SPX Breaks 5-week Support as Government Funding Uncertainty Continues...All Sectors Close Lower

© 2023

The SPX -63.91 opened lower, trended down as the House attempts to produce a government budget proposal and closed lower.  The SPX closed below five-week support on August 18.

Breadth was weaker and finished negative on Tuesday.  NYSE Advancers of 452 was the second lowest close of 2023.

QQQ and SPY opened lower and closed lower as Monday’s piercing line candle pattern was followed by a large red candle.

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

SPY down -6.35 at 425.88, on 96.1 million shares, above average volume, closed lower on higher volume. 

VIX up 2.04 at 18.94

QQQ down -5.40 at 354.21

AMGN, TRV, WMT, MRK led the DJIA, 2 advancers, -13

RMD, PODD, CDAY, AOS led the SPX, 47 advancers

LCID, DXCM, DLTR, MDLZ led the NDX, 17 advancers.

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

Up: 

Down:  DIA, IWM, SPY, QQQ,

All eleven sectors were lower on Tuesday, weakest sectors were XLK, XLY and XLU.

The SPY MFC green line is pointed down at 9.3 and is short-term bearish.  SPY opened lower and closed lower.

Uptrend sectors:   XLE, XLC, XLF,

Neutral sectors:  XLV, XLK,

Down trend sectors: XLY, XLI, XLU, XLB, XLRE, XLP,

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

3-month Intermediate Term Market Trend: Down a little

3-day Short Term Market Trend: Down

17 of 100 NDX stocks closed higher on Tuesday.

17 NDX stocks are above their 30 DMA:  CEG, SGEN, VRSK, MU, PDD, CRWD, AMGN, TMUS, COST, CSX, KHC, VRTX, XEL, META, AZN, FANG, REGN,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 6

CHTR, CTAS, EBAY, GFS, HON, PCAR,

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