Wednesday, September 4, 2019

SPY Rises to Horizontal Resistance, Potential BO Setup for Thursday...DIA, QQQ Potential Setup Also...ROKU Soars to New High...


© 2019


ROKU +12.03, +7.67%, after DA Davidson raised their buy rating price target from $135 to $185. 

The DJIA, closed up 237 points at 26,355 led by strength in AAPL, GS, TRV, ,V and IBM.  Closing below 27,000 for the twentieth-fourth straight day.

All eleven sectors were higher on Wednesday, led by communication services XLC +1.94% and technology XLK +1.71%.

SPY up 3.30 at 294.04 on 47 million shares, 43% below average volume.  Up on lower volume.
VIX down 2.33 at 17.33
Oil up 2.05 at 55.98
TLT up .22 at 147.43 on 7.9 million shares. 
GLD up .91 at 146.66

INTC +4.13%, NKE +1.98%, led the DJIA, 27 advancers, +18
PVH +9.13%, SWN +7.93% and IPGP +6.34% led the SPX.
ATVI +4.78%, INTC +4.13%, CTRP +4.08% and LRCX +4.07% led the NDX.


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

Up: SPY, QQQ, DIA, IWM,
Down:

Breadth strengthened on Wednesday, as advancers led 2,383 to 562 on the NYSE and led 2,080 to 983 on the NASDAQ

The SPY MFC green line is pointed up at 48 and is short-term bullish

Uptrend sectorsXLRE, XLU, XLP, XLY, XLK,
Neutral sectors:  XLC, XLI, XLF, XLB, XLV,
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 TrendUp

84 of 100 NDX stocks closed higher on Wednesday.

48 NDX stocks are above their 30 DMA:  SBUX, FISV, AMGN, CELG, KLAC, TTWO, VRSK, NTES, SYMC, PEP, EA, SNPS, INTU, ADP, ATVI, BKNG, CHTR, COST, JBHT, MDLZ, CMCSA, IDXX, QCOM, AAPL, MYL, ORLY, SIRI, ASML, LRCX, MU, NVDA, ROST, WDC, WLTW, DLTR, LBTYA, AMAT, AVGO, CSX, CTAS, CTSH, CTXS, INTC, JD, MSFT, NXPI, PYPL, TXN,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 12
AMAT, AVGO, CSX, CTAS, CTSH, CTXS, INTC, JD, MSFT, NXPI, PYPL, TXN,

Moving Below 30 DMA = 1
VRTX,

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