Powell Speak Triggers 2+ Std Dev Move in SPX...FOMC Press Conference Sinks Stocks Again after Rate Cut to Protect Economic Growth...

© 2019

FOMC Chairman Powell continues to be his own worst enemy.  He again failed to communicate in today’s press conference that the action being taken by the Fed was the correct action and that financial markets should be confident with the action taken.  Instead markets panicked as he answered questions and the SPX fell 50 points and the Dow shed 443 points in less than 20 minutes.

As Fed Chairman he has a responsibility to enact policy and communicate it in a way that correctly articulates the policy action that the Fed is taking and why market participants can be confident that it is the right action at the specific time it is announced.  If he can’t inspire confidence in Fed actions under his leadership, who will?

The disappointing part of today’s action is that the economy is a good as it was on Friday when the DJI and SPX hit new all-time highs and the economy received today a protective inoculation with the rate cut to help prevent economic slowdown.  Good news resulting in the sharpest intraday selloff in 2019.

Powell’s ineffective use of language in answers to questions was the catalyst for today’s market action, not the policy action itself.

The DJIA, closed down 333 points at 26,864, led by weakness in BA, UNH, MSFT, HD and V.  Closing below 27,000 for the first time since July 15. 

All eleven sectors were lower on Wednesday. 

SPY down 3.29 at 297.43 on 104.2 million shares, 84% above average volume.  Down on higher volume.

VIX up 2.18 at 16.12

Oil down .45 at 57.89

TLT up 1.06 at 132.89 on 15.7 million shares. 

AAPL +2.04%, JPM +0.35%, led the DJIA, 4 advancers, -6

JWN +7.89%, EIX +6.08% and MCO +5.98%, led the SPX.

AMGN +5.74%, EA +4.44%, ALGN +2.87% and FISV +1.46% led the NDX.

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

Up:

Down: IWM, SPY, DIA, QQQ,

Breadth weakened on Wednesday, as decliners led 1,893 to 1,068 on the NYSE and led 2,116 to 998 on the NASDAQ

The SPY MFC green line is pointed down in the upper zone at 87 and is counter-trend defensive. 

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

Neutral sectors:  XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

13 of 100 NDX stocks closed higher on Wednesday.

45 NDX stocks are above their 30 DMA:  CTAS, IDXX, TTWO, WLTW, COST, HAS, SBUX, FISV, INTU, ROST, CTSH, AAPL, ADI, CDNS, INTC, UAL, LULU, SIRI, AMAT, ASML, AVGO, KLAC, MCHP, NVDA, SWKS, TXN, WDC, CTRP, MU, FOXA, VRSK, GOOGL, LRCX, TMUS, JBHT, NXPI, EBAY, KHC, BIIB, ATVI,  MYL, INCY, TSLA, ADP, AMGN,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

ADP, AMGN,

Moving Below 30 DMA = 20

ADBE, AMD, BKNG, CERN, CMCSA, EXPE, FAST, FB, ISRG, MAR, MELI, MNST, MSFT, MXIM, PAYX, REGN, SNPS, WBA, WYNN, XLNX,

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SPX Grinds Again...FOMC Wed 2 pm ET...AAPL Beats +4.25% After-hours......

© 2019

Earnings season continued today with PG, ZBRA and MLM with positive EPS reactions today.  After the close AAPL +8.87, +4.25% beat on revenue and EPS.  FOMC announcement Wednesday at 2:00 pm ET.  A .25% rate cut is expected Wednesday.  The June Jobs Report on Friday.

MU and WDC triggered a bull flag bounce today.   

The DJIA, closed down 23 points at 27,198, led by weakness in PFE, MCD, V, CAT and DIS.  Closing above 27,000 for the fourteenth straight day. 

Five of eleven sectors were higher on Tuesday, led by energy XLE +1.13% and real estate XLRE +0.99%. 

SPY down .74 at 300.72 on 45.8 million shares, 17% below average volume.  Down on higher volume.

VIX up 1.11 at 13.94

Oil up 1.29 at 58.34

TLT up .32 at 131.83 on 6.2 million shares. 

PG +3.80%, BA +2.13%, led the DJIA, 10 advancers, -8

SWN +14.66%, NOV +11.32% and MLM +9.98%, led the SPX.

INCY +6.44%, ALGN +3.67%, MYL +3.13% and TSLA +2.75% led the NDX.

