SPY, DIA, QQQ Open Lower, Selloff, Intraday Reversal Leads to Late Rally...XLV Leads Sectors as MRNA, PFE, JNJ Move Higher...

 
 
© 2021
 
 
SPY, DIA, QQQ opened lower after futures moved lower overnight and July retail sales came in below expectations.  Market continued to move lower until 1 pm ET when selling exhausted, an intra-day reversal occurred and each rallied to close near its open.  SPY, DIA formed a dragonfly doji and QQQ formed a hammer.  SPY, DIA are in a one-day bull flag pattern.
 
 
SPY down 2.93 at 444.04, on 92.6 million shares, above average volume, down on higher volume.  
VIX up 1.79 at 17.91
QQQ down 3.25, -0.88% at 365.73
 
 
MRK, UNH, JNJ, TRV led the DJIA, 7 advancers, -11
KR, PFE, DPZ, EW led the SPX, 148 advancers.
MRNA, VRTX, REGN, PTON led the NDX, 28 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: SPY, DIA, QQQ, IWM,
 
SPY = bull flag setup
DIA = bull flag setup
QQQ = 8-day bull flag setup
IWM = Mid-channel pullback.
 
Four of eleven sectors were higher on Tuesday, led by XLV, XLRE and XLU.
 
Health Care leaders: MRNA, VRTX, PFE, REGN
Real Estate leaders: SBAC, AMT, CCI, ESS
Utilities leaders: CMS, EIX, NRG, AEP
 
 
Advancers weakened on Tuesday as decliners led 2,437 to 899 on the NYSE and led 3,223 to 1,295 on the NASDAQ.
 
The SPY MFC green line turned down at 97.2 and is counter-trend defensive.  SPY is a bull flag setup. 
 
 
Uptrend sectors:  XLF, XLU, XLP, XLRE, XLK, XLC, XLV, XLY,
Neutral sectors:  XLI, XLB, XLE,
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 a little
 
28 of 100 NDX stocks closed higher on Tuesday.
 
54 NDX stocks are above their 30 DMA:  PAYX, INTU, GOOGL, ILMN, SNPS, MRNA, REGN, DXCM, ADBE, MSFT, TEAM, ISRG, CDNS, QCOM, SPLK, AAPL, MELI, ADSK, CDW, COST, VRSK, ADP, PEP, FAST, CTAS, AMD, ALGN, CSCO, EXC, HON, ASML, CMCSA, AEP, CTSH, XEL, XLNX, NXPI, CHTR, SGEN, MCHP, FB, CSX, FOXA, FISV, MNST, DLTR, GILD, WBA, BIIB, CERN, EBAY, MDLZ, MXIM,
 
 
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 1
IDXX,
 
Moving Below 30 DMA = 13
ADI, ANSS, AVGO, CHKP, KDP, KLAC, LULU, MRVL, NVDA, ORLY, ROST, TSLA, TXN,
 
 
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