SPX Pauses on Monday after 3-day Rally...Earnings Start on Tuesday...

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Upcoming:

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 2,966, down -1.84% from Sep 19th 3,021 high and up +3.75% from its Oct 3 low of 2,856. 

The SPX paused from Friday’s move closing down 4 points.  Look for the institutional short-term focus to be on EPS releases beginning on tomorrow with Dow stocks JPM, GS, JNJ and UNH.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with Monday’s price action breaking above the 2,840 mid-channel resistance area 

The DJIA, closed down 29 points at 26,787 led by weakness in BA, UNH, WMT, PG and IBM.  Closing below 27,000 for the seventeenth straight day.

Two of eleven sectors were higher on Monday, led by XLRE and XLF.

SPY down .33 at 295.95 on 40.5 million shares, below average volume.  Down on lower volume.

VIX down 1.01 at 14.57

Oil down 1.435 at 53.48

TLT up 1.02 at 141.46 on 5.9 million shares.

GLD up .56 at 140.59

MMM, NKE, GS led the DJIA, 10 advancers, -16

HPE, ABMD, DLPH led the SPX, 193 advancers
TSLA, NTES, AMD, ILMN led the NDX, 45 advancers

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

Up:

Down: QQQ, SPY, DIA, IWM,                        

Breadth weakened on Monday as decliners led 1,597 to 1,316 on the NYSE and led 1,838 to 1,229 on the NASDAQ

The SPX MFC green line is below 80 and is pointed up at 49 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 sideways.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

45 of 100 NDX stocks closed higher on Monday.

58 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN, ULTA, ATVI, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA, AMAT, EXPE, FISV, ILMN, INTC, ISRG, LRCX, MSFT, ORLY, PAYX, TXN, AMGN, MCHP, NFLX, NXPI, SNPS, ULTA, WDAY, ADP, ADSK, ATVI, CERN, FAST, GOOGL, IDXX, MXIM, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, BIDU, CDNS, GILD, INCY, VRTX,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 8

AAL, AMD, AVGO, BIDU, CDNS, GILD, INCY, VRTX,

Moving Below 30 DMA = 8

CHKP, CMCSA, CSX, FB, HSIC, INTU, TMUS, WBA,

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