New Closing High NDX/QQQ as SPY Nears HBO...Volatility Drops Again...AMZN Lower after EPS...

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Upcoming:

Mon Oct 28 – 16 SP 500 stocks report EPS…

Wed Oct 30 – next FOMC Meeting Announcement

Thu Oct 31 – Brexit deadline

SPX closes at 3,022, even with Sep 19th 3,021.99 high and up +5.83% from its Oct 3 low of 2,856. 

The SPX gained 12 points.  Look for the institutional short-term focus to continue to be on EPS reactions Monday on SPX stocks AKAM, GOOGL, TMUS, WBA and more.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with a seven-day trading range in the three-month ascending triangle.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance until a breakout occurs.  The NDX horizontal BO of resistance on Friday increases the probability of an SPX HBO, but key SPX reactions of GOOGL on Monday and AAPL, FB on Tuesday continue to be a factor.

The DJIA, closed up 152 points at 26,858 led by strength in CAT, INTC, MMM, GS and AAPL.  Closing below 27,000 for the sixth day.

Seven of eleven sectors were higher on Friday, led by XLK, XLB and XLE.

SPY up 1.23 at 301.60 on 45.2 million shares, below average volume.  Up on higher volume.

VIX down 1.06 at 12.65

Oil up .56 at 56.63

TLT down .68 at 138.52 on 5.6 million shares

GLD up .33 at 141.86

INTC, CAT, MMM led the DJIA, 20 advancers, +12

RMD, MHK, ITW led the SPX, 304 advancers

TSLA, CHTR, AAL, NVDA led the NDX, 63 advancers

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

Up: QQQ, DIA, IWM, SPY, 

Down:                                                                  

Breadth strengthened on Friday as advancers led 1,649 to 1,272 on the NYSE and led 1,870 to 1,182 on the NASDAQ

The SPX MFC green line is above 80 at 90 and is short-term bullish. 

Uptrend sectors: XLRE, XLU, XLP, XLK,

Neutral sectors:  XLF, XLY, XLC, XLI, XLB, XLV,

Down trend sectors: XLE,

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

64 of 100 NDX stocks closed higher on Friday.

70 NDX stocks are above their 30 DMA:  KLAC, AAPL, ASML, DLTR, CTXS, ROST, CTAS, ALGN, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, 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, PEP, ALXN, ATVI, CERN, EBAY, FB, HSIC, MAR, CMCSA, EA, NFLX, VRSN,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 4

CMCSA, EA, NFLX, VRSN,

Moving Below 30 DMA = 2

GILD, ILMN,

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