Buyers Return on Friday as SPX, DJI, NDX and RUT Bull Flag Setup...

© 2020

NDX +75.30, +0.79%, and SPX +39.21, +1.31%.  The SPX had a 38% rebound on Friday from dramatic selloff on Thursday following FOMC economic forecast Wednesday afternoon and rising concerns of a second wave of coronavirus.

The SPX, DJI and NDX are each in a four-day bull flag pullback and setup.

Ten of eleven sectors were higher on Friday, led by XLRE, XLF and XLE

SPY up 3.60 at 304.21 on 194.6 million shares, above average volume, up on lower volume.

VIX down 4.70 at 36.09

BA, DOW, RTX led the DJIA, 26 advancers, +26

NCLH, CCL, RCL, DAL led the SPX, 405 advancers

UAL, AAL EXPE ALGN led the NDX, 76 advancers

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

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth strengthened on Friday as advancers led 2,334 to 652 on the NYSE and led 2,500 to 847 on the NASDAQ

The SPX MFC green line is pointed down at 79 and is counter-trend defensive.  Price action is a 4-day bull flag pullback.

Uptrend sectors:  XLY, XLK, XLV, XLC, XLB,

Neutral sectors:  XLI, XLE, XLF, XLRE, XLU, XLP,

Down trend sectors:

The 6-month intermediate trend is sideways.  The ten-day trend is sideways.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

76 of 100 NDX stock closed higher on Friday.

72 NDX stocks are above their 30 DMA:  AMZN, CDNS, KHC, AVGO, IDXX, ISRG, KLAC, LULU, MSFT, NVDA, ORLY, SNPS, SWKS, FB, QCOM, AAPL, ADSK, EBAY, FAST, GOOGL, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, ZM, AMAT, JD, NTES, TMUS, CTAS, EXPE, FOXA, LRCX, ADI, AVGO, BKNG, CDW, CMCSA, DLTR, MAR, MXIM, PCAR, TXN, XLNX, PAYX, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, REGN, XEL, NXPI, EA, TTWO, ADP, ATVI, CHTR, CSCO, CSX, CTSH, ILMN, LBTYA,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 8

ADP, ATVI, CHTR, CSCO, CSX, CTSH, ILMN, LBTYA,

Moving Below 30 DMA = 2

ANSS, ROST,

Add Comments here: