SPX Gives Retraces Friday's Gain on BO Test...Health Care Rises as Other Sectors Pull Back...

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The SPX -35.68 opened slightly lower, traded in a range, rallied to a new high and sold off 50 points in the last two hours to close at 3,957.25.  Tuesday morning’s BMO PPI report, consensus Y/Y 8.3% and M/M 0.5%, may have been a factor in the late day selloff.

DIA, SPY and QQQ tested last week’s horizontal breakout and closed above old resistance / new support.  IWM also tested its breakout and closed just below old resistance / new support.  A breakout test, pause day.

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

SPY down 3.39 at 395.12, on 71.8 million shares, below average volume, down on lower volume.

VIX up 1.21 at 23.73

QQQ down 2.52 at 285.44

MRK, JNJ, V, IBM led the DJIA, 13 advancers, -5

MRNA, ETSY, PFE, CBOE, CTVA led the SPX, 104 advancers

MRNA, JD, BIIB, NFLX led the NDX, 24 advancers

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

Up:

Down: DIA, SPY, QQQ, IWM,

One of eleven sectors was higher on Monday, led by XLV.

Health Care leaders:  MRNA, PFE, BIIB, MRK

Advancers weakened on Monday as decliners led 2,266 to 937 on the NYSE and led 2,908 to 1,789 on the NASDAQ.

The SPY MFC green line is pointed up at 85.9 and is short-term bullish.  SPY opened slightly lower and closed lower.

Uptrend sectors:  XLE, XLF, XLB, XLI, XLV,

Neutral sectors:  XLP,

Down trend sectors:  XLK, XLRE, XLU, XLY, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

24 of 100 NDX stocks closed higher on Monday

82 NDX stock are above their 30 DMA:   BIIB, ORLY, DXCM, GILD, PCAR, AMGN, KHC, PEP, SIRI, ILMN, EA, HON, ISRG, WBA, BKNG, ADP, CTAS, CSCO, DLTR, MRNA, AMAT, CHTR, COST, CSX, IDXX, LRCX, MDLZ, MNST, NVDA, ROST, TMUS, AZN, LULU, KLAC, FAST, INTC, MU, VRTX, XEL, AEP, EBAY, MELI, ADI, ASML, AVGO, CMCSA, MAR, MCHP, NXPI, ODFL, PAYX, PDD, SBUX, SWKS, TXN, ADBE, ANSS, EXC, AAPL, ADSK, AMD, ATVI, CDNS, CPRT, FISV, FTNT, JD, MRVL, MSFT, MTCH, NFLX, PYPL, QCOM, SNPS, SPLK, VRSK, VRSN, WDAY, ZM, ALGN, DOCU, REGN,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 1

REGN,

Moving Below 30 DMA = 7

ABNB, DDOG, GOOGL, INTU, OKTA, PANW, SGEN,

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