VIX Pops as SPX Drops...Energy, Financial, Basic Materials Sectors Lead the Pullback Down...

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NDX -505.78, -5.01%, and SPX -188.04, -5.89%.  Stocks had a dramatic selloff on Thursday following FOMC economic forecast Wednesday afternoon and rising concerns of a second wave of coronavirus.

All eleven sectors were lower on Thursday, led by XLP, XLU and XLC

SPY down 18.43 at 300.61 on 209.2 million shares, above average volume, down on higher volume.

VIX up 13.22 at 40.79

WMT, PG VZ led the DJIA, 0 advancers, -7

KR, COG DG KMB led the SPX, 1 advancer

ZM, REGN, TTWO, ORLY led the NDX, 1 advancer

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

Up:

Down: QQQ, SPY, DIA, IWM,

Breadth weakened significantly on Thursday as decliners led 2,932 to 94 on the NYSE and led 3,161 to 245 on the NASDAQ

The SPX MFC green line is pointed down at 86 and is counter-trend defensive.  Price action is a 3-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

1 of 100 NDX stock closed higher on Thursday.

66 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, ANSS, AVGO, BKNG, CDW, CMCSA, DLTR, MAR, MXIM, PCAR, ROST, TXN, XLNX, PAYX, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, REGN, XEL, NXPI, EA, TTWO,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 27

ADP, AMD, ATVI, CERN, CHKP, CHTR, COST, CPRT, CSCO, CSX, CTSH, FISV, GILD, ILMN, INTC, INTU, LBTYA, MDLZ, NFLX, NTAP, PEP, SBUX, SGEN, ULTA, VRSN, WBA, WDC,

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