SPX, NDX Closed Lower Following Differences from Musk, Trump on the Current Tax Bill, a Major Decline in TSLA Shares...Communication Services Led Sectors...After-hours AVGO Lower on EPS Reaction...

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SPX -31.51, 5,939, opened slightly higher, traded down and up in a range for most of the day until the last hour when sellers took control.  Comments from Musk and Trump regarding differences on the current tax bill that has passed the House and is now in the Senate, a sharp decline in TSLA shares and speeches from three Fed speakers seemed to influence Thursday’s price action.

The DJI, 42,319 -0.25%, closed lower.  The NDX -0.80% formed a bearish engulfing pattern after making a new intra-day three-month high. 

Breadth was weaker on Thursday as decliners exceeded advancers on the Nasdaq exchange and in the DJI, SPX and NDX.  Net change declining capital surged primarily resulting from a major drop in TSLA.

Thursday Session Insight: The Fed Beige Book is released eight times a year, generally two weeks before the FOMC meeting.    It is a summary of current economic conditions in the 12 Federal Reserve districts.  A pdf copy of the current release can be downloaded at no cost on the Federal Reserve website.  Even a brief casual review can help you understand economic commentary that you may hear from week to week.  Next FOMC meeting June 18.

TSLA -47.35, -14.26%, formed a large red candle in a reversal BO test pattern.

MDB +25.65, +12.84%, gap up on positive EPS reaction, EPS 1.00 beats 0.66 estimate.

After-hours: AVGO -10.93, -4.20%, lower on negative EPS reaction as EPS 1.58 beats 1.56 estimate and revenue $15.00B beats $14.99B estimate.

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

SPY down 2.88 at 593.05, 92.4 million shares, above average volume

VIX up .87 at 18.48,

QQQ down 3.98 at 524.79

CRM, GS, MSFT, IBM led the DJIA, 10 advancers, -1

DLTR, COO, NCLH TSCO led the SPX, 196 advancers,

MDB, TEAM, MU, ABNB led the NDX, 43 advancers,

Up: IWM,

Down: DIA, SPY, QQQ,

The SPY MFC green line is flat at 95.3 and is short-term bullish. -0.6

One of eleven sectors was higher on Thursday led by XLC, XLRE and XLI. 

Uptrend sectors: XLI, XLU, XLK, XLY,

Neutral sectors: XLC, XLF, XLP, XLRE, XLB, XLE,

Down trend sectors: XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

43 of 100 NDX stocks closed higher on Thursday.

74 NDX stocks are above their 30 DMA: COST, CRWD, CTAS, MNST, MELI, NFLX, ADSK, AXON, BKNG, CDNS, IDXX, TTWO, CEG, INTU, ZS, ABNB, ADI, AMAT, ANSS, ARM, AVGO, DDOG, DXCM, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, SNPS, TTD, PYPL, ADBE, HON, NVDA, PAYX, VRSK, ADP, AMD, CTSH, AMZN, APP, ASML, CSCO, META, MU, ON, CSX, GEHC, LULU, TXN, MRVL, WBD, DASH, BIIB, FAST, GOOGL, LIN, AZN, GILD, PANW, SBUX, AMGN, MDLZ, CCEP, BKR, QCOM, GFS, NXPI, CSGP, FTNT, ORLY, ROP, SNPS, TEAM, TMUS,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 6

FTNT, ORLY, ROP, SNPS, TEAM, TMUS,

Moving Below 30 DMA = 6

CDW, COST, FANG, ODFL, PLTR, TSLA,

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SPX Closed Flat as NDX Closed Higher...Communications Services, Basic Materials, Real Estate Led Sectors...

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SPX +0.44, 5,970, opened slightly higher, traded in a range formed a black spinning top and closed just 2.82% below its all-time closing high on February 19.

The DJI, 42,427 -0.22%, closed lower.  The NDX +0.27% formed a white spinning top to a new three-month high and closed just 2.05% below its all-time high on February 19. 

Breadth was weaker on Wednesday as advancers declined on the exchanges and in the indexes.  Net change declining capital led net change advancing capital in the SPX and NDX.

Wednesday Session Insight: Trend. Trade what you see. The seven-week trend is up.  SPY, QQQ, NVDA, MSFT, META, NFLX, COST, TSM, GE, GEV, BA, NET, ZS, VST, VRT and others are in clear up trends.  These charts show that the trend is more likely to continue up.  Price action on these charts show no indication of trend reversal as of today.

TSLA -12.22, -3.55%, formed an inverted hammer in bull flag pattern.

CRWD -28.20, -5.77%, lower on EPS reaction.

