Markets Closed on Good Friday...Enjoy the Easter Holiday...Markets Bounce Above Wednesday's High as Breadth Strengthens...

After the Close Review of Thursday’s market action…QQQ, DIA, SPY, IWM, $VIX, INTC, NVDA, NFLX ADBE, BA,  more great setups …11:00 pm PST

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The DJIA, closed up 254 points at 24.103, led by strength in BA, HD, MMM, V, GS, INTC and CAT.   

Nine sectors were higher on Thursday, led by energy XLE +2.11%, and technology XLK +1.98%.

SPY up 3.32 at 263.15 on 124.2 million shares, 12% above average volume.  Up on lower volume.

VIX down 2.90 at 19.97

Oil up .24 to 64.91

TLT up .59 at 121.90 on 9.6 million shares.

INTC +5.00%, CSCO +2.95% led the DJIA, 25 advancers.

CNC +6.50%, MRO +5.29% and PVH +5.15%, led the SPX.

NVDA +4.63%, MELI +4.45% and FB +4.42% led the NDX.

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

Up: QQQ, DIA, SPY, IWM

Down:

Breadth strengthened on Thursday, as advancers led 2,313 to 627 on the NYSE and led 1,938 to 984 on the NASDAQ.

The SPY MFC green line is pointed down at 23, short-term bearish. 

Uptrend sectors:  XLRE,

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

Down trend sectors: XLP,

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

91 of 100 NDX stocks closed higher on Thursday.

16 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 9

ADBE, ADI, COST, EXPE, HSIC, INTU, ORLY, ROST, VRSK,

Moving Below 30 DMA = 0

The intermediate and long-term trends are still up.  The three-month trend is sideways.  The eight-day trend is down.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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Range Day Report: Grinder Hides Breadth as NYSE Advancers Lead Decliners...

After the Close Review of Wednesday’s market action… $INDU, GS, TRV, WMT, MRK, PG, CVX, AAPL, CAT, INTC, DWDP, IWM, SPY, QQQ, AMZN, TSLA, NFLX, NVDA, AAPL, INTC, MU, ATVI, BA, MS, TXN, MSFT, ADBE, CRM, WDC, WLL, STX, ADSK,  more great setups …10:23 pm PST

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The grinder worked overtime on Wednesday as the SPX opened slightly higher and went up, down, up, down, up, down, up, down, up, down, up, down, up, down, up and down.  Yes, it really did.  Check out the one day chart.  And so did the DIA, IWM, SPY and QQQ.  Classic range day!  Hidden in the range was a strengthening in the breadth of the market as 4 sectors moved higher and advancers led decliners on the NYSE.

NVDA -1.85% continued to fall early but found a support level and then channeled for the second half of the day.  AMZN, AAPL, INTC, NFLX, CSCO, TSLA, AVGO, BIDU, PYPL, AMAT and BKNG accounted for 66 of the 69 points the NDX fell on Wednesday.

Remember that tomorrow is the last day of trading this week and you may need to close expiring options positions before the close.  Three-day Easter weekend beginning with Good Friday.

The DJIA, closed down 9 points at 23,848, led by strength in GS, TRV, WMT, MRK and PG offset by weakness in CVX, AAPL, CAT, INTC, and DWDP. 

Four sectors were higher on Wednesday, led by real estate XLRE +1.83%, and staples XLP +1.38%.

SPY down .77 at 259.83 on 146.4 million shares, 33% above average volume.  Down on higher volume.

VIX up .37 at 22.87

Oil up .01 to 64.67

TLT up .32 at 121.31 on 7.4 million shares.

MRK +2.49%, WMT +2.00% led the DJIA, 16 advancers.

M +4.34%, EQR +3.71% and SPG +3.62%, led the SPX.

SHPG +12.15%, CELG +3.03% and REGN +2.81% led the NDX.

