SPX Momentum Slows as Earning's Season Continues...

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The DJIA, closed down 38 points at 24,748, led by weakness in IBM, JNJ and UNH offset by strength in HD, BA, CAT and CVX.

Five sectors were higher on Wednesday, led by energy XLU +1.57% and industrials XLI +1.04%.

SPY up .20 at 270.39 on 57.3 million shares, 41% below average volume. Up on lower volume.

VIX up .35 at 15.60

Oil up 2.09 to 68.76

TLT down .97 at 120.30 on 8.1 million shares.

HD +2.82%, CVX +1.94%, led the DJIA, 14 advancers.

DVN +7.15%, TXT +6.76% and NFX +5.88%, led the SPX.

ISRG +8.17%, CSX +7.85%, SHPG +4.80%, and AAL +4.39%, led the NDX.

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

Up: IWM, SPY, QQQ

Down:  DIA,

Breadth weakened on Wednesday, as advancers led 1,603 to 1,266 on the NYSE and led 1,497 to 1,358 on the NASDAQ.

The SPY MFC green line is pointed up and is at 53, bullish. 

Uptrend sectors:  XLRE, XLU, XLE,

Neutral sectors: XLY, XLF, XLV, XLI, XLB, XLK, XLP

Down trend sectors:

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before considering entry… ADBE, IBKR, ETFC, EL, TPR, WIX, NDAQ, WYNN, MU, VRSN, ANET, AKAM, COP, CRM, HRS, KORS, NTAP,

SQ, CMA, CME, RNG, AA, WUBA, FCAU, MA, V, ALGN, TAL,

BA, DLTR, NVDA, MAR, ISRG, WB, RACE, SHOP,

56 of 100 NDX stocks closed higher on Wednesday.

60 NDX stocks are above their 30 DMA.  WYNN, SHPG, ADBE, HSIC, SBUX, VRSK, DLTR, ULTA, VOD, ADP, ASML, CTXS, INTC, PCAR, STX, SYMC, AAPL, ADI, ALGN, BMRN, CELG, CHKP, COST, ILMN, MSFT, NFLX, AVGO, FOXA, CA, CSCO, CSX, CTAS, EXPE, IDXX, INTU, JBHT, MNST, ROST, TMUS, ADSK, AMZN, BKNG, CDNS, CTSH, EA, ESRX, FISV, GOOGL, HOLX, ISRG, MAR, NVDA, PYPL, SNPS, WDAY, CERN, DISH, EBAY, SIRI, WBA,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 5

CERN, DISH, EBAY, SIRI, WBA,

Moving Below 30 DMA = 4

AMAT, FB, LRCX, MYL,

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

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

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