Lower Open, Higher Close on QQQ, SPY...BBWI, SNPS, NVDA Positive Earnings Reactions...Technology Leads Sectors...

 
 
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SPY, DIA, QQQ opened lower after futures fell overnight following a rapid selloff during the last hour of trading over concerns the Fed was planning to taper its bond buying later this year.  After the lower open each of the index ETFs began to rally with QQQ and SPY closing higher after their two-day selloff.
 
BBWI +6.22, +10.49%, SNPS, NVDA and CSCO rally on positive earnings reactions.
 
 
SPY up .68 at 439.86, on 92.7 million shares, above average volume, up on similar volume.  
VIX up .10 at 21.67
QQQ up 1.75, +.48% at 363.96
 
 
CSCO, UNH, MSFT, PG led the DJIA, 13 advancers, +11
BBWI, CBOE, CDNS, REGN led the SPX, 231 advancers.
SNPS, TCOM, NFLX, NVDA led the NDX, 63 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: QQQ, SPY
Down: IWM, DIA,
 
SPY = bull flag setup
DIA = bull flag setup
QQQ = 10-day bull flag setup
IWM = channel pullback to channel support
 
Six of eleven sectors were higher on Thursday, led by XLK, XLRE and XLP.
 
Technology leaders: SNPS, NVDA, CSCO, CDNS
Real Estate leaders: EQIX, DLR, AMT, CCI
Consumer Staples leaders: EL, CHD, COST, PEP
 
 
Advancers weakened on Thursday as decliners led 2,351 to 969 on the NYSE and led 3,156 to 1,311 on the NASDAQ.
 
The SPY MFC green line is pointed down at 85.3 and is counter-trend defensive.  SPY is a bull flag setup. 
 
 
Uptrend sectors:  XLV, XLU, XLP, XLRE, XLK, XLF, XLC, XLY,
Neutral sectors:  XLI, XLB,
Down trend sectors: XLE,
 
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
 
63 of 100 NDX stocks closed higher on Thursday.
 
55 NDX stocks are above their 30 DMA:  PAYX, INTU, GOOGL, ILMN, SNPS, MRNA, REGN, DXCM, ADBE, MSFT, TEAM, ISRG, CDNS, QCOM, SPLK, MELI, ADSK, CDW, COST, VRSK, PEP, AMD, ALGN, CSCO, EXC, ASML, CMCSA, AEP, CTSH, XEL, XLNX, CHTR, SGEN, MCHP, CSX, FISV, MNST, DLTR, GILD, WBA, BIIB, CERN, EBAY, MXIM, ROST, ADI, ADP, CHKP, CTAS, FAST, IDXX, LULU, MDLZ, MRVL, NFLX, NVDA,
 
 
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 11
ADI, ADP, CHKP, CTAS, FAST, IDXX, LULU, MDLZ, MRVL, NFLX, NVDA,
 
 
Moving Below 30 DMA = 3
FOXA, ILMN, TSLA,
 
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