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
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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