Market Reverses and Moves Lower after Fed's Powell Speaks...AAPL Gains, QCOM Lower After-hours...

© 2019

Weekly SPX EPS reactions through Wednesday, May 1, 2019:

39 positive:  L, ARE, WDC, CHTR, CMI, COP, FIS, GE, HCA, INCY, IPGP, IR, MA, MCD, MLM, MRK, NLSN, PCAR, PFE, STX, WELL, WRK, AAPL, AKAM, BXP, EIX, EQR, EXR, MXIM, VRTX, WYNN, CVS, GCI, HLT, HRS, IDXX, JCI, LLL, RCL…

43 negative: VNO, GOOGL, LEG, MGM, SBAC, AOS, BHGE, ECL, ETN, GLW, GM, LLY, PSX, SPG, TDG, WCG, AMD, AMGN, CB, CHRW, CXO, DVN, FISV, JKHY, MXIM, OKE, UDR, UNM, VRSK, ADP, AME, CLX, CME, EL, ETR, GRMN, HUM, IQV, NI, SEE, SO, TAP, YUM,…

The DJIA, closed down 162 points at 26,430, led by weakness in HD, MMM, MCD, MSFT and CVX.  Twenty-second straight close above 26,000 since March 1.

Ten of eleven sectors were lower on Wednesday, led by real estate XLRE +0.00% and healthcare XLV -0.18%.

SPY down 2.21 at 291.81 on 71.6 million shares, 11% above average volume. Down on higher volume.

VIX up 1.68 at 14.80

Oil up .15 at 63.62

TLT up .25 at 123.90 on 14.3 million shares. 

AAPL +4.91%, JNJ +0.53%, led the DJIA, 6 advancers, -14

RCL +6.69%, HRS +6.63% and HLT +6.45%, led the SPX.

INCY +4.91%, TTWO +2.75%, NFLX +2.23%, and VRTX +2.14%, led the NDX.

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

Up:

Down: QQQ, DIA, SPY, IWM,

Breadth weakened on Wednesday, as decliners led 1,843 to 1,060 on the NYSE and led 2,062 to 975 on the NASDAQ

The SPY MFC green line is in the upper zone pointed down at 93 and is short-term counter-trend defensive in an intermediate-term up trend. 

Uptrend sectors: XLRE, XLU, XLP, XLY, XLK, XLI, XLC, XLB, XLF,

Neutral sectors:  XLE, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

25 of 100 NDX stocks closed higher on Wednesday.

66 NDX stocks are above their 30 DMA:  CDNS, PYPL, VRSN, KLAC, SNPS, MDLZ, PAYX, CSX, VRSK, CHKP, CSCO, CMCSA, AAPL, PEP, MSFT, DLTR, AMZN, SYMC, SBUX, NTES, ALGN, AVGO, ADBE, FAST, ILMN, LULU, MAR, PCAR, AMAT, ASML, CELG, CERN, FB, HSIC, LRCX, SWKS, ADI, ADSK, CTAS, MCHP, MXIM, NXPI, TXN, WYNN, AAL, BKNG, UAL, CHTR, EXPE, TMUS, HAS, QCOM, INTU, IDXX, NFLX, ATVI, MNST, WDAY, EBAY, XRAY, FOXA, CTXS, KHC, TTWO, JD, WDC,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 13

ADP, ALXN, AMD, COST, CTRP, CTSH, FISV, GILD, LBTYA, NTAP, ROST, ULTA, WLTW,

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