Monday, September 28, 2020

Support Bounce Continuation as Broad Rally Lifts RUT, NDX, SPX, DJI on Monday...


© 2020
 
NDX +213.32, +1.91%, opened higher and closed higher for the third straight day.   The rally was led by strength in AAPL, AMZN, TSLA, MSFT, GOOGL, PYPL, NVDA and ADBE. 
 
SPX +53.14, +1.61%, closes at 3,351. SPX gapped up above last week’s high, traded and closed above that high on Monday.
 
All eleven sectors were higher on Monday, led by XLF, XLE and XLY.
 
Financial leaders: IVZ, LNC, RF, DFS
Energy leaders: DVN, FANG, FTI, MPC
Consumer Discretionary leaders: GPS, ROST, ETSY, TJX 
 
SPY up +5.46 at 334.19, on 64.5 million shares, below average volume, up on lower volume.
VIX down -0.19 at 26.19
 
BA, DOW, INTC led the DJIA, 27 advancers, +2
DVN, GCI, IVZ, AA led the SPX, 465 advancers
TCOM, ROST, INCY, SWKS led the NDX, 93 advancers
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, QQQ, SPY, DIA,
Down:
 
Breadth strengthened on Monday as advancers led 2,587 to 475 on the NYSE and led 2,693 to 814 on the NASDAQ

The SPY MFC green line is pointed up at 19 and is bullish.  Price action is a bounce continuation above Friday’s high.
 
 
Uptrend sectors XLB, XLI, XLY, XLP, XLV, XLK, XLC,
Neutral sectors:  XLRE, XLF, XLU,
Down trend sectors: XLE,
 
The 6-month intermediate trend is up.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendUp
 
93 of 100 NDX stocks closed higher on Monday.
 
52 NDX stocks are above their 30 DMA:   CMCSA, CSX, AVGO, ZM, ALXN, MU, SGEN, WDAY, WDC, BIDU, ALGN, CDW, CHTR, CPRT, CTAS, CTSH, FISV, IDXX, INTC, MRNA, NVDA, PAYX, QCOM, SBUX, SNPS, TCOM, ADBE, ADI, ADP, AMGN, ASML, ATVI, BIIB, CERN, COST, DOCU, EBAY, FOXA, INTU, LRCX, MXIM, PCAR, PEP, ROST, SWKS, TMUS, TSLA, TTWO, TXN, VRSK, XEL, XLNX,
 
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 26
ADBE, ADI, ADP, AMGN, ASML, ATVI, BIIB, CERN, COST, DOCU, EBAY, FOXA, INTU, LRCX, MXIM, PCAR, PEP, ROST, SWKS, TMUS, TSLA, TTWO, TXN, VRSK, XEL, XLNX,
 

Moving Below 30 DMA = 0
 
 
 
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2 comments:

TraderBobb said...

Thanks Dave for this blog and all you do.,
Robert
CANI212

Ben W. said...

I 2nd TraderBobb, Dave. I too, much appreciate you and how hard you work to help us.