Friday, May 29, 2020

SPX Rally After President's Press Conference on China...


© 2020


NDX +138.81, +1.47%, and SPX +14.58, +0.48%, opened lower and was in trading range most of the day, and gained upward momentum about 60 minutes before the close after the President’s press conference on China. The NDX is a horizontal breakout setup.  The SPX is a breakout continuation setup.


COST and CRM close lower after reporting EPS after the close on Thursday.

Seven of eleven sectors were higher on Friday, led by XLK, XLV and XLU

SPY up 1.35 at 304.32 on 119.2 million shares, above average volume, up on higher volume.
VIX down 1.08 at 27.51, lowest close in three months on Friday.

CSCO, VZ, WBA led the DJIA, 17 advancers, -13
NLOK, DPZ, MKTX, CTXS led the SPX, 240 advancers
ZM, JD, REGN, LULU led the NDX, 84 advancers

The two-year trend term is up.  The one-year trend is sideways.

A twelve-week uptrend emerged following a higher low W pattern reversal in March.

Up: QQQ, SPY,
Down: DIA, IWM, 

Breadth strengthened on Friday as decliners led 1,527 to 1,422 on the NYSE and advancers led 1,711 to 1,586 on the NASDAQ

The SPX MFC green line is pointed up at 92 and is short-term bullish.  Price action is a 12-week high with a late afternoon rally after press conference on China.


Uptrend sectors XLV, XLK, XLY, XLC, XLB,
Neutral sectors:  XLE, XLI, XLF, XLU, XLRE, XLP,
Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendUp


84 of 100 NDX stocks closed higher on Friday.

90 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, TTWO, ATVI, CSCO, EA, ILMN, KHC, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, CPRT, ZM, AMAT, JD, NTES, TMUS, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, INCY, PAYX, ULTA, WDC, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, ADP, VRTX, CERN, COST, MDLZ, REGN, VRSN, XEL, CTXS, WBA,

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 2
CTXS, WBA,

Moving Below 30 DMA = 1
NXPI,  

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Thursday, May 28, 2020

SPX, -0.21%, Pulls Back After Press Conference on China Announced for Friday...


© 2020

NDX -25.33, -0.27%, and SPX -6.40, -0.21%, opened higher and was in a breakout continuation rally most of the day, but lost upward momentum about 45 minutes before the close after an announcement that the President will hold a press conference Friday on China. The NDX is a bull flag setup.  The SPX is a breakout continuation setup. 

COST and CRM reported EPS after the close and both were trading lower in after-hours trading.

Five of eleven sectors were higher on Thursday, led by XLU, XLV and XLRE

SPY down .56 at 302.97 on 90.7 million shares, slightly below average volume, down on lower volume.
VIX up .97 at 28.59

PFE, MRK PG led the DJIA, 14 advancers, -13
NLOK, HP, AEE, DLR led the SPX, 209 advancers
DLTR, ALXN, WDAY, REGN led the NDX, 43 advancers

The two-year trend term is up.  The one-year trend is sideways.


A nine-week uptrend emerged following a higher low W pattern reversal in March. Today was a breakout continuation rally that was lost upward momentum about 45 minutes before the close after an announcement that the President will hold a press conference Friday on China.

Up:
Down: QQQ, SPY, DIA, IWM,  

Breadth weakened on Thursday as decliners led 1,725 to 1,229 on the NYSE and led 2,195 to 1,085 on the NASDAQ

The SPX MFC green line is pointed down at 92 and is short-term bullish.  Price action is a 12-week high with a late afternoon pullback after news.


Uptrend sectors XLV, XLK, XLP, XLY, XLC, XLB,
Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,
Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendUp


43 of 100 NDX stocks closed higher on Thursday.

