New Year's Eve Rally Fizzles...SPX, NDX, DJI Closed Lower, RUT +2.38 Higher...Energy, Real Estate, Materials Lead Sectors...Happy New Year...

© 2024

Happy New Year!  Markets are closed on Wednesday, January 1, 2025, for the New Year’s holiday.  Relax and Enjoy!  Markets open on Thursday January 2^nd.

SPX -25.31, 5,881.  

The DJI, 42,544, closed -0.07% lower.  The RUT closed +2.38, +0.11% higher.

NDX -0.87%, closed below Monday’s low.

TSLA -13.57, -3.25%, sold off for a fourth day after rising +31.68 last Tuesday. 

Mega caps BRK/B rose and AAPL, MSFT, AMZN, META, GOOGL, TSM, AVGO, NVDA, TSLA fell on Tuesday. 

SPY down 2.14 at 586.06, 57.0 million shares, above average volume

VIX down .05 at 17.345,

VIX1D down 1.26 at 15.30,

QQQ down 4.38 at 511.23

NKE, CVX, MRK, VZ led the DJIA, 16 advancers, +15           

MRNA, APA, MPC, LW led the SPX, 298 advancers

PDD, BIIB, FANG, REGN led the NDX, 33 advancers

Up:  IWM,

Down:  DIA, SPY, QQQ,

The SPY MFC green line is pointed down at 47.8 and is short-term bearish. -6.2.

Six of eleven sectors were higher on Tuesday, led by XLE, XLRE and XLB. 

Uptrend sectors:   XLK, XLY, XLC, XLF, XLI, XLU, XLP, XLRE,

Neutral sectors:  XLE,

Down trend sectors: XLB, XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

33 of 100 NDX stocks closed higher on Tuesday.

11 NDX stocks are above their 30 DMA:  MRVL, TSLA, AMZN, LULU, AAPL, AVGO, GOOGL GILD, CSCO, PLTR, ROST, 

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 2

DXCM, NFLX,

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SPX, NDX Close Lower after Selloff and Rally...All Sectors Moved Lower...NVDA Leads DJI...

© 2024

SPX -63.90, 5,906.  Breadth weakened further on Monday.  An early morning 7:30 am ET selloff continued after the open for one-hour to an SPX low of 5,869, before a +37-point rally into the close. 

The DJI, 42,573, also closed lower.  The RUT closed -0.75% lower.

NDX -1.28%, closed below Friday’s low.

TSLA -14.25, -3.30%, sold off for a third day after rising +31.68 last Tuesday. 

Mega caps NVDA rose and TSM, GOOGL, BRK/B, AMZN, MSFT, AAPL, META, AVGO, TSLA fell on Monday. 

SPY down 6.79 at 588.22, 56.5 million shares, above average volume

VIX up 1.45 at 17.40,

VIX1D up 2.89 at 16.56,

QQQ down 6.95 at 515.61

NVDA, UNH, GS led the DJIA, 1 advancers, -1                       

EQT, CTRA, DVN, APA led the SPX, 31 advancers

FANG, EXC, NVDA, BKR led the NDX, 7 advancers

Up: 

Down:  IWM, DIA, SPY, QQQ,

The SPY MFC green line turned down at 54 and is short-term defensive. -2.

All eleven sectors were lower for a second day on Monday, down the least XLE, XLU and XLRE. 

Uptrend sectors:   XLK, XLY, XLC, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE,

Down trend sectors: XLB, XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

7 of 100 NDX stocks closed higher on Monday.

13 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, AMZN, LULU, AAPL, AVGO, GOOGL DXCM, GILD, CSCO, PLTR, ROST, 

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 11

ADI, APP, ASML, AZN, FTNT, GFS, HON, KLAC, META, TTWO, WBD,

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SPX, NDX Closed Lower after 3-hour Selloff, Closed above Low, Gained for the Week...All Sectors Moved Lower...

