Monday, October 19, 2020

SPX, NDX Pullback as Stimulus Talks Progress, but Fail to Reach Conclusion...

 
© 2020
 
Earnings season continued Monday with HAL reporting EPS before the open.  HAL had a slightly negative reaction.  After the close IBM, CDNS PPG and ZION reported EPS.
 
NDX -217.82, -1.84%, gapped up Monday morning, filled the gap before selling off 150 points as stimulus talks progressed but failed to conclude.  NDX closed at 11,634.  The move was led by weakness in AMZN, AAPL, MSFT, AMZN, GOOGL, FB and TSLA.  NDX is a bull flag price pattern.
 
SPX -56.92, -1.63%, closes at 3,426.  SPX is a 5-day pullback bull flag price pattern.
 
All eleven sectors were lower on Monday, led by XLU, XLB and XLY.
 
Utilities leaders: PNW, EIX, FE, PEG
Basic Materials leaders: IP, WRK, LYB
Consumer Discretionary leaders: TPR, UAA, EXPE, NCLH
 
SPY down -5.28 at 342.01 on 68.4 million shares, below average volume, down on lower volume.
VIX up +1.77 at 29.18
 
INTC, BA, GS, NKE led the DJIA, 1 advancer, -19
UAL, TPR UAA, NTAP led the SPX, 48 advancers
WDC, MU, ZM, EXPE led the NDX, 12 advancers
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: IWM, DIA, SPY, QQQ,
 
Breadth weakened on Monday as decliners led 2,217 to 828 on the NYSE and led 2,458 to 1,049 on the NASDAQ
 
The SPY MFC green line is turned down at 72 and is defensive.  Price action is a 5-day bull flag pullback.
 
Uptrend sectors XLI, XLU, XLY, XLB, XLP, XLK, XLV, XLC,
Neutral sectors:  XLRE, XLF,
Down trend sectors: XLE,
 
The 6-month intermediate trend is up.  The ten-day trend is up a little.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown
 
12 of 100 NDX stocks closed higher on Monday.
 
78 NDX stocks are above their 30 DMA:   AVGO, ZM, ALXN, SGEN, WDAY, CDW, CPRT, CTAS, CTSH, IDXX, INTC, MRNA, NVDA, PAYX, QCOM, SBUX, SNPS, ADP, COST, LRCX, SWKS, TXN, XLNX, AMD, KLAC, BIDU, DOCU, NFLX, NXPI, XEL, SIRI, AMAT, CERN, EXC, MCHP, MELI, MXIM, PCAR, REGN, SPLK, ADBE, ADI, ALGN, ANSS, ASML, BMRN, CDNS, CHKP, CSX, ILMN, INTU, ISRG, JD, LULU, MU, PEP, PYPL, TSLA, WDC, ADSK, AMZN, CSCO, DLTR, ULTA, VRSK, AAPL, EBAY, MDLZ, MSFT, ATVI, EA, GOOGL, KHC, PDD, TTWO, ORLY, DXCM, WBA,
 
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 0
 
 
Moving Below 30 DMA = 13
BIIB, CHTR, CMCSA, CTXS, FAST, FB, FISV, INCY, LBTYA, MNST, ROST, TMUS, VRSN,
 
 
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1 comment:

Ben W. said...

Hi Dave, all the indexes are marked as “down” just under the one and two year trend determination. Did you change your methodology used in determining if an index is up or down?