Higher Open followed by Broad Selloff after Weaker than Expected Consumer Confidence Report...

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The SPX -78.56 opened higher after futures rose overnight, reversed after the 10 a.m. ET Consumer Confidence report of 98.7 below estimate of 101.0 and closed below Monday’s low for a bear flag price pattern.   Oil, DXY and TLT rose on Tuesday and GLD moved lightly lower. 

Powell speaks on a Panel Discussion at 9 a.m. ET Wednesday.

SPY down 7.94 at 380.65, on 86.6 million shares, below average volume, down on higher volume.

VIX up 1.41 at 28.36

QQQ down 8.91 at 283.54

CVX, DOW, UNH led the DJIA, 3 advancers,

HES, OXY, MRO, FANG led the SPX, 13 advancers

QCOM, XEL, SGEN, AEP led the NDX, 4 advancers

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

 

Up:   

Down:  DIA, IWM, SPY, QQQ,

One of eleven sectors was higher on Tuesday, led by XLE, XLU and XLF.

Energy leaders:  HES, OXY, MRO, FANG 

Advancers weakened on Tuesday as decliners led 2,240 to 1,020 on the NYSE and led 3,358 led to 1,216 on the NASDAQ.

The SPY MFC green line is pointed up at 36.5 and is short-term bullish.  SPY after a five-day counter-trend bounce, rolled over and closed below Monday’s low.

Uptrend sectors:  

Neutral sectors:  XLE,

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

The 6-month intermediate trend is down.  The ten-day trend is up a little.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up a little

4 of 100 NDX stocks closed higher on Tuesday.

26 NDX stocks are above their 30 DMA:   SGEN, ZM, BIDU, PDD, JD, MNST, BIIB, CRWD, VRTX, DLTR, TEAM, TMUS, ZM, ATVI, AZN, CDNS, COST, DDOG, DXCM, FTNT, GOOGL, OKTA, ORLY, ADP, ADSK, KDP,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 25

AAPL, AMGN, AMZN, ANSS, CPRT, CTAS, GILD, INTU, KHC, LCID, LULU, MDLZ, MSFT, MTCH, NFLX, ODFL, PANW, PAYX, PEP, SIRI, SNPS, TSLA, VRSK, VRSN, WBA,

 

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