© 2024

SPX -66.75, 5,970.  Breadth weakened further on Friday.  Even after Thursday’s pause day and Friday’s sharp three-hour selloff, the SPX was up +39.99 points for the week from the previous Friday’s close of 5039.85. 

The DJI, 42,992, also closed lower.  The RUT closed -1.56% lower.

NDX -1.36%, closed below Thursday’s low and gained +0.86% for the week.

TSLA -22.47, -4.95%, sold off for a second day after rising +31.68 on Tuesday.  

Mega caps BRK/B, META, TSM, AAPL, GOOGL, AMZN, AVGO, MSFT, NVDA, TSLA fell on Friday. 

SPY down 6.33 at 595.01, 64.9 million shares, above average volume

VIX up 1.22 at 15.95,

VIX1D up 4.08 at 13.67,

QQQ down 7.04 at 522.56

BA, CVX, VZ led the DJIA, 2 advancers, -16                            

LW, APA, HSY, OXY led the SPX, 50 advancers

BIIB, MDLZ, AEP, KHC led the NDX, 10 advancers

Up: 

Down:  DIA, SPY, QQQ, IWM,

The SPY MFC green line is pointed up at 56 and is short-term bullish. +8.2.

All eleven sectors were lower on Friday, down the least XLE, XLU and XLV. 

Uptrend sectors:   XLK, XLY, XLC, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE,

Down trend sectors: XLB, XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

10 of 100 NDX stocks closed higher on Friday.

24 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, WBD, AMZN, LULU, AAPL, ASML, AVGO, GOOGL APP, DXCM, FTNT, GILD, AZN, CSCO, GFS, KLAC, META, PLTR, ADI, ROST, HON, TTWO,  

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 10

ABNB, CDNS, CRWD, CTSH, MAR, MSFT, NVDA, PAYX, PYPL, WDAY,

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SPX, NDX Pause as RUT, DJI Rise...Consumer Staples, Financial, Health Care Lead Sectors...AVGO Leads NDX...

© 2024

SPX -2.45, 6,037.  Breadth weakened on Thursday and was a pause day after a very strong broad rally on Tuesday, Christmas Eve.  The DJI, 43,325, closed higher for a fifth day.  The RUT closed +0.90% higher.

NDX -0.13%, paused, stayed above Tuesday’s large white candle S1 level and closed slightly lower in its bull flag bounce.

TSLA -8.15, -1.76%, after rising overnight, opened slightly higher and pulled back after the open and closed above Tuesday’s S1 level after rising +31.68 on Tuesday.  

Mega caps AVGO, AAPL, BRK/B rose, and NVDA, GOOGL, MSFT, META, AMZN, TSM, TSLA fell on Thursday. 

SPY up 0.04 at 601.34, 19.8 million shares, below average volume

VIX up 0.46 at 14.73,

VIX1D up 0.73 at 9.59,

QQQ down 0.36 at 529.60

HON, UNH, PG, MMM led the DJIA, 18 advancers, -10         

WBA, DLTR, TGT, BBY led the SPX, 282 advancers

AVGO, ROST, SBUX, APP led the NDX, 41 advancers

Up:  IWM, DIA, SPY,

Down:  QQQ,

The SPY MFC green line turned up at 47.8 and is short-term bullish. +6.3.

Six of eleven sectors were higher on Thursday, led by XLP, XLF and XLV. 

Uptrend sectors:   XLK, XLY, XLC, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE,

Down trend sectors: XLB, XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

41 of 100 NDX stocks closed higher on Thursday.

34 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, WBD, AMZN, LULU, AAPL, MSFT, ASML, AVGO, GOOGL APP, CRWD, DXCM, FTNT, GILD, AZN, CSCO, GFS, KLAC, META, NVDA, PLTR, ADI, CDNS, MAR, PYPL, ROST, WDAY, ABNB, CTSH, HON, PAYX, TTWO, 

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 5

ABNB, CTSH, HON, PAYX, TTWO,  

Moving Below 30 DMA = 2

ON, QCOM,

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Broad Rally on Christamas Eve...Consumer Discretionary, Financial and Technology Led All Sectors Higher...Merry Christmas...

