DJIA 26,252 Record High...Strong Start Erodes After China Trade War Concerns...

After the Close Review of Wednesday’s market action…INDU, $VIX, DIA, SPY, IWM, QQQ, TXN, IBM, MCHP, AVGO,, LRCX, MXIM, SWKS, XLNX, ADBE, ADSK, COST, DLTR, GS, JPM, C, BAC, ROST, XLE, XLB, TAL, CAT, more great setups …9:10 pm PST

© 2018

Stocks slide after Commerce Secretary warns that China’s efforts in AI, electric cars and semiconductors is a threat to US, raising concerns of a potential trade war.

The DJIA closed at 26,252, up 41 points on strength in GS, VZ, AXP, NKE, JPM, TRV, HD, and MMM.  Wednesday was the sixth close above 26,000, and the fourteenth close above 25,000.  The SPX, NDX and RUT each made a new all-time intra-day high before closing lower on Wednesday.

Record highs: CSCO, GS, HD, JPM, MSFT, NKE, TRV, UNH, V, VZ, WMT, ALGN, ASML, ATVI, CMCSA, CTSH, FISV, FOXA, GOOGL, IDXX, ISRG, KLAC, MAR, MELI, MNST, NFLX, NVDA, PCAR, PYPL, SNPS, VRSK, 

Five sectors were higher on Wednesday, led by financial XLF +0.67% and materials XLB +0.43%. 

SPY down .11 at 283.18 on 97.0 million shares, 54% above average volume.  Down on higher volume.

VIX up .37 at 11.47

Oil up 1.41 to 65.88

TLT down .67 at 123.04…on 9.0 million shares, 1% below average volume.  Down on lower volume.

GS +2.15% and VZ +1.86%, led the DJIA, 15 advancers.

GWW +18.53%, NAVI +7.96%, and GD +5.68%, led the SPX.

FAST +4.50%, NFLX +4.40%, JD +3.45%, DISH +3.02%, and WYNN +2.89%, led the NDX.

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

Up: DIA,

Down: SPY, IWM, QQQ,

Breadth weakened on Wednesday, as decliners led 1,633 to 1,269 on the NYSE and led 1,855 to 1,006 on the NASDAQ.

The SPY MFC green line is in the upper zone at 97, bullish.

Uptrend sectors:  XLY, XLK, XLF, XLE, XLP, XLV, XLB, XLI,

Neutral sectors: XLRE,

Down trend sectors: XLU,

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past month and it is appropriate to wait for the uptrend to resume before considering entry… BA, CAT, MAR, V, CBOE, IBKR, TRU, WYN, MCD, WYNN, ADBE, PYPL, ANET, RNG, NVDA, ISRG, VRSN, CDNS, AA, WUBA, TAL, EDU, FCAU, LRCX, CC, WB, MU, LYV, FB, A, TTWO, AABA, BABA, CCL, RCL, SHOP, ATVI, SQ, RACE, ALGN,  

39 of 100 NDX stocks closed higher on Wednesday.

83 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0                            

 

Moving Below 30 DMA = 4

AAPL, MU, PAYX, SWKS,  

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

Add Comments here