Pullback Day 2: DJIA -376 at 26,076...State of the Union Tonight...FOMC Wednesday...

After the Close Review of Tuesday’s market action…QQQ, IWM, SPY, DIA, $INDU, UNH, CAT, NTAP, ATVI, COST, more great setups …11:35 pm PST

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Nine sectors were lower on Tuesday, led by utilities XLU +0.18%  and real estate XLRE -0.41%. 

SPY down 2.92 at 281.76 on 131.7 million shares, 48% above average volume.  Down on higher volume.

VIX up .95 at 14.79

Oil down 1.53 to 63.99

TLT down .72 at 122.01 on 12.0 million shares, 23% above average volume.  Down on lower volume.

CAT +0.73% and PG +0.10%, led the DJIA, 2 advancers.

HRS +6.20%, HCA +3.92%, and QRVO +3.64%, led the SPX.

WYNN +4.84%, WDAY +3.21%, AMZN +1.42%, CERN +0.92%, and EA +0.89%, led the NDX.

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

Up: 

Down: QQQ, IWM, SPY, DIA,

Breadth weakened on Tuesday, as decliners led 2,393 to 577 on the NYSE and led 2,214 to 721 on the NASDAQ.

The SPY MFC green line is in the upper zone at 91, 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,  

17 of 100 NDX stocks closed higher on Tuesday.

72 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1                            

CERN,  

Moving Below 30 DMA = 11

ADI, AMAT, BIDU, BMRN, CDNS, HOLX, INCY, KLAC, LRCX, MYL, PAYX,

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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