Bull Flag Day 5 Bounce, IWM Leads as SPY Forms Bullish Harami on Light Volume...

© 2019

The G20 meeting in Osaka, Japan begins tonight which is Friday morning in Japan and continues on Saturday.  Sunday night and Monday trading will likely be impacted by results from interactions between the US and China presidents.  Will they be cooperating to find a path to a trade deal and put the world at ease or will they be blaming each other for failure to progress and creating angst?  The world awaits the outcome of the talks.    

Evaluate the risk of the failure to make meaningful progress in the talks and adjust your portfolio accordingly on Friday. 

The DJIA, closed down 10 points at 26,526, led by weakness in BA, JNJ, DIS, CSCO and CVX.  Closing above 26,000 above for the fourteenth straight day. 

Ten of eleven sectors were higher on Thursday, led by financials XLF +0.89% and real estate XLRE +0.83%.  

SPY up .1.03 at 291.50 on 40.2 million shares, 42% below average volume. Up on lower volume.

VIX down .39 at 15.82

Oil up .07 at 59.28

TLT up .93 at 132.90 on 9.7 million shares. 

WBA +4.09%, NKE +1.34%, led the DJIA, 18 advancers, +12

CTL +6.69%, LB +6.13% and TRIP +5.74%, led the SPX.

XLNX +3.46%, MU +2.78%, AMD +2.74% and LRCX +2.68% led the NDX.

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

Up: IWM, QQQ, SPY,

Down: DIA,

Breadth strengthened on Thursday, as advancers led 2,099 to 802 on the NYSE and led 2,280 to 801 on the NASDAQ

The SPY MFC green line is pointed down in the upper zone at 85 and is short-term counter-trend defensive. 

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

Neutral sectors:  XLF, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

81 of 100 NDX stocks closed higher on Thursday.

89 NDX stocks are above their 30 DMA:  PEP, CERN, CTAS, CHTR, IDXX, XRAY, TTWO, MELI, MDLZ, WLTW, AMGN, COST, HAS, HSIC, ILMN, SBUX, VRSN, ADP, CSCO, EXPE, FISV, INTU, PCAR, PYPL, SNPS, LBTYA, MSFT, MXIM, ROST, BKNG, CTSH, EBAY, GILD, ISRG, MAR, AAPL, ADI, AMZN, CDNS, DLTR, INTC, WBA, ULTA, CTXS, UAL, AAL, ATVI, LULU, SIRI, FB, TSLA, VRTX, ADBE, BIIB, INCY, SYMC, AMAT, ASML, AVGO, FAST, JD, KLAC, MCHP, NFLX, NVDA, NXPI, SWKS, TXN, WYNN, XLNX, ALXN, KHC, MNST, QCOM, EA, WDC, MYL, AMD, CTRP, MU, ADP, ADSK, BIDU, CHKP, FOXA, JBHT, LRCX, NTES, REGN, VRSK,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 10

ADP, ADSK, BIDU, CHKP, FOXA, JBHT, LRCX, NTES, REGN, VRSK,

Moving Below 30 DMA = 0

 

Add Comments here