Broad Indexes Move Lower on Heavy Selling as CSCO, WMT Disappoint...Tech Stocks Fall After CSCO Reports...

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After the close Review of Thursday’s action…SPY, MCD, stops, making decisions in advance, always following rules, bearish or neutral candle, move below support horizontal or Fibonacci, short futures, /ES, SPX, rolling short put vertical out in time, introduced concept buy back the short, let the long run, AVGO, NDX, AAPL, MSFT, AMZN, FB, CSCO, GOOG, GOOGL, CMCSA …

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SPY selling was the heaviest since June 9 as the index ETF closed below last Thursday’s low.  NDX -121 points as AAPL, MSFT, AMZN, FB, CSCO, GOOG, GOOGL and CMCSA contribute -55 points.  

BABA +2.77% after earnings.

DIA break of short-term support.

SPY break of short-term support.

QQQ dropped towards its short-term support.

IWM break of short-term support.

All ten sectors were lower, strongest sectors were materials XLRE -0.71% and utilities XLU -0.71%.

SPY down 3.85 at 243.09 on 128.4 million shares, 125% above average.  Down on higher volume.

VIX up 3.81 at 15.55.

Oil up .16 to 46.93

TLT up .94 at 126.65…on 9.3 million shares, 37% above avg.  Up on higher volume. 

PG -0.40% and UNH -0.55% led the DJIA, 0 advancers.

HSY +1.71%, AAP +1.46% and IT +1.04% led the SPX.

TSCO +2.73%, MYL +0.30%, DLTR -0.13%, and SHPG -0.33% led the NDX.

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

Up:

Down: DIA, SPY, QQQ, IWM

Breadth weakened on Thursday as decliners led 2,397 to 526 on the NYSE and led 2,313 to 563 on the NASDAQ.

The SPY MFC green line is at 60, defensive.

Uptrend sectors:  XLU,

Neutral sectors: XLK, XLP, XLF, XLY, XLRE, XLV, XLB, XLI

Down trend sectors: XLE

Intermediate-term trending stocks:  PYPL, ADBE, NVDA, FB, ATVI, EA, BA, MCD, V, CCL, RCL, ALGN, ANET, SQ, MOMO, CC, BZUN, AABA, TTWO, PGR, TRU, LYV, ALL, TAL, BABA, A, EDU, SHOP, EXPE,

2 of 100 NDX stocks closed higher on Thursday.

30 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 20

ADI, ADP, ADSK, AVGO, BIIB, CSCO, CTAS, FAST, FISV, GILD, INTU, KHC, MDLZ, MU, MXIM, NVDA, SIRI, SWKS, TXN, VRTX,  

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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