DJIA and SPX Move Lower on Materials, Financial and Industrial Sectors...SQ and PYPL Rise...Bull Flags Flying Tonight...

After the Close Review of Wednesday’s market action… QQQ, IWM, SPY, DIA, $VIX, AMAT, MU, ADSK, INTC, NFLX, SQ, PYPL, NVDA, AAPL, GOOGL, MSFT, more great setups …10:55 pm PST

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Stocks opened higher on Wednesday as futures moved up overnight, however, like Tuesday selling took over and prices moved lower throughout the day.  Numerous bull flags are forming on this pull back including NFLX, AMAT, MU, ADSK and AMZN.

The DJIA, down 248 points to 24,758, led by weakness in BA, GS, MMM, JNJ, DWDP, UNH, AAPL and CVX. 

Two sectors were higher on Wednesday, led by utilities XLU +1.03% and real estate XLRE +0.19%,.

SPY down 1.42 at 275.30 on 105.8 million shares, 22% below average volume.  Down on higher volume.

VIX up .88 at 17.23

Oil up .08 to 60.93

TLT up 1.05 at 120.24 on 10.1 million shares, 10% below average volume.  Up on higher volume.

CSCO +0.27%, and DIS+0.16%, led the DJIA, 5 advancers.

TRIP +4.19%, EIX +2.82%, and AGN +2.37%, led the SPX.

PYPL +3.88%, EXPE +3.42%, NFLX +1.79%, ASML +1.69% and ALXN +1.32% led the NDX.

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

Up:

Down: QQQ, IWM, SPY, DIA,

Breadth strengthened slightly on Wednesday, as decliners led 1,660 to 1,231 on the NYSE and led 1,759 to 1,146 on the NASDAQ.

The SPY MFC green line pointed up at 71, bullish. 

Uptrend sectors:  XLK,

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

Down trend sectors: XLP, 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… 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,

38 of 100 NDX stocks closed higher on Wednesday.

71 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2                            

EXPE, SHPG,

Moving Below 30 DMA = 6

MDLZ, ORLY, TSLA, TTWO, ULTA, XRAY

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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