NFLX, TWTR, NTAP Lead Sharp Tech Selloff...DJIA Rises as CAT, JNJ, MMM Lead...

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SPY, DIA and IWM remained in bull flag price pattern while QQQ fell to its August 24 breakout level at 182.93.  FB -2.33% and TWTR -6.06% fell as executives participated in Congressional hearings on Tuesday.  Other tech stocks NFLX, NTAP, MU, SQ, PYPL, ADBE, CRM, MSFT, ADSK, AMZN and NVDA had sharp pullbacks. 

AMD, COST, DG, QCOM, PAYX and AET hit new highs on Wednesday. 

Seven sectors were higher on Wednesday, led by utilities XLU +1.40% and staples XLP +1.15%.

The DJIA, closed up 22 points at 25,974 led by strength in MMM, CAT, JNJ and MCD.  This is the thirtieth eighth consecutive close above 25,000 since June 15.

SPY down .78 at 289.03, on 72.4 million shares, 21% above average volume. Down on higher volume.

VIX up .75 at 13.91 

Oil down .73 at 68.64

TLT down .32 at 119.71 on 9.4 million shares. 

CAT +1.70%, JNJ +1.60%, led the DJIA, 19 advancers, +7.

GT +4.79%, CNP +3.58% and SJM +3.34%, led the SPX.

HSIC +3.54%, DLTR +3.33%, ESRX +3.31%, and JBHT +2.58%, led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is down, bull flag pattern.

Up: DIA,

Down: IWM, SPY, QQQ,

Breadth remained weaker on Wednesday, as decliners led 1,601 to 1,285 on the NYSE and led 1,821 to 1,085 on the NASDAQ

The SPY MFC green line is in the upper zone at 87 bullish. 

Uptrend sectors:  XLV, XLP, XLY, XLK, XLU, XLRE, XLI, XLF,

Neutral sectors: XLE, XLB,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

33 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA.  COST, AMGN, ISRG, AMZN, CELG, CHKP, CA, CTAS, ORLY, CTXS, FAST, AAPL, QCOM, PCAR, ROST, XLNX, CSX, CERN, SBUX, CMCSA, KLAC, ILMN, VRSK, SNPS, CSCO, PAYX, TMUS, WDAY, DISH, FISV, ADP, TTWO, ESRX, MYL, INCY, REGN, AAL, ADSK, CDNS, NVDA, ADBE, ADI, IDXX, MSFT, PYPL, INTU, ALGN, CHTR, EBAY, VRTX, SIRI, SYMC, AVGO, MNST, ULTA, BIIB, MAR, MDLZ, HAS, HSIC, WBA,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3

HAS, HSIC, WBA,

Moving Below 30 DMA = 5

ATVI, MU, NFLX, SHPG, TXN,

Intermediate-term trending stocks: 

ADBE, COST, DG, AAPL, AMZN, MA, V, AET, ISRG, PAYX, VRSN, COP, CRM, NTAP, RNG, SQ, UNH, NVDA, ALGN, CHGG, GRUB, TWLO, W, CDNS, PAYC, FISV, NDAQ, LPSN, PSTG, ZUMZ, WIX, SHAK, ETFC, EL, CME, KORS, A, WUBA,

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