Breadth strengthens as SPX and Many Stocks Counter-trend Bounce...Technology and Financials Lead...

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With the broad market in a three-week downtrend, breadth strengthened significantly on Tuesday.  While a few stocks are in an up or sideways direction, the majority are pointed down and many of the bounces today were counter-trend.  SPX regained about 62% on Monday's selloff led by technology and financial sectors.

• QQQ was a MACD bullish divergence bounce today.
• SPY & DIA were counter-trend bounces.
• JPM led the DJIA and was a counter-trend bounce.
• Energy stocks MRO, PXD, HES, XEC, OXY, HP & APA were seven of the top 10 stocks leading the SPX and all were counter-trend bounces.
• AAL & UAL led the NDX and were counter-trend bounces.

All eleven sectors were higher on Tuesday, led by XLK, XLF and XLY

SPY up 14.19 at 288.42 on 275.5 million shares, above average volume.  Up on lower volume.

VIX down 7.16 at 47.30

JPM, HD, AAPL led the DJIA, 30 advancers, +30

MRO, PXD, HES led the SPX, 472 advancers

AAL, UAL, MELI, NTAP led the NDX, 96 advancers

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

Up: QQQ, SPY, DIA, IWM,

Down:

Breadth strengthened, on Tuesday as advancers led 2,302 to 695 on the NYSE and led 2,238 to 1,069 on the NASDAQ

The SPX MFC green line is pointed down at 25 and is short-term bearish. 

Uptrend sectors: 

Neutral sectors:  XLK, XLV, XLU, XLP, XLRE, XLC,

Down trend sectors: XLY, XLI, XLB, XLF, XLE,

The 6-month intermediate trend is down a little.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

96 of 100 NDX stocks closed higher on Tuesday.

7 NDX stocks are above their 30 DMA:  GILD, REGN, CSGP, DLTR, JD, ORLY, TTWO,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 5

CSGP, DLTR, JD, ORLY, TTWO,

Moving Below 30 DMA = 0

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