SPX Pulls Back after China Growth data, BA and JNJ developments...

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Key observation today: Institutions are still buying positive EPS results.

Upcoming:

Mon Oct 21 – 4 SP 500 stocks report EPS

Wed Oct 30 – next FOMC Meeting Announcement

Thu Oct 31 – Brexit deadline

SPX closes at 2,986, down -1.18% from Sep 19th 3,021 high and up +4.56% from its Oct 3 low of 2,856. 

The SPX gained lost 11 points.  Look for the institutional short-term focus to continue to be on EPS reactions Monday on SPX stocks HAL, CDND, CE and ZION.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with Thursday’s trading range forming a spinning top.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance.

The DJIA, closed down 255 points at 26,770 led by weakness in BA, JNJ, AXP, MSFT and V.  Closing below 27,000 after closing above for three days.

Four of eleven sectors were higher on Friday, led by XLV and XLRE.

SPY down 1.31 at 297.97 on 64.3 million shares, slightly below average volume.  Down higher volume.

VIX up .46 at 14.25

Oil down .35 at 53.85

TLT unchanged at 139.58 on 6.4 million shares.

GLD down .15 at 140.46

KO, VZ, MRK led the DJIA, 13 advancers, -7

KSU, AA, STT led the SPX, 251 advancers

ISRG, BMRN, PCAR, LBTYA led the NDX, 20 advancers

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

Up:

Down: SPY, IWM, DIA, QQQ,                        

Breadth weakened on Friday as decliners led 1,497 to 1,420 on the NYSE and led 1,755 to 1,294 on the NASDAQ

The SPX MFC green line is below 80 and moved up to 79.  It 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 up.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

20 of 100 NDX stocks closed higher on Friday.

58 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA, AMAT, EXPE, FISV, ILMN, INTC, ISRG, ORLY, PAYX, TXN, AMGN, MCHP, NXPI, ADP, CERN, FAST, GOOGL, IDXX, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, GILD, INCY, VRTX, BKNG, CMCSA, FB, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA, FOXA,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

FOXA,  

Moving Below 30 DMA = 12

AMZN, ATVI, BIDU, CSX, EA, HSIC, LRCX, MSFT, MXIM, NFLX, PEP, ULTA,

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