SPY, QQQ, in Bull Flag after Oil Correlated Pullback...

© 2019

SPY, QQQ, C, V, Bull Flag Setups…

                  (click image to enlarge)

Weekly SPX EPS reactions through Thursday, May 2, 2019:

63 positive:  L, ARE, WDC, CHTR, CMI, COP, FIS, GE, HCA, INCY, IPGP, IR, MA, MCD, MLM, MRK, NLSN, PCAR, PFE, STX, WELL, WRK, AAPL, AKAM, BXP, EIX, EQR, EXR, MXIM, VRTX, WYNN, CVS, GCI, HLT, HRS, IDXX, JCI, LLL, RCL, ALL, EQIX, ES, HC,, HIG, HOLX, HST, LNC, MAA, MET, PSA, QCOM, ABC, BLL, CHD, DLPH, GPN, KIM, MAC, TFX, UAA, VMC, ZTS…

71 negative: VNO, GOOGL, LEG, MGM, SBAC, AOS, BHGE, ECL, ETN, GLW, GM, LLY, PSX, SPG, TDG, WCG, AMD, AMGN, CB, CHRW, CXO, DVN, FISV, JKHY, MXIM, OKE, UDR, UNM, VRSK, ADP, AME, CLX, CME, EL, ETR, GRMN, HUM, IQV, NI, SEE, SO, TAP, YUM, ANSS, APA, AWK, KHC, MRO, OKE, PNW, PRU, WMB, ABMD, CI, DISCA, DWDP, EXC, FLR, HBI, HFC, HII, ICE, K, MSCI, NRG, PEG, PH, PPL, PWR, SPGI, XYL…

The DJIA, closed down 162 points at 26,430, led by weakness in CAT, DWDP, DIS, UTX and V.  Twenty-third straight close above 26,000 since March 1.

Four of eleven sectors were higher on Thursday, led by healthcare XLV +0.43% and real estate XLRE +0.19%.

SPY down .63 at 291.18 on 65.0 million shares, 2% above average volume. Down on lower volume.

VIX down .38 at 14.42

Oil down 2.08 at 61.54

TLT down .59 at 123.31 on 6.6 million shares. 

HD +1.11%, MRK +1.02%, led the DJIA, 11 advancers, +5

TFX +6.21%, ABC +5.00% and VMC +4.40%, led the SPX.

AMD +5.52%, TSLA +4.31%, IDXX +2.23%, and JBHT +2.91%, led the NDX.

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

Up: IWM,

Down: SPY, QQQ, DIA,

Breadth weakened on Thursday, as decliners led 1,843 to 1,060 on the NYSE and led 2,062 to 975 on the NASDAQ

The SPY MFC green line is in the upper zone pointed down at 90 and is short-term counter-trend defensive in an intermediate-term up trend. 

Uptrend sectors: XLRE, XLU, XLP, XLY, XLK, XLI, XLC, XLB, XLF,

Neutral sectors:  XLE, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

54 of 100 NDX stocks closed higher on Thursday.

67 NDX stocks are above their 30 DMA:  CDNS, PYPL, VRSN, KLAC, SNPS, MDLZ, PAYX, CSX, VRSK, CHKP, CMCSA, AAPL, PEP, MSFT, DLTR, AMZN, SBUX, NTES, ALGN, AVGO, ADBE, FAST, ILMN, LULU, MAR, PCAR, AMAT, ASML, CELG, CERN, FB, HSIC, LRCX, SWKS, ADI, ADSK, CTAS, MCHP, MXIM, NXPI, TXN, WYNN, AAL, BKNG, UAL, CHTR, EXPE, TMUS, HAS, QCOM, INTU, IDXX, NFLX, ATVI, MNST, WDAY, EBAY, XRAY, TTWO, JD, AMD, GILD, INCY, MU, MYL, ROST, WLTW,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 7

AMD, GILD, INCY, MU, MYL, ROST, WLTW,

Moving Below 30 DMA = 6

CSCO, CTXS, FOXA, KHC, SYMC, WDC,

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