Tuesday, October 22, 2019

SPX Turns Lower after Brexit Voting in UK, Volatility Rises...



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After the close TXN, WHR and CMG had a negative earning’s reaction.

Upcoming:
Wed Oct 23 – 25+ SP 500 stocks report EPS
Wed Oct 30 – next FOMC Meeting Announcement
Thu Oct 31 – Brexit deadline


SPX closes at 2,996, down -0.87% from Sep 19th 3,021 high and up +4.91% from its Oct 3 low of 2,856

The SPX lost 10 points.  Look for the institutional short-term focus to continue to be on EPS reactions Wednesday on SPX stocks TXN, CMG, BA, CAT, LLY, GS and more.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with Tuesday’s bearish engulfing candle alerts to a potential bounce off the resistance area of three three-month ascending triangle.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance until a breakout occurs.


The DJIA, closed down 39 points at 26,788 led by weakness in TRV, MCD, V, MRK and BA.  Closing below 27,000 for the third day.

Five of eleven sectors were higher on Tuesday, led by XLE, XLI and XLU.

SPY down .98 at 299.01 on 49.1 million shares, below average volume.  Down on higher volume.
VIX up .46 at 14.46
Oil up .68 at 54.32
TLT up .81 at 139.34 on 6.6 million shares.
GLD up .41 at 140.20


PG, UNH, UTX led the DJIA, 17 advancers, -2
HOG, LB, CNC led the SPX, 254 advancers
BIIB, PCAR, VRTX, KHC led the NDX, 30 advancers

Long term up trend intact.  3-day short term trend is sideways.

Up: IWM,  
Down: DIA, SPY, QQQ                                    

Breadth weakened on Tuesday as advancers led 1,717 to 1,214 on the NYSE and decliners led 1,609 to 1,450 on the NASDAQ

The SPX MFC green line is above 80 at 83 and is short-term bullishThe flattening of the MFC today does flash a short-term yellow alert.  Watch for a potential pullback.

Uptrend sectorsXLRE, XLU, XLP, XLK,
Neutral sectors:  XLF, XLY, XLC, XLI, XLB, XLV,
Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendSideways

30 of 100 NDX stocks closed higher on Tuesday.

57 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, ROST, CTAS, ALGN, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA, AMAT, EXPE, ILMN, INTC, ISRG, ORLY, PAYX, AMGN, MCHP, FAST, GOOGL, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, GILD, INCY, VRTX, BKNG, CMCSA, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA, FOXA, AMZN, CSX, LRCX, MXIM, BIIB, KHC, PEP,

NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 3
BIIB, KHC, PEP,

Moving Below 30 DMA = 15
ADP, ATVI, CDNS, CERN, EBAY, FB, FISV, HAS, HSIC, IDXX, MSFT, NFLX, NXPI, TXN, VRSN,


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Monday, October 21, 2019

SPX Rallies after Trade Comments, Brexit Vote Delay...HAL Rises on EPS...


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After the close CDNS and ZION had a positive earning’s reaction.

Upcoming:
Tues Oct 22 – 20+ SP 500 stocks report EPS
Wed Oct 30 – next FOMC Meeting Announcement
Thu Oct 31 – Brexit deadline
  
SPX closes at 3,006, down -0.46% from Sep 19th 3,021 high and up +5.27% from its Oct 3 low of 2,856

The SPX gained 20 points.  Look for the institutional short-term focus to continue to be on EPS reactions Tuesday on SPX stocks CDNS, CE, ZION, LMT, MCD, PG, TRV, UTX, UPS and more.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with Monday’s white candle moving towards resistance of a three-month ascending triangle.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance until a breakout occurs.



The DJIA, closed up 57 points at 26,827 led by strength in AAPL, JPM, MMM, GS and AXP.  Closing below 27,000 for the second day.

Nine of eleven sectors were higher on Monday, led by XLE, XLF and XLK.

SPY up 2.02 at 299.99 on 39.4 million shares, below average volume.  Up lower volume.
VIX down .25 at 14.00
Oil down .21 at 53.64
TLT down 1.05 at 138.53 on 8.1 million shares.
GLD down .67 at 139.79

JPM, AXP, MMM led the DJIA, 19 advancers, +6
COTY, FOSL, HAL led the SPX, 377 advancers
VRTX, MU, JD, AMD led the NDX, 70 advancers

Long term up trend intact.  3-day short term trend is up.

Up: IWM, QQQ, SPY, DIA,
Down:                                                                  

Breadth strengthened on Monday as advancers led 1,953 to 1,001 on the NYSE and led 2,087 to 1,062 on the NASDAQ

The SPX MFC green line moved above 80 to 83 and is short-term bullish.

