Cognitive Dissonance Reigns in the Mind of the Few...Breadth Weakens as SPX Makes 3-month Low...

© 2023

Inexperienced Republicans vote with Democrats to oust House Speaker for avoiding government shutdown.  Incongruency and cognitive dissonance seems to have its way in the minds of a few Republicans who clearly find aligning with Democrats superior to other choices they were free to make.  Market rolls over below September 27 low to make a new low 3-month low.

Breadth was negative.

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

SPY down -5.72 at 421.59, on 103.7 million shares, above average volume, closed lower on higher volume.

VIX up 2.17 at 19.78

QQQ down -6.34 at 354.92

VZ, INTC, BA, WBA led the DJIA, 8 advancers, -3

NI, FE, CMS, RHI led the SPX, 109 advancers

XEL, AEP, EXC, CSX led the NDX, 12 advancers.

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

Up: 

Down:  DIA, SPY, IWM, QQQ,

One of eleven sectors was higher on Tuesday, led by XLU, XLE and XLB.

The SPY MFC green line is pointed up at 13.7, is short-term bullish and is lagging the price action.  SPY opened lower, closed lower and below the low of September 27 the prior low day.

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

3-day Short Term Market Trend: Down

12 of 100 NDX stocks closed higher on Tuesday.

7 NDX stocks are above their 30 DMA:  SGEN, PDD, CRWD, COST, META, SIRI, CSX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

CSX,

Moving Below 30 DMA = 14

ABNB, AMGN, CDNS, CHTR, GEHC, GFS, GOOGL, NXPI, PCAR, QCOM, SNPS, TMUS, ZM. ZS,

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