SPX Down after AMZN, AAPL EPS, Musk Tweet on TSLA...SPX Falls Forming 2-day Bull Flag...

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The SPX -81.72, -2.81%, opened down 43 points after AMZN -187.96, -7.60% and AAPL -4.73, -1.61%, had negative EPS reaction Thursday after the close.  AMZN continued to fall on Thursday while AAPL did close higher that its open.

Late morning, about 11:13 am ET, TSLA was down about $20 when Elon Musk tweeted that he thought TSLA stock was too high and both TSLA -80.56, -10.30%, and the broad market sold off.

WDC -5.60, -12.15%, V -3.15, -1.76%, also moved lower Friday after reporting EPS Thursday evening.

The SPX is a two-day bull flag setup and horizontal re-breakout setup.

All eleven sectors were lower on Friday, led by XLP, XLC and XLV

SPY down 7.69 at 282.79 on 125.1 million shares, below average volume, Down on higher volume.

VIX up 2.92 at 37.19

WMT, HD, KO led the DJIA, 1 advancer, -5

FBHS, CLX AON, WLTW led the SPX, 28 advancers

LBTYA, SGEN, MELI, CHTR led the NDX, 9 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:

Down: DIA, SPY, QQQ, IWM,

Breadth weakened on Friday as decliners led 2,535 to 438 on the NYSE and led 2,715 to 556 on the NASDAQ

The SPX MFC green line turned down at 93 and is a bull flag and counter-trend defensive.

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

9 of 100 NDX stocks closed higher on Friday.

84 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, MDLZ, MSFT, MXIM, NVDA, ORLY, PCAR, PEP, SNPS, SWKS, TMUS, TXN, ADI, FB, QCOM, SBUX, AAPL, ADP, ADSK, CDW, CERN, CTSH, EBAY, FAST, FOXA, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, ROST, SPLK, ULTA, WDAY, XEL, ADBE, ALGN, TSLA, BMRN, GILD, VRSK, PAYX, MAR, BKNG, CTAS, EXPE, FISV, MU, NXPI, CMCSA, CPRT, NTAP, SIRI, TCOM, DLTR, CTXS,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

CTXS,

Moving Below 30 DMA = 11

AAL, AMAT, AMD, BIDU, EXC, JD, LRCX, NTES, UAL, WDC, XLNX,

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