SPX Pauses at Horizontal Resistance forms Spinning Top...AAPL, V, WLL Hit New High...

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Oil, the energy sector and the broad market pulled back this afternoon after it was announced that the President would announce on Tuesday a decision on Iran.  Broad indexes paused and pulled back in the area of horizontal resistance in their respective sideways trends.  Be prepared if a break below the low of the high day occurs…yellow alert.

The DJIA, closed up 94 points at 24,357, led by strength in BA, CAT, GS, UTX, AAPL and DIS. 

Six sectors were higher on Monday, led by technology XLK +0.70% and industrials XLI +0.66%.

SPY up .90 at 266.92 on 55.3 million shares, 44% below average volume. Up on lower volume.

VIX down .02 at 14.75

Oil up .21 to 70.00

TLT down .19 at 118.80 on 3.6 million shares.

CAT +2.36%, NKE +1.82%, led the DJIA, 17 advancers.

GCI +12.27%, MDT +4.61% and URI +1.09%, led the SPX.

ILMN +4.93%, NVDA +4.02%, LBTYA +3.65%, and TSLA +2.95%, led the NDX.

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

Up: IWM, QQQ, DIA, SPY,

Down:  

Breadth weakened on Monday, as advancers led 1,830 to 1,066 on the NYSE and led 1,782 to 1,122 on the NASDAQ.

The SPY MFC green line is pointed up and is at 56, bullish. 

Uptrend sectors:  XLU, XLE, XLK, XLRE,

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

Down trend sectors: XLP

Intermediate-term trending stocks:  Some 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… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA,

SQ, CMA, CME, ALGN, TAL, MU, ANET, AKAM, HRS, KORS, BA,

DLTR, MAR, WB, SHOP, EL, TPR,

74 of 100 NDX stocks closed higher on Monday.

56 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 3

CERN, MCHP, MELI,

Moving Below 30 DMA = 3

CTSH, HOLX, XRAY

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

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