SPX Closes Higher in 5-day Horizontal Bull Flag...Discretionary, Materials Lead Sectors...Solar Stocks Sizzle...

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The SPX +12.89 opened higher but lost momentum after TNX rose above 3% during the first hour of trading. 

The broad market SPY continues in a horizontal bull flag after a horizontal BO Friday, May 20.  Because the two-week trend is up, and the new support area held for the past five days, the trend is more likely to continue to the upside.

Keep your eye on the trend, support and resistance and momentum for better insight into what the institutions are doing.

Solar stocks gained after news of an administration plan for a two-year waiver on some solar tariffs.  JKS, CSIQ, NOVA, RUN, ENPH, TAN, SEDG and SPWR closed higher.

FB will change symbol META effective Thursday, June 9.

CPI report Friday BMO June 10.

FOMC meeting June 14 – 15.

SPY up 1.25 at 411.79, on 57.5 million shares, lowest daily volume YTD, below average volume, up on lower volume.

VIX up .28 at 25.07

QQQ up 1.02 at 307.22

TRV, IBM, UNH, VZ led the DJIA, 14 advancers, +10

SWK, GNRC, ENPH, MPC led the SPX, 309 advancers

JD, PDD, KDP, CRWD led the NDX, 63 advancers

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

Up: 

Down: IWM, DIA, SPY, QQQ,

Nine of eleven sectors were higher on Monday, led by XLY, XLB and XLC.

Consumer Discretionary leaders:  ETSY, CZR, APTV, LKQ

Materials leaders:  FCX, ALB, SHW, LYB

Communications Services leaders: GOOGL, FB, OMC, NWSC

Advancers strengthened on Monday as advancers led 1,800 to 1,458 on the NYSE and decliners led 2,394 led to 2,386 on the NASDAQ.

The SPY MFC green line is pointed up at 47.79 and is short-term bullish.  SPY closed higher and continues in a five-day horizontal bull flag.

Uptrend sectors:  XLE, XLU, XLB,

Neutral sectors:  XLP, XLV,

Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Sideways

63 of 100 NDX stocks closed higher on Monday.

62 NDX stocks are above their 30 DMA:   MNST, EA, NTES, NXPI, XEL, ADI, SNPS, AMGN, EXC, MCHP, SIRI, TMUS, VRTX, AEP, AMD, CHTR, CMCSA, KLAC, LRCX, SGEN, ZM, ADBE, ADSK, AMAT, BIDU, BKNG, CDNS, DLTR, FISV, FTNT, LCID, PDD, ADP, ASML, CTAS, DOCU, INTU, JD, MAR, MRVL, MTCH, NVDA, PCAR, QCOM, SBUX, AMZN, ATVI, CPRT, FAST, GOOGL, HON, ODFL, ORLY, PAYX, PYPL, VRSN, CRWD, KDP, MRNA, MU, PANW, WBA,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 6

CRWD, KDP, MRNA, MU, PANW, WBA,

Moving Below 30 DMA = 5

AZN, DDOG, GILD, MSFT, TXN,

 

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