Political Concerns in Italy Lead the Euro Lower,Bonds Rise as Interest Rates, Financials and SPX Move Lower...

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Futures fell overnight as concerns over political instability in Italy increased.  The Euro fell to a multi-month low and bonds rose while interest rates, the financial sector and the SPX all fell.

IWM is a bull flag setups while QQQ is a horizontal breakout setup.   

The DJIA, closed down 391 points at 24,361, led by weakness in GS, BA, JPM, AXP, MMM, TRV, UNH, MCD and DIS.

One sector was higher on Tuesday, led by real estate XLRE +0.26% and utilities XLU +0.00%.

SPY down 3.13 at 269.02 on 115.9 million shares, 55% above average volume. Down on higher volume.

VIX up 3.80 at 17.02

Oil down .63 to 66.87

TLT up 2.62 at 122.24 on 21.6 million shares.

KO +0.66%, PFE +0.06%, led the DJIA, 2 advancers.

FL +20.16%, DGX +4.88% and LH +3.84%, led the SPX.

BMRN +4.77%, AAL +3.10%, AVGO +2.67%, and INCY +2.64%, led the NDX.

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

Up:

Down: IWM, QQQ, SPY, DIA,

Breadth was mixed on Tuesday, as decliners led 1,707 to 1,210 on the NYSE and  led 1,860 to 1,064 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 85, bullish. 

Uptrend sectors:  XLE, XLK, XLRE,

Neutral sectors: XLF, XLY, XLV, XLI, XLB, XLU

Down trend sectors: XLP

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 entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, TAL, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA, SQ, ALGN, AKAM, SHOP,

BA, MU, MAR, CMA, CME, ANET, HRS, KORS,

DLTR, WB, EL, TPR,

16 of 100 NDX stocks closed higher on Tuesday.

59 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

AMAT,

Moving Below 30 DMA = 11

AAL, ADSK, ALXN, ASML, ISRG, MAR, MYL, SBUX, VRSK, VRTX, WDAY, 

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

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