SPX, SPY Drops to One-year Support, Bounce to Form Hammer...Potential Capitulation Low...FOMC Announcement on Wednesday...

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QQQ, SPY, DIA, IWM opened flat, rallied for an hour, followed by a selloff in which the SPX dropped more than 100 points from high to low.  In the afternoon, selling exhausted as the SPX hit its one-year support area and rallied more than 90 points, closed up 23 points on Monday and formed a hammer candle pattern on the SPX and SPY.

FOMC meets Tuesday, Wednesday, expected to raise rates 50 bps at 2:00 pm ET on Wednesday.  2:30 pm ET press conference.

SPY up 2.48 at 414.48, on 158.1 million shares, above average volume, up on higher volume.
VIX down 1.06 at 32.34
QQQ up 5.23 at 318.48.

INTC, MSFT, HD, CVX led the DJIA, 17 advancers, +15
EPAM, KMX, WBD, OXY led the SPX, 271 advancers.
ALGN, DOCU, MRNA, LCID led the NDX, 72 advancers.

 
The two-year trend term is up.  The one-year trend is sideways.
 
Up:  QQQ, IWM, SPY, DIA,
Down:  

Six of eleven sectors were higher on Monday, led by XLC, XLE and XLK.

Communication Services leaders:  FB, NFLX, PARA, ATVI
Energy leaders:  OXY, VLO, PSX, DINO
Technology leaders:  EPAM, NVDA, QRVO, AMD

Advancers strengthened on Monday as decliners led 1,902 to 1,429 on the NYSE and advancers led 2,674 to 2,070 on the NASDAQ.

The SPY MFC green line is pointed down at 10.1 and is short-term bearish.  SPY broke 2-month support, fell to one year support levels and bounced back above 2-month support.    

Uptrend sectors:  XLE, XLU, XLP, XLV, XLB, XLRE,
Neutral sectors:  XLY, XLI,
Down trend sectors: XLK, XLF, XLC,
 
The 6-month intermediate trend is sideways.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Down a little
 
72 of 100 NDX stocks closed higher on Monday.
 
11 NDX stocks are above their 30 DMA:  KHC, MNST, ROST, MDLZ, MAR, JD, NTES, PDD, DLTR, HON, QCOM,

 
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 3
DLTR, HON, QCOM,
Moving Below 30 DMA = 3
PEP, VRTX, XEL,

Earnings season: 

Monday AMC: ANET, BXP, CLX, CTRA, DVN, EXPE, FAN, FMC, MGM, MOS, NXPI, SEDG, VNO, WMB

Tuesday BMO:  AME BEN BIIB BR CMI CMS CNP CTLT DD DISH EL ETN EXPD FIS HLT HSIC HWM INCY IPGP IT ITW J LDOS MLM MPC PARA PEG PFE ROK SEE SPGI TAP WAT ZBH ZBRA

Q1 Earnings Reports since April 13:

Positive reactions: MHK,CE, HON, FB, PTC, PYPL, QCOM, TYL, NOW, CHRW, DFS, TMO, EQIX, TXT,  LLY, MA, MRK, LKQ, MCD, ABMD, AEP, AWK, GWW, HSY, KIM, LVS, PHM, RJF, URI, ENPH, V, CME, FISV, MSFT, MAS, TL, WAB, TMUS, CB, NSC, STX, HUM IEX, CMG, ADP, ROL, APH, IQV, GM, HKC, GD, HES, BSX, SIVB, KMB, SLB, UAL, T, AAL, NUE, TSLA, DOW, CSX MMC, DGX, PM, MTB, IBM, OMC, MKTX, ASML, PG, ANTM, ABT, SBNY, CFG, HAS, FITB, PLD, JNJ, JBHT, SYF, BAC, C, USB, FRC, DAL, FAST,

Neutral reactions: TWTR, HOLX, TXN, ETR, MDLZ, ESS, AMT, GRMN, ODFL, PPG, RF, GL, GPC, ALK, KMI, SNA, DHR, CCI, TSCO, HBAN, HAL, GS, MS, UNH, BLK,

Negative reactions:  GPN, MCO, VRSN, AMZN, CINF, AON, CHTR, INTC, RMD, FBHS AJS ABBV, CL KLAC AAPL CVX, LHX, BMY, XOM, CBOE, DXCM, ALGN, ORLY, SWK, TFX, CMCSA, DPZ, AMGN, AFL, AOS, CHD, LH, F, FFIV, RHI, BA, COF, EW, JNPR, GOOGL, EQR, TDY, UDR, CNC, TER, FE, ISRG, HCA, VZ, NEM, AXP, FCX, EFX, DOV, NEE, KEY, LRCX, PNR, UNP, POOL, NFLX, NDAQ, BKR, CMA, TRV, LMT, TFC, SCHW, BK, STT, WFC, PNC, JPM

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