SPX Fills the Gap as Middle East Flares and Rate Hopes Fade...

© 2019

SPY, QQQ, DIA gapped up triggering a bull flag entry but then reversed as concerns surfaced about expecting a ½% rate cut in July and Middle East tensions increased as Iran took possession of a U.K. tanker.  They remain bull flag setups.

End of Friday:

MSFT +0.20, +0.15%, EPS 1.37 beats 1.21 est., sales $33.7B beat $32.75B est.

SKX +4.17, +11.97%, EPS 0.49 beats 0.34 est., sales 1.26B beat 1.22B est.

The DJIA, closed down 67 points at 27,154, led by weakness in UNH, AXP, AAPL, TRV and MCD.  Closing above 27,000 for the seventh straight day. 

Three of eleven sectors were higher on Friday, led by industrials (BA, CAT, UTX) XLI +0.55% and energy XLE +0.46%. 

SPY down 1.66 at 297.17 on 71.1 million shares, 22% above average volume.  Down on higher volume.

VIX up .92 at 14.45

Oil up .09 at 55.86

TLT down .31 at 131.69 on 5.8 million shares. 

BA +4.50%, CAT +1.77%, led the DJIA, 8 advancers, -12

GCI +19.75%, STT +6.73% and CFG +6.38%, led the SPX.

JBHT +4.54%, MU +1.90%, TSLA +1.83% and KHC +1.58% led the NDX.

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

Up:

Down: DIA, SPY, IWM, QQQ,

Breadth weakened on Friday, as decliners led 1,632 to 1,238 on the NYSE and led 1,810 to 1,196 on the NASDAQ

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

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: Down

19 of 100 NDX stocks closed higher on Friday.

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

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 6

CERN, DLTR, MAR, MELI, MNST, VRTX,

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