Friday, October 29, 2021

Market Forecast is bullish in the oversold zone. Healthcare (XLV) and Technology (XLK) sectors led the rally

Weekly Chart


SPY, QQQ, and DIA closed at all times high. Impressive rally for the last four weeks. 


SPY Market Forecast 95.06 Bullish pointing up in the upper zone               
   0.53   PCALL - 10 day SMA (0.75 - 1.00)             
   148.09   SKEW (120 - 140)               
                    
INTERMEDIATE TERM: Uptrend- Price above 30 &10 Wk SMA               
  6-months UP                 
  10-days UP                 
  3-days UP                 
                    
Indices                    
UP:     QQQ +0.49% ; DIA +0.26% ; SPY +0.20% ;          
Down:              IWM -0.03%        
                    
  TLT +0.31% at 147.69               
  VIX -1.63% at 16.26               
                    
SPY   : New all times highs    above 30ds SMA             
QQQ   : New all times highs    above 30ds SMA             
DIA   : Bull Flag Triggered - HBO Setup   above 30ds SMA             
IWM   : Channel Testing Resistance    above 30ds SMA             
                    
                    
Sectors                    
  5 sectors closed higher led by  XLV +0.97%  and  XLK +0.43%    Lower =  6       
  10            closing above 30d. SMA  and 1   closing below.
                    
XLV leaders     :    ALXN, DXCM, CERN, ABBV              
XLK leaders     :    MXIM, VRSN, KLAC, ENPH              
XLC leaders     :    NFLX, FB, GOOGL, GOOG              
                    
Uptrend XLV, XLK, XLC, XLY, XLI, XLF, XLB, XLE, XLRE               
Sideways XLP, XLU                 
Downtrend                   
                    
                    
Breath:                    
NYSE Weakened  as  Decliners led  1622   to   1711 and  Nasdaq   Strengthened  as  Decliners led 2324   to   2298    
                    
                    
NDX Leaders:                     
59 closing higher  and  42 closing Lower              
TEAM : +9.78% ;  DXCM : +9.27% ;  EBAY : +5.95%          
                    
DJIA Leaders:                     
16 closing higher  and  14 closing Lower              
MSFT : +2.24% ;  INTC : +1.91% ;  MRK : +1.73%          
                    
SP500 Leaders:                     
210 closing higher  and  291 closing Lower              
MXIM : N/A ;  DXCM : +9.27% ;  GWW : +7.51%          
                    
NASDAQ 100                   
                    
Nasdaq Above 30MA    =  73                 
TEAM, DXCM, EBAY, VRSN, CERN, LULU, KLAC, TSLA, NVDA, CDNS, NFLX, REGN, MSFT, IDXX, SNPS, ADBE, INTU, KDP, CTAS, CPRT, VRTX, FAST, ISRG, GOOGL, GOOG, PTON, ANSS, WDAY, OKTA, CTSH, DOCU, EXC, CHKP, ADP, ADI, NXPI, AMAT, DLTR, VRSK, XEL, AVGO, CDW, ILMN, PCAR, CRWD, COST, ROST, SPLK, SIRI, ADSK, HON, MAR, MRVL, AEP, EA, PEP, ASML, PAYX, CSX, MDLZ, XLNX, QCOM, CSCO, ZM, SGEN, AMD, ATVI, SWKS, AAPL, AMZN, NTES, JD, BIDU
                    
Stocks to watch on  Monday                 
                    
 Nasdaq100  xsing above30   = 5                
  EBAY, VRSN, CERN, VRTX, OKTA                
                    
 Nasdaq100  xsing below30  = 3                
  ORLY, FOX, SBUX                 
                    
                    
MACD Crossover:                  
Up   6                 
TEAM, VRSN, CTAS, BIIB, SIRI, MAR                 
                    
Down   3                 
GILD, CHTR, SBUX                  
                    
                    
SETUPS                   
BF  : AAPL, MSFT, SPLK, PAYX, XLNX, EBAY, ASML, AMD, CRWD, NTES, AEP, ORLY, SGEN           
HBO  : ADBE, AMZN, CDNS, CTSH, SNPS, PCAR, PEP, COST, ADSK, CSCO, GOOGL, GOOG, ISRG, MRVL, AVGO          
2T  : DLTR                  
MACD  :                   
CHANNEL  : CHKP, DOCU, BIDU, JD, ZM, OKTA                
BEAR  : SBUX                  
NH  : NVDA, CPRT, CTAS, WDAY, TSLA, INTU, ADP, CSX, FAST, NFLX, LULU, DXCM, TEAM           
EPS  : IDXX, QCOM, SWKS, EXC, VRSK, ATVI, EA, MAR, REGN, MDLZ, ANSS             
                    

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SPY touched all times high once again and reversed at close

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