© 2024

Markets are closed on Christmas Day.  We wish you a Merry Christmas!  May the Spirit of Love, Kindness, Peace and Joy be with you and your loved ones.

SPX +65.97, 6,040.  Christmas Eve was a strong and broad rally in a half day of trading.  The DJI, 43,297, closed higher for a fourth day.  The RUT closed higher.

NDX +1.37% closed higher forming a bull flag bounce.

TSLA +31.68, +7.36%, bounce in a bull flag pattern and formed a large white candle.

Mega caps TSLA, AVGO, AMZN, META, AAPL, BRK/B, MSFT, GOOGL, NVDA rose, and TSM fell on Tuesday.  

SPY up 6.61 at 601.30, 33.1 million shares, below average volume on half day of trading

VIX down 2.51 at 14.27,

VIX1D down 4.58 at 8.86,

QQQ up 7.09 at 529.96

WMT, GS, AMZN, JPM led the DJIA, 28 advancers, +12      

TSLA, SMCI, AVGO, ALGN led the SPX, 456 advancers

MSTR, TSLA, ARM, AVGO led the NDX, 93 advancers

Up:  QQQ, SPY, IWM, DIA,

Down: 

The SPY MFC green line is pointed down at 41.5 and is short-term bearish. -3.2.

All eleven sectors were higher on Tuesday, led by XLY, XLF and XLK. 

Uptrend sectors:   XLY, XLC, XLK, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE,

Down trend sectors: XLB, XLV,

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 Trend: Up

93 of 100 NDX stocks closed higher on Tuesday.

31 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, WBD, AMZN, LULU, AAPL, MSFT, ASML, AVGO, GOOGL APP, CRWD, DXCM, FTNT, GILD, AZN, CSCO, GFS, KLAC, META, NVDA, PLTR, ADI, CDNS, MAR, ON, PYPL, QCOM, ROST, WDAY,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 8

ADI, CDNS, MAR, ON, PYPL, QCOM, ROST, WDAY,

Moving Below 30 DMA = 0

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NDX, SPX Closed Higher...Technology, Health Care Energy Lead Sectors...TSM Joins Mega Caps...

© 2024

SPX +43.22, 5,974.  The DJI, 42,906, closed higher for a third day.  The RUT closed slightly lower.

NDX +1.01% closed higher forming a bull flag bounce.

TSLA +9.54, +2.27%, formed a dragonfly doji candle in a 4-day bull flag pattern.

PLTR, AXON and MSTR were added to the NDX 100 and SMCI, MRNA and ILMN were removed today.

LII, APO and WDAY were be added to the SPX and CTLT, QRVO and AMTM were removed. 

Mega caps AVGO, TSM, NVDA, META, TSLA, GOOGL, BRK/B, AMZN rose, and MSFT fell on Monday.  TSM join the trillion dollar market cap group.

SPY up 3.54 at 594.69, 57.6 million shares, above average volume,

VIX down 1.36 at 16.78,

VIX1D down 3.93 at 13.44,

QQQ up 4.21 at 522.87

INTC, MRK, UNH, GS led the DJIA, 16 advancers, -7            

AVGO, AMD, LLY, NVDA led the SPX, 444 advancers

GFS, AVGO, AMD, MCHP led the NDX, 79 advancers

Up:  QQQ, SPY, DIA,

Down:  IWM,

The SPY MFC green line is pointed down at 44.7 and is short-term bearish. -9.1.

Eight of eleven sectors were higher on Monday, led by XLK, XLV and XLE. 

Uptrend sectors:   XLY, XLC, XLK, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE,

Down trend sectors: XLB, XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

59 of 100 NDX stocks closed higher on Monday.