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

Up: IWM,

Down: DIA, SPY, QQQ,

Breadth weakened on day, as advancers led 1,725 to 1,194 on the NYSE and led 1,877 to 1,171 on the NASDAQ

The SPY MFC green line is pointed up in the upper zone at 94.7 and is short-term bullish. 

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

Neutral sectors:  XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up a Little

40 of 100 NDX stocks closed higher on Tuesday.

63 NDX stocks are above their 30 DMA:  CTAS, IDXX, TTWO, WLTW, COST, HAS, SBUX, EXPE, FISV, INTU, SNPS, MSFT, MXIM, ROST, BKNG, CTSH, AAPL, ADI, CDNS, INTC, UAL, LULU, SIRI, ADBE, AMAT, ASML, AVGO, KLAC, MCHP, NVDA, SWKS, TXN, WYNN, XLNX, WDC, AMD, CTRP, MU, FOXA, VRSK, CMCSA, GOOGL, LRCX, TMUS, JBHT, NXPI, ISRG, EBAY, KHC, MELI, BIIB, MAR, MNST, WBA, ATVI, PAYX, CERN, MYL, FAST, FB, INCY, REGN, TSLA,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 5

FAST, FB, INCY, REGN, TSLA,

Moving Below 30 DMA = 9

ADP, CSCO, GILD, JD, MDLZ, ORLY, PCAR, QCOM, VRSN,

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SPY, QQQ BO Test Falls Below & Closes Above Resistance...

© 2019

This is a big week with more than 150 SPX stocks reporting EPS, US/China trade talks Monday to Wednesday, FOMC meeting Tuesday and Wednesday, with rate announcement at 2:00 pm ET on Wednesday and the June Jobs Report on Friday.  A .25% rate cut is expected on Wednesday.

The DJIA, closed up 28 points at 27,221, led by strength in MMM, JNJ, AAPL, DIS and PG.  Closing above 27,000 for the thirteenth straight day. 

Four of eleven sectors were higher on Monday, led by utilities XLU +0.52% and healthcare XLV +0.41%. 

SPY down .55 at 301.46 on 38.1 million shares, 31% below average volume.  Down on lower volume.

VIX up .67 at 12.83

Oil up .89 at 57.05

TLT up .04 at 131.51 on 6.2 million shares. 

INTC +1.78%, JNJ +1.75%, led the DJIA, 18 advancers, +0

CMG +3.74%, CI +2.95% and 2.55 +8.55%, led the SPX.

MYL +12.57%, TSLA +3.39%, FISV +2.29% and HAS +1.94% led the NDX.

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

Up: DIA

Down: SPY, QQQ, IWM,

Breadth weakened on Monday, as advancers led 1,473 to 1,448 on the NYSE and decliners led 1,878 to 1,177 on the NASDAQ

The SPY MFC green line is pointed up in the upper zone at 95 and is short-term bullish. 

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

Neutral sectors:  XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

43 of 100 NDX stocks closed higher on Monday.

67 NDX stocks are above their 30 DMA:  CTAS, IDXX, TTWO, WLTW, COST, HAS, SBUX, VRSN, EXPE, FISV, INTU, SNPS, MSFT, MXIM, ROST, BKNG, CTSH, AAPL, ADI, CDNS, INTC, UAL, LULU, SIRI, ADBE, AMAT, ASML, AVGO, JD, KLAC, MCHP, NVDA, SWKS, TXN, WYNN, XLNX, QCOM, WDC, AMD, CTRP, MU, FOXA, VRSK, CMCSA, GOOGL, CSCO, LRCX, TMUS, JBHT, NXPI, ADP, ISRG, EBAY, KHC, MELI, BIIB, MAR, MNST, WBA, ATVI, PCAR, PAYX, CERN, GILD, MDLZ, MYL, ORLY,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 5

CERN, GILD, MDLZ, MYL, ORLY,

Moving Below 30 DMA = 7

FAST, FB, LBTYA, REGN, SYMC, ULTA, WDAY,

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SPX, NDX, SPY, QQQ Hit a New All-time Closing High...GOOG, SBUX, TWTR Soar, AMZN Drops...

© 2019

SPY, QQQ, reach an all-time new high in Week 31 of the current intermediate term up-trend…

 

                   (click image to enlarge)

New all-time closing highs:

SPX = 3,025

NDX = 8,016

SPY = 302.01

QQQ = 195.29

The DJIA, closed up 51.points at 27,192, led by strength in UNH, GS, V, PG and TRV.  Closing above 27,000 for the twelfth straight day. 

