DJIA: Down 380...Early Rally Fades after Higher than Expected Oil Inventories...Powell to Testify before Senate on Thursday...

After the Close Review of Wednesday’s market action…$INDU, $VIX, QQQ, SPY, DIA, IWIM, INTC, MU, NTAP, NFLX, TXN, STX, ADBE, SQ, AAL, PYPL, BAC, AAPL, CSCO, MSFT, great setups …11:07 pm PST

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Stocks rallied on Wednesday before falling after oil and energy stocks dropped after oil inventories increased more than expected.  A final thrust of selling before the close was attributed to Fed Chairman Powell’s scheduled testimony to the Senate on Thursday at 10 am ET.

The DJIA fell 380 points to 25,029 was led by weakness in CAT, UNH, MMM, GS, HD, TRV, BA, AXP, DWDP and PG.  The DJIA closed above 25,000 for the twenty-seventh time this year.

Ten sectors were lower on Wednesday, led by real estate XLRE -0.13%, and discretionary XLY -0.45%.

SPY down 2.78 at 271.65 on 121.9 million shares, 11% below average volume.  Down on higher volume.

VIX up 1.26 at 19.85

Oil down 1.29 to 61.55

TLT up .75 at 118.75 on 9.3 million shares, 23% above average volume.  Up on lower volume.

UTX +0.62%, and AAPL -0.15%, led the DJIA, 1 advancer.

TJX +6.95%, EVHC +4.79%, and AAP +4.05%, led the SPX.

BKNG +6.77%, MELI +3.34%, ORLY +2.35%, MAR +2.24% and QVCA +2.01% led the NDX.

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

Up:

Down: QQQ, SPY, DIA, IWM

Breadth improved slightly on Wednesday, as decliners led 2,106 to 826 on the NYSE and led 2,117 to 798 on the NASDAQ.

The SPY MFC green line turned at 61, bullish. 

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

Neutral sectors: XLE,

Down trend sectors: XLP, XLRE, 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… IBKR, ADBE, TAL, EA, EBAY, SHOP, LYV, SQ, RACE, BA, NVDA, VRSN, ATVI, WB, RNG, V, CAT, MAR, ALGN, CCL, RCL, TRU, WYN, PYPL, A, AABA, BABA, FCAU,  FB, ANET, CBOE, TTWO, WYNN, ISRG, AA, WUBA, EDU, CC, MU,

27 of 100 NDX stocks closed higher on Wednesday. Improved from 12 higher on Tuesday.

49 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 2                            

SBUX, TXN,

Moving Below 30 DMA = 8

ASML, AVGO, CTRP, ESRX, FOXA, JBHT, MDLZ, QCOM,  

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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DJIA: 25,410...Down 299 as Fed Chairman Testifies on Economy Before Congress...

After the Close Review of Tuesday’s market action…SPY, profit protection, retracement, DIA, CAT, CSCO, BA, INTC, QQQ, MU, AAPL, MSFT, GOOGL, NFLX, TXN, AMZN, IWM, great setups …10:45 pm PST

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Fed Chairman Powell testified before Congress on Tuesday as a pullback occurred in stocks that some attributed to the interpretation that a strong economy could lead to more than three rate hikes this year.

The DJIA fell 299 points to 25,410, led by weakness in DIS, HD, MMM, GS, MCD, CAT, AXP and IBM.  The DJIA closed above 25,000 for the twenty-sixth time this year.

Ten sectors were lower on Tuesday, led by financial XLF -0.95%, and technology XLK -1.01%.

SPY down 3.47 at 274.43 on 98.5 million shares, 28% below average volume.  Down on higher volume.

VIX up 2.79 at 18.59

Oil down 1.16 to 62.84

TLT down .17 at 118.00 on 12.5 million shares, 2% above average volume.  Down on higher volume.

INTC +1.63%, and BA +0.32%, led the DJIA, 2 advancers.

AES +7.37%, M +3.86%, and DISCA +3.46%, led the SPX.

MCHP +2.51%, ULTA +2.08%, ESRX +1.29%, MU +1.25% and IDXX +1.02% led the NDX.

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

Up:

Down: DIA, QQQ, SPY, IWM

Breadth weakened on Tuesday, as decliners led 2,276 to 675 on the NYSE and led 2,197 to 695 on the NASDAQ.

The SPY MFC green line turned at 61, bullish. 

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

Neutral sectors: XLE,

Down trend sectors: XLP, XLRE, 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… IBKR, ADBE, TAL, EA, EBAY, SHOP, LYV, SQ, RACE, BA, NVDA, VRSN, ATVI, WB, RNG, V, CAT, MAR, ALGN, CCL, RCL, TRU, WYN, PYPL, A, AABA, BABA, FCAU,  FB, ANET, CBOE, TTWO, WYNN, ISRG, AA, WUBA, EDU, CC, MU,

12 of 100 NDX stocks closed higher on Tuesday.