23 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, WBD, AMZN, LULU, AAPL, MSFT, ASML, AVGO, GOOGL APP, CRWD, DXCM, FTNT, GILD, AZN, CSCO, GFS, KLAC, META, NVDA, PLTR,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 7

AZN, CSCO, GFS, KLAC, META, NVDA, PLTR,

Moving Below 30 DMA = 3

DDOG, ROST, WDAY,

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SPX, NDX Rally after a Better-than-expected PCE Report...Real Estate, Utilities, Technology Lead all Sectors Higher...NDX, SPX Changes BMO Monday...

© 2024

This was a very atypical week with Wednesday’s unusually large selloff reaction to both the FOMC announcement and press conference, followed by Thursday evening’s selloff and Friday’s unusually large and very broad rally, and the VIX and VIX1D’s large gain on Wednesday and large drop on Friday.  The narrative directed towards the Fed and Chairman Powell also seemed quite negative after the 25-bps cut on Wednesday and the market traded as if it was positively surprised by the better than consensus PCE report Friday morning.

Notwithstanding the atypical moves in the indices and volatility and the tone of the narrative towards the Fed, it appears that the broad market uptrend is still intact and will survive the sharp counter-trend reaction of this week.

SPX +63.77, 5,930, opened lower, following a selloff in the futures market Thursday evening after the House failed to pass a temporary spending bill and concern over a PCE inflation report Friday before the open.  Friday 8:30 am the PCE report was 0.1% lower in each category (better than expected) and the futures rallied from its overnight low, but still negative on the open.  The rally continued after the open and gained 114 SPX points before finding sellers near R1 of Wednesday’s large red candle.

Congress passed a spending bill Friday evening after the market closed.  Friday’s falling VIX down 5.73, seemed to reflect the market’s confidence that a spending plan would be passed.

The DJI, 42,840, closed higher for a second day as GS and UNH gained the most points in the price weighted index.  The RUT closed higher.

NDX +0.85% closed higher forming a 4-day bull flag pattern and a BO test.

TSLA -15.11, -3.46%, opened lower, formed an inverted hammer candle in a 3-day bull flag pattern.

PLTR, AXON and MSTR will be added to the NDX before the open on Monday, Dec. 23 and SMCI, MRNA and ILMN will be removed.

LII, APO and WDAY will be added to the SPX before the open on Monday, Dec. 23 and CTLT, QRVO and AMTM will be removed.  

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

SPY up 7.01 at 591.15, ex-dividend 1.966, 125.7 million shares, above average volume,

VIX down 5.73 at 18.36,

VIX1D down 5.94 at 17.37, post FOMC.

QQQ up 4.49 at 518.66

NVDA, UNH, CRM, GS led the DJIA, 23 advancers, +5         

ENPH, PLTR, MTCH, CCL, NCLH led the SPX, 444 advancers

APP, DXCM, ABNB, MU led the NDX, 79 advancers

Up:  DIA, SPY, IWM, QQQ,

Down: 

The SPY MFC green line is pointed down at 53.8 and is counter-trend defensive. -10.3.

All eleven sectors were higher on Friday, led by XLRE, XLU and XLK. 

Uptrend sectors:   XLY, XLC, XLK, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE,

Down trend sectors: XLB, XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

79 of 100 NDX stocks closed higher on Friday.

19 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, WBD, AMZN, DDOG, LULU, AAPL, MSFT, ASML, WDAY, AVGO, GOOGL, APP, CRWD, DXCM, FTNT, GILD, ROST,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 6

APP, CRWD, DXCM, FTNT, GILD, ROST,

Moving Below 30 DMA = 1

META,

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SPX, NDX Closed Lower after Higher Open...Utilities, Fiancial and Technology Lead Sectors

© 2024

SPX -5.08, 5,867, opened higher, traded in a volatile range and closed lower.  Breadth strengthened from Wednesday but remained negative.  The DJI, 42,342 closed higher after a ten-day pullback, reportedly the longest since 1974.  The RUT closed lower.

NDX -0.47% closed lower in a 3-day bull flag pattern.

LW -15.72, -20.10%, MU -16.81, -16.18%, CTAS -21.60, -10.57%, closed lower on negative earnings reactions. 

