Friday, March 5, 2021

Reversal Day as Broad Rally Lifts IWM, SPY, DIA, QQQ , Energy Leads as All Sectors Rally...

 
© 2021
 
SPX opened higher and pulled back for the first two hours near Thursday’s low, then reversed and rallied to a higher close.  Non-farm payrolls were stronger than expected and the Senate moved closed to passing a $1.9 trillion stimulus bill.  Big tech stocks GOOGL, FB, MSFT, AAPL and AMZN rallied, volatility fell and TNX rose.
 
Friday’s reversal day seems to reenforce Thursday’s technical characteristics of a capitulation bottom.    
 
NDX +204.51 +1.64%, formed a long-tail white hammer.
SPX +73.47, +1.95%, closed at 3,841, a reversal day closing above Thursday’s close.
 
TSLA -3.78%, a three-month closing low.
 
All eleven sectors were higher on Friday, led XLE, XLI and XLC. 
 
Energy leaders: NOV, APA, DVN, HAL
Industrials leaders: KSU, GWW, TDY, IR
Communication Services leaders: FOXA, TMUS, NWSA, IPG
 
SPY up 6.93 at 383.63 on 152.0 million shares, above average volume, up on lower volume.
VIX down 3.91 at 24.66
 
CVX, INTC, UNH, CSCO led the DJIA, 28 advancers, +25
NOV, APA, DVN, HAL led the SPX, 464 advancers.
NXPI, WDC, FOXA, MU led the NDX, 17 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, SPY, DIA, QQQ,
Down:
 
Advancers strengthened on Friday as advancers led 2,546 to 725 on the NYSE and led 2,805 to 1,310 on the NASDAQ.
 
The SPY MFC green line turned up to 59.0 and is bullish.  Price action is a reversal day in a bull flag setup.
.
 
Uptrend sectors XLF, XLE, XLI, XLC, XLB, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU, XLP,
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is down a little.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown a little
 
86 of 100 NDX stocks closed higher on Friday.
 
24 NDX stocks are above their 30 DMA:   GOOGL, WDC, CDW, CMCSA, KHC, MAR, TCOM, BKNG, FOXA, FISV, ADP, SBUX, ORLY, AMAT, CHTR, CSCO, CSX, CTAS, INTC, MDLZ, MU, NXPI, PAYX, TMUS,
 
 
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 11
AMAT, CHTR, CSCO, CSX, CTAS, INTC, MDLZ, MU, NXPI, PAYX, TMUS,
 
Moving Below 30 DMA = 0
 
 
 
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Thursday, March 4, 2021

SPX Falls as Powell Speaks at WSJ Jobs Summit...Oil and Energy Sector Rises...

 
© 2021
 
SPX opened flat, pulled back at the open, rallied to its daily high and rolled over about 20 minutes before J Powell was scheduled to speak online at a WSJ Jobs Summit.  SPX sold off 96 points during and after his speech, then recovered about half the selloff during the last two hours of trading.  Big tech stocks TSLA, AAPL, AMZN, and MSFT continued to sell off, volatility and TNX rose.
 
Thursday’s heavy volume and a rally off the low are technical characteristics of a capitulation bottom.    
 
NDX -219.33 -1.73%, breaking Wednesday’s support low.
SPX -51.25, -1.34%, closed at 3,768, below last Friday’s support low.
 
TSLA -4.86%, sold off to last Tuesday’s support low.
 
One of eleven sectors was higher on Thursday, led XLE, XLU and XLC. 
 
Energy leaders: FANG, EOG, MRO, APA
Utilities leaders: PNW, EIX, CNP, AWK
Communication Services leaders: DISCA, VIAC, GOOGL, CHTR
 
SPY down 4.72 at 376.70 on 183.4 million shares, above average volume, down on higher volume.
VIX up 1.90 at 28.57
 
CVX, UNH, AXP led the DJIA, 3 advancers, -9
FANG, EOG, MRO, APA led the SPX, 102 advancers.
INCY, MDLZ, XEL, AEP led the NDX, 17 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: DIA, SPY, QQQ, IWM,
 
Advancers weakened on Thursday as decliners led 2,557 to 730 on the NYSE and led 3,555 to 597 on the NASDAQ.
 
The SPY MFC green line turned down to 56.5 and is defensive.  Price action is a break of short-term support
.
 
Uptrend sectors XLF, XLE, XLI, XLC, XLB, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU, XLP,
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is down a little.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown
 
17 of 100 NDX stocks closed higher on Thursday.
 
13 NDX stocks are above their 30 DMA:   GOOGL, WDC, CDW, CMCSA, KHC, MAR, TCOM, BKNG, FOXA, FISV, ADP, SBUX, ORLY,
 
 
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 0
 
 
Moving Below 30 DMA = 6
AMAT, CSX, CTAS, INTC, MU, PAYX,
 
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Wednesday, March 3, 2021

Selloff Continues as Big Tech and Semis Lead NDX Below Last Week's Support...SPX, DJI, RUT Falling Towards Support...

  
© 2021
 
SPY opened lower and closed lower on a continuation pullback from Monday.  Big tech stocks TSLA, AMZN, MSFT, AAPL, FB and GOOGL continued to sell off, volatility and TNX rose. 
 
NDX -376.62, -2.88%, a pullback to below the high of the low day, bull flag setup.
SPX -50.57, -1.31%, closed at 3,819, a move below Tuesday’s pause day towards Friday’s support low.
 
TSLA -4.84%, was a bounce down continuation moving towards last Tuesday’s low.
 
Three of eleven sectors were higher on Wednesday, led XLE, XLF and XLI. 
 

SPY down 5.12 at 381.42 on 119.9 million shares, above average volume, down on higher volume.
VIX up 2.57 at 26.67
 
BA, AXP, JPM, IBM led the DJIA, 12 advancers, +3
LIMN, NCLH, HFC, UNM led the SPX, 209 advancers.
FOXA, DLTR, KHC, PCAR led the NDX, 10 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: DIA, IWM, SPY, QQQ,
 
Advancers strengthened slightly on Wednesday as decliners led 1,727 to 1,553 on the NYSE and led 2,748 to 1,353 on the NASDAQ.
 
The SPY MFC green line turned down to 60.9 and is defensive.  Price action is a continuation move lower towards short-term support
.
 
Uptrend sectors XLF, XLE, XLI, XLC, XLB, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU, XLP,
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is down a little.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendSideways
 
10 of 100 NDX stocks closed higher on Wednesday.
 
19 NDX stocks are above their 30 DMA:   AMAT, INTC, GOOGL, WDC, MU, CDW, CMCSA, KHC, MAR, TCOM, BKNG, FOXA, FISV, ADP, PAYX, CSX, SBUX, CTAS, ORLY,
 
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
 
 
Moving Below 30 DMA = 17
ATVI, AVGO, BIDU, CDNS, DXCM, FAST, IDXX, INTU, KLAC, LRCX, MCHP, NXPI, PYPL, ROST, SWKS, TEAM, TXN,
 
 
 
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