NDX Leads as SPX Bull Flag Bounce Pauses...Weekly Jobless Claims Before the Open...

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SPX -20.02, -0.70%, gapped higher, pulled back and traded in a rang until the final hour when it sold off and closed lower for the day giving back about 80% of Tuesday’s gain.  Today’s action was a pause in the bull flag bounce that happened Tuesday.  The trend is still up and the higher low bull flag is still a valid trend continuation pattern.

Thursday the Weekly Jobless Claims report estimated to be 3.041 million will be out at 8:30 am ET.  The April Employment Situation jobs report will be out Friday before the open.

Ten of eleven sectors were lower on Wednesday, led by XLK, XLY and XLC

SPY down 1.94 at 284.25 on 72.9 million shares, below average volume, Down on lower volume.

VIX up .51 at 34.12

NKE, AAPL, MSFT led the DJIA, 6 advancers, -16

DLPH, FLIR, DVA, BWA led the SPX, 124 advancers

MELI, ATVI, KLAC, ALGN led the NDX, 65 advancers

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

A new uptrend has emerged following a higher low W pattern reversal. The trend is forming a bull flag setup and the 3-day short term trend is sideways.

Up: QQQ,

Down: SPY, IWM, DIA,

Breadth weakened on Wednesday as decliners led 1,026 to 902 on the NYSE and led 1,933 to 1,311 on the NASDAQ

The SPX MFC green line is pointed down at 87 and is counter-trend defensive.  Price action is in a pause in a bull flag bounce.

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: Down

3-day Short Term Market Trend: Sideways

65 of 100 NDX stocks closed higher on Wednesday.

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

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

XLNX,

Moving Below 30 DMA = 5

ALXN, BKNG, GILD, TMUS, XEL,  

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