After the Close Review of Tuesday’s market action…QQQ, trend shift up short-term,,
sideways over seven days, SPY, IWM, DIA,
BA, CSCO, NKE, JPM, MSFT, TRV, V, AXP, MAR setups…10:35 pm PST
Stocks moved lower on heavy volume with SPY logging its third heaviest selling
volume day of the past two years. Only
June 24, 2016 and this Monday had larger volume down days. SPY
closes below Tuesday’s low and the next support low at 254.33. There was a rebound after the close as NVDA had positive earnings reaction in
after hours.
The DJIA rose 39 points to 24,640 led by strength in GS, MMM, CAT, AAPL and WMT.
Eight sectors were higher on Tuesday, led by discretionary XLY +0.52%, and staples XLP +0.46%.
SPY up .66 at 266.00 on 81.2 million shares, 36%
below average volume. Up on lower
volume.
VIX down .64 at 24.97
Oil down .43 to 58.95
TLT up .53.at 118.99 on
8.1 million shares, 36% below average volume. Up on lower volume.
CSCO +1.55%, and WMT +1.44%, led
the DJIA, 14 advancers.
UAA +17.36%, ABC
+9.30%, and
FOSL +7.75%, led the SPX.
MELI +3.70%, TSLA
+2.51%, JBHT +2.11%,
AMZN +2.04% and NVDA +2.02% led the NDX.
Intermediate
and long term up trend intact. 3-day short term trend is up.
Up:
QQQ, SPY, IWM, DIA,
Down:
Breadth weakened on Tuesday, as advancers led 1,664 to 1,260 on the NYSE and led 1,662 to 1,193 on the NASDAQ.
The SPY MFC green
line turned at 26, 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… CBOE, IBKR, ADBE, ANET, TAL, EA, EBAY, TTWO,
SHOP, LYV, SQ, RACE, ALGN, ATVI, FB,
FCAU, WB, RNG, AABA, BABA, CCL, RCL, BA, CAT, MAR, V, TRU, WYN, WYNN, PYPL,
NVDA, ISRG, VRSN, AA, WUBA, EDU, CC, MU, A,
63 of 100 NDX stocks closed
higher on Tuesday.
16
NDX stocks are above their 30 DMA.
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 0
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
3 comments:
Really appreciate sharing the nuances you showed us today. It helps me 'see' the trading action instead of 'feeling' or 'thinking' I know what is happening. Too many years of indoctrination in the feel and think method. Finally those obstacles are breaking down and I can see again.
Thanks Dave
Dave.....Your Chart Analysis ix PRICELESS! Thank you for your videos. It is my daily routine.
Thank you for taking the time to continually provide this insight and reinforcement for us (me). Really is appreciated.
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