SPX Hits 52-week Low & Bear Market Threshold on Broad Selloff...All Sectors Lower...FOMC Set to Continue Raising Interest Rates...

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Futures sold off for the second straight day after the CPI Report came in higher-than-expected on Friday.  The SPX -151.23 opened lower, closed lower making a new 52-week low and ending the day in a bear market, down more than 20% from its high.  TNX 33.66 closed at its highest level in more than five years. 

FOMC meeting starts tomorrow June 14 – 15.  /ZQ trading shifted today suggesting an increase of market participants seeing a raise of .75 bps on Wednesday.

SPY down 14.80 at 375.00, on 170.0 million shares, above average volume, down on higher volume.

VIX up 6.27 at 34.02

QQQ down 13.43 at 275.41

 

MCD led the DJIA, 1 advancer, -0

CME, TFC, DRE, DPZ led the SPX, 5 advancers

SGEN led the NDX, 1 advancer

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

Up: 

Down: DIA, SPY, QQQ, IWM,

All eleven sectors were lower on Monday, led by XLP, XLF and XLI.

Advancers weakened on Monday as decliners led 3,173 to 179 on the NYSE and led 4,245 led to 611 on the NASDAQ.

The SPY MFC green line is pointed down at 39.7 and is bearish.  SPY is a break of support making a 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

1 of 100 NDX stocks closed higher on Monday.

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

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 9

CDNS, CHTR, CRWD, EA, FTNT, PCAR, SBUX, SNPS, TMUS,

 

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