SPX Closed Lower after 6-day Rally, Stays above Thursday's S-1 Level...Utilities, Basic Materials, Consumer Staples Lead Sectors...TSLA, NVDA Close Higher on Friday...

© 2023

 

-Markets are closed on Monday in observance of the Juneteenth Holiday.

-SPX -16.25, opened lower, traded in a range and closed lower.

-SPX pulled back after a six-day rally, traded above Thursday’s S-1 level.

-VIX down .96.

-Breadth weakened on Friday.

-Consumer Sentiment, 63.9 vs. 60.0 est., higher than expected.

-TSLA +4.64, +1.81% rallied to a 6-month high, after a two-day pause.

-Regional banks continue to grind: KRE -0.60, -1.37%, ZION -0.35, -1.21%.

Did you know that as of Friday, June 16:

-The top 50 S&P 500 stocks represent 55.96% of the market cap weight?

-That 30 of the top 50 stocks (60%) are in a 3-month uptrend?

-That 16 of the top 50 stocks (32%) are in a 3-month sideways trend?

-And that only 4 of the top 50 stocks (8%) are in a 3-month downtrend?

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

Mega caps TSLA, NVDA rose and META, AAPL, GOOGL, AMZN, MSFT fell.

SPY down 1.50 at 439.56, ex-dividend 1.638 on Friday, on 114.1 million shares, above average volume, down on higher volume.

VIX down .96 at 13.54

QQQ down 2.33 at 367.93

WBA, INTC, V, NKE led the DJIA, 15 advancers, -13

BALL, GLW, DISH, VTRS led the SPX, 218 advancers

SIRI, TSLA, FANG, KDP, PANW led the NDX, 35 advancers.

The two-year trend term is sideways.  The one-year trend is sideways.

Up:  

Down:  DIA, SPY, QQQ, IWM,

Three of eleven sectors were higher on Friday, led by XLU, XLB and XLP.

The SPY MFC green line is pointed down at 95.6 and is counter-trend defensive.  SPY opened flat, traded in a range and closed lower.

Uptrend sectors:   XLK, XLC, XLY, XLI, XLF, XLB, XLRE, XLV, XLP,

Neutral sectors:  XLU, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up a little

35 of 100 NDX stocks closed higher on Friday.

87 NDX stock are above their 30 DMA:  AAPL, AMZN, CPRT, ISRG, CSGP, MSFT, NVDA, CEG, LRCX, META, VRSK, DDOG, GOOG, GOOGL, AMD, CRWD, FTNT, ZS, NFLX, AMAT, ASML, KLAC, AVGO, MRVL, MU, SNPS, RIVN, TSLA, WDAY, CSCO, ADBE, TEAM, CTAS, PANW, CDNS, NXPI, TXN, ZM, ANSS, COST, PDD, ATVI, INTC, QCOM, ADSK, BKR, CSX, DXCM, MCHP, ABNB, ADP, EBAY, HON, JD, MAR, PAYX, PCAR, ALGN, CTSH, SIRI, CMCSA, GFS, WBA, WBD, ADI, FAST, INTU, SGEN, ILMN, LULU, REGN, ROST, VRTX, EA, GILD, ODFL, GEHC, AMGN, AZN, BKNG, CHTR, EXC, IDXX, MRNA, PYPL, KDP, SBUX,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

KDP, SBUX,

Moving Below 30 DMA = 2

MNST, ORLY,

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