QQQ, IWM Pullback...BBY, TGT, COST, MU Rise on a Down Day...RHT Drops After-hours...

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Stocks opened flat and sold off after a series of announcements including Philly Mfg. Index at 19.9, below a 28 forecast, sales tax ruling from SCOTUS, INTC CEO stepping down on top of lingering trade and tariff issues.

SPY is in a bull flag price pattern.  QQQ is a horizontal breakout setup and IWM is a breakout test. 

Other bull flags include:  ADBE, AMD, ATVI, EA, HD, JD, TGT, V, UNH. 

Horizontal breakout setups include:  MSFT, PYPL, TWTR, NTAP

The DJIA, closed down 196 points at 24,461, led by weakness in BA, CAT, CVX, MMM and MCD.

Three sectors were higher on Thursday, led by real estate XLRE +0.60% and utilities XLU +0.34%.

SPY down 1.73 at 274.23, on 71.0 million shares, 1% above average volume. Down on higher volume.

VIX up 1.85 at 14.64

Oil up .44 at 65.80

TLT up .46 at 120.54 on 7.2 million shares.

VZ +1.12%, PG +0.78%, led the DJIA, 5 advancers.

DRI +14.79%, KR +9.74% and FOSL +6.33%, led the SPX.

FOX +1.14%, SHPG +1.11%, ALXN +1.04%, and ORLY +1.02%, led the NDX.

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

Up:

Down: SPY, DIA, QQQ, IWM

Breadth weakened on Thursday, as decliners led 2,001 to 896 on the NYSE and led 2,110 to 827 on the NASDAQ

The SPY MFC green line is in the upper zone and is at 83, bullish. 

Uptrend sectors:  XLY, XLK, XLRE, XLE, XLV

Neutral sectors: XLF, XLI, XLB, XLU, XLP

Down trend sectors:

Intermediate-term trending stocks: 

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

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

DLTR, WB, TPR,

21 of 100 NDX stocks closed higher on Thursday.

70 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 9

ASML, CERN, CSX, EBAY, FAST, SNPS, SWKS, TXN, ULTA,   

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: Down

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