AAPL Sells off After Analyst Comments, NDX, SPX Fall Sharply after Midday AAPL News on 5G and Multi-State Investigation...

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Before the open GS called the recent AAPL rally unsustainable, maintained its Sell rating while raising the price target from $263 to $299, $90 below Wednesday’s closing price of $389.  AAPL opened lower and fell about $10 during the first three hours of trading. 

When news hit after midday that AAPL was to delay its launch event for 5G iPhones and that AAPL was facing a multi-state consumer protection investigation, the NDX dropped 180 points and the SPX fell 40 points over the next hour, while AAPL sank another $10.

 

NDX -290.16, -2.67% and SPX -40.36, -1.23%.  NDX is pulling back and shifting into an ascending triangle type channel.  SPX opened lower spent the morning in a trading range before its midday selloff to a test of Monday’s HBO at 3,233 and closed higher.  SPX is a breakout test today. 

TSLA -79.26, -4.98% gapped up on positive EPS Wednesday after the close but reversed that move and closed lower today.  MSFT -9.21, -4.35% closed lower on a negative EPS reaction.

INTC, ETFC, SWKS, VRSN, EW, SIVB and FE reported EPS after the close Thursday.  INTC -6.40, -10.60% and SWKS -4.34, -3.21% fell in after-hours trading.

AXP, VZ, SLB, HON, and NEE report EPS Friday morning before the open.

Three of eleven sectors were higher on Thursday, led by XLP, XLU and XLF.

Consumer staples leaders:  HSY, ADM, KMB, TAP

Utilities leaders:  LNT, D, FE, CNP

Financial leaders:  GL, HBAN, KEY, CINF

SPY down 3.90 at 322.96 on 75.7 million shares, below average volume, down on higher volume.

VIX up 1.76 at 26.08

CSCO, PG, MMM led the DJIA, 7 advancers, -16

WHR, GCI, GL, HSY led the SPX, 221 advancers

WDC, CTAS, MU, FOXA led the NDX, 15 advancers

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

Up: IWM,

Down: SPY, DIA, QQQ,

Breadth weakened on Thursday as decliners led 1,544 to 1,427 on the NYSE and led 2,108 to 1,253 on the NASDAQ

The SPX MFC green line is turned down at 93 and is counter-trend defensive.  Price action is a breakout test.

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

Neutral sectors:  XLU, XLRE, XLF, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

15 of 100 NDX stock closed higher on Thursday.

73 NDX stocks are above their 30 DMA:  AMZN, CDNS, ASML, IDXX, KLAC, NVDA, SNPS, SWKS, AAPL, EBAY, FAST, MELI, PYPL, SPLK, ALGN, TSLA, BMRN, AMAT, NTES, MXIM, TXN, LRCX, REGN, NXPI, EA, TTWO, ATVI, ILMN, ANSS, NFLX, SGEN, AMGN, DOCU, DXCM, PEP, VRSK, XLNX, CHKP, COST, GOOGL, LBTYA, MNST, CHTR, BKNG, CMCSA, CTSH, KHC, PCAR, DLTR, AMD, BIIB, CTAS, ISRG, LULU, NTAP, ORLY, XEL, CDW, CERN, CPRT, CSX, EXC, EXPE, TCOM, WDC, ADSK, CSCO, MRNA, FISV, INTC, MU, WDC, SBUX, SIRI,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 16

ADBE, AVGO, CTXS, FB, GILD, INCY, INTU, JD, MAR, MCHP, MSFT, QCOM, ROST, VRTX, WDAY, ZM

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