© 2020
The
SPX +25.70, +0.90%, gapped
higher and trended up in a bull flag bounce entry signal. The SPX pulled back during the last hour
after an interview with the Fed’s vice chairman Clarida discussing the slowing economy
due to Covid-19.
Ten
of eleven
sectors were higher on Tuesday, led by XLV,
XLK and XLU
SPY up 2.62 at 286.19 on 79.1
million shares, below average volume, Up on similar volume.
VIX down 2.36 at 33.61
PFE, UNH, HD led the DJIA, 22 advancers, +9
IPGP, JKHY, SEE, MOS led the SPX, 331 advancers
SPLK, SGEN, REGN, SWKS led the NDX, 81 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 down.
Up: QQQ, SPY,
IWM, DIA
Down:
Breadth strengthened
on Tuesday as advancers led 1,644 to 1,306 on the NYSE and led 1,774 to 1,477 on the NASDAQ
The SPX
MFC green line is at 90 and is counter-trend defensive. Price action is in a bull flag bounce today.
Uptrend sectors: XLV, XLK, XLP, XLY, XLC, XLB, XLU,
Neutral sectors:
XLRE, XLI, XLF, XLE,
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: Down
81 of 100 NDX stocks
closed higher on Tuesday.
85 NDX stocks are above their 30 DMA: SGEN, AMZN,
CDNS, NFLX, REGN, TTWO, VRTX, ALXN, 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, TMUS, TXN, ADI, FB, QCOM, SBUX, AAPL,
ADP, ADSK, CDW, CERN, CTSH, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST,
PYPL, ROST, SPLK, ULTA, WDAY, XEL, ADBE, ALGN, TSLA, BMRN, GILD, VRSK, PAYX, MAR,
BKNG, CTAS, EXPE, FISV, NXPI, CPRT, SIRI, TCOM, CTXS, AMD, ZM, AMAT, JD, MU,
NTAP, NTES,
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 5
AMAT,
JD, MU, NTAP, NTES
Moving Below 30 DMA = 2
DLTR,
FOXA,
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