Down, Up Down Price Action, Close Below High Day at Resistance...

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SPY/SPX give back over half of Monday’s rally to the 293/2,930 short-term resistance area.  SPY/SPX opened lower and rallied back to even before selling off to close below the low of the high day on both charts.  Breadth weakened and the MFC GL turned back down.  The SPY/SPX are clearly in a sideways channel, which can feel like a grinder to the retail trader. 

HD and MDT had positive EPS reactions today and BIDU continued to rise following a positive EPS reaction on Monday.  TGT EPS Wednesday before the open.

  

The DJIA, closed down 173 points at 25,962, led by weakness in UNH, AXP, DOW, GS and IBM.  Closing below 27,000 for the fifteenth straight day.  

One of eleven sectors was higher on Tuesday, led by discretionary XLY +0.03% and utilities XLU -0.16%.

SPY down 2.24 at 290.09 on 51.5 million shares, 32% below average volume.  Down on lower volume.

VIX up .62 at 17.50

Oil up 0.01 at 56.12

TLT up 1.49 at 145.53 on 7.2 million shares. 

HD +4.40%, UTX +0.03%, led the DJIA, 3 advancers, -25

RTN +3.49%, LOW +2.97% and MDT +2.62% led the SPX.

BIDU +4.32%, EA +1.97%, ATVI +1.84% and QCOM +1.60% led the NDX.

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

Up:  

Down: DIA, IWM, SPY, QQQ

Breadth weakened on Tuesday, as decliners led 1,814 to 1,132 on the NYSE and led 1,941 to 1,093 on the NASDAQ

The SPY MFC green line turned down at 30 and is short-term bearish. 

Uptrend sectors: XLRE, XLU, XLP, XLY, XLK, XLB,

Neutral sectors:  XLC, XLV, XLI, XLF,

Down trend sectors: XLE,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

23 of 100 NDX stocks closed higher on Tuesday.

34 NDX stocks are above their 30 DMA:  CTAS, SBUX, FISV, WDC, AMGN, CELG, KLAC, TTWO, VRSK, BKNG, VRTX, LRCX, NTES, NXPI, SYMC, GOOGL, JD, PEP, AAPL, ADP, HAS, INCY, JBHT, TXN, ATVI, CMCSA, EA, FAST, IDXX, MSFT, MYL, NVDA, QCOM, BIDU,  

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

BIDU,  

Moving Below 30 DMA = 7

BIIB, EBAY, MDLZ, MU, ORLY, SIRI, WLTW, 

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