Friday, March 15, 2024

SPX Closes Lower Day 3...Energy, Utilities, Materials Lead Sectors...JBL, ADBE, ULTA Close Lower on Negative Earnings Reactions...


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The SPX -33.39 opened lower, traded in a 32-point range, formed a spinning top and closed lower forming a bull flag price pattern on above average volume.  The FOMC will meet starting Tuesday and will announce on Wednesday at 2 pm ET, its interest rate decision.  Expectation is the Fed will hold rates at its current 5 ¼ - 5 ½% range.

NVDA -1.07, -0.12%, 878.36, pulled back modestly in a bull flag setup.  AMD and MU closed slightly higher while most semi’s closed lower.  MU reports earnings on Wednesday, March 20 AMC.

JBL -24.31, -16.49%, ADBE -77.99, -13.67%, ULTA -29.46, -5.21%, closed lower on negative earnings reactions.


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


SPY down 3.52 at 509.83, ex-div 1.595 today, on 107.6 million shares, above average volume, closed lower on similar volume 
VIX up .01 at 14.41
QQQ down 5.22 at 433.92

MMM, CAT, JPM, MRK led the DJIA, 7 advancers, -0
CSGP, STLD, CMI, NUE led the SPX, 229 advancers 
CSGP, ISRG, PCAR, AMD, MU led the NDX, 29 advancers

Up: IWM,
DownDIA, SPY, QQQ,

Four of eleven sectors were up on Friday, led by XLE, XLU and XLB

The SPY MFC green line is pointed down at 87.2 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 Down a little.

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


29 of 100 NDX stocks closed higher on Friday.

44 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, AMD, CPRT, MU, CSGP, MNST, BKR, TXN, AZN, DXCM, MCHP, MRNA, ADI, GILD, CMCSA, PYPL, ROP, LULU, MSFT, GOOGL, HON, ISRG, REGN,

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 3
HON, ISRG, REGN,


Moving Below 30 DMA = 11  
ADSK, ASML, CDNS, CHTR, CRWD, CSCO, LRCX, MAR, NXPI, ROST, TMUS,



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