Stocks Fall as Powell Indicates a Faster Bond Taper Possible...AAPL Leads SPX, NDX, DJI...All Sectors Mover Lower...

 
© 2021
 
 
SPX closed at 4,567 and NDX closed at 16,135 on a selloff the started while FOMC Chair Powell was testifying before the Senate and indicated that the FOMC would debate a faster bond taper at its upcoming December 14-15 meeting.  NDX and QQQ closed above Friday’s low, maintaining it bull flag pattern.
 
 
SPY down 9.04 at 455.56, on 148.5 million shares, above average volume, down on higher volume.  
VIX up 4.23 at 27.19
QQQ down 5.87, -1.47% at 393.82
 
AAPL, MRK, BA, NKE led the DJIA, 2 advancers, -16
AAPL, PFE, GCI, HFC led the SPX, 9 advancers.
AAPL, TCOM, TSLA, CHKP led the NDX, 4 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: QQQ, DIA, SPY, IWM,
 
SPY = close below Friday support low
DIA = close below Friday support low
QQQ = bull flag setup close below the HOLD
IWM = bounces at multi-week support
 
All eleven sectors were lower on Tuesday, led by XLK, XLY and XLV.
 
Technology leaders: AAPL, IPGP, LRCX
Consumer Discretionary leaders: TSLA, RCL, NKE
Health Care leaders: PFE, BIO, XRAY, MRK
 
Advancers weakened on Tuesday as decliners led 2,716 to 706 on the NYSE and led 3,337 to 1,395 on the NASDAQ.
 
The SPY MFC green line turned down at 69.3 and is defensive.  SPY closed below Friday’s low. 
 
 
Uptrend sectors:  XLK, XLY, XLRE, XLE, XLF, XLV,
Neutral sectors:  XLP, XLU, XLB, XLI,
Down trend sectors: XLC,
 
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
 
4 of 100 NDX stocks closed higher on Tuesday.
 
37 NDX stocks are above their 30 DMA:  TSLA, DLTR, ADP, MRVL, NTES, VRSK, XLNX, FAST,

AMD, MSFT, AVGO, NVDA, AAPL, ADBE, COST, INTU, LULU, CDNS, QCOM, SNPS, REGN, KLAC, NXPI, PTON, VRSN, LRCX, MCHP, MU, AMZN, JD, GILD, INCY, MRNA, AMAT, ANSS, TXN, VRTX,
 
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 0
 
 
Moving Below 30 DMA = 11
ADI, CDW, CSX, CTAS, EXC, FB, GOOGL, ORLY, PAYX, PEP, XEL,
 
 
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Rebound Rally...QQQ Recovers Friday's Selloff...MRNA Leads SPX, NDX...Technology, Discretionary Lead Sectors...

 
© 2021
 

Welcome back we hope you had a great and safe Thanksgiving Day weekend.
 
 
SPX closed at 4,655 and NDX closed at 16,399 on a rebound rally from Friday’s Omicron fear selloff.  NDX and QQQ closed above Wednesday’s close, gaining more than Friday’s selloff.
 
 
SPY up 5.63 at 464.60, on 86.2 million shares, above average volume, up on lower volume.  
VIX down 5.66 at 22.96
QQQ up 8.49, +2.17% at 399.69
 
CRM, UNH, INTC, IBM led the DJIA, 18 advancers, +17
TER, STX, NXPI, MCHP led the SPX, 335 advancers.
MRNA, LRCX, NVDA, AMAT led the NDX, 76 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: QQQ, SPY, DIA,
Down: IWM,
 
SPY = channel bounce above HOLD after Friday selloff
DIA = channel bounce above HOLD after Friday selloff
QQQ = bull flag bounce close above the HOLD
IWM = 14-day pullback to multi-week support
 
All eleven sectors were higher on Monday, led by XLK, XLY and XLU.
 
Technology leaders: LRCX, NVDA, TER, AMAT, STX
Consumer Discretionary leaders: TSLA, EXPE, RCL, GPS
Utilities leaders: FE, NEE, ED, SRE
 
Advancers strengthened on Monday as advancers led 1,855 to 1,525 on the NYSE and decliners led 2,693 to 2,009 on the NASDAQ.
 
The SPY MFC green line turned down at 78.4 and is defensive.  SPY rallied above three-week support and closed above the HOLD. 
 
 
Uptrend sectors:  XLK, XLB, XLI, XLY, XLP, XLRE, XLE, XLF, XLV,
Neutral sectors:  XLU, XLC,
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
 
76 of 100 NDX stocks closed higher on Monday.
 
48 NDX stocks are above their 30 DMA:  TSLA, DLTR, ADP, CSX, MRVL, NTES, VRSK, XLNX, FAST, AMD, MSFT, AVGO, EXC, NVDA, AAPL, ADBE, COST, INTU, LULU, CDNS, QCOM, SNPS, REGN, CDW, KLAC, NXPI, PTON, VRSN, LRCX, MCHP, MU, AMZN, JD, GILD, XEL, INCY, MRNA, ADI, AMAT, ANSS, CTAS, FB, GOOGL, ORLY, PAYX, PEP, TXN, VRTX,

 
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 11
ADI, AMAT, ANSS, CTAS, FB, GOOGL, ORLY, PAYX, PEP, TXN, VRTX,
 
Moving Below 30 DMA = 1
NFLX,
 
 
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Stocks Close Higher...Have a HAPPY THANKSGIVING Holiday and Weekend...Be Grateful, Be Safe...

