Monday evening. Stocks finished
lower for the day but above morning lows.
QQQ, SPY and
DIA are in a bull flag price pattern.
Other bull flags include: ADBE, ADI, AKAM, ATVI, CSX, EA, HD, JD, MCD,
MSFT, PYPL, TGT, TWTR, TXN, NTAP, V, UNH.
The DJIA, closed down 287 points at 24,700, led by weakness in BA, CAT, MMM, GS and AAPL.
Four sectors were higher on Tuesday, led by utilities XLU +0.99% and
staples XLP
+0.53%.
SPY down 1.06 at 275.50, on 97.5 million shares, 39% above average
volume. Down on higher volume.
VIX up 1.04 at 13.35
Oil down .78 at 64.90
TLT up .70 at 120.97 on
6.1 million shares.
VZ +2.19%, JNJ
+1.03%, led the DJIA, 8 advancers.
AIZ +4.59%, CVS
+4.47% and
XEC +3.50%, led the SPX.
NFLX +3.73%, REGN
+3.63%, ALXN +2.73%,
and GILD +2.72%, led
the NDX.
Intermediate
and long term up trend intact. 3-day short term trend is down.
Up: IWM,
Down:
QQQ, SPY, DIA,
Breadth weakened on Tuesday, as decliners led 1,654 to 1,222 on the NYSE and led 1,666 to
1,240 on
the NASDAQ
The SPY MFC green
line is in the
upper zone and is at 91, bullish.
Uptrend
sectors: XLY,
XLK, XLRE, XLE, XLV
Neutral
sectors: XLF, XLI, XLB, XLU, XLP
Down
trend sectors:
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,
29 of 100
NDX stocks closed higher on Tuesday.
75
NDX stocks are above their 30
DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 4
ALXN, BIIB, CELG, VRTX,
Moving Below 30 DMA = 5
CSCO, MAR, SNPS, SWKS,
WDAY,
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: Down
1 comment:
Hi Dave,
Can you please explain why you report the 3 month intermediate term trend as sideways? I'd have thought you might shift to up when it broke above the May highs. Are you waiting for one more leg up, ie if the current bull flag follows through? ( I assume you are looking at the spx to make this determination.)
Thanks
Hank
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