Futures Bounce Sunday Night, MRNA Vaccine News Sends Market Higher...

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Markets opened higher Monday after futures continued to rise after Friday’s support bounce and accelerated when news disclosed strong initial results in the Phase 1 of MRNA’s Covid-19 vaccine trial. 

NDX +179.29, +1.96%, and SPX +90.21, +3.15%, opened on a gap up after a support bounce on Friday.  Both NDX and SPX at short-term horizontal resistance.  The NDX and SPX are an HBO setup.  

All eleven sectors were higher on Monday, led by XLE, XLI and XLF

SPY up 8.72 at 295.00 on 120.3 million shares, above average volume, up on higher volume.

VIX down 2.59 at 29.30

BA RTX DOW led the DJIA, 29 advancers, +14

NCLH, LB ADS HAL led the SPX, 465 advancers

UAL EXPE MAR NXPI led the NDX, 85 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 past three weeks but has returned to resistance for a breakout setup and potential up trend resumption.

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth strengthened on Monday as advancers led 2,650 to 331 on the NYSE and led 2,695 to 602 on the NASDAQ

The SPX MFC green line is turned up at 83.58 and is short-term bullish.  Price action is a bull flag bounce back to short term resistance.

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 Trend: Up

85 of 100 NDX stocks closed higher on Monday.

87 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, INCY, AMGN, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, PEP, 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, BIIB, TMUS, ALXN, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, MU, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CERN, CMCSA, CSX, DLTR, EXC, INTC, MAR, MU, MXIM, NXPI, PAYX, PCAR, ROST, SIRI, TCOM, TXN, ULTA, WDC, XLNX,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 24

ADI, ANSS, AVGO, BKNG, CDW, CERN, CMCSA, CSX, DLTR, EXC, INTC, MAR, MU, MXIM, NXPI, PAYX, PCAR, ROST, SIRI, TCOM, TXN, ULTA, WDC, XLNX,

  

Moving Below 30 DMA = 1

CTXS,

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