 
 
SPY and QQQ, SPY, IWM close higher on Wednesday, VIX down 80 cents at 18.58.
 
This is a great weekend to count your many blessings!  Dave

 

SPY, QQQ Bull Flag Setup...Energy, Financial Lead Sectors...DLTR Positive EPS Reaction Leads NDX, SPX...

 
© 2021
 
 
SPY and QQQ formed a two-day bull flag setup with a hammer candle pattern on Tuesday.  
 
RIVN +1.74, +1.47% closed higher.  RIVN traded 172,885 contracts on its sixth day of options trading.
DLTR +12.15, +9.17% on a positive EPS reaction led the NDX and SPX on Tuesday.
 
 
Monday: ZM negative EPS reaction after-hours
Tuesday: PMI Composite Flash report
Wednesday: Durable Goods and Jobless Claims reports
Thursday: Happy Thanksgiving holiday, market closed  
Friday: Half-day of trading, typically the lightest volume day of the year
 
SPX closed at 4,690 and NDX closed at 16,306
 
 
SPY up .62 at 468.19, on 73.2 million shares, above average volume, down on higher volume.  
VIX up .21 at 19.38
QQQ down 1.82, -0.46% at 397.48
 
GS, JPM, UNH, TRV led the DJIA, 20 advancers, +0
APA, OXY, WDC, EOG led the SPX, 316 advancers.
DLTR, ROST, VRTX, LRCX led the NDX, 50 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: DIA, SPY
Down: IWM, QQQ,
 
SPY = two-day bull flag setup
DIA = at support, break of support or channel bounce
QQQ = two-day bull flag setup
IWM = pullback, Re-breakout setup at intermediate term resistance
 
Eight of eleven sectors were higher on Tuesday, led by XLE, XLF and XLRE.
 
Energy leaders: APA, OXY, EOG, DVN
Financial leaders: AIG, DFS, SYF, PGR
Real Estate leaders: CBRE, MAA, HST, WELL
 
Advancers were stronger on Tuesday as decliners led 1,821 to 1,593 on the NYSE and led 2,778 to 1,957 on the NASDAQ.
 
The SPY MFC green line turned down at 91.9 and is counter-trend defensive.  SPY is a pause at resistance BO setup. 
 
 
Uptrend sectors:  XLK, XLB, XLI, XLY, XLP, XLRE, XLE, XLF, XLV,
Neutral sectors:  XLU, XLC,
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: Sideways
 
50 of 100 NDX stocks closed higher on Tuesday.
 
57 NDX stocks are above their 30 DMA:  TSLA, DLTR, PAYX, ADP, CSX, CTAS, MRVL, NTES, PEP, VRSK, XLNX, FAST, AMD, MSFT, ANSS, AVGO, CTSH, EXC, NVDA, AAPL, ADBE, COST, INTU, LULU, CDNS, QCOM, AEP, SNPS, GOOGL, REGN, ADI, AMAT, CDW, KLAC, NXPI, PTON, VRSN, ALGN, LRCX, MCHP, MU, AMZN, MNST, JD, FB, GILD, XEL, TXN, AEP, CERN, KDP, ORLY, PCAR, MDLZ, ROST, SBUX, VRTX,

 
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 4
MDLZ, ROST, SBUX, VRTX,  
 
Moving Below 30 DMA = 2
ASML, DXCM,
 
 
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SPY, QQQ Reverse after New Highs form Bearish Engulfing...Energy, Financial Lead Sectors...MRNA Leads SPX, NDX...

  
© 2021
 
 
SPY and QQQ made new all-time intra-day high before reversing and forming bearish engulfing patterns on Monday.  
 
RIVN -10.49, -8.16% resumed pullback after pause on Friday.  RIVN traded 305,558 contracts on its fifth day of options trading.
MRNA +18.91, +7.17% led the SPX on Monday.
NUE +6.82, +6.04% rises
 
Monday: ZM negative EPS reaction after-hours
Tuesday: PMI Composite Flash report
Wednesday: Durable Goods and Jobless Claims reports
Thursday: Happy Thanksgiving holiday, market closed  
Friday: Half-day of trading, typically the lightest volume day of the year
 
SPX closed at 4,682 and NDX closed at 16,380
 
 
SPY down 1.32 at 467.57, on 72.6 million shares, above average volume, down on higher volume.  
VIX up 1.26 at 19.17
QQQ down 4.69, -1.16% at 399.30
 
 
TRV, CSCO, DOW, GS led the DJIA, 20 advancers, +13
LVS, NUE, F, CTRA led the SPX, 284 advancers.
MRNA, PCAR, KDP, GILD led the NDX, 28 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: DIA,
Down: SPY, IWM, QQQ,
 
SPY = hit new high before pullback, BO setup
DIA = at support, break of support or channel bounce
QQQ = hit new high before BO test, Re-breakout setup
IWM = pullback, Re-breakout setup at intermediate term resistance
 
Six of eleven sectors were higher on Monday, led by XLE, XLF and XLP.
 
