SPY Falls to 278 Support, Forms Hammer & MACD Bullish Divergence Setup as Trade War Rhetoric Continues...

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The DJIA, closed down 221 points at 25,126, led by weakness in BA, JNJ, NKE, MMM and HD.  Closing below 26,000 for the sixteenth day after trading above 26,000 for the previous twenty-five trading days. 

One of eleven sectors was higher on Wednesday, led by materials XLB +0.02% .  Non-cyclic sectors XLU -1.33% and XLRE -1.15% led the SPX to the downside today.

SPY down 1.88 at 278.27 on 104.9 million shares, 38% above average volume. Down on higher volume.

VIX up .40 at 17.90

Oil up .00 at 59.06

TLT up .30 at 129.09 on 13.2 million shares. 

INTC +1.51%, DWDP +1.04%, led the DJIA, 3 advancers, +2

SWN +5.23%, HP +3.57% and DE +2.59%, led the SPX.

XLNX +1.92%, MCHP +1.82%, MXIM +1.13% and ATVI +1.13% led the NDX.

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

Up:

Down: SPY, QQQ, IWM, DIA,

Breadth weakened slightly on Wednesday, as decliners led 1,957 to 952 on the NYSE and led 2,087 to 953 on the NASDAQ

The SPY MFC green line is pointed down at 16 and is short-term bearish. 

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

Neutral sectors:  XLI, 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: Sideways

3-day Short Term Market Trend: Down

28 of 100 NDX stocks closed higher on Wednesday.

22 NDX stocks are above their 30 DMA:  PAYX, CHKP, PEP, SBUX, NTES, ILMN, CERN, CTAS, WYNN, CHTR, TMUS, IDXX, MNST, XRAY, TTWO, MELI, VRSN, WDAY, CELG, FISV, INTU, AMD,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 10

ADBE, ADP, COST, HSIC, INCY, INTU, MSFT, PYPL, VRSK, VRTX,

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