Monday, March 25, 2024

SPX Closes Lower in a 2-day Bull Flag Setup...Energy, Utilities, Basic Materials Lead Sectors...MU Leads NDX...


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The SPX -15.99, 5218.19, opened lower and traded in a narrow light volume range first day of a shortened 4-day trading week forming a two-day bull flag pattern.

MU +6.92, +6.28% led the NDX with a bull flag bounce following last week’s positive EPS reaction.  

NVDA +7.13, +0.76%, 950.02, opened slightly lower, rallied from the open and closed higher. 


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


SPY down 1.44 at 519.77, on 48.5 million shares, below average volume, the lowest volume day of the past three months, closed lower on lower volume 
VIX up .13 at 13.19
QQQ down 1.62 at 444.76


DIS, AMGN, BA, VZ led the DJIA, 9 advancers, +3
SMCI, EMN, APA, IP led the SPX, 186 advancers 
MU, DXCM, CEG, MRNA led the NDX, 30 advancers


Up:  IWM,
DownSPY, QQQ, DIA,


Three of eleven sectors were up on Monday, led by XLE, XLU and XLB

The SPY MFC green line is pointed up at 92.6 and is short-term bullish.

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 TrendSideways


30 of 100 NDX stocks closed higher on Monday.

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

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 2
AMGN, KDP, 


Moving Below 30 DMA = 8
ADI, ADP, GEHC, ILMN, MDLZ, NXPI, REGN, TTWO,



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