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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