Wednesday, December 23, 2020

IWM Hits New All-time Closing High as DIA, SPY, QQQ Pause in a Trading Range...Markets Close Early on Thursday, Christmas Eve...


© 2020
 
Thursday, Christmas Eve, is a half trading day with NYSE closing at 1 pm ET.  Market are closed Friday for Christmas.
 
 
NDX -64.42, -0.51%, pulled back in a breakout test on Wednesday forming a bull flag setup
 
SPX +2.75, +0.07%, closed at 3,690, still in a channel bounce setup.
 
TSLA rose +0.88%, on Wednesday and is a bull flag setup.
 
 
Eight of eleven sectors were higher on Wednesday, led by XLE, XLF and XLC. 
 
Energy leaders: SWN, FANG, MRO, OXY
Financial leaders: WFC, KEY, MTB, CMA, ZION
Communication Services leaders: GCI, DISH, DISCA, FOXA
 
SPY up .33 at 367.57 on 46.2 million shares, below average volume, up on slightly lower volume.
VIX down .92 at 23.31
 
JPM, GS, AXP, DIS led the DJIA, 18 advancers, +12
GCI, SWN, FANG, MRO led the SPX, 305 advancers
MRNA, JD SPLK, FOXA led the NDX, 42 advancers
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, DIA, SPY,
Down: QQQ,
 
Advancers strengthened on Wednesday as advancers led 2,154 to 985 on the NYSE and led 2,375 to 1,389 on the NASDAQ
 
The SPY MFC green line is pointed down at 84.3 and is counter-trend defensive.  Price action is a channel bounce setup.
 
Uptrend sectors XLU, XLB, XLI, XLY, XLP, XLV, XLF, XLC, XLK, XLE,
Neutral sectors:  XLRE,
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is sideways.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown a little
 
42 of 100 NDX stocks closed higher on Wednesday.
 
74 NDX stocks are above their 30 DMA:   ADP, XLNX, ALGN, NXPI, KLAC, LRCX, TXN, ADI, AMAT, CTSH, FAST, MCHP, MU, MXIM, SBUX, ASML, INTU, MNST, TMUS, MRNA, WDC, ROST, CSCO, AVGO, MELI, ADSK, KHC, AMD, TSLA, DLTR, PYPL, VRTX, AAPL, ADBE, ANSS, ATVI, BIDU, CDNS, EA, GILD, ILMN, ISRG, SNPS, VRSN, NFLX, DOCU, CHKP, SGEN, CERN, DXCM, IDXX, CPRT, ALXN, AMZN, EBAY, INCY, PAYX, SWKS, MSFT, ORLY, WDAY, NTES, VRSK, BIIB, new symbols added = MRVL, MTCH, OKTA, PTON, TEAM, BKNG, JD, MAR, SPLK,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
BKNG, JD, MAR, SPLK,
 
Moving Below 30 DMA = 1
LULU, 
 
 
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1 comment:

shortstar said...

Merry Christmas to you and your family Dave!
Mike