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.
The SPY undercut yesterday’s lows and was down .76%. The NYSE also had more net new lows.
The IWM was down .61% and is right at its 50 SMA.
The VIX remains above all its moving averages. It did not make new short-term highs.
The T2106 is still short-term “oversold.”
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)
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.
TH continuing to build sideways.
CSIQ among other solar names holding up well.
ARRY continues to hold the 21 EMA.
ENPH holding the range. A break below Monday’s low would not be a good look. FSLR also strong!
SHLS – want this to tighten.
TMDX holding up well.
RYTM – tight action, could break either way.
KRTX acting well.
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!