Tuesday, March 19, 2024

SPX All-time Closing High...Energy, Utilities, Consumer Discretionary Lead Sectors...NVDA Bounces as Susquehanna, GS, WFC Raise Price Target...


© 2024


The SPX +29.09, 5178.51, a new all-time closing high, opened lower, traded in a range for the first hour before it reversed, filled the gap and closed higher. 

The FOMC meeting started today and will announce its interest rate decision on Wednesday at 2 pm EDT.  Expectation is the Fed will hold rates at its current 5 ¼ - 5 ½% range.

NVDA 9.43, +1.07%, 893.98, opened lower, traded in a range, reversed, filled the gap and closed near the high of the day.  Susquehanna to $1,050, Goldman Sachs to $1,000, Well Fargo to $970, each raise price target.


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


SPY up 2.85 at 515.71, on 60.7 million shares, near average volume, closed higher on lower volume 
VIX down .51 at 13.82
QQQ up 1.09 at 438.57


HD, MCD, AAPL, UNH led the DJIA, 27 advancers, +10
IP, AES, NDAQ, CLX led the SPX, 381 advancers 
SNPS, CDNS, BKR, ILMN led the NDX, 72 advancers

Up: DIA, SPY, IWM, QQQ,
Down


Nine of eleven sectors were up and one was unchanged on Tuesday, led by XLE, XLU and XLY

The SPY MFC green line turned down at 86.5 and is counter-trend defensive.

Uptrend sectors:  XLF, XLI, XLE, XLB, XLP, XLC, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU,
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 TrendUp a little


66 of 100 NDX stocks closed higher on Tuesday.

55 NDX stocks are above their 30 DMA:  CTAS, META, SPLK, NVDA, AMZN, DASH, NFLX, ORLY, AMAT, CDW, FAST, KLAC, PCAR, ABNB, CEG, GEHC, QCOM, FANG, AEP, CCEP, EXC, CPRT, MU, CSGP, MNST, BKR, TXN, AZN, DXCM, MCHP, MRNA, GILD, CMCSA, PYPL, LULU, MSFT, GOOGL, ISRG, ANSS, CHTR, CRWD, LRCX, MAR, PDD, PEP, ASML, CDNS, HON, KHC, REGN, ROP, ROST, SNPS, TTD,


NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 9
ASML, CDNS, HON, KHC, REGN, ROP, ROST, SNPS, TTD,


Moving Below 30 DMA = 2  
AMD, CSCO,



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