Oil Drops…QQQ and Tech Stocks for a Day…AMD, MU Lead SPX…MACD Divergence in Semiconductor Stocks…

SPY closes mid-channel. 

DIA closes near all-time high, horizontal resistance breakout.

QQQ is a MACD bullish divergence setup.

IWM pulls back in its horizontal resistance breakout setup looking like ascending triangle.

Four sectors were positive, led by technology XLK and healthcare XLV.

SPY up .56 at 242.77 on 54.4 million shares, 18% below average. 

VIX down .15 to 11.07.

Oil down 1.44 to 45.61

TLT up .03 at 124.49…on 11.3 million shares, 49% above average.

INTC +2.63% and BA +1.62% led the DJIA.

AMD +8.56%, QRVO +3.21% and MCHP +2.81% led the SPX.

MU +4.70%, PYPL +3.29%, ALXN +3.28% and ADSK +3.26% led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is up.

Up: QQQ, SPY, DIA,

Down: IWM

Uptrend sectors:  XLV, XLF, XLI, XLRE, XLB, XLY,

Neutral sectors: XLP, XLK, XLU,

Down trend sectors: XLE

Breadth weakened as decliners led 1,775 to 1,128 on the NYSE and led 1,604 to 1,237 on the NASDAQ.

The SPY MFC green line is pointed up at 74, bullish.

Look for a potential bounce in: MMM, MCD, FB, WYNN, JD, KWEB, TLT, WYN, BBRY, WMT,

At support: RACE, MAR, ANET, ADBE, WDC, ATVI, AMZN, XLNX, V, SPY, XLY, EA, MNST, AAPL, QQQ, NVDA, GOOGL, NFLX, AVGO, LRCX, KLAC, AMAT, MCHP,

One Day Pullback: IWM, HUN, BBY,

Bounces included: BABA, MU, BA, CCL, ADSK, SQ, RCL, WB, EXPE, PYPL, AABA, AMD, SHOP, MOMO, SWKS,

Potential Breakouts include: DIA, MS, SCHW, CCL, PYPL, AABA, TAL, BABA, WFC, BA

Breakouts: CSX, BIDU, BAC, CC

Break of short-term support: TSLA, DDD,

Bear flag: COST,

New Highs: C, ETFC, CSX,

77 of 100 NDX stocks closed higher on Wednesday.

33 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

BIDU, BMRN, CERN, CTSH, INCY, ISRG, PCLN

Moving Below 30 DMA = 3

DISCA, MYL, TSCO

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

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