Countertrend Rally in QQQ, SPY, DIA, IWM Above the HOLD...Consumer Discretionary, Energy, Technology Lead all Sectors Higher...

 

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QQQ, SPY, DIA and IWM made a countertrend bounce above the HOLD on Friday after making a a new 52-week low on Thursday.  This bounce in the broad market was accompanied with the strongest breadth of the week and the lightest SPY volume of the week. 

The big question: Is this a one-day bounce that will be followed by more selling next week or is this the beginning of a shift from a persistent downtrend to a sideways trading range?  If you are a mere mortal that can't see the future, you would be wise to be prepared for both outcomes and then go with the one that occurs.

 

SPY up 9.38 at 401.72, on 104.1 million shares, average volume, up on lower volume.

VIX down 2.90 at 28.87
QQQ up 10.79 at 301.94

 

NKE, CRM, AXP, BA led the DJIA, 25 advancers, +12

LVS, WYNN, ENPH, CZR led the SPX, 461 advancers
LCID, DOCU, TEAM, CRWD led the NDX, 97 advancers

The two-year trend term is up.  The one-year trend down a little.

Up:  QQQ, IWM, SPY, DIA,
Down:  

All eleven sectors were higher on Friday, led by XLY, XLE and XLK.

Consumer Discretionary leaders:  LVS, WYNN, CZR, NCLH

Energy leaders:  OXY, APA, MRO, BKR

Technology leaders: ENPH, SEDG, NVDA, AMD

Advancers strengthened on Friday as advancers led 2,667 to 694 on the NYSE and led 3,618 to 1,219 on the NASDAQ.

The SPY MFC green line turned up today at 8.3 and is short-term bullish.  SPY bounced above the HOLD in a countertrend bounce as did mega-cap stocks AAPL, MSFT, GOOGL, AMZN and TSLA.

Uptrend sectors:  XLE, XLU, XLP,

Neutral sectors:  XLV, XLB,
Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,

The 6-month intermediate trend is down.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Sideways

97 of 100 NDX stocks closed higher on Friday.

18 NDX stocks are above their 30 DMA:  KHC, MDLZ, MNST, GILD, HON, ADI, ADSK, AMD, AVGO, EA, KLAC, LRCX, MU, NTES, NXPI, ODFL, PEP, XEL,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 13

ADI, ADSK, AMD, AVGO, EA, KLAC, LRCX, MU, NTES, NXPI, ODFL, PEP, XEL,

Moving Below 30 DMA = 0

 

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