Gap Up Rally Day Recovers Much of Tuesday's Selloff...FOMC Minutes...

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FOMC Minutes released at 2 pm ET were a non-factor in trading today.

Upcoming:

Thu Oct 10 – US/China Trade Talks resume

Tue Oct 15 – Earnings Season unofficial start with JPM, C, WFC, GS, JNJ, UNH, UAL, SCHW, JBHT, PGR, BLK, FRC, OMC, PLD,

Wed Oct 30 – next FOMC Meeting Announcement

Thu Oct 31 – Brexit deadline

SPX closes at 2,919, down -3.39% from Sep 19th 3,021 high and up +2.22% from its Oct 3 low of 2,856. 

SPX at the open gapped higher above Tuesday’s R1 level and moved above last Thursday’s high HOLD closing up 26 points recovering about 60% of Tuesday’s 45-point selloff. 

Our current technical assessment is an Aug – Oct (2,820 – 3,020) sideways channel with today’s price action moving above the HOLD at recent support 2,856.

The DJIA, closed up 181 points at 26,346 led by strength in AAPL, MSFT, V, HD and UNH.  Closing below 27,000 for the fourteenth straight day.

All eleven sectors were higher on Wednesday, led by XLK and XLB.

SPY up 2.74 at 291.27 on 65.7 million shares, just below average volume.  Up on lower volume.

VIX down 1.64 at 18.64

Oil up .08 at 52.65

TLT down .82 at 144.35 on 8.9 million shares.

GLD up .13 at 142.05

MSFT, INTC, V led the DJIA, 27 advancers, +26

DLPH, HES, KEYS led the SPX, 429 advancers

ILMN, AAL, AMAT, MCHP led the NDX, 94 advancers

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

Up: QQQ, SPY, DIA, IWM,

Down:                                                                  

Breadth strengthened on Wednesday as advancers led 1,911 to 1,001 on the NYSE and led 1,869 to 1,214 on the NASDAQ

The SPX MFC green line is below 80 and turned up today at 44 and is short-term bullish.

Uptrend sectors: XLU, XLRE, XLP, XLK,

Neutral sectors:  XLY, XLC, XLF, XLI, XLB, XLV,

Down trend sectors: XLE,

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

94 of 100 NDX stocks closed higher on Wednesday.

34 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN, ULTA, ATVI, CELG, CHTR, NVDA, PEP, XRAY, CHKP, COST, LULU, ROST, SWKS, TSLA, ADSK, AMAT, EXPE, FISV, ILMN, INTC, ISRG, LRCX, MDLZ, MSFT, ORLY, PAYX, TXN,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 13

ADSK, AMAT, EXPE, FISV, ILMN, INTC, ISRG, LRCX, MDLZ, MSFT, ORLY, PAYX, TXN,

Moving Below 30 DMA = 1

ATVI,  

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