SPX Holds 50% Fib Level at 2,880 for Second Day...QQQ Leads as Semis Strengthen...

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The DJIA, closed down 22 points at 26,007, led by weakness in DIS, JPM, UNH, IBM and CAT.  Closing below 27,000 for the sixth straight day after negative developments over the past week in U.S./China trade dispute.   

Eight of eleven sectors were higher on Wednesday, led by materials XLB +1.38% and staples XLP +1.17%.

SPY up .17 at 287.97 on 140.5 million shares, 112% above average volume.  Up on higher volume.

VIX down .68 at 19.49

Oil down 1.15 at 52.31

TLT up .05 at 140.03 on 32.5 million shares. 

WBA +2.00%, KO +1.74%, led the DJIA, 13 advancers,

FLT +8.20%, AIZ +7.53% and CVS +7.45%, led the SPX.

MCHP +3.95%, TTWO +3.89%, ATVI +3.24% and SWKS +2.88% led the NDX.

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

Up: QQQ, SPY,

Down: DIA, IWM,

Breadth weakened on Wednesday, as decliners led 1,587 to 1,337 on the NYSE and led 1,556 to 1,517 on the NASDAQ

The SPY MFC green line is pointed down at 25 and is short-term bearish. 

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

Neutral sectors:  XLC, XLF, XLI, XLV,

Down trend sectors: XLE,

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

63 of 100 NDX stocks closed higher on Wednesday.

23 NDX stocks are above their 30 DMA:  CTAS, IDXX, HAS, SBUX, FISV, SIRI, AVGO, WDC, GOOGL, JBHT, AMGN, CELG, BIIB, KLAC, NXPI, TTWO, TXN, VRSK, ATVI, COST, FOXA, LRCX, ROST,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 5

ATVI, COST, FOXA, LRCX, ROST,

Moving Below 30 DMA = 1

VRTX,

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