Thursday, May 19, 2022

SPY, DIA, QQQ, IWM Trading Range as Volatility Pauses...Materials, Health Care, Discretionary Lead Sectors...PANW Up After-hours...

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The SPX fell -22 points Thursday, the day after a 165-point drop on Wednesday.  Broad indexes found balance between buyers and sellers in a choppy, volatile trading range.  Today, SPY, QQQ and IWM formed an inverted hammer and a higher low than last Thursday.  Bounce or break?
After hours earningsPANW up, ROST, AMAT down.

SPY down 2.40 at 389.46, on 98.5 million shares, average volume, down on lower volume.
VIX down 1.61 at 29.35
QQQ down 1.56 at 289.58
UNH, BA, HD, GS led the DJIA, 6 advancers, +6
SNPS, MKTX, GNRC, ENPH led the SPX, 218 advancers
LCID, DDOG, PDD, TEAM led the NDX, 64 advancers

The two-year trend term is up.  The one-year trend down a little.
Up:  IWM,
Down:  QQQ, SPY, DIA,
Three of eleven sectors were higher on Thursday, led by XLB, XLV and XLY the weakest.
Materials leaders:  FCX, NEM, CTVA, PPG
Health Care leaders:  BIO, CRL, HUM, WST
Consumer Discretionary leaders: EXPE, AZO, BKNG, DPZ
Advancers strengthened on Thursday as advancers led 1,775 to 1,573 on the NYSE and led 2,647 led to 2,023 on the NASDAQ.

The SPY MFC green line is turned down at 18.1 and is short-term bearish.  SPY traded in a range near short-term support.
Uptrend sectors:  XLE, XLU,
Neutral sectors:  XLP, 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 TrendDown
64 of 100 NDX stocks closed higher on Thursday.
15 NDX stocks are above their 30 DMA:   MNST, GILD, AMD, EA, NTES, NXPI, XEL, AMGN, SGEN, ADI, KLAC, BIDU, LCID, PDD, SNPS,
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 4
Moving Below 30 DMA = 3
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