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

SPY down .16 at 595.93, 57.3 million shares, below average volume

VIX down .08 at 17.61,

QQQ up 1.47 at 528.77

MRK, SHW, AMZN, NKE led the DJIA, 11 advancers, -11

ON, NXPI, FMC, ALB, DHI, CMG led the SPX, 196 advancers,

MRVL, ON, NXPI, APP led the NDX, 54 advancers,

Up: QQQ,

Down: SPY, DIA, IWM,

The SPY MFC green line is pointed up at 95.9 and is short-term bullish. +1.3

Six of eleven sectors were higher on Wednesday led by XLC, XLB and XLRE. 

Uptrend sectors: XLI, XLU, XLK, XLY,

Neutral sectors:  XLC, XLF, XLP, XLRE, XLB, XLE,

Down trend sectors: XLV,

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

3-month Intermediate Term Market Trend:  Up

3-day Short Term Market Trend:  Up

54 of 100 NDX stocks closed higher on Wednesday.

74 NDX stocks are above their 30 DMA: COST, CRWD, CTAS, MNST, PLTR, MELI, NFLX, ADSK, AXON, BKNG, CDNS, IDXX, TTWO, CEG, INTU, ZS, ABNB, ADI, AMAT, ANSS, ARM, AVGO, DDOG, DXCM, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, SNPS, TSLA, TTD, PYPL, CDW, ADBE, HON, NVDA, PAYX, VRSK, ADP, AMD, CTSH, AMZN, APP, ASML, CSCO, META, MU, ON, CSX, GEHC, LULU, TXN, MRVL, WBD, DASH, BIIB, FAST, GOOGL, LIN, AZN, GILD, PANW, SBUX, AMGN, MDLZ, CCEP, BKR, FANG, QCOM, GFS, NXPI, ODFL, CSGP, 

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

CSGP,  

Moving Below 30 DMA = 6

CMCSA, MSTR, ORLY, PCAR, ROP, ROST,

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SPX, NDX Closed at 3-month Highs Nearing All-time Closing High on February 19...Technology, Energy, Basic Materials Led Sectors...Afterhours: CRWD Down on EPS Reaction...

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SPX +34.43, 5,970, opened slightly higher, trended up to its highest close since February 24 and just 2.88% below its all-time closing high on February 19.

The DJI, 42,519 +0.51%, closed higher.  The NDX +0.79% followed Monday’s bullish engulfing candle with a white candle breakout to a new three-month high and closed just 2.31% below its all-time high on February 19. 

Breadth was stronger on Tuesday as advancers led decliners on the exchanges and in the indexes.  Net change advancing capital led net change declining capital in the DJI, SPX and NDX.

Tuesday Session Insight: Too many financial commentators are so general in their comments and their words that much of what they say is fluff and has no decision-making value.  Be precise in your thinking and making trading decisions based on good rules.

TSLA +1.58, +0.46%, formed an inverted hammer in bull flag pattern.

After-hours:  CRWD -30.01, -6.14%, lower on EPS reaction.

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

SPY up 3.38 at 596.09, 63.5 million shares, below average volume

VIX down .67 at 17.69,

QQQ up 4.09 at 527.30

NVDA, HD, CAT, NKE led the DJIA, 22 advancers, +3

DG, ON, FLSR, MCHP, DLTR led the SPX, 361 advancers,

ON, MCHP, MU, MSTR led the NDX, 79 advancers,

Up: IWM, QQQ, SPY, DIA,

Down:

The SPY MFC green line is pointed up at 94.6 and is short-term bullish. +0.8

Eight of eleven sectors were higher on Tuesday led by XLK, XLE and XLB. 

Uptrend sectors: XLI, XLU, XLK,

Neutral sectors:  XLC, XLY, XLF, XLP, XLRE, XLB, XLE, 

Down trend sectors: XLV,

The 6-month intermediate trend is sideways.  The ten-day trend is sideways.

3-month Intermediate Term Market Trend:  Sideways

3-day Short Term Market Trend:  Up

79 of 100 NDX stocks closed higher on Tuesday.

79 NDX stocks are above their 30 DMA: COST, CRWD, CTAS, MNST, PLTR, MELI, NFLX, ADSK, AXON, BKNG, CDNS, IDXX, TTWO, CEG, INTU, ZS, ABNB, ADI, AMAT, ANSS, ARM, AVGO, DDOG, DXCM, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, SNPS, TSLA, TTD, PYPL, CDW, ADBE, HON, NVDA, PAYX, VRSK, ADP, AMD, CTSH, AMZN, APP, ASML, CSCO, META, MU, ON, CSX, GEHC, LULU, TXN, MRVL, WBD, DASH, BIIB, FAST, GOOGL, LIN, AZN, GILD, PANW, SBUX, AMGN, MDLZ, CCEP, BKR, ROP, FANG, QCOM, CMCSA, GFS, MSTR, NXPI, ODFL, ORLY, PCAR, ROST,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 8

CMCSA, GFS, MSTR, NXPI, ODFL, ORLY, PCAR, ROST,

Moving Below 30 DMA = 1

CHTR,

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