Mid-channel of 3,020 - 2,860 SPX Range, Holds Above Friday's S1...

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Wed Oct 9 – FOMC Minutes

Thu Oct 10 – US/China Trade Talks resume

Tue Oct 15 – Earnings Season unofficial start with JPM, C, WFC, GS, JNJ, UNH, UAL, SCHW, JBHT, PGR, BLK, FRC, OMC, PLD,

Wed Oct 30 – next FOMC Meeting Announcement

Thu Oct 31 – Brexit deadline

SPX closes at 2,938, down -2.74% from Sep 19th 3,021 high and up +2.90% from its Oct 3 low of 2,856. 

SPX opened lower rallied above Friday’s high and pulled back to support at Tuesday’s low (Tue/Wed gap) on below average SPY volume. 

Our current technical assessment is a sideways trading range at prior resistance at 2,940 and in the middle of the 2860 – 3,020 Sep – Oct trading channel.

The DJIA, closed down 95 points at 26,478 led by strength in MMM, TRV, IBM, HD and HD.  Closing below 27,000 for the twelfth straight day.

Ten of eleven sectors were lower on Monday, led by communication services XLC 0.00% and real estate XLRE -0.18%.

SPY down 1.27 at 293.08 on 60.6 million shares, 13% below average volume.  Down on lower volume.

VIX up .82 at 17.86

Oil down .21 at 52.80

TLT down 1.21 at 144.78 on 11.7 million shares.

GLD down 1.21 at 140.69

UNH +0.66%, VZ +0.58% led the DJIA, 8 advancers, -22

DLPH +3.17%, KSS +2.50% and MCO +2.28% led the SPX.

TSLA +2.72%, WDAY +2.28%, ALGN +1.61% and BIIB +1.33% led the NDX.

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

Up:

Down: IWM, QQQ, DIA, SPY,                        

Breadth weakened on Monday as decliners led 1,823 to 1,092 on the NYSE and led 1,763 to 1,310 on the NASDAQ

The SPX MFC green line is below 80 and is pointed down at 48 and is short-term bearish.

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

Neutral sectors:  XLV, XLE,

Down trend sectors:

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: Up

23 of 100 NDX stocks closed higher on Monday.

37 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, LRCX, DLTR, CTXS, NXPI, TXN, EXPE, MCHP, HAS, ROST, CTAS, ALGN, ULTA, PAYX, ATVI, CELG, CHTR, ILMN, INTC, ISRG, NVDA, PEP, SIRI, XRAY, AMAT, CHKP, COST, HSIC, LULU, MDLZ, MXIM, NTAP, ROST, SWKS, TSLA, WDAY,  

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

TSLA, WDAY,  

Moving Below 30 DMA = 8

ADI, FAST, FISV, GOOGL, IDXX, MSFT, QCOM, SNPS,

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