Friday, September 22, 2023

Higher Open, Lower Close as Downward Momentum Slows on Friday...Technology, Energy Lead Sectors...


© 2023


The SPX -9.94 opened higher, rallied and sold off twice before ending slightly lower for Friday.  The SPX closed below four-week support on August 18. 

Breadth was stronger and finished negative on Friday.


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


SPY down .97 at 430.42, on 100.8 million shares, above average volume, closed lower on lower volume. 
VIX down -.34 at 17.20
QQQ up .05 at 357.91


UNH, CVX, AAPL, CSCO led the DJIA, 2 advancers, -7
ON, AVGO, FDS, FTI led the SPX, 174 advancers
PDD, SGEN, ON, TEAM led the NDX, 53 advancers


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

Up:  QQQ,
DownSPY, IWM, DIA,

Two of eleven sectors were higher on Friday, led by XLK, XLE and XLB.

The SPY MFC green line is pointed down at 25.6 and is short-term bearishSPY opened higher and closed lower.


Uptrend sectors:   XLE, XLC, XLF,
Neutral sectors:  XLY, XLV, XLK, XLI, XLU 
Down trend sectors: XLB, XLRE, XLP,

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendDown


53 of 100 NDX stocks closed higher on Friday.

22 NDX stocks are above their 30 DMA:  CEG, SGEN, VRSK, CTAS, MU, PDD, CRWD, AMGN, TMUS, CHTR, COST, GFS, HON, AEP, CSX, KHC, VRTX, XEL, LULU, META, PCAR, ZS,


NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 4
LULU, META, PCAR, ZS,



Moving Below 30 DMA = 3
EBAY, EXC, TSLA,




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