© 2018
After
falling to a 52-week low on Monday and dropping -20% since
Oct 3, to meet one definition of a bear market, the SPX rallied +4.96%, on Wednesday its largest one-day move since March of 2009.
The DJIA and the NDX also made their largest one-day
percentage gains since March of 2009.
The
SPX, now down just -16.06%, would by
the -20%
definition, no longer be in a bear market.
A one day bear market?
Interesting.
“Oh the games that talking heads play now,
every night and every day now, never saying what they mean, never meaning what
they say, oh yeah.”
The DJIA, closed up 1,086 points at 22,878, led by strength in BA, UNH,
AAPL, HD and V. This is the fourteenth
close below 25,000 since Dec 6.
All eleven sectors were higher on Wednesday, led by energy XLE +6.22% and technology XLK +6.04%.
SPY up 11.84 at 246.18 on 218.4 million
shares, 62% above average volume. Up on higher volume.
VIX down 5.66 at 30.41
Oil up 3.93 at 46.61
TLT down 1.30 at 120.02 on 11.7 million shares.
NKE +7.21%, AAPL +7.04%, led the DJIA, 30 advancers, +30
FOSL +12.75%, SWN +12.62% and NFX +12.54%, led the SPX.
TSLA +10.39%, AMZN +9.45%, MELI +9.43%, and ALGN +8.91% led the NDX.
Long term up
trend intact. 3-day short term trend is down.
Up: QQQ, SPY, DIA, IWM
Down:
Breadth strengthened on Wednesday, as advancers led 2,606 to 372 on the NYSE and led 2,413 to 682 on the NASDAQ
The SPY
MFC green line turned up at 8 and is short-term
bullish.
Uptrend sectors:
Neutral sectors:
XLU, XLRE,
Down trend sectors: XLB,
XLV, XLP, XLI, XLY, XLC, XLK, XLF, XLE,
The 6-month intermediate
trend is down. The ten-day trend is down.
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Down
99 of 100 NDX stocks closed higher on Wednesday.
7
NDX stock is above its 30
DMA: NTES, AVGO, CTRP, DLTR, REGN, WDAY,
XRAY,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 6
AVGO, CTRP, DLTR, REGN, WDAY, XRAY,
Moving Below 30 DMA = 0
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1 comment:
Dave, I thought that if the green line was in the lower reversal zone it was bearish no matter if it is pointing up or down? Same if it is in the upper r.z. it would be bullish anywhere in there?
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