SPY, QQQ, IWM 5-day Bull Flag Price Pattern...Breadth Strengthens on Light Volume Choppy Trading Range...Energy, Materials, Discretionary Lead Sectors...

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The SPX -9.26 opened flat, traded in a tight choppy range and closed slightly lower.  Selling slowed significantly from Friday and Monday as sellers and buyers were more balanced and formed an inverted hammer candle pattern on SPY, QQQ and IWM charts.  The Fed’s Jackson Hole Symposium is this Thursday and Friday with Fed Chair Powell scheduled to speak Friday at 10 am ET.

/CL, GLD and TNX closed higher, while DXY and TLT moved lower.

PANW +61.46, +12.10%, rose on a positive EPS reaction and ZM -16.12, -16.54%, fell on a negative EPS reaction.

SPY down 1.00 at 412.35, on 49.1 million shares, below average volume, down on lower volume.

VIX up .31 at 24.11

QQQ down .26 at 314.10

CVX, CAT, DOW, BA led the DJIA, 9 advancers, +9

HAL, OXY, SLB, FCX led the SPX, 197 advancers

PANW, PDD, CRWD, JD led the NDX 43 advancers

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

Up:  IWM,

Down:  QQQ, SPY, DIA,

Four of eleven sectors were higher on Tuesday, the least negative were XLE, XLB and XLY.

Energy leaders:  HAL, OXY, SLB, APA 

Materials leaders:  FCX, CE, FMC, MOS

Consumer Discretionary leaders:  RCL, NCLH, TPR, CZR

Advancers strengthened on Tuesday as decliners led 1,652 to 1,523 on the NYSE and advancers led 2,269 to 2,254 on the NASDAQ.

The SPY MFC green line is pointed down in the upper zone at 81.4 and is counter-trend defensive.  SPY opened flat and closed slightly lower creating a 5-day bull flag pattern.

Uptrend sectors:   XLK, XLY, XLU, XLI, XLP, XLRE,

Neutral sectors:   XLV, XLC, XLF,

Down trend sectors:  XLE, XLB,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

43 of 100 NDX stocks closed higher on Tuesday

49 NDX stocks are above their 30 DMA:   COST, ORLY, KDP, PEP, VRSK, VRSN, AAPL, CDNS, CTAS, TSLA, ROST, AMZN, FISV, MCHP, MU, NFLX, ODFL, SNPS, SPLK, ABNB, ADP, ADSK, AVGO, CSCO, CSX, INTU, MAR, MDLZ, MELI, PAYX, PCAR, PYPL, HON, AEP, XEL, TMUS, BKNG, LULU, MSFT, TEAM, WDAY, FAST, ZS, AMGN, GILD, KHC,  PANW, AZN, CRWD,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

CRWD,

Moving Below 30 DMA = 7

AMD, ATVI, CPRT, DLTR, EXC, REGN, VRTX,

 

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