Big Tech Down, Volatility, Yields Rise...SPX Drops to Tuesday's Low...Will it Break or Hold? Be Prepared...

 
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SPY moved lower on rising volume in the first 90 minutes of trading.  Heavy selling in big tech stocks, rising volatility and rising yields were key factors in today’s falling market. 
 
NDX -473.88, -3.56%, moved below Wednesday’s low, closed near Tuesday’s low.   SPX -96.09, -2.45%, closed at 3,829, falling to just above Tuesday’s support.
 
TSLA -8.06% reversed Wednesday’s bounce but still above Tuesday’s low.
 
All eleven sectors were lower on Thursday, least negative were XLU, XLV and XLP. 
 
 
SPY down 9.44 at 382.33 on 146.6 million shares, above average volume, down on higher volume.
VIX up 7.55 at 28.89
 
MMM, JNJ, MRK led the DJIA, 3 advancers, -22
FTI, PWR, TWTR, SBAC led the SPX, 48 advancers.
MRNA, TMUS led the NDX, 2 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: DIA, SPY, QQQ, IWM,
 
Advancers weakened on Thursday as decliners led 2,861 to 422 on the NYSE and led 3,596 to 508 on the NASDAQ.
 
The SPY MFC green line is moved below 80 to 75.1 and is defensive.  Price action is a move back to Tuesday support.
 
Uptrend sectors:  XLF, XLC, XLE, XLK, XLY, XLB, XLV, XLI, XLRE,
Neutral sectors:  XLU, XLP,
Down trend sectors:
 
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: Down
 
2 of 100 NDX stocks closed higher on Thursday.
 
26 NDX stocks are above their 30 DMA:   AMAT, BIDU, ILMN, SWKS, INTC, BIIB, GOOGL, WDC, DXCM, MU, CDW, CMCSA, ROST, IDXX, KHC, MAR, TCOM, BKNG, FOXA, FISV, ADP, PAYX, CSX, NFLX, CDNS, SBUX,
 
 
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 0
 
 
Moving Below 30 DMA = 22
ADI, ALGN, ANSS, ASML, AVGO, CTAS, EBAY, INTU, JD, KLAC, LRCX, MCHP, MSFT, MTCH, MXIM, NVDA, NXPI, ORLY, PYPL, TEAM, TXN, WDAY,
 
 
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