U.S. to Renew Sanctions...Indexes Close Mixed as Energy Leads Sectors...

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Like an FOMC announcement, markets channeled sideways until 2pm EDT when the President announced plans to renew sanctions against Iran.  Then price volatility went up, down, up, down and up going into the close. 

IWM finished higher while SPY and DIA finished unchanged.  QQQ finished down 17 cents.  While Monday’s SPY low was penetrated seven times, SPY finished unchanged and above Monday’s low.  Continue yellow alert.

The DJIA, closed up 2 points at 24,360, led by strength in CVX, JPM, MMM, HD and AXP, offset by weakness in BA and UNH.

Four sectors were higher on Tuesday, led by energy XLE +0.78% and industrials XLI +0.71%.

SPY up .00 at 266.92 on 67.4 million shares, 30% below average volume. Unchanged on higher volume.

VIX down .04 at 14.71

Oil up .04 to 70.04

TLT down .11 at 118.69 on 6.0 million shares.

JPM +2.36%, GE +1.42%, led the DJIA, 14 advancers.

FOSL +12.83%, JEC +9.50% and EXPD +8.77%, led the SPX.

BIDU +3.62%, MCHP +2.15%, MAR +1.95%, and ROST +1.76%, led the NDX.

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

Up: IWM, SPY, DIA,

Down:  QQQ,

Breadth weakened on Tuesday, as advancers led 1,474 to 1,421 on the NYSE and led 1,551 to 1,329 on the NASDAQ.

The SPY MFC green line is pointed up and is at 60, bullish. 

Uptrend sectors:  XLU, XLE, XLK, XLRE,

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

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 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,

51 of 100 NDX stocks closed higher on Tuesday.

58 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 4

AMAT, AVGO, FAST, XLNX,

Moving Below 30 DMA = 2

LBTYA, MELI,

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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