SPX Trading Range Rolls Down after News on MRNA...

© 2020

Markets opened slightly lower on Tuesday and traded in a range for most of the day with a series of events including earnings from WMT and HD, Fed Chair Powell and Treasury Secretary Mnuchin speaking before the Senate Banking Committee.

However, the market went lower after a STAT News report raised questions on the lack of data provided in MRNA’s announcement on their Covid-19 Phase 1 trial.  Much as the broad market reacted positively Monday morning, it reacted negatively Tuesday afternoon.

NDX -33.38, -0.36%, and SPX -30.97, -1.05%, traded in a range until they pulled back in the last 75 minutes of trading.  Both NDX and SPX are just below short-term horizontal resistance.  The NDX and SPX are an HBO setup. 

WMT and HD finish lower after EPS while BIDU closes higher.

All eleven sectors were lower on Tuesday, led by XLC, XLY and XLK

SPY down 3.03 at 291.97 on 94.2 million shares, below average volume, down on lower volume.

VIX up 1.23 at 30.53

INTC, NKE, RTX led the DJIA, 3 advancers, -26

GCI, HPQ, AAP, XRX led the SPX, 103 advancers

ZM, TTWO WDAY, NTES led the NDX, 32 advancers

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

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the past three weeks but has returned to resistance for a breakout setup and potential up trend resumption.

Up:

Down: QQQ, SPY, DIA, IWM,

Breadth weakened on Tuesday as decliners led 1,800 to 1,138 on the NYSE and led 2,102 to 1,188 on the NASDAQ

The SPX MFC green line is turned up at 84.8 and is short-term bullish.  Price action is a bull flag bounce pause at short term resistance.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

32 of 100 NDX stocks closed higher on Tuesday.

77 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, SIRI, TCOM, TXN, XLNX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

LRCX,  

Moving Below 30 DMA = 11

ALXN, AMGN, BIIB, CERN, EXC, INCY, MU, PAYX, PEP, ULTA, WDC,

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Futures Bounce Sunday Night, MRNA Vaccine News Sends Market Higher...

© 2020

Markets opened higher Monday after futures continued to rise after Friday’s support bounce and accelerated when news disclosed strong initial results in the Phase 1 of MRNA’s Covid-19 vaccine trial. 

NDX +179.29, +1.96%, and SPX +90.21, +3.15%, opened on a gap up after a support bounce on Friday.  Both NDX and SPX at short-term horizontal resistance.  The NDX and SPX are an HBO setup.  

All eleven sectors were higher on Monday, led by XLE, XLI and XLF

SPY up 8.72 at 295.00 on 120.3 million shares, above average volume, up on higher volume.

VIX down 2.59 at 29.30

BA RTX DOW led the DJIA, 29 advancers, +14

NCLH, LB ADS HAL led the SPX, 465 advancers

UAL EXPE MAR NXPI led the NDX, 85 advancers

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

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the past three weeks but has returned to resistance for a breakout setup and potential up trend resumption.

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth strengthened on Monday as advancers led 2,650 to 331 on the NYSE and led 2,695 to 602 on the NASDAQ

The SPX MFC green line is turned up at 83.58 and is short-term bullish.  Price action is a bull flag bounce back to short term resistance.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

85 of 100 NDX stocks closed higher on Monday.

87 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, INCY, AMGN, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, PEP, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, BIIB, TMUS, ALXN, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, MU, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CERN, CMCSA, CSX, DLTR, EXC, INTC, MAR, MU, MXIM, NXPI, PAYX, PCAR, ROST, SIRI, TCOM, TXN, ULTA, WDC, XLNX,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 24

ADI, ANSS, AVGO, BKNG, CDW, CERN, CMCSA, CSX, DLTR, EXC, INTC, MAR, MU, MXIM, NXPI, PAYX, PCAR, ROST, SIRI, TCOM, TXN, ULTA, WDC, XLNX,

  

Moving Below 30 DMA = 1

CTXS,

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Chip Stocks Lower after Semiconductor Trade Restrictions...April Retails Sales Lower than Expected...NDX Bull Flag Bounce...

© 2020

Markets opened lower Friday after the Commerce Dept. after restrictions were imposed for Huawei doing business with US companies after Aug. 15 and April Retails Sales reported a bigger drop than expected.  After the lower open the SPX and NDX did rally and both closed higher for the day. 

NDX +58.21, +0.64%, and SPX +11.20, +0.39%, opened lower and closed higher both trading range until breaking out to close higher in the last 30 minutes of trading on Friday.  Both NDX and SPX bounced and closed above the high of the low day.  The NDX is a bull flag entry trigger and the SPX is a channel bounce entry trigger.


Six of eleven sectors were higher on Friday, led by XLC, XLY and XLP

SPY up 1.31 at 286.28 on 111.1 million shares, average volume, up on lower volume.

VIX down .72 at 31.89

DIS, HD WMT led the DJIA, 15 advancers, -11

RCL, GPS, OKE, MCK led the SPX, 273 advancers

NVDA, VRTX ZM LULU led the NDX, 59 advancers

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

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the past three weeks and with a shift to sideways in that time frame.

Up: IWM, QQQ, SPY, DIA,

Down:

Breadth strengthened moderately on Friday as advancers led 1,655 to 1,268 on the NYSE and led 2,062 to 1,212 on the NASDAQ

The SPX MFC green line is pointed down at 83.3 and is counter-trend defensive.  Price action is day four of a counter-trend pullback and bounce above the Holiday or bull flag entry trigger.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

59 of 100 NDX stocks closed higher on Friday.

