SPX Symmetry Reverses Late Tuesday Brexit Selloff with Late Rally on Wednesday...

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After the close ALGN, PYPL, FFIV, LRCX, EW and VAR had a positive earning’s reaction.

Upcoming:

Thu Oct 24 – 45+ SP 500 stocks report EPS

Wed Oct 30 – next FOMC Meeting Announcement

Thu Oct 31 – Brexit deadline

SPX closes at 2,996, down -0.58% from Sep 19th 3,021 high and up +5.17% from its Oct 3 low of 2,856. 

The SPX gained 8 points.  Look for the institutional short-term focus to continue to be on EPS reactions Thursday on SPX stocks MSFT, PYPL, TWTR, EBAY, XLNX, LRCX, MMM, CTXS, HSY and more.

Our current technical assessment is an Aug – Oct (2,822 – 3,027) sideways channel with a six-day trading range in three three-month ascending triangle.  Price action is likely to continue fluctuating between 2,840 support and 3,020 resistance until a breakout occurs.

The DJIA, closed up 45 points at 26,833 led by strength in BA, AAPL, TRV, GS and CAT.  Closing below 27,000 for the fourth day.

Nine of eleven sectors were higher on Wednesday, led by XLE, XLC and XLB.

SPY up .87 at 299.88 on 34.9 million shares, below average volume.  Up on lower volume.

VIX down .45 at 14.01

Oil up 1.56 at 55.88

TLT up .14 at 139.48 on 5.9 million shares

GLD up .33 at 140.53

MRK, TRV, KO led the DJIA, 19 advancers, +2

IVZ, ROL, AVY led the SPX, 312 advancers
ALXN, FB, BMRN, ALGN led the NDX, 53 advancers

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

Up: SPY, DIA, QQQ, IWM, 

Down:                                                                  

Breadth strengthened on Wednesday as advancers led 1,849 to 1,081 on the NYSE and led 1,651 to 1,393 on the NASDAQ

The SPX MFC green line is above 80 at 85 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 a little

53 of 100 NDX stocks closed higher on Wednesday.

58 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, ILMN, INTC, ISRG, ORLY, PAYX, AMGN, FAST, GOOGL, NTES, PCAR, SIRI, WYNN, AAL, AMD, GILD, INCY, VRTX, BKNG, CMCSA, ISRG, JBHT, JD, NTAP, QCOM, TMUS, UAL, WBA, FOXA, CSX, BIIB, KHC, PEP, ALXN, ATVI, CERN, EBAY, FB, HSIC, MAR,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

ALXN, ATVI, CERN, EBAY, FB, HSIC, MAR,

Moving Below 30 DMA = 6

AMAT, AMZN, AVGO, LRCX, MCHP, MXIM,

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