89 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, TTWO, ATVI, CSCO, EA, ILMN, KHC, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, INCY, PAYX, ULTA, WDC, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, ADP, VRTX, CERN, COST, MDLZ, REGN, VRSN, XEL,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 6
CERN, COST, MDLZ, REGN, VRSN, XEL,

Moving Below 30 DMA = 2
CTSH, WBA,


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Wednesday, May 27, 2020

A Volatile Wide Range Day...Trend Continuation Led by Financial and Industrial Sectors...


© 2020


NDX +52.07, +0.55%, and SPX +44.36, +1.48%, closed higher after a volatile, wide range candle, trading day.  The NDX did a breakout test formed a hammer and is a bull flag setup.  The SPX opened higher, sold off below Tuesday’s low before rallying to a breakout continuation move. 

IWM led the broad market ETFs on Wednesday.

All eleven sectors were higher on Wednesday, led by XLF, XLI and XLRE

SPY up 4.45 at 303.53 on 104.8 million shares, average volume, up on higher volume.
VIX down .39 at 27.62

AXP, GS, JPM led the DJIA, 27 advancers, +3
GPS, JWN KSS DFS led the SPX, 428 advancers
MU, AAL, ULTA, SIRI led the NDX, 77 advancers

The two-year trend term is up.  The one-year trend is sideways.

A nine-week uptrend emerged following a higher low W pattern reversal in March. Today was a volatile wide range candle breakout continuation move.

Up: IWM, DIA, SPY, QQQ,
Down:

Breadth was similar on Wednesday as advancers led 2,420 to 550 on the NYSE and led 2,260 to 1,061 on the NASDAQ

The SPX MFC green line is pointed up at 93.7 and is short-term bullish.  Price action is a breakout trend continuation.


Uptrend sectors XLV, XLK, XLP, XLY, XLC, XLB,
Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,
Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendUp


77 of 100 NDX stocks closed higher on Wednesday.

85 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, TTWO, ATVI, CSCO, EA, ILMN, KHC, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, INCY, PAYX, ULTA, WDC, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, WBA, ADP, CTSH, VRTX,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 3
ADP, CTSH, VRTX,

Moving Below 30 DMA = 0


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Tuesday, May 26, 2020

Small Caps Lead, SPX Bull Flag Bounce, HBO as Financials, Industrials Lead Sectors


© 2020

NDX -24.01, -0.26%, gapped up, traded in a range and closed lower while SPX +36.32, +1.23%, closed higher after a gap up trading range.  The NDX triggered a bull flag entry on a gap up, pulled back and is still be a bull flag setup.  The SPX triggered both a bull flag entry and a horizontal breakout.


IWM led the broad market ETFs on Tuesday.

Nine of eleven sectors were higher on Tuesday, led by XLF, XLI and XLRE

SPY up 3.64 at 299.08 on 88.9 million shares, below average volume, up on higher volume.
VIX down .15 at 28.01

GS, RTX DOW led the DJIA, 24 advancers, +9
ADS, NCLH, RCL, COTY led the SPX, 405 advancers
UAL, AAL, TCOM, ULTA led the NDX, 62 advancers

The two-year trend term is up.  The one-year trend is sideways.

A nine-week uptrend emerged following a higher low W pattern reversal in March. Gap up on Tuesday on a bull flag bounce and HBO.

Up: IWM, DIA, SPY,
Down: QQQ,

Breadth strengthened on Tuesday as advancers led 2,492 to 469 on the NYSE and led 2,322 to 990 on the NASDAQ

The SPX MFC green line is pointed down at 91.7 and is short-term bullish.  Price action is a bull flag bounce and horizontal resistance breakout.


Uptrend sectors XLV, XLK, XLP, XLY, XLC, XLB,
Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,
Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendUp


62 of 100 NDX stocks closed higher on Tuesday.

83 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, TTWO, ATVI, CSCO, EA, ILMN, KHC, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, INCY, PAYX, ULTA, WDC, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, WBA,

NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 7
AAL, ALXN, MU, SIRI, TCOM, UAL, WBA,

Moving Below 30 DMA = 4
AMD, REGN, VRSN, VRTX,


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Friday, May 22, 2020

Monday is Memorial Day: Our Gratitude and Compassion to all Families Who Have Sacrificed Protecting America...NDX & SPX Bull Flag Setups...


