Markets Continue to Slide after Fed Speak and Tariffs Talk Ignite Trade War Concerns...

After the Close Review of Thursday’s market action…$INDU, $VIX, IWM, SPY, QQQ, DIA, ADBE, AMZN, CSCO, MU, NFLX, SWKS, BKNG, NKE, AAPL, AMAT, INTC, MSFT, BA, BBY, X more great setups …8:36 pm PST

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Stocks rallied on Thursday after Fed Chairman Powell’s testimony to the Senate before reversing and falling to a 3-day low, -3.67% since Monday’s close.  It was after comments about tariffs on steel and aluminum from the President Trump that the market started to rollover relentlessly on Thursday. 

The DJIA, fell 420 points to 24,608, was led by weakness in BA, GS, UTX, CAT, MMM, AAPL, HD, JNJ and V. 

NIne sectors were lower on Thursday, led by utilities XLU +0.02%, and energy XLE -0.15%.

SPY down 2.78 at 267.70 on 176.7 million shares, 26% above average volume.  Down on higher volume.

VIX up 2.62 at 22.47

Oil down .21 to 61.34

TLT up .57 at 119.32 on 12.2 million shares, average volume.  Up on higher volume.

KO +0.49%, and VZ +0.46%, led the DJIA, 4 advancers.

NRG +4.10%, BBY +3.95%, and EVHC +3.95%, led the SPX.

SHPG +4.28%, LBTYA +2.34%, TMUS +2.13%, WBA +1.90% and CSX +1.49% led the NDX.

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

Up:

Down: IWM, SPY, QQQ, DIA,

Breadth improved on Thursday, as decliners led 1,716 to 1,174 on the NYSE and led 1,737 to 1,150 on the NASDAQ.

The SPY MFC green line turned down at 60, defensive. 

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,

16 of 100 NDX stocks closed higher on Thursday.

35 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 1                            

TMUS,

Moving Below 30 DMA = 15

ADI, ALGN, AMGN, CHKP, COST, CTXS, FAST, HAS, INTU, ISRG, JD, NVDA, SBUX, TSLA, 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: Down

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