SPX Gap Down in Broad Selloff as Rate Hike Probabilities Rise...PDD, BIDU Lead NDX...All Sectors Close Lower...

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The SPX -90.49 gapped lower, trended lower in a counter-trend pullback and closed more than 2% lower on Monday.  Probabilities for a 75-bps hike based on CME ZQ trading rose on Monday to 54.6% from 50.1% on Friday.  The Fed’s Jackson Hole Symposium is this Thursday and Friday with Fed Chair Powell scheduled to speak Friday at 10 am ET.

DXY, TNX and /CL closed higher, while GLD and TLT moved lower.

Chinese stocks PDD, BIDU, NTES, JD lead the NDX.

On Monday after the close, PANW +41.45, +8.16%, rose on a positive EPS reaction and ZM -8.09, -8.30%, fell on a negative EPS reaction.

SPY down 8.79 at 413.35, on 77.6 million shares, above average volume, down on higher volume.

VIX up 3.20 at 23.80

QQQ down 8.50 at 314.36

PG led the DJIA, 0 advancers, -6

SWN, MOS, ALB, APA led the SPX, 24 advancers

PDD, BIDU, NTES, JD led the NDX 5 advancers

The two-year trend term is up.  The one-year trend down.

Up:

Down:  DIA, IWM, SPY, QQQ,

All eleven sectors were lower on Monday, the least negative were XLE, XLP and XLV.

Energy leaders:  SWN, APA, CTRA, MRO

Consumer Staples leaders:  KR, STZ, CLX

Health Care leaders:  ELV, HUM, LLY

Advancers remained weak on Monday as decliners led 2,651 to 546 on the NYSE and led 3,535 to 1,046 on the NASDAQ.

The SPY MFC green line is pointed down in the upper zone at 87.1 and is counter-trend defensive.  SPY gapped lower and closed lower creating a 4-day bull flag pattern.

Uptrend sectors:   XLK, XLY, XLU, XLI, XLP, XLRE,

Neutral sectors:   XLV, XLC, XLF,

Down trend sectors:  XLE, XLB,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

9 of 100 NDX stocks closed higher on Monday

55 NDX stocks are above their 30 DMA:   COST, ORLY, KDP, PEP, VRSK, VRSN, AAPL, CDNS, CPRT, CTAS, TSLA, ROST, AMZN, ATVI, FISV, MCHP, MU, NFLX, ODFL, SNPS, SPLK, ABNB, ADP, ADSK, AMD, AVGO, CSCO, CSX, INTU, MAR, MDLZ, MELI, PAYX, PCAR, PYPL, HON, AEP, EXC, XEL, TMUS, BKNG, LULU, MSFT, TEAM, WDAY, FAST, ZS, REGN, VRTX, AMGN, GILD, KHC,  PANW, AZN, DLTR,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 20

ADBE, ADI, AMAT, ANSS, ASML, CRWD, CTSH, DDOG, DXCM, EA, EBAY, GOOGL, KLAC, LRCX, MRVL, NXPI, NVDA, QCOM, TXN, SWKS,

 

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