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SPY opened lower and closed lower on a continuation pullback from Monday. Big tech stocks TSLA, AMZN, MSFT, AAPL, FB and GOOGL continued to sell off, volatility and TNX rose.
NDX -376.62, -2.88%, a pullback to below the high of the low day, bull flag setup.
SPX -50.57, -1.31%, closed at 3,819, a move below Tuesday’s pause day towards Friday’s support low.
TSLA -4.84%, was a bounce down continuation moving towards last Tuesday’s low.
Three of eleven sectors were higher on Wednesday, led XLE, XLF and XLI.
SPY down 5.12 at 381.42 on 119.9 million shares, above average volume, down on higher volume.
VIX up 2.57 at 26.67
BA, AXP, JPM, IBM led the DJIA, 12 advancers, +3
The two-year trend term is up. The one-year trend is up.
Up:
Advancers strengthened slightly on Wednesday as decliners led 1,727 to 1,553 on the NYSE and led 2,748 to 1,353 on the NASDAQ.
The SPY MFC green line turned down to 60.9 and is defensive. Price action is a continuation move lower towards short-term support
Uptrend sectors: XLF, XLE, XLI, XLC, XLB, XLK, XLY, XLV,
Down trend sectors:
The 6-month intermediate trend is up. The ten-day trend is down a little.
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Sideways
10 of 100 NDX stocks closed higher on Wednesday.
19 NDX stocks are above their 30 DMA: AMAT, INTC, GOOGL, WDC, MU, CDW, CMCSA, KHC, MAR, TCOM, BKNG, FOXA, FISV, ADP, PAYX, CSX, SBUX, CTAS, ORLY,
NDX Stocks to Watch on Thursday:
Moving Below 30 DMA = 17
ATVI, AVGO, BIDU, CDNS, DXCM, FAST, IDXX, INTU, KLAC, LRCX, MCHP, NXPI, PYPL, ROST, SWKS, TEAM, TXN,
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2 comments:
Now there’s just 19 NDX stocks above the 30MA. WOW. Getting low. Thanks for this information, Dave!
Hi Dave. I don't understand how the NDX can be "a pullback to below the high of the low day, bull flag setup". Thanks for any clarification you can provide.
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