SPX, NDX Close Higher...Health Care, Utilities, Real Estate Lead Sectors...After the Close: Moody's Downgrades US Credit Rating, Futures Fall...

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After the close: Moody’s downgraded US credit rating on government debt from Aaa to Aa1 due to debt and deficit concerns.  After the close, /ES futures fell over 36 points and finished down 26 points to close at 5948.50 in after hours trading.  Fitch had downgraded US credit rating back on August 1, 2023, while S&P Global had downgraded the US credit rating on August 5, 2011.

SPX +41.45, 5,958, opened higher, trended up and formed a white candle.   

The DJI, 42,654 +0.78%, rose.  The NDX +.43% continued to rise towards its all-time closing high. 

Breadth strengthened as advancers led decliners on the exchanges and indexes, while advancing net change capital was greater than declining capital due to heavy buying in UNH on the SPX and in TSLA and NVDA in the NDX.

Friday Session Insight: In the price action you see the trend, support and resistance and momentum of the institutional buyers.  Technical commentary without discussion of trend, support and resistance, and price action is incomplete makes one subject to erroneous conclusions.  In Harry Potter and the Deathly Hallows part 2, Harry told Hermione that she was brilliant.  Her response was, “actually, I’m highly logical which allows me to look past extraneous details and perceive clearly that which others overlook.”  Looking at trends, support and resistance and price action allows you to perceive clearly what too many others are overlooking.

TSLA +7.16, +2.09%, closed higher.

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

SPY up 3.74 at 594.20, 76.0 million shares, below average volume

VIX down .59 at 17.24,

QQQ up 2.26 at 521.51

UNH, MMM, WMT, MRK led the DJIA, 26 advancers, +3

UNH, MRNA, SMCI, FI, HUM led the SPX, 444 advancers,

ADBE, MU, DASH, CEG led the NDX, 78 advancers,

Up: IWM, DIA, SPY, QQQ,

Down:

The SPY MFC green line is pointed up at 99.1 and is short-term bullish. +1.4

Ten of eleven sectors were higher on Friday, led by XLV, XLU and XLRE. 

Uptrend sectors: XLI, XLU,

Neutral sectors: XLK, XLP, XLRE, XLF, XLC, XLY, XLE, XLB,

Down trend sectors: XLV,

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

3-month Intermediate Term Market Trend:  Sideways

3-day Short Term Market Trend:  Up

78 of 100 NDX stocks closed higher on Friday.

89 NDX stocks are above their 30 DMA: CPRT, COST, CRWD, CTAS, MNST, PLTR, ROST, EA, MSTR, MELI, NFLX, ADSK, AXON, BKNG, CDNS, IDXX, TTWO, CEG, INTU, ZS, ABNB, ADI, AMAT, ANSS, ARM, AVGO, DDOG, DXCM, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, PANW, SNPS, TSLA, TTD, WDAY, CHTR, PYPL, CDW, ADBE, HON, NVDA, PAYX, VRSK, ADP, AMD, CTSH, GFS, AMZN, APP, ASML, CSCO, META, MU, NXPI, PDD, ROP, ON, CSX, GEHC, LULU, QCOM, TXN, INTC, MRVL, ODFL, WBD, DASH, FANG, AAPL, BIIB, CMCSA, FAST, FTNT, GOOGL, PCAR, SBUX, TEAM, BKR, LIN, REGN, XEL, AZN, CCEP, ORLY,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 3

AZN, CCEP, ORLY,

Moving Below 30 DMA = 0

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