SPY, IWM, QQQ Bull Flag Day 3...SQ Drops in After-hours following EPS...

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SPY formed a hammer on day 3 of its bull flag price pattern:

• IWM, QQQ, DIA, SMH each on day 3 of a bull flag pattern, QQQ, SMH also formed a hammer candle pattern,
• SPX pulls back following trade comments from U.S. trade rep Lighthizer, selling exhausts after 90 minutes and rallies to form a hammer by EOD,
• Fed Chair Powell testifies before House Finance Committee,
• Federated Investors portfolio manager Chiavarone forecasts SPX 3100,
• SQ -6.71% EPS reaction in after-hours trading.

Setups

Bull Flag = SPY, IWM, QQQ, SMH

                   (click image to enlarge)

The DJIA, closed down 72 points at 25,985, falling below 26,000, led by weakness in UNH, HD, PG, DWDP and DIS. 

Four of eleven sectors were higher on Wednesday, led by industrials XLI +0.39% and energy XLE +0.38%.

SPY down .12 at 279.20 on 56.9 million shares, 29% below average volume. Down on similar volume.

VIX down .47 at 14.70

Oil up .99 at 56.98

TLT down 1.38 at 120.43 on 7.7 million shares. 

BA +2.03%, CAT +1.16%, led the DJIA, 13 advancers, -3

BBY +14.11%, CPB +10.03% and TJX +3.70%, led the SPX.

MELI +20.89%, TSLA +5.67%, ILMN +2.64%, and ALXN +2.04% led the NDX.

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

Up: IWM,

Down: SPY, QQQ, DIA,

Breadth strengthened on Wednesday, as advancers led 1,493 to 1,365 on the NYSE and led 1,584 to 1,431 on the NASDAQ

The SPY MFC green line is in the upper zone at 93 and is short-term bullish.

Uptrend sectors: XLRE, XLC, XLI, XLU, XLB,

Neutral sectors:  XLK, XLY, XLV, XLP, XLF, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

43 of 100 NDX stocks closed higher on Wednesday.

83 NDX stocks are above their 30 DMA:  REGN, WDAY, ROST, LULU, CELG, INCY, NFLX, CDNS, CTRP, EBAY, FB, PCAR, PYPL, TMUS, WYNN, XLNX, CTAS, MELI, TXN, ULTA, VRSN, ADBE, ADSK, INTU, MCHP, ADI, AMAT, AVGO, ISRG, KLAC, LRCX, NXPI, SNPS, FAST, MDLZ, MNST, PAYX, SWKS, WLTW, CSX, ALXN, CTSH, EXPE, GOOGL, IDXX, NTAP, VRSK, ALGN, ADP, CHKP, CSCO, FISV, MU, SBUX, ASML, FOXA, LBTYA, BKNG, CERN, CMCSA, JD, MAR, AAL, SYMC, UAL, WDC, AAPL, AMD, ORLY, PEP, CHTR, NVDA, INTC, MSFT, EA, COST, HSIC, ILMN, QCOM, CTXS, VRTX, AMGN, TSLA,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

AMGN, TSLA,

Moving Below 30 DMA = 4

JBHT, MXIM, MYL, WBA,

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