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

Up:

Down: DIA, IWM, SPY, QQQ,

Breadth strengthened on Wednesday, as advancers led 1,505 to 1,392 on the NYSE and decliners led 1,630 to 1,260 on the NASDAQ.

The SPY MFC green line is pointed down at 27, short-term bearish. 

Uptrend sectors:  XLRE,

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

Down trend sectors: XLP,

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

31 of 100 NDX stocks closed higher on Wednesday.

7 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

REGN, SHPG,

Moving Below 30 DMA = 6

ADBE, ADI, ADSK, INTU, MCHP, MU, 

The intermediate and long-term trends are still up.  The three-month trend is sideways.  The eight-day trend is down.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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Monday Giveth and Tuesday Taketh Away...Stocks Roll Over Back to Support...

After the Close Review of Tuesday’s market action… $INDU, BA, GS, AAPL, MMM, MSFT, V, SPY, IWM, QQQ, FB, NVDA, CSCO, BAC, CRM, ADBE, AMAT, more great setups …9:55 pm PST

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Futures moved up overnight and stocks were positive until a selloff began around 1 pm ET.  Attributed to trade concerns, below forecast consumer confidence and collapsing technology stocks, broad indexes gave back much of Monday’s gains.  NVDA -7.76% dropped after the company announced it will suspend self-driving testing.

  

The DJIA, closed down 344 points at 23,857, led by weakness in BA, GS, AAPL, MMM, MSFT, and V. 

Two sectors were higher on Tuesday, led by XLU +1.43%, and real estate XLRE +3.39%.

SPY down 4.51 at 260.60 on 129.9 million shares, 20% above average volume.  Down on lower volume.

VIX up 1.47 at 22.50

Oil down .83 to 64.66

TLT up 1.28 at 120.99 on 9.1 million shares.

GE +4.27%, PG +1.81% led the DJIA, 5 advancers.

PCG +2.50%, DRE +2.40% and XEL +2.20%, led the SPX.

DISH +0.43%, WYNN +0.41%and SHPG +0.26% led the NDX.

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

Up:

Down: DIA, SPY, IWM, QQQ,

Breadth weakened on Tuesday, as decliners led 1,988 to 933 on the NYSE and led 2,217 to 704 on the NASDAQ.

The SPY MFC green line is pointed down at 38, defensive. 

Uptrend sectors:  XLRE,

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

Down trend sectors: XLP,

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

3 of 100 NDX stocks closed higher on Tuesday.

11 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 24

ALGN, AMAT, AMZN, ASML, CSCO, CTAS, CTRP, CTXS, EA, FOXA, IDXX, ILMN, JBHT, LBTYA, LRCX, MSFT, NFLX, NVDA, SIRI, ULTA, VRSK, WDAY, WDC, XLNX

The intermediate and long-term trends are still up.  The three-month trend is sideways.  The eight-day trend is down.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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Markets Bounce...MSFT, ADBE, NFLX, INTC, LOW, ADI, and LRCX Lead Indexes...

After the Close Review of Monday’s market action… SPY, $VIX, DIA, QQQ, IWM, MU, SQ, ADBE, NFLX, TXN, AMZN, ADSK, INTC, NVDA, XLK, XLF more great setups …10:48 pm PST

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Futures moved up overnight and after an early morning pullback QQQ, DIA, SPY and IWM soared following a support bounce late morning.  QQQ and IWM are support bounces in ascending triangles and SPY and DIA are sideways channel bounces.   

The DJIA, closed up 669 points at 24,202, led by strength in GS, BA, AAPL, MSFT, UNH, CAT, MMM, HD, IBM, UTX, V, TRV, JPM, INTC and MCD. 

All ten sectors were higher on Monday, led by XLK +3.87%, and financial XLF +3.39%.

SPY up 7.06 at 265.11 on 141.4 million shares, 30% above average volume.  Up on lower volume.

