SPX, NDX in a Two-day Bull Flag Price Pattern as Earnings Season Continues...

 
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Earnings season continued Wednesday before the open with UNH, USB, PNC, BAC, WFC and PGR reporting EPS.  All six stocks had a negative reaction on Wednesday ranging from -0.44% to -6.02%.
 
NDX -97.81, -0.81%, opened higher and traded in a range until reports that a coronavirus aid deal would be difficult before the election, at which time the NDX broke support and finished lower.  The move was led by weakness in AMZN, FB, MSFT, NFLX and PYPL. 
 
SPX -23.26, -0.66%, closes at 3,488.  SPX in countertrend 2-day pullback bull flag price pattern.
 
Three of eleven sectors were higher on Wednesday, led by XLI, XLE and XLB.
 
Industrials leaders: GCI, DIS, NFLX, EA
Energy leaders: CXO, HFC, KMI, BKR
Basic Materials leaders: CLX, KHC, CHD, WMT
 
SPY down -2.20 at 347.93 on 57.9 million shares, below average volume, down on lower volume.
VIX up +0.33 at 26.40
 
DOW, HON, MMM, CAT led the DJIA, 10 advancers, +3
CXO, VNT, FHC, NWL led the SPX, 195 advancers
BIDU, TSLA, QCOM, CSX led the NDX, 20 advancers
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: DIA, SPY, QQQ, IWM,
 
Breadth weakened on Wednesday as decliners led 1,860 to 1,187 on the NYSE and led 2,336 to 1,131 on the NASDAQ
 
The SPY MFC green line is pointed up at 72.9 and is bullish.  Price action is a 2-day bull flag pullback.
 
Uptrend sectors:  XLY, XLB, XLP, XLK, XLC, XLV, XLI, XLU,
Neutral sectors:  XLRE, XLF,
Down trend sectors: XLE,
 
The 6-month intermediate trend is up.  The ten-day trend is up.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Up a little
 
20 of 100 NDX stocks closed higher on Wednesday.
 
90 NDX stocks are above their 30 DMA:   AVGO, ZM, ALXN, SGEN, WDAY, CDW, CHTR, CPRT, CTAS, CTSH, FISV, IDXX, INTC, MRNA, NVDA, PAYX, QCOM, SBUX, SNPS, ADP, BIIB, COST, LRCX, SWKS, TXN, XLNX, AMD, KLAC, BIDU, DOCU, NFLX, NXPI, ROST, XEL, SIRI, AMAT, CERN, EXC, MCHP, MELI, MXIM, PCAR, REGN, SPLK, ADBE, ADI, ALGN, ANSS, ASML, BMRN, CDNS, CHKP, CSX, ILMN, INCY, INTU, ISRG, JD, LULU, MU, PEP, PYPL, TMUS, TSLA, WDC, ADSK, AMZN, CSCO, DLTR, ULTA, VRSK, VRSN, VRTX, AAPL, CTXS, EBAY, LBTYA, MDLZ, MNST, MSFT, ATVI, CMCSA, EA, FB, GILD, GOOGL, KHC, PDD, TTWO, ORLY,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
 
 
Moving Below 30 DMA = 3
BKNG, DXCM, WBA,
 
 
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