55 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0                            

Moving Below 30 DMA = 10

ADP, ALXN, CSX, FB, GILD, GOOGL, ILMN, SYMC, TTWO, TXN,

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

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DJIA: 25,709 as MMM, BA, GS and UNH Lead...VIX Continues to Fall...

After the Close Review of Monday’s market action…$INDU, MMM, BA, GS, IBM, TRV, AXP, CAT, CSCO, DIA, QQQ, SPY, IWM, AMZN, AAPL, FB, GOOGL, MSFT, NFLX, TXN, MU, great setup …11:29 pm PST

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The DJIA rose 399 points to 25,709 was led by strength in MMM, BA, GS, UNH, AAPL, IBM, TRV and AXP.  The DJIA closed above 25,000 for the twenty-fifth time this year.

Nine sectors were higher on Monday, led by technology XLK +1.57%, and financial XLF +1.51%.

SPY up 3.19 at 277.90 on 86.4 million shares, 36% below average volume.  Up on lower volume.

VIX down .69 at 15.80

Oil up.43 to 64.00

TLT up .04 at 118.17 on 9.0 million shares, 28% below average volume.  Up on lower volume.

CSCO +3.09%, and MMM +3.00%, led the DJIA, 29 advancers.

HPQ +6.01%, DISCA +4.83%, and BRK/B +3.88%, led the SPX.

QCOM +5.78%, KLAC +3.80%, AMAT +3.16%, MU +3.12% and AAL +3.02% led the NDX.

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

Up: DIA, QQQ, SPY, IWM

Down:

Breadth weakened on Monday, as advancers led 1,955 to 957 on the NYSE and led 1,886 to 1,002 on the NASDAQ.

The SPY MFC green line turned at 59, bullish. 

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

Neutral sectors: XLE,

Down trend sectors: XLP, XLRE, 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… IBKR, ADBE, TAL, EA, EBAY, SHOP, LYV, SQ, RACE, BA, NVDA, VRSN, ATVI, WB, RNG, V, CAT, MAR, ALGN, CCL, RCL, TRU, WYN, PYPL, A, AABA, BABA, FCAU,  FB, ANET, CBOE, TTWO, WYNN, ISRG, AA, WUBA, EDU, CC, MU,

79 of 100 NDX stocks closed higher on Monday.

65 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 9                            

AAL, ALXN, ESRX, GILD, MDLZ, QCOM, TTWO, TXN, XLNX,

Moving Below 30 DMA = 3

MAR, MNST, PYPL,

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

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VIX Lowest Close Since Feb 1 as QQQ, SPY, DIA Breakout...

© 2018

The DJIA rose 347 points to 25,309 was led by strength in GS, CAT, UNH, AAPL, HD, CVX, V, MCD, IBM, JPM, and MSFT.  The DJIA closed above 25,000 for the twenty-fourth time this year.

Ten sectors were higher on Friday, led by utilities XLU +1.14%, and energy XLE +2.17%.

SPY up 4.31 at 274.71 on 92.7 million shares, 31% below average volume.  Up on lower volume.

VIX down 2.23 at 16.49

Oil up .92 to 63.57

TLT up 1.04 at 118.13 on 9.0 million shares, 26% below average volume.  Up on lower volume.

INTC +4.21%, and MSFT +2.54%, led the DJIA, 28 advancers.

HPE +10.54%, JWN +6.54%, and AAP +5.28%, led the SPX.

VRTX +5.27%, MU +5.15%, MELI +4.81%, WDC +4.22% and ALXN +3.79% led the NDX.

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

Up: QQQ, SPY, DIA, IWM

Down:

Breadth strengthened on Friday, as advancers led 2,404 to 529 on the NYSE and led 2,156 to 734 on the NASDAQ.

The SPY MFC green line turned at 56, bullish. 

Uptrend sectors:  XLK, XLY,

Neutral sectors: XLF, XLV, XLI, XLE, XLB,

Down trend sectors: XLP, XLRE, 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… IBKR, ADBE, TAL, EA, EBAY, SHOP, LYV, SQ, RACE, BA, NVDA, VRSN, ATVI, WB, RNG, V, CAT, MAR, ALGN, CCL, RCL, TRU, WYN, PYPL, A, AABA, BABA, FCAU,  FB, ANET, CBOE, TTWO, WYNN, ISRG, AA, WUBA, EDU, CC, MU,

97 of 100 NDX stocks closed higher on Friday.

59 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 23                          

ADI, ADP, ADSK, AMGN, ASML, ATVI, AVGO, COST, CSX, FAST, FB, GOOGL, ILMN, ISRG, JBHT, LRCX, MAR, MNST, PCLN, PYPL, STX, SYMC, VRTX,

Moving Below 30 DMA = 0

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

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Stocks Gyrate on Thursday as Oil, Energy stocks, UTX, MMM, CAT and BA Rise...

