SPY, QQQ Close Lower Form Bullish Candles...LULU Jumps in After-hours...Utilities, Staples, Real Estate Lead Sectors...

 
 
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Futures moved down overnight and QQQ, SPY, DIA, QQQ and IWM opened and closed lower on Wednesday.  QQQ pulled back from Tuesday’s all-time high and formed a hammer candle.  SPY is in a 3-day bull flag pattern and formed a dragonfly doji.   
 
Stocks were generally lower for a second day, but many stocks like COST, ALGN, VRSK and VRSN had solid gains. 
 
SPX closed above 4,500 for the eighth day and NDX closed above 15,600 again.
 
LULU +52.35, +13.75% jumped in after-hours on a positive EPS reaction.
 
 
SPY down .55 at 450.91, on 56.1 million shares, average volume, down on higher volume.  
VIX down .18 at 17.96
QQQ down 1.33, -0.35% at 380.78
 
 
KO, V, MMM, MCD led the DJIA, 14 advancers, +9
PRGO, GPN, GIS, RE led the SPX, 93 advancers.
KHC, ATVI, SGEN XEL led the NDX, 44 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 = Channel bounce setup 
QQQ = One day pullback from all-time high
IWM = Mid-channel BO test, bull flag
 
Five of eleven sectors were higher on Wednesday, led by XLU, XLP and XLRE.
 
Utilities leaders: ED, AEE, CNP, AWK
Consumer Staples leaders: GIS, KHC, STZ, BF/B
Real Estate leaders: PEAK, MAA, AMT, ESS
 
 
Advancers were mixed on Wednesday as decliners led 2,039 to 1,277 on the NYSE and led 1,705 to 2,797 on the NASDAQ.
 
The SPY MFC green line is pointed down at 90.5 and is counter-trend defensive.  SPY is a bull flag setup. 
 
 
Uptrend sectors:  XLY, XLK, XLV, XLC, XLRE, XLU, XLP, XLF,
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
 
44 of 100 NDX stocks closed higher on Wednesday.
 
61 NDX stocks are above their 30 DMA:  INTU, GOOGL, ILMN, SNPS, REGN, DXCM, ADBE, MSFT, TEAM, ISRG, CDNS, QCOM, SPLK, MELI, CDW, COST, VRSK, ALGN, CSCO, EXC, ASML, CMCSA, CTSH, XLNX, CHTR, MCHP, FISV, GILD, WBA, EBAY, NFLX, NVDA, AAPL, FB, TSLA, AVGO, EA, KLAC, TCOM, BKNG, JD, OKTA, PDD, CRWD, ANSS, AMZN, PYPL, VRSN, BIDU, MRNA, IDXX, MTCH, INTC, AEP, CPRT, CTAS, KDP, MNST, PEP, SBUX, XEL,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 8
AEP, CPRT, CTAS, KDP, MNST, PEP, SBUX, XEL,
 
Moving Below 30 DMA = 7
AMAT, AMD, FOXA, MRVL, NTES, NXPI, TXN,
 
 
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