Futures Drop After Higher than Expected PPI...Financial Leads Sectors...

 
 
© 2021
 
 
SPX, DJI, and RUT opened lower and closed lower, while NDX closed below Monday’s low and above Tuesdays open.  The SPX closed at 4,638 -34.88, and the NDX closed at 15,914, -167.65. 

PPI was higher than expected at 9.6% vs 9.2% YOY above estimates.

 
SPX changes:
Dec 14 EPAM will replace KSU
Dec 20 SBNY, SEDG, FDS will replace LEG, HBI, WU
NDX changes:
Dec 20 ABNB, FTNT, PANW, ZS, DDOG, LCID will replace CDW, CERN, CHKP, FOXA, FOX, INCY, TCOM
 
SPY down 3.21 at 463.36, on 77.2 million shares, above average volume, down on higher volume.  
VIX up 1.58 at 21.89
QQQ down 4.06, -1.04% at 388.20
 
 
TRV, MRK, AMGN, JNJ led the DJIA, 17 advancers, +10
CNC, CMA, NUE, DFS led the SPX, 156 advancers.
DOCU, CHTR, CMCSA, TMUS led the NDX, 30 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up: 
Down: DIA, SPY, IWM, QQQ,
 
 
Two of eleven sectors were higher on Tuesday, led by XLF, XLP and XLB.
 
Financial leaders: CMA, DFS, ALL, TRV
Consumer Staples leaders: HRL, CL, TSN, WMT
Basic Materials leaders: NUE, LYB, EMN, DOW
 
Advancers remained weak on Tuesday as decliners led 2,387 to 1,012 on the NYSE and led 3,454 to 1,277 on the NASDAQ.
 
The SPY MFC green line turned down at 74.6 and is defensive.  SPY is in a bull flag pullback. 
 
 
Uptrend sectors:  XLK, XLY, XLRE, XLE, XLB, XLI, XLF, XLV,
Neutral sectors:  XLP, XLU,
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
 
30 of 100 NDX stocks closed higher on Tuesday.
 
36 NDX stocks are above their 30 DMA:  DLTR, VRSK, AVGO, AAPL, COST, QCOM, PTON, LRCX, MCHP, MU, GILD, VRTX, CSCO, FAST, ORLY, XEL, CSX, MRVL, PEP, AEP, AMGN, CTAS, CTSH, FISV, SBUX, WBA, CERN, MNST, REGN, PCAR, EXC, MDLZ, FB, INCY, ILMN, TMUS,
 
 
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 2
ILMN, TMUS,
 
Moving Below 30 DMA = 10
ADP, ANSS, CDNS, INTU, MSFT, NXPI, PAYX, SNPS, TXN, VRSN,
 
 
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