© 2021
A broad rally lifted IWM, SPY, QQQ and DIA on Wednesday, after six
days of pullback, as ten of eleven sectors rose. Advancers led gainers and in addition to
energy stocks, many stocks like AVGO, ASML, CDNS and AA moved
higher on Wednesday.
SPX closed below 4,500 for the fifth day in a row and NDX closed
above 15,500.
SPY up 3.71 at 447.88, on 78.7 million shares, above average volume, up on higher volume.
VIX down 1.28 at 18.18
QQQ up 2.79, +0.74% at 378.05
WBA, CVX, CAT, MSFT led the DJIA, 25 advancers, +22
EOG, FANG, MRO, DVN led the SPX, 393 advancers.
EBAY, FOXA, KLAC, CPRT led the NDX, 84 advancers.
The two-year trend term is up. The one-year trend is up.
Up: IWM, SPY, QQQ, DIA
Down:
SPY =
bull flag setup
DIA = channel
bounce setup
QQQ =
bull flag setup
IWM = channel
bounce setup
Ten of
eleven
sectors were higher on Wednesday, led by XLE,
XLI and XLB.
Energy leaders: EOG, FANG, MRO, DVN
Industrials leaders: URI,
CPRT, ETN, IR
Basic Materials leaders: FCX,
MOS, NUE
Advancers strengthened on Wednesday as advancers led 2,293 to 1,002 on the NYSE
and led 2,849 to 1,623 on the NASDAQ.
The SPY MFC green line
is pointed down at 58.5 and is defensive. SPY is a bull flag setup.
Uptrend sectors: XLY, XLK, XLC, XLRE, XLF, XLP, XLU, XLV,
Neutral sectors: XLI, XLB,
Down trend sectors: XLE,
The 6-month intermediate trend is up. The
ten-day trend is down.
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Sideways
84 of 100 NDX stocks
closed higher on Wednesday.
57 NDX stocks are above their 30 DMA: INTU, GOOGL, ILMN, SNPS,
DXCM, MSFT, TEAM, CDNS, QCOM, SPLK, MELI, COST, VRSK, ALGN, EXC, ASML, XLNX, MCHP,
NFLX, NVDA, FB, TSLA, AVGO, KLAC, TCOM, BKNG, JD, OKTA, PDD, AMZN, PYPL, VRSN,
BIDU, MRNA, MTCH, CTAS, ADI, LULU, MRVL,
AMAT, INTC, TXN, KDP, LRCX, MAR, ANSS, CPRT, ISRG, REGN, ADBE, CRWD, CTSH,
EBAY, GILD, ORLY, PEP, WBA,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 8
ADBE, CRWD, CTSH, EBAY,
GILD, ORLY, PEP, WBA,
Moving Below 30 DMA = 3
CSCO, EA, SBUX,
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1 comment:
Thank you, Dave. Nice broad rally!
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