TSLA -3.96, -0.90%, opened higher, closed slightly lower.

SMCI -0.99, -3.07%, closed at 3-week support. 

PLTR, AXON and MSTR will be added to the NDX before the open on Dec. 23 and SMCI, MRNA and ILMN will be removed.

LII, APO and WDAY will be added to the SPX before the open on Monday, Dec. 23 and CTLT, QRVO and AMTM will be removed.  

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

SPY down 0.18 at 586.10, 85.9 million shares, above average volume,

VIX down 3.53 at 24.09,

VIX1D down 22.44 at 23.31, post FOMC.

QQQ down 2.30 at 514.17

BA, AXP, IBM, V led the DJIA, 18 advancers, +17                 

DRI, ACN, GEV, UAL, PLTR led the SPX, 197 advancers

MRVL, MRNA, APP, EXC led the NDX, 36 advancers

Up:  DIA,

Down:  SPY, IWM, QQQ,

The SPY MFC green line is pointed down at 64.1 and is counter-trend defensive. -15.9.

Three of eleven sectors were higher on Thursday, led by XLU, XLF and XLK. 

Uptrend sectors:   XLY, XLC, XLK, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE, XLB,

Down trend sectors: XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

36 of 100 NDX stocks closed higher on Thursday.

15 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, WBD, AMZN, DDOG, LULU, AAPL, MSFT, ASML, META, CCEP, WDAY, AVGO, GOOGL

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 5

COST, LRCX, MU, ROST, SMCI,

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SPX Largest 2024 Point Drop as Fed SEP Expects only 2 Rate Cuts in 2025...

© 2024

SPX -178.45, 5,872, fell (SPXs largest daily point drop in 2024) after the Fed lowered the Fed Funds rate 25 bps as expected, and released the SEP which indicated a decrease from four to two expected rate cuts in 2025.  The broad selloff continued to accelerate to the downside as the 2:30 pm press conference began.  The DJI fell for a tenth day to 42,326.  The RUT closed lower.

NDX -3.60% closed lower.

TSLA -39.73, -8.28%, opened lower, rallied to a new high and sold off with the market following the FOMC announcement.

SMCI -1.57, -4.64%, sold off with the market after the FOMC announcement. 

SMCI will be removed from the NDX 100 before the open on Dec. 23 along with MRNA and ILMN.  PLTR, AXON and MSTR will be added to the NDX.

Mega caps NVDA, BRK/B, AAPL, META, GOOGL, MSFT, AMZN, AVGO, TSLA fell on Wednesday.

SPY down 18.01 at 586.28, 108.2 million shares, above average volume,

VIX up 11.75 at 27.62,

VIX1D up 32.46 at 45.75, FOMC event risk on Wednesday did occur to the downside.

QQQ down 19.33 at 516.47

UNH, BA led the DJIA, 1 advancer, -8                                       

JBL, CI, UNH, CNC, CVS led the SPX, 18 advancers

EXC, TMUS led the NDX, 1 advancer

Up: 

Down:  DIA, SPY, QQQ, IWM,

The SPY MFC green line turned down at 80 and is counter-trend defensive. -11.1.

All eleven sectors were lower on Wednesday. 

Uptrend sectors:   XLY, XLC, XLK, XLF, XLI, XLP, XLU, XLRE,

Neutral sectors:  XLE, XLB,

Down trend sectors: XLV,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

1 of 100 NDX stocks closed higher on Wednesday.

20 NDX stocks are above their 30 DMA:  MRVL, NFLX, TSLA, WBD, AMZN, COST, DDOG, LULU, ROST, AAPL, SMCI, MSFT, ASML, META, LRCX, CCEP, WDAY, AVGO, GOOGL, MU,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 25

APP, ARM, AZN, BKNG, CDNS, CPRT, CRWD, CTSH, DASH, DXCM, FTNT, GFS, GILD, HON, INTU, ISRG, KDP, KLAC, MAR, ORLY, PANW, PYPL, TEAM, TTD, TTWO,

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