The General Market
After a gap up, all the major indexes finished weak.
The QQQ formed an inside day andwas down .58% and the NASDAQ had more net new lows. We remain below the 50 SMA.
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The SPY undercut yesterday’s lows and was down .76%. The NYSE also had more net new lows.
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The IWM was down .61% and is right at its 50 SMA.
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The VIX remains above all its moving averages. It did not make new short-term highs.
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The T2106 is still short-term “oversold.”
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Trends (3/4 Down)
Short-term: Down (still below the 5 SMA)
Intermediate-term: Down (below a declining 21 EMA)
Mid-term: Mixed (below 50 SMA but the 50 SMA is increasing)
Long-term: Down (below a declining 200 SMA)
Stocks
Below are some stocks I’m watching to the upside that have been holding up well. Overall Biotech and Solar remain the strongest themes.
AXSM holding the 5 SMA.
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TH continuing to build sideways.
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CSIQ among other solar names holding up well.
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ARRY continues to hold the 21 EMA.
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ENPH holding the range. A break below Monday’s low would not be a good look. FSLR also strong!
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SHLS – want this to tighten.
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TMDX holding up well.
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RYTM – tight action, could break either way.
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KRTX acting well.
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Overall Thoughts
Another negative day as the indexes were rejected at their 50 SMAs. 4 days straight of weakness. Solar and Biotech continue to move sideways as the market pulls back.
The longer-term trends remain downward. Keep watching the leading stocks and the indexes. Be ready for anything!