SPX Trading Range Rolls Down after News on MRNA...

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Markets opened slightly lower on Tuesday and traded in a range for most of the day with a series of events including earnings from WMT and HD, Fed Chair Powell and Treasury Secretary Mnuchin speaking before the Senate Banking Committee.

However, the market went lower after a STAT News report raised questions on the lack of data provided in MRNA’s announcement on their Covid-19 Phase 1 trial.  Much as the broad market reacted positively Monday morning, it reacted negatively Tuesday afternoon.

NDX -33.38, -0.36%, and SPX -30.97, -1.05%, traded in a range until they pulled back in the last 75 minutes of trading.  Both NDX and SPX are just below short-term horizontal resistance.  The NDX and SPX are an HBO setup. 

WMT and HD finish lower after EPS while BIDU closes higher.

All eleven sectors were lower on Tuesday, led by XLC, XLY and XLK

SPY down 3.03 at 291.97 on 94.2 million shares, below average volume, down on lower volume.

VIX up 1.23 at 30.53

INTC, NKE, RTX led the DJIA, 3 advancers, -26

GCI, HPQ, AAP, XRX led the SPX, 103 advancers

ZM, TTWO WDAY, NTES led the NDX, 32 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:

Down: QQQ, SPY, DIA, IWM,

Breadth weakened on Tuesday as decliners led 1,800 to 1,138 on the NYSE and led 2,102 to 1,188 on the NASDAQ

The SPX MFC green line is turned up at 84.8 and is short-term bullish.  Price action is a bull flag bounce pause at 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

32 of 100 NDX stocks closed higher on Tuesday.

77 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, SIRI, TCOM, TXN, XLNX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

LRCX,  

Moving Below 30 DMA = 11

ALXN, AMGN, BIIB, CERN, EXC, INCY, MU, PAYX, PEP, ULTA, WDC,

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