© 2020

Monday is Memorial Day and we express gratitude for all men and women who gave their lives protecting freedom and America while serving in the US military and express our compassion to all the families of those who gave their lives.

NDX +36.00, +0.38%, and SPX +6.94, +0.19%, closed higher after trading in a range for most of Friday.  The NDX tested its May 12 high and is a bull flag setup.  The SPX closed just above its April 29 high, a re-breakout, and is a bull flag setup. 

Six of eleven sectors were higher on Friday, led by XLRE, XLU and XLC

SPY up 0.56 at 295.44 on 63.9 million shares, below average volume, up on lower volume.
VIX down 1.37 at 28.16

UNH, TRV, PG led the DJIA, 15 advancers, +9
COTY, FOSL, AMT, A led the SPX, 271 advancers
SPLK, LULU, ALGN, MELI led the NDX, 67 advancers

The two-year trend term is up.  The one-year trend is sideways.

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the previous three weeks and had a re-breakout of resistance on Friday.

Up: IWM, QQQ, SPY,
Down: DIA,

Breadth strengthened on Friday as advancers led 1,650 to 1,277 on the NYSE and led 1,904 to 1,354 on the NASDAQ

The SPX MFC green line is turned up at 93 and is short-term bullish.  Price action is a horizontal re-breakout.


Uptrend sectors XLV, XLK, XLP, XLY, XLC, XLB,
Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,
Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendSideways


67 of 100 NDX stocks closed higher on Friday.

79 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, REGN, TTWO, VRTX, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, INCY, PAYX, ULTA, WDC, EXC,

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 1
EXC,

Moving Below 30 DMA = 2
NFLX, TCOM,    


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Thursday, May 21, 2020

SPX Pulls Back as US China Tensions Rise...Weekly Jobless Claims Slow, Still Higher than Expected...


© 2020

Before the market opened the Weekly Jobless Claims, report was 2.438 million above estimate of 2.375 million.  /ES futures initially pulled back 3 points before rising 10+ points.  About an hour after the open, news that China warned of countermeasures against the US coronavirus threats sent the futures down more than 30 point before shifting to a trading range for the rest of Thursday.

NDX -107.03, -1.13%, and SPX -23.10, -0.78%, closed lower testing the horizontal resistance breakout that occurred on Wednesday.  The SPX is a re-breakout setup at the close and if the NDX opens below 9,354 it will be a re-breakout setup Friday morning.


NVDA -1.99, -0.57% moved lower after a positive EPS report after the close.


Two of eleven sectors were higher on Thursday, led by XLY, XLI and XLF

SPY down 2.05 at 294.88 on 78.2 million shares, below average volume, down on lower volume.
VIX up 1.54 at 29.53

BA, RTX, TRV led the DJIA, 6 advancers, -18
LB, GCI GPS, NCLH led the SPX, 151 advancers
ROST, ULTA, UAL LULU led the NDX, 19 advancers

The two-year trend term is up.  The one-year trend is sideways.

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the previous three weeks broke out of resistance on Wednesday and did a breakout test today.

Up: IWM,
Down: DIA, SPY, QQQ,

Breadth weakened on Thursday as advancers led 1,542 to 1,394 on the NYSE and decliners led 1,951 to 1,394 on the NASDAQ

The SPX MFC green line is turned up at 91 and is short-term bullish.  Price action is a horizontal breakout test.

Uptrend sectors XLV, XLK, XLP, XLY, XLC, XLB,
Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,
Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendSideways


19 of 100 NDX stocks closed higher on Thursday.

80 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TCOM, TXN, XLNX, INCY, PAYX, ULTA, WDC,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 0


Moving Below 30 DMA = 3
ALXN, EXC, MU,   


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