© 2020
The SPX
and other indexes fell for a second day on Friday, forming the beginning of
a potential bull flag price pattern.
Tech
stocks AMD, NVDA, KLAC, LRCX, MU, AMAT, NXPI, NTAP, MSFT, WDC, CTXS, QCOM
fell on above average volume on Friday leading the NDX lower.
Three
of eleven
sectors were higher on Friday, led by XLRE, XLP and XLV.
SPY down 3.47 at 333.48 on 113.7 million shares, above average volume. Down on higher volume.
VIX up 1.52 at 17.08
UTX, JNJ, TRV led the DJIA, 9 advancers, -0
DE, MOS, PKG led the SPX, 131 advancers
BMRN, GILD, EBAY, REGN led the NDX, 14 advancers
Long term up
trend intact. 3-day short term trend is down.
Up:
Down: DIA, IWM,
SPY, QQQ,
Breadth weakened
on Friday as decliners led 2,049 to 879 on the NYSE and led 2,205 to 991 on the NASDAQ
The SPX
MFC green line is above 80 and is pointed down at 88 and is counter-trend
defensive.
Uptrend sectors: XLRE, XLP, XLU, XLY, XLK, XLC, XLI,
XLV,
Neutral sectors:
XLF, XLB,
Down trend sectors: XLE,
The 6-month intermediate
trend is up. The ten-day trend is up.
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down
14 of 100 NDX stocks
closed higher on Friday.
58 NDX stocks are above their 30 DMA: MSFT, ADBE, ADSK, LULU, MNST, VRSK, GOOGL, TSLA,
ULTA, CSX,
PYPL, CTAS, CDNS, INTU, XEL, EXC, NFLX, INTC, ANSS, CSGP, SPLK, VRTX,
PAYX, COST, CHKP, PEP, AMZN, MDLZ, CHTR,
ADP,
CTSH, GILD, JD, LRCX, NTES, AMAT, AMD, ASML, CERN, EBAY, FAST, NVDA, TMUS,
BIIB, BMRN, REGN, ROST, SGEN, ATVI, SIRI, ADI, ISRG, CMCSA, EXPE, MELI, INCY,
DLTR, LBTYA,
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 15
AAL,
AAPL, ALGN, BKNG, CDW, FISV, MAR, MCHP, MU, MXIM, NXPI, SNPS, TXN, WDAY, WDC,
4 comments:
it is not a bull flag!
Bullish falling wedge to 3320, many falling wedges all over the charts. Should rally in a Wave 3 Monday or Tues into end of week to make new ATH over 3400. Reason could be maybe they have a handle on the CoronaVirus with a cure coming or something positive to that effect.
Jeff, it sounds like based on your definition, you are right. DJ
Dom...the SPX/SPY doesn't look like a falling wedge to me. I see a two day pullback testing the Feb 6 breakout of the Jan 22 high. We don't trade labels, just price action. So in the end a trader can label what they see whatever they would like and then trade their signals according to their rules and that works great. Thank you for sharing...DJ
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