SPX Breaks Friday's Support after China Announces Tariffs on U.S. Products...Bearish Posture...

© 2019

Today, in a live news feed under the symbol SPY, these three headlines were in succession.  Do you find anything ironic about them?

8:03 – Boston Fed Pres Eric Rosengren Says Doesn’t See Recession, but Sees Economy Growing More Slowly over next 2 years…

8:19 – Morgan Stanley warns tariffs could likely lead to an economic recession…

8:22 – Blackrock Says Could still see a US, China Trade Deal which includes a China pledge to buy more US goods, among other items…

The DJIA, closed down 617 points at 25,324, led by weakness in BA, AAPL, GS, CAT and UTX.  Closing below 26,000 for the fifth day after trading above for the previous twenty-five trading days. 

One of eleven sectors was higher on Monday, led by utilities XLU +1.07% and real estate XLRE +0.00%.

SPY down 7.24 at 280.86 on 127.2 million shares, 82% above average volume. Up on higher volume.

VIX up 4.51 at 20.55

Oil down .87 at 60.84

TLT up .98 at 125.73 on 10.5 million shares. 

PG +0.09%, VZ -0.28%, led the DJIA, 1 advancers, -22

NEM +2.52%, AWK +2.24% and HCP +2.04%, led the SPX.

MYL -9.43%, SWKS -7.18%, NXPI -7.04%, and MCHP -6.31%, were the NDX largest decliners.

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

Up:

Down: DIA, SPY, IWM, QQQ,

Breadth weakened on Monday, as decliners led 2,468 to 456 on the NYSE and led 2,590 to 498 on the NASDAQ

The SPY MFC green line is pointed down at 46 and broad market posture changes to short-term bearish. 

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

Neutral sectors:  XLF, XLB, XLE, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

1 of 100 NDX stocks closed higher on Monday.

28 NDX stocks are above their 30 DMA:  CDNS, MDLZ, PAYX, VRSK, CHKP, CMCSA, PEP, SBUX, NTES, ALGN, ILMN, CELG, CERN, HSIC, CTAS, WYNN, CHTR, TMUS, HAS, QCOM, INTU, IDXX, MNST, XRAY, TTWO, INCY, MELI, FOXA,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 19

AAL, ADBE, ADSK, AMD, AMZN, BKNG, COST, CSX, FB, GILD, LRCX, LULU, MSFT, NXPI, PYPL, ROST, SNPS, VRSN, WDAY,

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