SPX/SPY Fall to Support for Fourth Day after News that US is May Consider Restricting Investment in China...

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SPX/SPY continue its 10-day pullback consolidation and now in a 4-day trading channel.

Our short-term technical assessment is sideways to down (to support). 

SPX ST support range was 2945 – 2963

SPX IT support 2920 - 2940

SPX closes at 2,961, down -1.99% from Sep 19th 3,021 high.

The DJIA, closed down 70 points at 26,820 led by weakness in BA, MSFT, V, CVX and DIS.  Closing below 27,000 for the sixth straight day.

Just one of eleven sectors was higher on Friday, led by financial XLF +0.04% and energy XLE -0.02%.

SPY down 1.60 at 295.40 on 84.7 million shares, 19% above average volume.  Down on higher volume.

VIX up 1.15 at 17.22

Oil down .36 at 56.18

TLT up .35 at 142.73 on 10.3 million shares.
GLD down .73 at 141.06

PFE +1.23%, XOM +0.72%, led the DJIA, 13 advancers, +1

WFC +3.77%, EMR +3.44% and ETFC +3.02% led the SPX.

ULTA +3.42%, DLTR +1.64%, HSIC +1.56% and HAS +1.21% led the NDX.

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

Up:  

Down: DIA, SPY, IWM, QQQ,                        

Breadth strengthened slightly on Friday as decliners led 1,575 to 1,336 on the NYSE and led 2,028 to 1,053 on the NASDAQ

The SPX MFC green line is below 80 and is pointed down at 76.8 and is short-term defensive.

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

Neutral sectors:  XLV, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down a little

15 of 100 NDX stocks closed higher on Friday.

39 NDX stocks are above their 30 DMA:  SBUX, CELG, KLAC, PEP, JBHT, AAPL, ASML, LRCX, WDC, DLTR, AMAT, CSX, CTXS, INTC, NXPI, TXN, EXPE, FAST, GOOGL, LULU, MCHP, MXIM, NTAP, WBA, UAL, HAS, KHC, BIIB, CSCO, ILMN, ISRG, MSFT, ORLY, ROST, XRAY, MDLZ, CTAS,  QCOM, TSLA, HSIC,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

HSIC,

Moving Below 30 DMA = 21

ADBE, ADI, ADSK, ALGN, ATVI, BIDU, CHKP, CHTR, COST, EA, MU, NTES, NVDA, PAYX, SIRI, SNPS, SWKS, SYMC, TMUS, VRSK, WLTW,

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