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Stocks rallied moderately on Wednesday led by small caps and tech,
following a sharp
selloff on Monday and Tuesday.
Markets are closed on Thursday and are open for a half day on Friday, closing at 1 pm ET.
SPY and DIA are still in an inverse H&S pattern while IWM and QQQ are now in similar low channels. AAPL,
MSFT, AMZN, CMCSA and CSCO
accounted for almost 75 of the 115 point NDX decline on Tuesday.
The DJIA, closed down .95 point at 24,465, led by strength in CAT, CVX, MSFT, IBM and GS. This is the second close below 25,000 since Oct. 30.
Seven of eleven sectors were higher on Wednesday,
led by energy XLE +1.57% and
communication XLC +1.19%.
SPY up .90 at 265.02 on 75.5 million
shares, 39% below average volume. Up on lower volume.
VIX down 1.68 at 20.80
Oil up 1.25 at 54.64
TLT down .04 at 115.02 on 4.9 million shares.
NKE +1.76%, MSFT +1.38%, led the DJIA, 15 advancers, +15
FL +14.91%, HBI +6.58% and EQT +6.46%, led the SPX.
ADSK +9.74%, CTRP +6.26%, LBTYA +5.57%, and WDAY +4.96% led
the NDX.
Long term up
trend intact. 3-day short term trend is down.
Up: IWM, QQQ, SPY, DIA,
Down:
Breadth strengthened
on Wednesday, as advancers led 2,160 to 762 on the NYSE and decliners led 2,236 to 782 on the NASDAQ
The SPY
MFC green line is pointed down at 30 and is short-term
bearish.
Uptrend sectors: XLRE, XLU, XLP,
Neutral sectors:
XLV, XLF, XLB, XLY, XLI,
Down trend sectors: XLE,
XLC, XLK,
The 6-month intermediate
trend is sideways. The ten-day trend is down.
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Down
78 of 100 NDX stocks closed higher on Wednesday.
39
NDX stocks are above their 30
DMA. SBUX, WBA, TSLA, PEP, XLNX,
CMCSA, INTC, AAL, FOXA, MDLZ, ULTA, MNST, SYMC, FAST, MCHP, MYL, VRSK, CTXS,
HSIC, XRAY, ADI, MAR, NXPI, MXIM, NTES, AMAT, HOLX, KLAC, PAYX, PCAR, AMGN, ADSK,
AVGO, CSX, CTAS, ORLY, SHPG, VOD, WDAY,
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 8
ADSK, AVGO, CSX, CTAS, ORLY, SHPG, VOD,
WDAY,
Moving Below 30 DMA = 2
BIIB, TXN,
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