Uptrend sectorsXLRE, XLU, XLP, XLK,
Neutral sectors:  XLF, XLY, XLC, XLI, XLB, XLV,
Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendUp

70 of 100 NDX stocks closed higher on Monday.

69 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA, AMAT, EXPE, FISV, ILMN, INTC, ISRG, ORLY, PAYX, TXN, AMGN, MCHP, NXPI, ADP, CERN, FAST, GOOGL, IDXX, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, GILD, INCY, VRTX, BKNG, CMCSA, FB, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA, FOXA, AMZN, ATVI, CDNS, CSX, EBAY, HSIC, LRCX, MSFT, MXIM, NFLX, VRSN,

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 11
AMZN, ATVI, CDNS, CSX, EBAY, HSIC, LRCX, MSFT, MXIM, NFLX, VRSN,

Moving Below 30 DMA = 0


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Friday, October 18, 2019

SPX Pulls Back after China Growth data, BA and JNJ developments...


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Key observation today: Institutions are still buying positive EPS results.

Upcoming:
Mon Oct 21 – 4 SP 500 stocks report EPS
Wed Oct 30 – next FOMC Meeting Announcement
Thu Oct 31 – Brexit deadline


SPX closes at 2,986, down -1.18% from Sep 19th 3,021 high and up +4.56% from its Oct 3 low of 2,856

The SPX gained lost 11 points.  Look for the institutional short-term focus to continue to be on EPS reactions Monday on SPX stocks HAL, CDND, CE and ZION.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with Thursday’s trading range forming a spinning top.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance.


The DJIA, closed down 255 points at 26,770 led by weakness in BA, JNJ, AXP, MSFT and V.  Closing below 27,000 after closing above for three days.

Four of eleven sectors were higher on Friday, led by XLV and XLRE.

SPY down 1.31 at 297.97 on 64.3 million shares, slightly below average volume.  Down higher volume.
VIX up .46 at 14.25
Oil down .35 at 53.85
TLT unchanged at 139.58 on 6.4 million shares.
GLD down .15 at 140.46

KO, VZ, MRK led the DJIA, 13 advancers, -7
KSU, AA, STT led the SPX, 251 advancers
ISRG, BMRN, PCAR, LBTYA led the NDX, 20 advancers

Long term up trend intact.  3-day short term trend is sideways.

Up:
Down: SPY, IWM, DIA, QQQ,                        

Breadth weakened on Friday as decliners led 1,497 to 1,420 on the NYSE and led 1,755 to 1,294 on the NASDAQ

The SPX MFC green line is below 80 and moved up to 79.  It is short-term bullish.

Uptrend sectorsXLU, XLRE, XLP, XLK,
Neutral sectors:  XLY, XLC, XLF, XLI, XLB, XLV,
Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendSideways

20 of 100 NDX stocks closed higher on Friday.

58 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA, AMAT, EXPE, FISV, ILMN, INTC, ISRG, ORLY, PAYX, TXN, AMGN, MCHP, NXPI, ADP, CERN, FAST, GOOGL, IDXX, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, GILD, INCY, VRTX, BKNG, CMCSA, FB, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA, FOXA,

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 1
FOXA,  

Moving Below 30 DMA = 12
AMZN, ATVI, BIDU, CSX, EA, HSIC, LRCX, MSFT, MXIM, NFLX, PEP, ULTA,



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Thursday, October 17, 2019

Small Caps, IWM,Lead Rally as SPX and NDX Rise but Pare Gains...


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Key observation today: Institutions are buying positive EPS results.


Thursday was day 3 of earnings season with twenty-one SP500 companies reporting after Wednesday’s close or before Thursday’s open.  AA, DOV, URI, CCI, NFLX, HON finished higher while IBM, TXT, MTB closed lower.  Thirteen of twenty-one stocks finished the day higher.  After day 3, thirty of forty-one EPS reactions have been positive at the close of the trading day.

After the close ETFC and ISRG had a positive earning’s reaction.

Upcoming:
Fri Oct 18 – Eleven SP 500 stocks report EPS
Wed Oct 30 – next FOMC Meeting Announcement
Thu Oct 31 – Brexit deadline


SPX closes at 2,997, down -0.80% from Sep 19th 3,021 high and up +4.97% from its Oct 3 low of 2,856

The SPX gained 8 points.  Look for the institutional short-term focus to continue to be on EPS reactions Friday on SPX stocks AXP, KO, ETFC, ISRG, KSU, SLB, STT, CFG, NVR, PBCT and SYF.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with Thursday’s trading range forming a spinning top.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance.


The DJIA, closed up 23 points at 27,025 led by strength in UNH, CAT, AXP, DIS and UTX.  Closing above 27,000 for the third day after closing below for seventeen straight days.

