SPY Pulls Back on Light Volume...MU Jumps on Share Buyback, Financials Lead Sectors...

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After spending most of the day in a trading range, SPY, DIA, QQQ, and IWM sold off in last 90 minutes to close lower.  IWM made a slightly higher intra-day high before closing lower for the first time in five days.

The DJIA, closed down 178 points at 24,834, led by weakness in BA, HD, MMM, UNH, CAT and MCD.

MU +6.40%, led the NDX after announcing a $10 billion share buyback.

Three sectors were higher on Tuesday, led by industrial XLI +0.67% and utilities XLU +0.37%.

SPY down .76 at 272.61 on 52.9 million shares, 28% below average volume. Down on lower volume.

VIX up .14 at 13.22

Oil down .53 to 72.13

TLT down .18 at 117.09 on 4.7 million shares.

VZ +0.78%, JPM +0.77%, led the DJIA, 9 advancers.

TJX +3.25%, FITB +3.20% and KIM +3.14%, led the SPX.

MU +6.40%, CELG +2.57%, KLAC +1.96%, and ESRX +1.61%, led the NDX.

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

Up:

Down: QQQ, SPY, DIA, IWM,

Breadth weakened on Tuesday, as decliners led 1,743 to 1,156 on the NYSE and led 1,668 to 1,217 on the NASDAQ.

The SPY MFC green line is in the upper zone and is at 88, 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,

40 of 100 NDX stocks closed higher on Tuesday.

69 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

CMCSA,

Moving Below 30 DMA = 2

AAL, WBA,

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

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