Stocks Slide after Tillerson Fired as Secretary of State and Tech Stocks see Profit Taking...

After the Close Review of Tuesday’s market action… IWM, SPY, DIA, QQQ, $VIX, CRM, ATVI, NFLX, ADSK, AMAT, AKAM, SQ, NVDA, V, MSFT, AAPL, INTC more great setups …11:09 pm PST

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Stocks rallied on Tuesday morning after the CPI report +0.2% was as forecast.  Minutes later news that Rex Tillerson would resign as Secretary of State caused the market to pull back and then recover.  Later as it became known that Tiller was being fired by the President, markets sold off more aggressively and continued lower for the balance of the day.

The DJIA, down 171 points to 25,007, led by weakness in BA, GS, MSFT, AXP and MMM.  The DJIA closed above 25,000 for the thirtieth time this year.

Three sectors were higher on Tuesday, led by real estate XLRE +0.32%, and utilities XLU +0.22%.

SPY down 1.80 at 276.72 on 91.9 million shares, 32% below average volume.  Down on higher volume.

VIX up .57 at 16.35

Oil down .53 to 60.85

TLT up .60 at 119.19 on 7.4 million shares, 34% below average volume.  Up on higher volume.

UNH +1.87%, and JNJ +1.30%, led the DJIA, 8 advancers.

PCG +6.32%, XRX +5.56%, and ALK +4.58%, led the SPX.

BIIB +1.19%, JBHT +0.97%, BMRN +0.82%, GILD +0.81% and ROST +0.75% led the NDX.

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

Up:

Down: IWM, SPY, DIA, QQQ

Breadth weakened on Tuesday, as decliners led 1,731 to 1,178 on the NYSE and led 1,834 to 1,049 on the NASDAQ.

The SPY MFC green line pointed up at 69, 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,

21 of 100 NDX stocks closed higher on Tuesday.

75 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2                            

ORLY, ULTA,

Moving Below 30 DMA = 6

CERN, CHTR, COST, EBAY, EXPE, SHPG,

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: Up

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