Ten of eleven sectors were higher on Thursday, led by XLV and XLRE.

SPY up .88 at 299.28 on 46.7 million shares, below average volume.  Upon lower volume.
VIX up .11 at 13.79
Oil up 1.23 at 54.20
TLT down .34 at 139.58 on 6.5 million shares.
GLD up .20 at 140.61

UNH, WBA, DOW led the DJIA, 20 advancers, +9
SWN, AA, DOV led the SPX, 332 advancers
NFLX, SWKS, XRAY, HSIC led the NDX, 63 advancers

Long term up trend intact.  3-day short term trend is up.

Up: IWM, SPY, QQQ, DIA,
Down:                                                                  

Breadth strengthened on Thursday as advancers led 1,934 to 992 on the NYSE and led 1,986 to 1,089 on the NASDAQ

The SPX MFC green line is below 80 and moved up to 77.  It is short-term bullish.

Uptrend sectorsXLU, XLRE, XLP, XLK,
Neutral sectors:  XLY, XLC, XLF, XLI, XLB, XLV,
Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendUp

63 of 100 NDX stocks closed higher on Thursday.

69 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN, ULTA, ATVI, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA, AMAT, EXPE, FISV, ILMN, INTC, ISRG, LRCX, MSFT, ORLY, PAYX, TXN, AMGN, MCHP, NFLX, NXPI, ULTA, ADP, ATVI, CERN, FAST, GOOGL, IDXX, MXIM, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, BIDU, GILD, INCY, VRTX, BKNG, CMCSA, CSX, FB, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA, AMZN, EA, HSIC, PEP,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 3
EA, HSIC, PEP,

Moving Below 30 DMA = 4
CDNS, INTU, LBTYA, SNPS,


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Wednesday, October 16, 2019

DJI Hold Above 27,000 for Second Day as SPX Forms a Doji...


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Wednesday was day 2 of earnings season with nine SP500 companies reporting after Tuesday’s close or before Wednesday’s open.  JBHT, UAL, USB, BAC, PNC, BK, CMA opened higher while ABT, PGR opened lower.  Six of nine stocks finished the day higher.  After day 2, seventeen of twenty EPS reactions have been positive at the close of the trading day.

After the close NFLX had a positive earning’s reaction while IBM had a negative reaction.

Upcoming:
Wed Oct 30 – next FOMC Meeting Announcement
Thu Oct 31 – Brexit deadline


SPX closes at 2,989, down -1.05% from Sep 19th 3,021 high and up +4.72% from its Oct 3 low of 2,856

The SPX paused from Tuesday’s 29-point move closing down 6 points.  Look for the institutional short-term focus to continue to be on EPS reactions Thursday on SPX stocks NFLX, IBM, AA, CSX, HON, KEY, MS, PM, STI and URI.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with Wednesday’s trading range forming a doji.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance.


The DJIA, closed down 22 points at 27,002 led by weakness in UNH, CVX, XOM, MSFT and AAPL.  Closing above 27,000 for the second time after closing below for seventeen straight days.

Five of eleven sectors were higher on Wednesday, led by XLY and XLU.



SPY down .48 at 298.40 on 50.5 million shares, below average volume.  Down on higher volume.
VIX up .14 at 13.68
Oil up .06 at 52.97
TLT up .17 at 139.92 on 8.6 million shares.
GLD up .80 at 140.41

JNJ, CSCO, DIS led the DJIA, 11 advancers, -14
MCK, FOSL, ABC led the SPX, 222 advancers

JBHT, UAL, NTES, LBTYA led the NDX, 45 advancers


Long term up trend intact.  3-day short term trend is up.

Up: IWM,
Down: DIA, SPY, QQQ,                                   

Breadth weakened on Wednesday as advancers led 1,531 to 1,393 on the NYSE and led 1,586 to 1,480 on the NASDAQ

The SPX MFC green line is below 80 and moved up to 70.  It is short-term bullish.

Uptrend sectorsXLU, XLRE, XLP, XLK,
Neutral sectors:  XLY, XLC, XLF, XLI, XLB, XLV,
Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendUp

45 of 100 NDX stocks closed higher on Wednesday.

70 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN, ULTA, ATVI, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA, AMAT, EXPE, FISV, ILMN, INTC, ISRG, LRCX, MSFT, ORLY, PAYX, TXN, AMGN, MCHP, NFLX, NXPI, SNPS, ULTA, ADP, ATVI, CERN, FAST, GOOGL, IDXX, MXIM, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, BIDU, CDNS, GILD, INCY, VRTX, BKNG, CMCSA, CSX, FB, INTU, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 2
AMZN, LBTYA,  

Moving Below 30 DMA = 7
ADBE, ADI, ADSK, ALXN, MELI, WDAY, WDC,


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