New All-time Closing High on NDX, SPX...GOOGL Down

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After the close GOOGL -22.98, -1.78% and AKAM +0.52, +0.58% reported earnings. 

Upcoming:

Tues Oct 29 – 32 SP 500 stocks report EPS…

Wed Oct 30 – next FOMC Meeting Announcement

Thu Oct 31 – Brexit deadline extended 3 months to Jan 31 by EU

SPX closes at 3,039, +0.558% from the Sep 19th 3,021.99 high and up +6.4% from its Oct 3 low of 2,856. 

The SPX gained 16 points.  Look for the institutional short-term focus to continue to be on EPS reactions Tuesday on SPX stocks AKAM, GOOGL, TMUS and more.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) Horizontal Breakout of a three-month ascending triangle.  Price action is likely to rise the support and resistance measuring distance of $22 and rise to 322.  The SPX did breakout following the NDX, but key SPX reactions of GOOGL on Tuesday and AAPL, FB on Wednesday continue to be a factor.

The DJIA, closed up 132 points at 27,090 led by strength in GS, MSFT, MMM, AAPL and HD.  Closing above 27,000 after being below for the past six days.

Seven of eleven sectors were higher on Monday, led by XLK, XLV and XLC.

SPY up 1.70 at 303.30 on 42.0 million shares, below average volume.  Up on lower volume.

VIX up .46 at 13.11

Oil down .89 at 55.74

TLT down 1.26 at 137.26 on 11.4 million shares

GLD down 1.22 at 140.64

MSFT, MMM, GS led the DJIA, 21 advancers, +1

TIF, AMG, TSN led the SPX, 307 advancers

ILMN, LRCX, QCOM, AMD led the NDX, 74 advancers

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

Up: QQQ, IWM, SPY, DIA,   

Down:                                                                  

Breadth strengthened slightly on Monday as advancers led 1,587 to 1,352 on the NYSE and led 1,980 to 1,168 on the NASDAQ

The SPX MFC green line is above 80 at 92 and is short-term bullish. 

Uptrend sectors:  XLK, XLF, XLRE, XLV, XLP, XLU,

Neutral sectors:  XLC, XLI, XLB, XLY,

Down trend sectors: XLE,

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

3-month Intermediate Term Market Trend: Up a little

3-day Short Term Market Trend: Up

74 of 100 NDX stocks closed higher on Monday.

72 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, CTXS, CTAS, ALGN, CELG, CHTR, NVDA, XRAY, COST, LULU, SWKS, TSLA, EXPE, INTC, ISRG, ORLY, PAYX, AMGN, FAST, GOOGL, NTES, PCAR, SIRI, WYNN, AAL, AMD, INCY, VRTX, BKNG, CMCSA, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA, FOXA, CSX, BIIB, KHC, ALXN, ATVI, CERN, EBAY, FB, HSIC, MAR, CMCSA, EA, NFLX, VRSN, BIDU, CDNS, CHKP, CTRP, ILMN, MXIM, NXPI,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 7

BIDU, CDNS, CHKP, CTRP, ILMN, MXIM, NXPI,

Moving Below 30 DMA = 5

DLTR, MELI, PEP, ROST, TTWO,

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