64 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, INCY, AMGN, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, PEP, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, CTXS, ZM, AMAT, JD, NTES, BIIB, TMUS, ALXN, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, MU, NTAP,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

BIDU,  

Moving Below 30 DMA = 8

ADI, AVGO, CSX, INTC, LRCX, MU, MXIM, NXPI,

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SPX Open Lower, Close Higher, Key Reversal Day...QQQ Bull Flag Setup...

© 2020

Markets opened lower Thursday, after the Weekly Jobless claims report was higher than expected, and reversed after the first hour of trading bouncing up from support where buyers took over from sellers. 

NDX +94.35, +1.05%, and SPX +32.50, +1.15%, opened lower and closed higher making a key reversal day.  Both NDX and SPX formed bullish piercing line candles.  also opened slightly higher and closed lower for the second straight day.  The NDX is a bull flag setup and the SPX is a channel bounce setup.   

Ten of eleven sectors were higher on Thursday, led by XLF, XLY and XLK

SPY up 3.37 at 284.97 on 121.7 million shares, average volume, up on lower volume.

VIX down 2.67 at 32.61

AXP, UNH, CSCO led the DJIA, 26 advancers, +25

LEG, COF, VNO, SIVB led the SPX, 381 advancers

CTAS, LRCX, KLAC, AMAT led the NDX, 85 advancers

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

A seven-week uptrend has emerged following a higher low W pattern reversal in March. 

Up: DIA, SPY, QQQ, IWM,

Down:

Breadth strengthened on Thursday as advancers led 1,613 to 1,350 on the NYSE and decliners led 1,659 to 1,649 on the NASDAQ

The SPX MFC green line is pointed down at 85.7 and is counter-trend defensive.  Price action is day three of a counter-trend pullback and key reversal day.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

85 of 100 NDX stocks closed higher on Thursday.

71 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, INCY, AMGN, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, PEP, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, CTXS, ZM, AMAT, JD, NTES, BIIB, TMUS, ALXN, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, MU, NTAP,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 10

AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, MU, NTAP,

Moving Below 30 DMA = 0

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SPX Falls after Powell Speaks, Economic Concerns Persist as SPX Pulls Back for 2nd Day...

© 2020

Markets sold off Wednesday after Jerome Powell spoke regarding the risks and uncertainties of the current environment with the economic effects of the pandemic.

NDX -112.37, +1.23%, opened higher and closed lower and SPX -50.12, -1.75%, also opened slightly higher and closed lower for the second straight day.  The NDX is a bull flag setup and the SPX is a narrow sideways channel at support.   

All eleven sectors were lower on Wednesday, led by XLU, XLP and XLV

SPY down 5.07 at 281.60 on 144.7 million shares, above average volume, down on higher volume.

VIX up 2.24 at 35.28

MRK, JNJ, WMT led the DJIA, 1 advancer, 0

BLK, EQIX NEM, KSU led the SPX, 53 advancers

ZM, REGN, NTES, LBTYA led the NDX, 16 advancers

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

A seven-week uptrend has emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the past three weeks and with a second day of pullback may be signaling a shift to sideways.

Up:

Down: QQQ, SPY, DIA, IWM

Breadth weakened on Wednesday as decliners led 2,649 to 326 on the NYSE and led 2,671 to 623 on the NASDAQ

The SPX MFC green line is pointed down at 87 and is counter-trend defensive.  Price action is day two of a counter-trend pullback.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

16 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, INCY, AMGN, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, PEP, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, CTXS, ZM, AMAT, JD, NTES, BIIB, TMUS, ALXN,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 20

ADP, AMD, ANSS, CHKP, COST, CSX, CTAS, CTSH, EXC, EXPE, FOXA, INTC, LRCX, MU, NTAP, PCAR, SIRI, TCOM, TXN, ULTA,

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Market Falls After Senate Hearing on Coronavirus Ends...

© 2020

Markets sold off Tuesday afternoon following completion of a Senate hearing on the Covid-19 pandemic where Dr. Fauci warned the Senate of the risks of opening areas of the economy too fast.

NDX -186.48, +2.01%, opened higher and closed lower and SPX -60.20, -2.05%, also opened higher and closed lower, both forming a bearish engulfing pattern.  Both are a move below the low of the previous day, counter trend pullback entry signal.

All eleven sectors were lower on Tuesday, led by XLP, XLU and XLV

SPY down 5.83 at 286.67 on 95.1 million shares, below average volume, down on higher volume.

VIX up 5.47 at 33.04

WMT, CSCO, DOW led the DJIA, 1 advancer, -11

OKE, MRO, AMCR ABBV led the SPX, 43 advancers

NTES, JD, SGEN, ILMN led the NDX, 6 advancers

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

A seven-week uptrend has emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the past three weeks and with today’s sharp pullback may be signaling a shift to sideways.

Up:

Down: DIA, SPY, QQQ, IWM

Breadth weakened on Tuesday as decliners led 2,261 to 678 on the NYSE and led 2,367 to 936 on the NASDAQ

The SPX MFC green line turned down at 88 and is counter-trend defensive.  Price action is day one of a counter-trend pullback.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

6 of 100 NDX stocks closed higher on Tuesday.

81 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, INCY, AMGN, ATVI, CHKP, CSCO, EA, ILMN, INTC, KHC, VRSN, ANSS, AVGO, CHTR, COST, CSX, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, PCAR, PEP, SNPS, SWKS, TXN, ADI, FB, QCOM, SBUX, AAPL, ADP, ADSK, CTSH, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, ULTA, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, CTAS, EXPE, FISV, NXPI, CPRT, SIRI, TCOM, CTXS, AMD, ZM, AMAT, JD, MU, NTAP, NTES, BIIB, FOXA, TMUS, EXC, LRCX, ALXN,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 10

BKNG, CDW, CERN, DLTR, GILD, MAR, PAYX, ROST, WDC, XLNX,

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