VIX down 3.84 at 21.03

Oil down .25 to 65.49

TLT down .46 at 119.71 on 8.2 million shares.

INTC +6.32%, AAPL +4.75% led the DJIA, 29 advancers.

LOW +6.60%, ADI +6.17% and LRCX +6.08%, led the SPX.

MSFT +7.57%, ADBE +6.46%and NFLX +6.45% led the NDX.

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

Up: QQQ, DIA, SPY, IWM,

Down:

Breadth strengthened on Monday, as advancers led 2,251 to 678 on the NYSE and led 2,072 to 872 on the NASDAQ.

The SPY MFC green line is pointed down at 50, defensive. 

Uptrend sectors:  XLRE,

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

Down trend sectors: XLP,

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

98 of 100 NDX stocks closed higher on Monday.

35 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 24

ADI, ALGN, AMAT, AMZN, ASML, CSCO, CTAS, CTRP, CTXS, EA, FOXA, IDXX, ILMN, INTU, JBHT, LBTYA, MSFT, NVDA, SBUX, SIRI, ULTA, WDAY, WDC, XLNX

Moving Below 30 DMA = 0

The intermediate and long-term trends are still up.  The three-month trend is sideways.  The eight-day trend is down.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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Indexes Move to February Support...

A brief review due to travel on Friday and the weekend…

© 2018

The DJIA, closed down 424 points to 23,533, led by weakness in MMM, GS, AAPL, HD, TRV, IBM, V, JPM, UHG, CAT and MSFT.  

All sectors were lower on Friday, with the weakest financial XLF -3.04%, and materials XLK -2.67%.

SPY down 5.62 at 258.05 on 183.5 million shares, 62% above average volume.  Down on higher volume.

VIX up 1.53 at 24.87

BA +0.43%, NKE +0.33% led the DJIA, 2 advancers.

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

Up:

Down: DIA , SPY, IWM, QQQ,

Breadth continued weak on Friday, as decliners led 2,331 to 591 on the NYSE and led 2,280 to 622 on the NASDAQ.

The SPY MFC green line is pointed down at 54, defensive. 

Uptrend sectors:  XLRE,

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

Down trend sectors: XLP,

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

5 of 100 NDX stocks closed higher on Friday.

11 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0                            

 

Moving Below 30 DMA = 15

ADI, ALGN, AMAT, AMZN, ASML, CTRP, CTXS, IDXX, ILMN, INTU, SBUX, ULTA, WDAY, WDC, XLNX 

The intermediate and long-term trends are still up.  The three-month trend is sideways.  The eight-day trend is down.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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DIA Breaks Support...SPY, QQQ at Support...IWM Above...

© 2018

The DJIA, closed down 724 points to 23,957, led by weakness in BA, MMM, GS, CAT, UNH, JPM, IBM, JNJ, CVX, AXP and V. 

One sector was higher on Thursday, utilities XLU +0.44%, and materials XLB +1.13%.

KO -0.56%, and PG -0.82%, led the DJIA, 0 advancers.

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

Up:

Down: IWM, QQQ, SPY, DIA

Breadth weakened on Thursday, as decliners led 2,398 to 531  on the NYSE and led 2,330 to 574 on the NASDAQ.

The SPY MFC green line turned down at 64, defensive. 

Uptrend sectors:  XLK, XLRE,

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

Down trend sectors: XLP,

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

1 of 100 NDX stocks closed higher on Thursday.

27 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0                            

 

Moving Below 30 DMA = 30

AAL, ADP, BIDU, BMRN, CA, CSCO, CSX, CTAS, CTSH, EA, EXPE, FAST, FISV, FOXA, INCY, ISRG, JBHT, KLAC, MAR, MXIM, NTES, NVDA, PAYX, PYPL, REGN, SIRI, SWKS, TMUS, TXN, VRTX,

The intermediate and long-term trends are still up.  The three-month trend is sideways.  The eight-day trend is down.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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