Selling Momentum Slows as Positive Breadth Improves...QQQ Closes Higher...Tech and Energy Lead Sectors...

© 2022

The SPX -14.15 opened higher, closed slightly lower.  TNX 34.83 rose and again closed at its highest level in more than five years. 

FOMC meeting continues tomorrow June 14 – 15 with announcement at 2 pm ET and press conference at 2:30 pm ET.  /ZQ trading shifted further on Tuesday indicating an increase of market participants and a 97.3% probability of a raise of .75 bps on Wednesday.

SPY down 1.13 at 373.87, on 103.9 million shares, average volume, down on lower volume.

VIX down 1.33 at 32.69

QQQ up .50 at 275.91

BA, MSFT, AAPL, V led the DJIA, 11 advancers, +10

FDX, ORCL, CHRW, LVS led the SPX, 173 advancers

PDD, BIDU, JD, MNST led the NDX, 46 advancers

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

Up:  QQQ,

Down:  SPY, DIA, IWM,

Two of eleven sectors were higher on Tuesday, led by XLK, XLE and XLY.

Technology leaders:  ORCL, QRVO, ZBRA, GPN

Energy leaders:  OXY, PSX, DVN, VLO

Consumer Discretionary leaders: LVS, F, GM, MGM

Advancers strengthened on Tuesday as decliners led 2,076 to 1,242 on the NYSE and led 2,698 led to 2,029 on the NASDAQ.

The SPY MFC green line is pointed down at 26.4 and is bearish.  SPY is a break of support making another 52-week low.

Uptrend sectors:  XLE,

Neutral sectors:   XLP,

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

46 of 100 NDX stocks closed higher on Tuesday.

8 NDX stocks are above their 30 DMA:   NTES, SGEN, ZM, BIDU, DLTR, PDD, JD, MNST,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

MNST,   

Moving Below 30 DMA = 0

 

Add Comments here: