SPX Continues to Grind in Trading Range Just Below All-time Highs...

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SPX closes at 2,992, four points below it’s open on Monday at 2,996.  It’s weekly range of 43 points was the smallest range since the first week of July. 

This Week:

• Tuesday SPX trades in a narrow range as /ZQ trading drops probability of ¼% rate cut to 48.5%,
• Wednesday FOMC cuts rates ¼%, SPX falls to 2,978 until Fed Chair Powell’s news conference at 2:30 pm ET when SPX rallies to a 3,006 close,
• Thursday SPX reverses rally after US trade advisor says POTUS is ready to escalate trade war if no agreement soon,
• Friday sells off after Montana Farm Bureau says China delegation cancels farm trip.

The DJIA, closed down 159 points at 26,935 led by weakness in BA, HD, AAPL, UTX and CAT.  Closing below 27,000 after trading above for seven trading days.

Three of eleven sectors were higher on Friday, led by healthcare XLV +0.56% and utilities XLU +0.40%.

SPY down 1.41 at 298.28 after declaring a 1.383619 dividend on Friday, on 97.4 million shares, 34% above average volume.  Down on higher volume.

VIX up 1.27 at 15.32

Oil down .25 at 58.39

TLT up 1.85 at 141.89 on 13.3 million shares.

GLD up 1.67 at 142.95

MRK +1.42%, DOW +1.20%, led the DJIA, 10 advancers, -3

SWN +2.96%, IT +2.50% and ORLY +2.29% led the SPX.

INCY +3.96%, ALGN +3.43%, REGN +3.40% and XRAY +2.46% led the NDX.

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

Up:

Down: IWM, SPY, DIA, QQQ,

Breadth was similar on Friday, as advancers led 1,501 to 1,406 on the NYSE and decliners led 1,570 to 1,516 on the NASDAQ

The SPY MFC green line is in the upper zone and turned down at 90 and is counter-trend defensive as 7-day trend is sideways. 

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

Neutral sectors:  XLV, 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: Sideways

25 of 100 NDX stocks closed higher on Friday.

69 NDX stocks are above their 30 DMA:  SBUX, CELG, KLAC, NTES, SYMC, PEP, EA, ATVI, BKNG, CHTR, COST, JBHT, CMCSA, QCOM, AAPL, MYL, SIRI, ASML, LRCX, MU, NVDA, WDC, DLTR, AMAT, AVGO, CSX, CTXS, INTC, JD, NXPI, TXN, AAL, ADI, EXPE, FAST, FB, GOOGL, LULU, MCHP, MXIM, NTAP, SWKS, TSLA, WBA, ADSK, GILD, TMUS, UAL, BIDU, HAS, HSIC, KHC, BIIB, CSCO, ILMN, ISRG, EBAY, WLTW, MNST, BMRN, MSFT, ORLY, PAYX, SNPS, TTWO, VRSK, ALGN, CHKP, INCY, REGN,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 3

CHKP, INCY, REGN,

Moving Below 30 DMA = 7

AMZN, CTSH, LBTYA, MAR, MDLZ, ROST, WYNN,

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