Broad Rally Sends SPX Higher after China Data, Jobs Report & Fed Chair Comments...

© 2018

S&P futures rose overnight after new data showed China services sector expanded in December and news regarding US/China trade talks on Jan 7 – 8 in Beijing.

Buying momentum continued following a better than expected December Jobs Report of 312K new jobs vs. forecast of 188K.  Fed Chairman Jerome Powell finally made comments the markets liked while participating on a panel with former Fed chairs Bernanke and Yellen at American Economic Association annual meeting in Atlanta on Friday.

QQQ, SPY, DIA and IWM all rose for the second straight weekly gain.

The DJIA, closed up 746 points at 23,433, led by strength in BA, MMM, CAT, AAPL and GS.  

All eleven sectors were higher on Friday, led by technology XLK +4.43% and communication services XLC +4.30%.

SPY up 8.18 at 252.39 on 142.6 million shares, 1% above average volume. Up on similar volume.

VIX down 4.07 at 21.38 

Oil up 1.48 at 48.31

TLT down 1.43 at 122.11 on 12.9 million shares. 

INTC +6.14%, CAT +5.46%, led the DJIA, 30 advancers, +29

MAT +12.60%, VAR +8.06% and AA +8.00%, led the SPX.

AMD +11.44%, NFLX +9.72%, JD +9.43%, and EA +7.25% led the NDX.

Long term up trend intact.  3-day short term trend is up.

Up: QQQ, IWM, SPY, DIA,

Down:

Breadth strengthened on Friday, as advancers led 2,709 to 264 on the NYSE and led 2,666 to 403 on the NASDAQ

The SPY MFC green line turned UP at 33 and is short-term bullish.

Uptrend sectors:  

Neutral sectors:  XLU, XLRE, XLB, XLY, XLC,

Down trend sectors: XLV, XLP, XLI, XLK, XLF, XLE,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

99 of 100 NDX stocks closed higher on Friday.

29 NDX stocks are above their 30 DMA:  DLTR, REGN, WDAY, XRAY, ROST, LULU, CELG, INCY, NFLX, AMGN, AMZN, BIIB, CDNS, CTRP, EA, EBAY, FB, GILD, GOOGL, INTC, JD, PCAR, PYPL, QCOM, SIRI, TMUS, VRTX, WYNN, XLNX, 

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 20

AMGN, AMZN, BIIB, CDNS, CTRP, EA, EBAY, FB, GILD, GOOGL, INTC, JD, PCAR, PYPL, QCOM, SIRI, TMUS, VRTX, WYNN, XLNX

Moving Below 30 DMA = 1

ORLY,

Add Comments here