SPX Closes Lower Again...Real Estate, Energy Lead Sectors as Mega-Cap Tech Drops after TSLA Downgrade...

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-SPX -19.51, opened lower, traded in a range, closed lower on Monday.

-Mega caps TSLA, NVDA, META sold off after a TSLA downgrade by GS

-SPX closed below Friday’s low and is now a six-day bull flag setup.

-VIX up .81.

-Breadth was mixed but weaker on Monday.

-TSLA -15.55, -6.06%, drops after GS downgrade.

-Regional banks continue to fall: KRE +.50, +1.26%, ZION +.48, +1.80%.

-Powell speaks on a panel at ECB Forum on Wednesday

-Powell speaks at Conference on Financial Stability in Spain on Thursday

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

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

SPY down 1.77 at 431.44, on 72.7 million shares, below average volume, down on lower volume.

VIX up .81 at 14.25

QQQ down 4.86 at 357.68,

HD, NKE, CVX, VZ led the DJIA, 16 advancers, +12

BXP, ARE, NWL, WRK led the SPX, 345 advancers

GFS, CHTR, QCOM, AMAT led the NDX, 48 advancers.

The two-year trend term is sideways.  The one-year trend is sideways.

Up:  IWM,

Down:  DIA, SPY, QQQ,

Six of eleven sectors were higher on Monday, smallest decliners XLRE, XLE and XLB.

The SPY MFC green line is pointed down at 73.6 and is defensive.  SPY opened lower and closed lower after mega-caps fell led by TSLA, NVDA.

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

Neutral sectors:  XLU, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

48 of 100 NDX stocks closed higher on Monday.

62 NDX stock are above their 30 DMA:  AAPL, AMZN, CPRT, ISRG, CSGP, MSFT, NVDA, CEG, LRCX, META, VRSK, FTNT, ZS, NFLX, AMAT, KLAC, AVGO, MRVL, TSLA, WDAY, CSCO, ADBE, CTAS, PANW, NXPI, COST, PDD, ATVI, INTC, QCOM, BKR, CSX, DXCM, MCHP, ABNB, HON, PCAR, ALGN, SIRI, WBA, ADI, FAST, INTU, SGEN, LULU, REGN, ROST, VRTX, ODFL, AMGN, IDXX, PYPL, ON, ORLY, DLTR, ADP, CHTR, CMCSA, EA, EXC, GFS, PAYX,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 7

ADP, CHTR, CMCSA, EA, EXC, GFS, PAYX,

Moving Below 30 DMA = 6

ANSS, CDNS, GEHC, GILD, MNST, PEP,

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