Markets Fall Overnight as Economic Concerns Increase...QQQ, SPY, DIA, IWM Open Lower and Rally from Support...

  
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Stocks in Asia and Europe traded lower on economic concerns related to recovery from the Covid-19 slowdown, which in turn sent U.S. futures lower overnight.  U.S. traders took advantage of the opening pullback as futures and indexes rallied from morning lows.
 
Semiconductor stocks, SMH gapped lower and rallied to close -1.34%. 
 
DJI -259.86, -0.75%, closed at 34,421.  GS, HD, TRV and AXP were the largest point decliners on Thursday.
NDX -88.40, -0.60%, closed at 14,722.
SPX -37.31, -0.86%, closed at 4,320.
 
TSLA +0.34%, opened lower and rebroke out of May 28 resistance is a bull flag price pattern.
 
SPY = One-day bull flag pattern.
DIA = Open lower support bounce.
QQQ = One-day bull flag pattern.
IWM = Open lower support bounce.
 
All eleven sectors were lower on Thursday, led by XLRE, XLY and XLU.
 
Real Estate leaders: EQR, MAA, AVB, WY
Consumer Discretionary leaders: ETSY, TSLA, PENN, AMZN
Utilities leaders: AWK, ES, DTE, WEC
 
 
SPY down 3.54 at 430.92, on 97.5 million shares, above average volume, down on higher volume.  
VIX up 2.80 at 19.00
 
BA, IBM, AMGN, NKE led the DJIA, 5 advancers, -16
SWN, BLL, COG, MKTX led the SPX, 64 advancers.
MRNA, BIIB, TSLA, AMZN led the NDX, 17 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: QQQ, DIA, SPY, IWM,
 
Advancers weakened on Thursday as decliners led 2,505 to 809 on the NYSE and led 2,888 to 1,437 on the NASDAQ.
 
The SPY MFC green line turned down at 94.2 and is counter-trend defensive.  SPY a one-day bull flag pattern. 
 
 
Uptrend sectors:  XLK, XLC, XLV, XLY, XLRE, XLE, XLP, XLI, XLF, XLB,
Neutral sectors:  XLU,
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
 
17 of 100 NDX stocks closed higher on Thursday.
 
62 NDX stocks are above their 30 DMA:  ALXN, TMUS, SGEN, PAYX, INTU, FB, GOOGL, IDXX, ILMN, MRVL, ZM, NVDA, PTON, SNPS, MRNA, PYPL, AMD, EBAY, REGN, XLNX, DXCM, ADBE, BIIB, DOCU, LULU, MSFT, TEAM, ALGN, AMZN, ISRG, ANSS, CDNS, QCOM, SPLK, AAPL, CPRT, CTAS, MELI, MTCH, WDAY, NFLX, OKTA, TSLA, VRSN, ADSK, AMAT, CDW, CHTR, COST, JD, ORLY, SWKS, BIDU, ROST, VRSK, ADP, AMGN, GILD, AVGO, CMCSA, NTES, PEP, AEP, CSCO, SBUX, CERN, FAST, CHKP,  
 
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 1
CHKP,  
 
Moving Below 30 DMA = 4
ASML, CSX, SIRI, TXN,
 
 
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