Wednesday, January 6, 2021

IWM, DIA All-time Closing High as Buying Lifts Financial, Basic Materials and Energy Stocks...

 
© 2021
 
Sector rotation with money flowing out of technology and into financial, basic materials and energy stocks dominated trading on Wednesday.   IWM and DIA made new all-time closing highs while QQQ closed lower on selling in AAPL, MSFT, AMZN, GOOGL, FB, NVDA, PYPL, ADBE and NFLX.
 
NDX -179.03, -1.40%, on Wednesday and is a breakout setup.
 
SPX +21.28, +0.57%, closed at 3,748, a horizontal breakout setup after making a new intra-day high.
 
TSLA rose +2.84%, on Wednesday and is a breakout continuation and a new all-time closing high.
 
Eight of eleven sectors were higher on Wednesday, led by XLF, XLB and XLE. 
 
Financial leaders: ZION, HBAN, KEY, FITB
Basic Materials leaders: VMC, MLM, ALB, FCX,
Energy leaders: HES, SLB, DVN, FANG
 
 
SPY up 2.22 at 373.55 on 107.9 million shares, above average volume, up on higher volume.
VIX down .27 at 25.07
 
CAT, GS, DOW, JPM led the DJIA, 23 advancers, +2
ZION, CNC, GCI HBAN led the SPX, 399 advancers
FOXA, MRNA, DLTR, WBA led the NDX, 45 advancers
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, DIA, SPY,
Down: QQQ,
 
Advancers weakened on Wednesday as advancers led 2,035 to 1,163 on the NYSE and led 2,340 to 1,451 on the NASDAQ
 
The SPY MFC green line is pointed down at 84.0 and is counter-trend defensive.  Price action is a bull flag bounce.
 
Uptrend sectors XLU, XLB, XLI, XLY, XLP, XLV, XLF, XLC, XLK, XLE,
Neutral sectors:  XLRE,
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is up.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendSideways
 
45 of 100 NDX stocks closed higher on Wednesday.
 
65 NDX stocks are above their 30 DMA:   ALGN, TXN, ADI, AMAT, MU, MXIM, SBUX, ASML, MNST, ROST, CSCO, AVGO, ADSK, TSLA, PYPL, AAPL, ANSS, ATVI, BIDU, CDNS, EA, ILMN, ISRG, SNPS, CHKP, CERN, DXCM, IDXX, ALXN, SWKS, ORLY, NTES, VRSK, MRVL, MTCH, PTON, BKNG, MDLZ, AMGN, INTC, JD, PDD, KLAC, NXPI, WDC, EBAY, GILD, LRCX, WBA, BIIB, CTSH, FOXA, LULU, MCHP, QCOM, CSX, DLTR, EXC, FAST, FISV, MAR, PCAR, SIRI, XEL,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 9
CSX, DLTR, EXC, FAST, FISV, MAR, PCAR, SIRI, XEL,
 
Moving Below 30 DMA = 14
AMD, AMZN, COST, CPRT, INCY, INTU, MELI, MSFT, NFLX, NVDA, TCOM, TEAM, TMUS, XLNX,
 
 
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