QQQ, SPY, DIA Pullback Continues on Tuesday...

© 2020

NDX -553.87, -4.77%, pulled back for a third day testing its breakout on Aug 18, is down 11% from its high last Wednesday and is now a re-breakout setup.  The move lower was led by weakness in TSLA, AAPL, ADBE, NVDA, MSFT and AMZN. 

SPX -95.12, -0.81%, closes at 3,331, forms a bull flag price pattern.                   

 All eleven sectors were lower on Tuesday, led by XLU, XLRE and XLY.

Utilities leaders:  PNW, SO, EVRG, NEE

Real Estate leaders: SBAC, PSA,

Consumer Discretionary leaders: GM, UAA, PVH, TPR

SPY down -9.36 at 333.21 on 114.4 million shares, above average volume, down on lower volume.

VIX up +.71 at 31.46

DIS, MCD, NKE, CAT led the DJIA, 4 advancers, -7

GM, UAA, PVH, TPR led the SPX, 49 advancers

CTXS, ROST, FOXA, ALGN led the NDX, 4 advancers

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

Up:

Down: IWM, DIA, SPY, QQQ,

Breadth weakened on Tuesday as decliners led 2,382 to 647 on the NYSE and led 2,366 to 1,075 on the NASDAQ

The SPY MFC green line is pointed down at 71.3 and is defensive.  Price action is a is a 3-day bull flag pullback with a red candle pattern.

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

Neutral sectors:  XLU, XLRE, XLF, XLE,

Down trend sectors:

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

4 of 100 NDX stocks closed higher on Tuesday.

22 NDX stocks are above their 30 DMA:   CMCSA, CTAS, ORLY, CPRT, CSX, TCOM, SBUX, AVGO, FB, BKNG, ULTA, MAR, EXPE, INTU, FOXA, JD, WDAY, ZM, ROST, ALXN, NFLX, ALGN,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 31

AAPL, ADBE, ADI, AMGN, AMZN, ANSS, CDW, CERN, CHTR, COST, DOCU, GOOGL, INTC, ISRG, LULU, MCHP, MDLZ, MNST, MSFT, NTES, NVDA, NXPI, PAYX, PEP, QCOM, SNPS, TMUS, TSLA, TXN, WDC, XEL,

Add Comments here: