SPX, NDX Close Higher...Energy, Technology, Basic Materials Lead Sectors...VIX Continues Downtrend...

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SPX +24.25, 5,935, opened slightly lower, pulled back during the first 30 minutes prior to the ISM manufacturing index and then reversed and trended higher into the close.

The DJI, 42,305 +0.08%, closed higher.  The NDX +0.71% formed a bullish engulfing candle in a bull flag bounce on the chart. 

Breadth was mixed and slightly stronger on Monday.

Monday Session Insight: Weight of the Evidence (WOE) is technical analysis that looks at a price action including trend, support and resistance, retracement, momentum and other key elements of supply and demand.  As of today, the probabilities favor trend continuation and there are no aggregate signs that the seven week uptrend is likely to reverse.

TSLA -3.77, -1.09%, formed a hammer in bull flag pattern.

Mega caps META, AVGO, NVDA, AMZN, TSM, AAPL, MSFT rose and BRK/B, TSLA, GOOGL fell on Monday. 

SPY up 3.32 at 592.71, 61.5 million shares, below average volume

VIX down .21 at 18.36,

QQQ up 4.10 at 523.21

NKE, BA, IBM, NVDA led the DJIA, 19 advancers,

STLD, NUE, NEM, FCX led the SPX, 235 advancers,

ZS, MU, META, AMD led the NDX, 65 advancers,

Up: QQQ, SPY, IWM, DIA,

Down:

The SPY MFC green line is pointed up at 93.8 and is short-term bullish. +3.1

Ten of eleven sectors were higher on Monday led by XLE, XLK and XLB. 

Uptrend sectors: XLI, XLU, XLK,

Neutral sectors:  XLC, XLY, XLF, XLP, XLRE, XLB, XLE, 

Down trend sectors: XLV,

The 6-month intermediate trend is sideways.  The ten-day trend is sideways.

3-month Intermediate Term Market Trend:  Sideways

3-day Short Term Market Trend:  Sideways

65 of 100 NDX stocks closed higher on Monday.

72 NDX stocks are above their 30 DMA: COST, CRWD, CTAS, MNST, PLTR, MELI, NFLX, ADSK, AXON, BKNG, CDNS, IDXX, TTWO, CEG, INTU, ZS, ABNB, ADI, AMAT, ANSS, ARM, AVGO, DDOG, DXCM, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, SNPS, TSLA, TTD, CHTR, PYPL, CDW, ADBE, HON, NVDA, PAYX, VRSK, ADP, AMD, CTSH, AMZN, APP, ASML, CSCO, META, MU, ON, CSX, GEHC, LULU, TXN, MRVL, WBD, DASH, BIIB, FAST, GOOGL, LIN, AZN, GILD, PANW, SBUX, AMGN, MDLZ, CCEP, BKR, ROP, FANG, QCOM,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

FANG, QCOM,

Moving Below 30 DMA = 3

CMCSA, ODFL, PCAR,

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