SPY, QQQ, IWM Bull Flag Bounce...Materials, Communication Services, Technology Lead All Sectors Higher as Breadth Strengthens Again...

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The SPX +58.35 opened higher and closed higher on the first day of the Jackson Hole Symposium.  Buyers were stronger than sellers on another moderate volume day as SPY, QQQ and IWM bounced above the high of the low in a bull flag bounce.

The Fed’s Jackson Hole Symposium started today and included comments from Harker and Bullard indicating the need for interest rates over 3.4% to 4% by year end.  Fed Chair Powell is scheduled to speak Friday at 10 am ET.

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

After the close, WDAY +18.83, +11.60%, rose on a positive EPS reaction and MRVL -1.89, -3.43%, fell on negative EPS reactions.

SPY up 5.84 at 419.51, on 50.9 million shares, below average volume, up on slightly higher volume.

VIX down 1.04 at 21.78

QQQ up 5.57 at 320.58

BA, INTC, DOW, CAT led the DJIA, 28 advancers, +10

NTAP, ON, FCX, DISH led the SPX, 463 advancers

PDD, JD, BIDU, MRVL led the NDX 91 advancers

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

Up:  QQQ, IWM, SPY, DIA

Down:

All eleven sectors were higher for the second straight day on Thursday, led by XLB, XLC and XLK.

Materials leaders:  FCX, WRK, NUE, PPG

Communication Services leaders:  DISH, MTCH, PARA, META

Technology leaders:  NTAP, ON, MU, AMD

Advancers strengthened on Thursday as advancers led 2,547 to 660 on the NYSE and advancers led 3,143 to 1,429 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 74.4 and is defensive.  SPY opened higher and closed above the HOLD creating a bull flag bounce signal.

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: Up

91 of 100 NDX stocks closed higher on Thursday

66 NDX stocks are above their 30 DMA:   COST, ORLY, KDP, PEP, VRSK, VRSN, AAPL, CDNS, CTAS, TSLA, ROST, AMZN, FISV, NFLX, SNPS, ABNB, ADP, ADSK, CSCO, CSX, INTU, MAR, MDLZ, MELI, PAYX, PCAR, PYPL, HON, AEP, XEL, TMUS, BKNG, LULU, MSFT, TEAM, WDAY, FAST, ZS, GILD, KHC, PANW, AZN, CRWD, BIDU, DDOG, DXCM, EXC, ILMN, PDD, VRTX, AMAT, AMD, AVGO, CPRT, GOOGL, JD, KLAC, MCHP, MRVL, NTES, NVDA, NXPI, ODFL, SWKS, TXN,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 15

AMAT, AMD, AVGO, CPRT, GOOGL, JD, KLAC, MCHP, MRVL, NTES, NVDA, NXPI, ODFL, SWKS, TXN,

Moving Below 30 DMA = 1

SPLK,

 

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