After the Close Review of Thursday’s market action…$INDU, HBO setups UTX, MMM, CAT, BA, HD, MCD, DIA, SPY, QQQ, IWM, bull flag setups CSCO, NKE, JPM, V, NVDA, X, COST, NFLX, ADBE, PYPL, AMZN, TLT, $VIX, secular bull market for years …10:00 pm PST

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The DJIA rose 164 points to 24,962 was led by strength in UTX, MMM, CAT, BA, HD, and MCD. 

Eight sectors were higher on Thursday, led by real estate XLRE +1.14%, and energy XLE +1.10%.

SPY up .35 at 270.40 on 110.5 million shares, 18% below average volume.  Up on higher volume.

VIX down 1.30 at 18.72

Oil up 1.31 to 62.65

TLT up .35 at 117.09 on 9.3 million shares, 28% below average volume.  Up on lower volume.

UTX +3.34%, and CAT +2.34%, led the DJIA, 19 advancers.

CHK +21.67%, SCG +10.03%, and SWN +5.43%, led the SPX.

TSLA +3.86%, ALGN +2.99%, PCAR +1.70%, FISV +1.66% and DISH +1.60% led the NDX.

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

Up: DIA, SPY,

Down: QQQ, IWM,

Breadth was mixed on Thursday, as advancers led 1,525 to 1,387 on the NYSE and decliners led 1,678 to 1,184 on the NASDAQ.

The SPY MFC green line turned at 55, bullish. 

Uptrend sectors:  XLY,

Neutral sectors: XLF, XLV, XLI, XLK, XLE, XLB,

Down trend sectors: XLP, XLRE, 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… IBKR, ADBE, TAL, EA, EBAY, SHOP, LYV, SQ, RACE, BA, NVDA, VRSN, ATVI, WB, RNG, CCL, RCL, V, TRU, WYN, PYPL, A, CAT, MAR, AABA, BABA, FCAU, ALGN,  FB, ANET, CBOE, TTWO, WYNN, ISRG, AA, WUBA, EDU, CC, MU,

47 of 100 NDX stocks closed higher on Thursday.

36 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 2                            

ALGN, TSLA,

Moving Below 30 DMA = 4

ASML, ATVI, MAR, STX,

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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Stocks Pull Back after Release of FOMC Minutes...Volume Rises still Below Average...

After the Close Review of Wednesday’s market action…IWM, QQQ, SPY, $VIX, DIA, HD, MMM, WMT, CVX, V, CSCO, BA, JPM, NKE, AMZN, NFLX, ADBE, MAR, NVDA sideways trends, bull flag and hbo setups…9:42 pm PST

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The DJIA fell 166 points to 24,797 was led down by weakness in HD, MMM, WMT, CVX, V and UNH. 

Two sectors were higher on Wednesday, led by financial XLF +0.14%, and industrials XLI +0.03%.

SPY down 1.35 at 270.05 on 98.4 million shares, 26% below average volume.  Down on higher volume.

VIX down .58 at 20.02

Oil down .23 to 61.34

TLT down 1.45 at 116.74 on 12.0 million shares, 5% below average volume.  Down on higher volume.

UTX +2.21%, and MCD +0.94%, led the DJIA, 4 advancers.

AAP +8.21%, GCI +4.01%, and MAT +3.34%, led the SPX.

VRSK +2.26%, AAL +2.05%, HAS +2.94%, QVCA +1.15% and MAR +1.08% led the NDX.

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

Up: IWM,

Down: QQQ, SPY, DIA,

Breadth strengthened on Wednesday, as decliners led 1,592 to 1,355 on the NYSE and advancers led 1,579 to 1,286 on the NASDAQ.

The SPY MFC green line turned at 54, bullish. 

Uptrend sectors:  XLY,

Neutral sectors: XLF, XLV, XLI, XLK, XLE, XLB,

Down trend sectors: XLP, XLRE, 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… IBKR, ADBE, TAL, EA, EBAY, SHOP, LYV, SQ, RACE, BA, NVDA, VRSN, ATVI, WB, RNG, CCL, RCL, V, TRU, WYN, PYPL, A, CAT, MAR, AABA, BABA, FCAU, ALGN,  FB, ANET, CBOE, TTWO, WYNN, ISRG, AA, WUBA, EDU, CC, MU,

34 of 100 NDX stocks closed higher on Wednesday.

38 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 5                            

CHKP, CTRP, MAR, MDLZ, VRSK,

Moving Below 30 DMA = 6

ADSK, ISRG, LRCX, PCLN, SNPS, VRTX,

The intermediate and long-term trends are still up.  The two-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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