SPY, QQQ Selloff to Support Followed By Reversal, Rally and Hammer Candle...Utilities, Staples, Real Estate Lead Sectors...

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SNAP lowered its business outlook Monday after the close and /ES futures fell over 45 points in 15 minutes at 6 pm ET as FB, GOOGL and other tech stocks dropped in sympathy.  On Tuesday SNAP -43.08% gapped lower and fell to a $12.79 close.

The SPX -32.27 opened lower, sold off 98 points, reversed and rallied to form a dragonfly doji.   The SPX ended giving back 44% of Monday’s 72 point rally..

SPY down 3.03 at 393.89, on 91.4 million shares, below average volume, down on higher volume.

VIX up .97 at 29.45

QQQ down 6.24 at 287.24

MCD, VZ, IBM, KO led the DJIA, 18 advancers, -9

AZO, LNT, SBAC, LUMN led the SPX, 209 advancers

ZM, ORLY, EA EXC led the NDX, 29 advancers

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

Up:  DIA,

Down: SPY, IWM, QQQ,

Five of eleven sectors were higher on Tuesday, led by XLU, XLP and XLRE the weakest.

Utilities leaders:  LNT, PNW, WEC, CMS

Consumer Staples leaders:  PM, CPB, TAP, K

Real Estate leaders: AMT, CCI, REG, DLR

Advancers weakened on Tuesday as decliners led 1,841 to 1,465 on the NYSE and led 3,394 led to 1,349 on the NASDAQ.

The SPY MFC green line is turned down at 14.2 and is short-term bearish.  SPY opened lower, sold off, reversed and formed a white body hammer candle at 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 Trend: Up a little

29 of 100 NDX stocks closed higher on Tuesday.

16 NDX stocks are above their 30 DMA:   MNST, GILD, EA, NTES, NXPI, XEL, ADI, SNPS, AMGN, EXC, MCHP, REGN, SIRI, TMUS, VRTX, AEP,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

AEP,

Moving Below 30 DMA = 7

AMD, BIDU, FISV, KLAC, LRCX, PDD, SGEN,

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