SPX, NDX Close Above the High of the Low Day as GOOGL Sparks Rally...Communication Services, Technology, Consumer Discretionary Led Sectors...AVGO Reports EPS Thursday AMC...

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Futures traded higher Tuesday evening after GOOGL announced a positive outcome from its anti-trust suit by the government.  SPX +32.72, 6,448, opened higher, traded in a range, closed higher with a bull flag bounce and close above the high of the low day. Tuesday was a hammer candle pattern.    

As price action traders, price takes precedence over the MFC green line (oscillator) and we are short-term bullish with Wednesday’s bull flag bounce close above the high of the low day.  Technical traders, trade what you see, trade the trend you see now.  Don’t trade the past, trade the present.

NDX +0.79%, gapped up, traded in a range, formed a spinning top at its 30 DMA.

DJI, 45,271, -0.05%, opened flat, traded in a range on a breakout test, formed a dragonfly doji for a second day, led by weakness in AXP, BA and CVX.

NVDA -0.16, -0.09%, opened flat, traded in a range, formed a spinning top.

AVGO +4.15, +1.39%, gapped open, traded in a range, formed a spinning top.  Reports EPS Thursday after the close.

Mega caps GOOGL, AAPL, TSLA, AVGO, TSM, AMZN, META, BRK/B, MSFT rose and NVDA fell on Wednesday. 

SPY up 3.47 at 643.74, 70.8 million shares, average volume,

VIX down .82 at 16.35

QQQ up 4.45 at 570.07

AAPL, WMT, CRM, TRV led DJIA, 13 advancers, +4

GOOGL, CPB, DXCM, WDC, PSKY the SPX, 226 advancers,

GOOGL, DXCM, AAPL, KHC led NDX, 46 advancers,

Up: QQQ, SPY,

Down: DIA, IWM,

The SPY MFC green line is down at 86.3 short-term bullish. -2.8

Three of eleven sectors were higher on Wednesday led by XLC, XLK and XLY. 

Uptrend sectors: XLK, XLC, XLY, XLI, XLF, XLB, XLE, XLU,

Neutral sectors: XLP, XLV, XLRE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down a little

46 of 100 NDX stocks closed higher on Wednesday.

35 NDX stocks are above their 30 DMA: GOOGL, FAST, PEP, ORLY, PDD, BKR, ROST, TMUS, APP, AZN, EA, VRTX, IDXX, AAPL, MNST, MU, CPRT, INTC, NXPI, ADI, TXN, CMCSA, PANW, QCOM, TSLA, TTWO, NFLX, MDB, ADSK, WDAY, AVGO, BIIB, ASML, BKNG, CTSH,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3

ASML, BKNG, CTSH,

Moving Below 30 DMA = 4

FANG, LIN, MELI, REGN,

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SPX, NDX Open Lower after Tariff and Ukraine/Russia News, Close Above Open...Energy, Health Care Led Sectors...Afterhours GOOGL Up on Legal Ruling on Monopoly Case...

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After hours: GOOGL +15.73, +7.43% after judge issues limited remedies in the Google monopoly case and will not have to sell its Chrome web browser.

New information did come into the market over the 3-day Labor Day weekend including an appeals court ruling (7-4) against the Administration’s tariff process and Ukrainian drone attacks forcing Russia to shut 17% of its oil-processing capacity. 

Futures traded lower both Sunday and Monday evening and Tuesday pre-market.  SPX -44.72, 6,415, opened 58 points lower and fell another 40 points during the first two and a half hours of trading.  Sellers exhausted and buyers controlled last four hours of trading as the SPX formed a bullish red outlined white hammer candle pattern. 

As price action traders, we are mentally prepared for a potential bull flag bounce above the high of the low day on Wednesday.  Technical traders, trade what you see, trade the trend you see now.  Don’t trade the past, trade the present.

NDX -0.79%, closed lower following weakness in the broad market but rallied from a lower open.

DJI, 45,295 -0.55%, opened lower, fell lower on a breakout test, re-broke out and formed a dragonfly doji, led by weakness in GS, SHW, AMZN and NVDA.

NVDA -3.40, -1.95%, moved in sympathy with weakness in the broad market and formed a channel bounce setup.

AVGO +0.85, +0.29%, formed a larger white candle.  Reports EPS Thursday after the close.

Mega caps AVGO rose and MSFT, BRK/B, META, GOOGL, AAPL, TSM, TSLA, AMZN, NVDA fell on Tuesday. 

SPY down 4.78 at 640.27, 81.8 million shares, above average volume,

VIX up 1.05 at 17.17

QQQ down 4.78 at 565.62

MRK, MCD, BA, WMT led DJIA, 9 advancers, -7

ULTA, BIIB, RL, ROST, DECK the SPX, 121 advancers,

BIIB, TTWO, ROST, MRVL led NDX, 22 advancers,

Up:

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line turned down at 89.1 counter-trend defensive. -3.3

Two of eleven sectors were higher on Tuesday led by XLE, XLV and XLP. 

Uptrend sectors: XLK, XLC, XLY, XLI, XLF, XLB, XLE, XLU,

Neutral sectors: XLP, XLV, XLRE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

22 of 100 NDX stocks closed higher on Tuesday.

36 NDX stocks are above their 30 DMA: GOOGL, FAST, PEP, ORLY, PDD, BKR, ROST, TMUS, APP, AZN, EA, VRTX, IDXX, LIN, AAPL, MNST, MU, CPRT, REGN, INTC, NXPI, ADI, TXN, CMCSA, FANG, MELI, PANW, QCOM, TSLA, TTWO, NFLX, MDB, ADSK, WDAY, AVGO, BIIB,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 2

AVGO, BIIB,

Moving Below 30 DMA = 13

ABNB, ADBE, AMZN, ASML, BKNG, CDNS, CSCO, CTSH, DDOG, KHC, LRCX, MAR, PCAR,

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