Tuesday, January 12, 2021

IWM Closes at New All-time High as SPY, QQQ, DIA Form Bull Flag Setup...

 
© 2021
 
SPX opened flat, traded in a trading range on Tuesday and closed slightly higher in a bull flag setup.  
 
NDX -10.40, -0.08%, formed a hammer in a two-day bull flag pattern.
 
SPX +1.58, -0.04%, closed at 3,799, formed a dragonfly doji in a two-day bull flag pattern.
 
TSLA rose +4.72%, forming a bull flag setup.
 

Six of eleven sectors were higher on Tuesday, led by XLE, XLY and XLB. 
 
Energy leaders: OXY, SWN, APA, MRO
Consumer Discretionary leaders: ETSY, GM, F, NWL
Basic Materials leaders: MOS, DOW, ALB, IFF

SPY up .08 at 378.77 on 52.5 million shares, below average volume, up slightly on slightly higher volume.
VIX down .75 at 23.33
 
DOW, INTC, GS, TRV led the DJIA, 16 advancers, +4
GCI, OXY, ETSY, SWN led the SPX, 315 advancers
BIDU, DOCU, MRNA, ZM led the NDX, 46 advancers
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, DIA, SPY,
Down: QQQ
 
Advancers strengthened on Tuesday as advancers led 2,110 to 1,052 on the NYSE and led 2,640 to 1,187 on the NASDAQ
 
The SPY MFC green line is pointed up at 91.1 and is short-term bullish.  Price action is a two-day pullback.
 
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
 
46 of 100 NDX stocks closed higher on Tuesday.
 
66 NDX stocks are above their 30 DMA:   ALGN, TXN, ADI, AMAT, MU, MXIM, 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, MRVL, MTCH, PTON, BKNG, AMGN, INTC, JD, PDD, KLAC, NXPI, EBAY, GILD, LRCX, WBA, BIIB, FOXA, MCHP, QCOM, CSX, DLTR, EXC, FAST, PCAR, AMD, CDW, CPRT, CTAS, DOCU, INCY, NVDA, XLNX, MELI, REGN, OKTA, TEAM,
 
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 2
OKTA, TEAM,
 
Moving Below 30 DMA = 8
CMCSA, CTSH, FISV, INTU, SBUX, TMUS, VRTX, WDC,
 
 
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