After Morning Rally and Symmetrical Pullback, SPX Closes Slightly Higher as Powell Set to Report to Congress Tuesday & Wednesday...

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As I have listened to and read dozens of market commentaries over the past few months, it seems that many are confused about what a bear market and a SW consolidation look like on a chart.  These charts show a six-month bear market and a longer nine-month SW consolidation. Ironically, some observers, based on their comments about the market, can’t seem to see the difference.  How about you?

                                                              Bear Market

Click image to enlarge…

                          SW Consolidation…Can you see the difference from the bear market?

                                    Bear Market shifts to SW Consolidation…Still see the difference?

-SPX rallies 32 points from Friday’s close, reverses for a 30-point pullback.

-SPX +2.78 closes slightly higher.

-QQQ, SPY form potential shooting star candle.

-Powell semi-annual report to Senate Tuesday 10 am ET, to House Wed 10 am

-VIX closed .12 higher.

-GS initiates AAPL with a Buy and price target of $199

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

Mega caps AAPL, GOOGL, MSFT rose META, AMZN, NVDA, TSLA fell.

iBB:  In our model account we maintain a net long position.  We added LCV positions and made profit protection adjustments today.

SPY up .28 at 404.47, on 72.7 million shares, below average volume, up slightly on lower volume.

VIX up .12 at 18.61

QQQ up .34 at 300.02

MRK, AAPL, KO, V led the DJIA, 13 advancers, +1

LUMN, DPZ, ENPH, PCG led the SPX, 177 advancers

MELI, MNST, COST, GOOGL led the NDX, 47 advancers.

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

Up:  DIA, QQQ, SPY,

Down:  IWM,

Five of eleven sectors were higher on Monday, led by XLU, XLK and XLP.

The SPY MFC green line rose to 39 and is short-term bullish.  SPY opened higher, closed slightly higher after a rally and pullback.

Uptrend sectors:   XLI, XLB, XLK, XLY, XLF, XLC, XLRE,

Neutral sectors:  XLE, XLP, XLU, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

47 of 100 NDX stocks closed higher on Monday.

45 NDX stock are above their 30 DMA:   ALGN, BKNG, META, SGEN, WBD, ANSS, CDNS, ISRG, ABNB, FISV, NVDA, CPRT, FAST, PANW, WDAY, ADI, FTNT, GFS, TSLA, CRWD, ORLY, DXCM, CSCO, REGN, MELI, MCHP, AMAT, AVGO, PCAR, AMD, ATVI, BKR, OKTA, ODFL, PEP, VRSK, AAPL, CTAS, ILMN, MAR, MDLZ, MSFT, TEAM, EXC, MNST,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

EXC, MNST,

Moving Below 30 DMA = 5

DLTR, FANG, IDXX, LULU, PDD,

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