SPX Short-term Rally Extends to Day 9, Rises to Dec 10 Support Low...

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The broad market gapped higher at the open as US/China trade talks appear to be making meaningful progress.  The SPX pulled back to Monday’s close during the first 90 minutes of trading to fill the gap.  Buyers took control for the next five hours and the SPX closed 24 points higher.

   

IWM broke through and closed above its Dec 10 low joining QQQ at the low end of a sideways channel.  SPY and DIA are nearing, but still below their Dec 10 lows.

The adage “the trend is your friend until it bends” seems to apply as the short-term up trend is in its ninth day.

The DJIA, closed up 256 points at 23,787, led by strength in BA, UNH, JNJ, AAPL and UTX.  

All eleven sectors were higher on Tuesday, led by real estate XLRE +1.74% and communication services XLC +1.68%.

SPY up 2.39 at 256.97 on 102.5 million shares, 27% below average volume. Up on similar volume.

VIX down .93 at 20.47 

Oil up 1.02 at 49.79

TLT down .32 at 121.43 on 7.7 million shares. 

BA +3.79%, VZ +2.93%, led the DJIA, 26 advancers, +4

NKTR +11.09%, UNP +8.73% and FOSL +4.82%, led the SPX.

MNST +6.23%, VRSN +3.65%, TTWO +3.36%, and FB +3.25% led the NDX.

Long term up trend intact.  3-day short term trend is up.

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth weakened on Tuesday, as advancers led 2,305 to 653 on the NYSE and led 2,052 to 987 on the NASDAQ

The SPY MFC green line is pointed up at 39 and is short-term bullish.

Uptrend sectors:  

Neutral sectors:  XLU, XLRE, XLB, XLY, XLC, XLV,

Down trend sectors: XLP, XLI, XLK, XLF, XLE,

The 6-month intermediate trend is down.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

76 of 100 NDX stocks closed higher on Tuesday.

45 NDX stocks are above their 30 DMA:  DLTR, REGN, WDAY, XRAY, ROST, LULU, CELG, INCY, NFLX, AMGN, AMZN, BIIB, CDNS, CTRP, EA, EBAY, FB, GILD, GOOGL, INTC, JD, PCAR, PYPL, SIRI, TMUS, VRTX, WYNN, XLNX, AMD, ATVI, CTAS, MELI, NTES, TXN, ULTA, VRSN, ADBE, ADSK, BMRN, CHKP, EXPE, HAS, INTU, MCHP, TTWO,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 9

ADBE, ADSK, BMRN, CHKP, EXPE, HAS, INTU, MCHP, TTWO,

Moving Below 30 DMA = 2

AMAT, KLAC,

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