DJI, RUT, SPX, NDX Closed Lower...Breadth Weakened...Oil Prices Rose...Technology Stocks Fell...

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Anders Ericsson said: “gaining expertise is largely a matter of improving one’s mental processes” and expertise was “a long term process.”

SPX -59.72, 7,683 pulled back but stayed above Thursday’s low. Breadth was negative as decliners led on both the NYSE and the NASDAQ exchanges.  A rise in oil prices along with a pullback in technology stocks contributed to the pullback in the broad market.  The SPX since August 4 is in a sideways consolidation pattern.

RUT 2,817 fell -19.6, a three-month low. Oil /CL fell +0.85 and closed at 93.29.  

SPX advancers: PANW PSKY CRWD P VTRS ISRG MTD WAT COO NWSA ODFL.

SPX decliners: BE DASH QCOM BA INTC META REGN COHR RDDT NEM AKAM.

SPY -5.74, -0.74%, slightly above average volume of 42.6 million shares, pullback day. 

VIX +1.20, 16.07 fell.

NDX -1.08% pull back, a hammer-like candle just below its June high, a setup for a horizontal resistance breakout to an all-time high.

DJI, 51,828 +0.93%, a bullish engulfing candle.

Up:

Down: DIA, IWM, SPY, QQQ,

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

SPCX closed at 145.47, -3.21, volume of 83.3 million shares. Our view is that SPCX, with no earnings, remains an overvalued speculation.  IPO at 135 on June 12.  In the end if buyers are greater than sellers the stock will rise.  People seem to be willing to speculate on this company’s long-term fundamental future. 

The SPY MFC green line turned down at 65.6, price-action on Monday is a pause day and is counter-trend defensive. -5.1

Three of eleven sectors were higher on Monday. 

36 of 100 NDX stocks closed higher on Monday.

44 NDX stocks are above their 30 DMA: GILD, MSTR, QCOM, AAPL, META, AMD, INTC, AZN, CRWD, FTNT, PANW, ISRG, LITE, MRVL, PLTR, MU, NXPI, SNDK, ADI, ALAB, NBIS, NVDA, STX, TER, TXN, ALNY, DDOG, MPWR, MSFT, RKLB, WBD, ASML, MAR, KLAC, LRCX, MCHP, SNPS, AMAT, CDNS, FAST, ROST, AMGN, GOOGL, CTAS,

NDX Stocks to Watch on Tuesday

Moving Above 30 DMA = 1

CTAS,        

Moving Below 30 DMA = 4

KDP, MDB, SPCX, TSLA,

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