Energy leaders: CTRA, PSX, COP, FANG
Financial leaders: AIG, PBCT, WFC, TRV
Consumer Staples leaders: KR, TAP, CAG, TSN
 
Advancers were mixed on Monday as decliners led 1,844 to 1,542 on the NYSE and led 3,081 to 1,655 on the NASDAQ.
 
The SPY MFC green line turned down at 93.8 and is counter-trend defensive.  SPY is a pause at resistance BO setup. 
 
 
Uptrend sectors:  XLK, XLB, XLI, XLY, XLP, XLRE, XLE, XLF, XLV,
Neutral sectors:  XLU, XLC,
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: Sideways
 
28 of 100 NDX stocks closed higher on Monday.
 
54 NDX stocks are above their 30 DMA:  TSLA, DLTR, PAYX, ADP, CSX, CTAS, MRVL, NTES, PEP, VRSK, XLNX, AMD, MSFT, ANSS, AVGO, CTSH, EXC, NVDA, AAPL, ADBE, COST, INTU, LULU, CDNS, DXCM, QCOM, AEP, SNPS, GOOGL, REGN, ASML, ADI, AMAT, CDW, KLAC, NXPI, PTON, VRSN, ALGN, LRCX, MCHP, MU, AMZN, MNST, JD, FB, GILD, XEL, TXN, AEP, CERN, KDP, ORLY, PCAR,
 
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 5
AEP, CERN, KDP, ORLY, PCAR,
 
Moving Below 30 DMA = 7
ADSK, CPRT, IDXX, NFLX, SGEN, TEAM, WDAY,
 
 
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QQQ All-time Closing High, SPY Pauses at Resistance...INTU, MU Lead NDX...Technology, Utilities, Discretionary Lead Sectors...

 
© 2021
 
 
QQQ made an all-time closing high on Friday, while paused at resistance.  DIA and IWM closed lower for the third straight day.  
 
RIVN +5.22, +4.23% rallied after a two-day pullback.  RIVN traded more than 500,000 contracts on its fourth day of options trading.
INTU +63.40, +10.08% on positive EPS reaction.
MU +6.01, +7.80% rises on upgrade
 
 
 
Monday: trading range
Tuesday: Retails Sales beat consensus, HD, positive EPS reaction, WMT negative EPS reaction,
Wednesday: LOW, TJX positive EPS reaction,
Thursday: NVDA positive EPS reaction, CSCO negative EPS reaction,  
Friday: INTU positive EPS reaction, AMAT, ROST negative EPS reaction,
 
SPX closed at 4,697 and NDX closed at 16,573
 
 
SPY down .84 at 468.89, on 57.3 million shares, average volume, down on higher volume.  
VIX up .32 at 17.91
QQQ up 2.24, +0.56% at 403.99
 
 
NKE, AAPL, AMGN, HD led the DJIA, 7 advancers, -4
ENPH, TSLA, BF/B, GNRC led the SPX, 169 advancers.
INTU, MU, MRNA, NVDA led the NDX, 38 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: QQQ,
Down: SPY, DIA, IWM,
 
SPY = BO setup
DIA = at support, break of support or channel bounce
QQQ = all-time new high close
IWM = nine-day bull flag pattern
 
Three of eleven sectors were higher on Friday, led by XLK, XLU and XLY.
 
Technology leaders: BBWI, GPS, AMZN, ETSY
Utilities leaders: NVDA, AAPL, AMD, MU
Consumer Discretionary leaders: MRNA, CVS, HUM, ZTS
 
Advancers were mixed on Friday as decliners led 2,190 to 1,162 on the NYSE and led 2,925 to 1,746 on the NASDAQ.
 
The SPY MFC green line is pointed up at 95.2 and is bullish.  SPY is a BO setup. 
 
 
Uptrend sectors:  XLK, XLB, XLI, XLY, XLP, XLRE, XLE, XLF, XLV,
Neutral sectors:  XLU, XLC,
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: Sideways
 
38 of 100 NDX stocks closed higher on Friday.
 
56 NDX stocks are above their 30 DMA:  TSLA, SGEN, DLTR, PAYX, ADP, CSX, TEAM, CTAS, MRVL, NTES, PEP, VRSK, XLNX, AMD, MSFT, WDAY, ADSK, ANSS, AVGO, CPRT, CTSH, EXC, NVDA, AAPL, ADBE, COST, INTU, LULU, CDNS, DXCM, QCOM, AEP, SNPS, GOOGL, REGN, ASML, ADI, AMAT, CDW, KLAC, NXPI, PTON, VRSN, ALGN, LRCX, MCHP, MU, AMZN, MNST, JD, NFLX, FB, GILD, XEL, TXN, IDXX,
 
NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 1
IDXX,
 
Moving Below 30 DMA = 11
CERN, HON, ISRG, KDP, MDLZ, OKTA, ORLY, ROST, SBUX, SIRI, VRTX,
 
 
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