Thursday, March 14, 2024

SPX Closes Lower after PPI was Higher Than Expected...Energy and Technology Lead Sectors...ADBE -10% in After-hours...


© 2024


The SPX -14.83 opened slightly lower and traded inside of Tuesday’s range on heavy volume, closed near Tuesday’s S-1 level and above its 10 DMA.

The PPI Report was above expectations: 
PPI M/M 0.6% vs 0.3% est., Y/Y 1.6% vs 1.2%
Core PPI M/M 0.6% vs 0.2% est., Y/Y 2.0% vs 2.0% prior 

NVDA -29.44, -3.24%, 879.44, pulled back and closed below Tuesday’s high and is again a bull flag setup.

LEN -12.64, -7.64%, DG -8.11, -5.13%, closed lower on negative earnings reactions.

After-hoursADBE -62.46, -10.95%, gaps lower on a negative earnings reaction. 


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


SPY down 1.02 at 514.95 on 110.1 million shares, above average volume, closed lower on higher volume 
VIX up .65 at 14.40
QQQ down 1.11 at 439.14

MSFT, AMZN, CVX, AAPL led the DJIA, 7 advancers, -11
WST, FTI, HAL, WRK led the SPX, 111 advancers 
MSFT, GOOGL, ORLY, FANG led the NDX, 30 advancers

Up:  
DownSPY, QQQ, DIA, IWM,

Two of eleven sectors were up on Thursday, led by XLE, XLK and XLC

The SPY MFC green line is turned down at 88.4 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


30 of 100 NDX stocks closed higher on Thursday.

52 NDX stocks are above their 30 DMA:  CTAS, ROST, META, SPLK, NVDA, AMZN, DASH, LRCX, NFLX, CDNS, ORLY, AMAT, ASML, CDW, FAST, KLAC, PCAR, ABNB, CEG, NXPI, GEHC, QCOM, FANG, AEP, MAR, CCEP, EXC, TMUS, AMD, CPRT, MU, CSGP, MNST, BKR, TXN, AZN, DXCM, MCHP, MRNA, ADI, CRWD, GILD, ADSK, CMCSA, CSCO, PYPL, ROP, LULU, MSFT, CHTR, GOOGL,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 1
GOOGL,


Moving Below 30 DMA = 10  
COST, CSX, FTNT, HON, INTU, ODFL, ON, PAYX, REGN, TTD,



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