© 2020

The SPX fell to 2,855.84 on Friday, where selling exhausted and buyers took control. The SPX rallied to close at 2,954.22, up 99 points from its low.  That’s high volatility. A major cause of the selloff is the economic uncertainty from the coronavirus outbreak in China that is now spreading to other countries and its ultimate impact on economic growth, revenues and earnings.

Two of eleven sectors were higher on Friday, led by XLK, XLC and XLE             

SPY down 1.25 at 296.26 on 350.9 million shares, above average volume.  Down on higher volume.

VIX up .95 at 40.11

XOM, MSFT, DOW led the DJIA, 7 advancerS, +6

SWN, XEC, NCLH led the SPX, 128 advancers

NVDA, ADSK, SGEN, XLNX led the NDX, 41 advancers

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

Up: QQQ,

Down: SPY, DIA, IWM,

Breadth strengthened, but remained weak on Friday as decliners led 2,307 to 716 on the NYSE and led 2,179 to 1,158 on the NASDAQ

The SPX MFC green line is below 50, is pointed down at 7 and is short-term bearish. 

Uptrend sectors:  XLU, XLK, XLC,

Neutral sectors:  XLRE, XLY, XLV, XLI, XLF,

Down trend sectors: XLP, XLB, XLE,

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

3-month Intermediate Term Market Trend: Down a little

3-day Short Term Market Trend: Down

41 of 100 NDX stocks closed higher on Friday.

6 NDX stocks are above their 30 DMA:  NFLX, GILD, TMUS, BMRN, REGN, NVDA,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

NVDA,

Moving Below 30 DMA = 1

BIIB,

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