©
2020
NDX -241.73, -2.12%, gave
up 73% of Wednesday’s 327-point gain and pulled back above Tuesday’s low,
creating a 5-day bull flag
setup. The pullback was led by weakness
in AAPL, NVDA, AMZN, MSFT and PYPL.
SPX -59.77, -1.76% closes
at 3,339, gave up 88% of Wednesday’s 67-point gain and pulled back
near Tuesday’s low, creating a bull flag setup or a potential break of support.
Traders
need to be prepared on Friday for either a bounce up or a
break of short-term support.
All eleven sectors were lower on Thursday, led
by XLB, XLP and XLI.
Materials leaders: MLM, CTVA, VMC, SHW
Consumer Staples leaders: TSN, LW, SYY,
ADM
Industrials leaders: UAL, ALK, NSC, AOS,
SPY down -5.90 at 333.89 on 90.5 million shares, above average volume, down on similar
volume.
VIX up +.90 at 29.71
MCD, NKE, DIS led the DJIA, 1 advancer, -24
TPR, NWL TSN, LH led the SPX, 51 advancers
TSLA, ALGN, MRNA led the NDX, 3 advancers
The two-year trend term is up. The one-year trend is up.
Up:
Down: IWM, DIA, SPY, QQQ,
Breadth weakened on Thursday
as decliners led 2,023 to 982 on the NYSE and led 2,295 to 1,127 on the NASDAQ
The SPY MFC green line is
pointed down at 49.5 and is short-term
bearish. Price action is a pullback
to a bull flag setup.
Uptrend sectors: XLB, XLY, XLI, XLK, XLP, XLC, XLV,
Neutral sectors: XLRE, XLF, XLU,
Down trend sectors: XLE,
The 6-month intermediate trend is up. The
ten-day trend is down.
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down
3 of 100 NDX stocks
closed higher on Thursday.
23 NDX stocks are above their 30 DMA: CMCSA, ORLY, CPRT, CSX, TCOM, SBUX, AVGO, BKNG,
ULTA, MAR, EXPE, FOXA, JD, WDAY, ZM, ALXN, ALGN, ADBE, ISRG, MDLZ, NVDA, PAYX,
TSLA,
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 17
AAPL, AMGN, AMZN, CHTR,
COST, CTAS, CTXS, FB, INTC, INTU, MNST, NXPI, PEP, QCOM, ROST, TXN, XEL,
1 comment:
Thank you, Dave!
Post a Comment