© 2019
Tuesday
marked the unofficial start of earnings season with eleven SP500 companies
reporting before the open. UNH, SCHW,
BLK, FRC, JPM, JNJ, WFC, opened higher while C, GS, OMC, PLD opened lower. All eleven stocks finished the day
higher. Day one and it was eleven for eleven
EOD positive reactions.
After
the close, UAL had a positive earning’s reaction while JBHT had a
negative reaction.
Upcoming:
Wed Oct 16 - day two earnings season
Wed
Oct 30 – next FOMC Meeting Announcement
Thu
Oct 31 – Brexit deadline
SPX
closes at 2,995,
down
-0.88% from
Sep 19th 3,021 high and up +4.89% from
its Oct 3 low of 2,856.
The
SPX continued Friday’s rally closing up 29
points. Look for the
institutional short-term focus to continue to be on EPS reactions Wednesday on SPX
stocks UAL, JBHT, ABT, BAC, BK, CMA, PGR, PNC and USB.
Our
current technical assessment is an Aug – Oct (2,822 –
3,027) sideways channel with Tuesday’s price action rising towards 3,020
resistance. Price action is likely to
continue fluctuating between 2,840 support and 3,020 resistance.
The DJIA, closed up 237 points at 27,024 led by strength in UNH, JPM, CAT, MMM and JNJ. Closing above 27,000 for the first time after closing below for seventeen straight days.
Nine of eleven sectors were higher on Tuesday, led by XLV and
XLC.
SPY up 2.93 at 298.88 on 47.8 million shares, below average volume. Up on higher volume.
VIX down 1.03 at 13.54
Oil down .57 at 52.91
TLT down 1.71 at 139.75 on 12.6 million shares.
GLD down .98 at 139.61
UNH, JPM, CAT led the DJIA, 25 advancers, +15
FRC, ANTM, CI led the SPX, 393 advancers
NVDA, LBTYA, JD, MU led the NDX, 91 advancers
Long term up
trend intact. 3-day short term trend is up.
Up: QQQ, IWM,
SPY, DIA,
Down:
Breadth strengthened
on Tuesday as advancers led 1,898 to 1,050 on the NYSE and
led 2,212 to 859 on the NASDAQ
The SPX
MFC green line is below 80 and moved up 12 points to 61. It is short-term bullish.
Uptrend sectors: XLU, XLRE, XLP, XLK,
Neutral sectors:
XLY, XLC, XLF, 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
91 of 100 NDX stocks
closed higher on Tuesday.
75 NDX stocks are above their 30 DMA: KLAC, AAPL, ASML, DLTR, CTXS, HAS, ROST, CTAS, ALGN,
ULTA, ATVI, CELG, CHTR, NVDA, PEP, XRAY, COST, LULU, ROST, SWKS, TSLA,
AMAT, EXPE, FISV, ILMN, INTC, ISRG, LRCX, MSFT, ORLY, PAYX, TXN, AMGN,
MCHP, NFLX, NXPI, SNPS, ULTA, WDAY, ADP, ADSK, ATVI, CERN, FAST, GOOGL, IDXX,
MXIM, NTES, PCAR, SIRI, WYNN, AAL, AMD, AVGO, BIDU, CDNS, GILD, INCY, VRTX,
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 18
ADBE, ADI, ALXN, BKNG, CMCSA, CSX,
FB, INTU, ISRG, JBHT, JD, MELI, NTAP, QCOM, TMUS, UAL, WBA, WDC,
Moving Below 30 DMA = 1
PEP,
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