© 2020
The
SPX opened
slightly lower than Thursday’s close but immediately sold off 60 points in the
first ninety minutes. The SPX
then rallied 30 points and traded in a 20-point range for about four hours. A last hour rally carried the index up 25
points to close down -28.19, -1.01%. Today SPY had below average and VIX
was moderate on today’s pullback. Light
volume pullbacks in an uptrend are typically bullish and a moderate VIX indicates
that institutions were not aggressively buying SPX puts.
The NDX +94.21, +1.14%
closed higher led by big gains in TSLA, NFLX and AMZN and
semiconductor stocks AMD, INTC, NVDA, QCOM, AVGO, MCHP, KLAC, ADI, MXIM,
AMAT, SWKS, XLNX, LRCX, MU.
Tuesday
is the start of earnings season with JPM, JNJ, WFC, FAST, FRC and OMC
before the open. UAL and JBHT
report after the close. Thirty-three SPX
companies (7%) report this week.
Quarterly
EPS estimate:
JPM $2.55
JNJ $
2.08
WFC
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Two of eleven sectors were higher on Monday, led by XLK, XLC and XLY
SPY down 2.54 at 275.66 on 113.9 million shares, below average
volume. Down on lower volume.
VIX down .50 at 41.17
WMT, INTC, AAPL led the DJIA, 8 advancers, -11
MRO, GCI, NEM, PXD led the SPX, 99 advancers
TSLA, NFLX, AMZN, AMD led the NDX, 50 advancers
Two-year trend term is
up. A new 3-week uptrend has emerged
following a higher low W pattern reversal.
Monday was a test of Wednesday’s horizontal breakout, SPY forms hammer. 3-day short
term trend is up.
Up: QQQ,
Down: SPY,
DIA, IWM,
Breadth weakened
on Monday as decliners led 2,215 to 752 on the NYSE
and led 1,997 to 1,282 on the NASDAQ
The SPX
MFC green line is pointed up at 52.6 and is a short-term
bullish.
Uptrend sectors: XLV, XLK, XLB, XLU,
Neutral sectors:
XLRE, XLC, XLP, XLY,
Down trend sectors: XLI,
XLF, XLE,
The 6-month intermediate
trend is down. The ten-day trend is up.
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Up
50 of 100 NDX stocks
closed higher on Monday.
85 NDX stocks are above their 30 DMA: CTXS, SGEN, AMZN,
CDNS, NFLX, REGN, TTWO, VRTX, ALXN, NTES, INCY, AMGN, ATVI, CHKP, CSCO, EA,
ILMN, INTC, KHC, VRSN, XLNX, AMD, ANSS, AVGO, CHTR, COST, CSX, IDXX, ISRG, JD,
KLAC, LULU, MDLZ, MSFT, MU, MXIM, NVDA, ORLY, PCAR, PEP, SNPS, SWKS, TMUS, TXN,
ADI, FB, LRCX, QCOM, SBUX, WLTW, AAPL, ADP, ADSK, AMAT, BIIB, CDW, CERN, CMCSA,
CSGP, CTSH, EBAY, FAST, FISV, FOXA, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL,
ROST, SPLK, ULTA, WDAY, WDC, XEL, ADBE, ALGN, BKNG, EXC, NTAP, TSLA, BMRN, GILD,
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 2
BMRN, GILD,
Moving Below 30 DMA = 3
CPRT,
DLTR, VRSK,
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