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SPY opened flat and sold off
it its Oct 29 support low during the first two hours of trading. Buyers too control and the SPY rallied forming a white hammer as
did DIA. QQQ, SPY and DIA are all
channel bounce setups for Tuesday.
The DJIA, closed up 34 points at 24,423, led by weakness in BA, MSFT,
IBM, MCD and AAPL. This is the third close
below 25,000 since Nov 27.
Seven of eleven sectors were higher on Monday, led by technology XLK +1.38% and communications XLC +0.76%.
SPY up .50 at 264.07 on 161.0 million
shares, 39% above average volume. Down on lower volume.
VIX down .59 at 22.64
Oil down 1.24 at 50.89
TLT up .49 at 118.90 on 8.7 million shares.
MSFT +2.64%, INTC +2.14%, led the DJIA, 16 advancers, +16
EQT +6.63%, NOC +4.93% and LMT +4.56%, led the SPX.
AVGO +4.68%, FB +3.22%, IDXX +3.15%, and ALGN +3.03% led the NDX.
Long term up
trend intact. 3-day short term trend is down.
Up: QQQ, SPY, DIA,
Down: IWM,
Breadth strengthened
on Monday, as decliners led 1,990 to 952on the NYSE and
led 1,777 to 1,286 on the NASDAQ
The SPY
MFC green line is turned down at 45 and is short-term bearish.
Uptrend sectors: XLRE, XLU, XLV, XLP,
Neutral sectors:
XLI, XLB, XLY, XLC, XLK,
Down trend sectors: XLF,
XLE,
The 6-month intermediate
trend is sideways. The ten-day trend is sideways.
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Down
69 of 100 NDX stocks closed higher on Monday.
34
NDX stocks are above their 30
DMA. SBUX, TSLA, PEP, XLNX, FOXA, MDLZ, MNST, SYMC,
CTXS, XRAY, MXIM, NTES, HOLX, PAYX, VOD, WDAY, ADP, CSCO, ILMN, MELI, SIRI,
VRTX, EBAY, REGN, ADBE, ADI, ADSK, AMGN, AMZN, AVGO, MCHP, MSFT, PYPL, WYNN,
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 10
ADBE, ADI, ADSK, AMGN, AMZN, AVGO, MCHP,
MSFT, PYPL, WYNN,
Moving Below 30 DMA = 2
FAST, WBA
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