Deja Vu Oct 10 Again as SPX Breaks Support...XLNX, TSLA, MSFT, V Gain on EPS in After-hours...

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Earnings season continued on Wednesday. Positive reactions included VAR, DTE, JNPR and BA.  Negative reactions: RHI, ALXN.

The DJIA, closed down 608 points at 24,583, led by weakness in GS, UNH, MMM, UTX and AAPL.  This is the first close below 25,000 since July 12.

There seemed to be no specific catalyst to Wednesday’s selloff.  It is being attributed to a combination of concerns about corporate earnings and economic growth.  The close near the low of the day may indicate this selloff may have further to go.

Three of eleven sectors were higher, led by utilities XLU +2.43% and real estate XLRE +1.17%.

SPY down 8.290 at 265.32, on 177.4 million shares, 75% above average volume. Down higher volume.

VIX up 4.52 at 25.23 

Oil up .30 at 66.39

TLT up .86 at 114.78 on 16.0 million shares. 

PG +2.64%, BA +1.31%, led the DJIA, 5 advancers, -5.

VAR +7.74%, DTE +5.15% and JNPR +3.92%, led the SPX.

PEP +2.57%, MDLZ +0.15%, led the NDX.

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

Up: 

Down: DIA, SPY, IWM, QQQ,

Breadth was weaker on Wednesday, as decliners led 2,308 to 664 on the NYSE and led 2,563 to 459 on the NASDAQ

The SPY MFC green line is pointed down at 19 and is short-term bearish.

Uptrend sectors:   XLU, XLP,

Neutral sectors:  XLV, XLRE,

Down trend sectors: XLK, XLY, XLI, XLF, XLE, XLC, XLB,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

2 of 100 NDX stocks closed higher on Wednesday.

5 NDX stocks are above their 30 DMA.  SBUX, WBA, CDNS, TSLA, PEP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

PEP,

Moving Below 30 DMA = 9

ESRX, BMRN, FOXA, QRTEA, TMUS, AAPL, DLTR, KHC, PYPL,

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