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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
AAPL, MRK, BA, NKE led the DJIA, 2 advancers, -16
The two-year trend term is up. The one-year trend is up.
Up:
SPY = close below Friday support low
All eleven sectors were lower on Tuesday, led by XLK, XLY and XLV.
Technology leaders: AAPL, IPGP, LRCX
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,
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 Below 30 DMA = 11
ADI, CDW, CSX, CTAS, EXC, FB, GOOGL, ORLY, PAYX, PEP, XEL,
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NDX Stocks to Watch on Wednesday:
Moving Below 30 DMA = 11
ADI, CDW, CSX, CTAS, EXC, FB, GOOGL, ORLY, PAYX, PEP, XEL,
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