Nine of eleven sectors were higher on Friday, led by communication services XLC +2.86% and staples XLP +1.12%. 

SPY up 2.01 at 302.01 on 45.0 million shares, 19% below average volume.  Up on lower volume.

VIX down .58 at 12.16

Oil up .25 at 56.16

TLT up .31 at 131.47 on 6.1 million shares. 

KO +2.07%, PG +1.74%, led the DJIA, 18 advancers, +7

UHS +10.89%, TWTR +8.92% and ZBH +8.55%, led the SPX.

GOOG +10.45%, SBUX +8.94%, FISV +6.16% and TMUS +5.43% led the NDX.

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

Up: IWM, QQQ, SPY, DIA

Down:

Breadth strengthened on Friday, as advancers led 1,983 to 914 on the NYSE and led 2,103 to 922 on the NASDAQ

The SPY MFC green line is pointed up in the upper zone at 92 and is short-term bullish. 

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

Neutral sectors:  XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

65 of 100 NDX stocks closed higher on Friday.

69 NDX stocks are above their 30 DMA:  CTAS, IDXX, TTWO, WLTW, COST, HAS, SBUX, VRSN, EXPE, FISV, INTU, SNPS, MSFT, MXIM, ROST, BKNG, CTSH, AAPL, ADI, CDNS, INTC, UAL, LULU, SIRI, FB, ADBE, SYMC, AMAT, ASML, AVGO, JD, KLAC, MCHP, NVDA, SWKS, TXN, WYNN, XLNX, QCOM, WDC, AMD, CTRP, MU, FOXA, VRSK, CMCSA, GOOGL, CSCO, ULTA, LRCX, TMUS, JBHT, NXPI, ADP, ISRG, EBAY, KHC, LBTYA, MELI, BIIB, MAR, MNST, WBA, ATVI, PCAR, WDAY, PAYX, FAST, REGN,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 2

FAST, REGN,

Moving Below 30 DMA = 3

ADSK, AMZN, CHTR,

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SPY, QQQ Pause, Test Breakout...GOOGL, SBUX, INTC Up in After-hours on Positive EPS Reactions...

© 2019

The DJIA, closed down 128 points at 27,140, led by weakness in BA, UNH, GS, DOW and V.  Closing above 27,000 for the eleventh straight day. 

One of eleven sectors was higher on Thursday, led by staples XLP +0.13% and industrials XLI -0.20%. 

SPY down 1.44 at 300.00 on 55.3 million shares, 2% below average volume.  Down on higher volume.

VIX up .67 at 12.74

Oil up .01 at 55.91

TLT down .63 at 131.16 on 8.8 million shares. 

CAT +2.12%, UTX +1.57%, led the DJIA, 11 advancers, -3

MAS +8.11%, FTI +6.03% and LKQ +5.11%, led the SPX.

NFLX +2.68%, CELG +2.48%, FISV +2.33% and FOXA +1.56% led the NDX.

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

Up:

Down: DIA, SPY, QQQ, IWM,

Breadth weakened on Thursday, as decliners led 2,122 to 801 on the NYSE and led 2,193 to 852 on the NASDAQ

The SPY MFC green line is pointed up in the upper zone at 88 and is short-term bullish. 

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

Neutral sectors:  XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

23 of 100 NDX stocks closed higher on Thursday.

70 NDX stocks are above their 30 DMA:  CTAS, CHTR, IDXX, TTWO, WLTW, COST, HAS, SBUX, VRSN, EXPE, FISV, INTU, SNPS, MSFT, MXIM, ROST, BKNG, CTSH, AAPL, ADI, AMZN, CDNS, INTC, UAL, LULU, SIRI, FB, ADBE, SYMC, AMAT, ASML, AVGO, JD, KLAC, MCHP, NVDA, SWKS, TXN, WYNN, XLNX, QCOM, WDC, AMD, CTRP, MU, FOXA, VRSK, ADSK, CMCSA, GOOGL, CSCO, ULTA, LRCX, TMUS, JBHT, NXPI, ADP, ISRG, EBAY, KHC, LBTYA, MELI, BIIB, MAR, MNST, WBA, ATVI, PCAR, WDAY, PAYX,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 1

PAYX,

Moving Below 30 DMA = 9

AAL, BIDU, CTXS, FAST, MYL, ORLY, PYPL, REGN, TSLA,

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