SPX, NDX Bounced, Closed Higher for a Second Day...Technology, Utilities, Communication Services Lead Sectors...Bull Flag Setups...NVDA Reports EPS Wednesday AMC...

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SPX +23.36, 5,916, rose after a lower open following comments from Russia regarding its updated nuclear doctrine.  NDX +0.71%, for a second day, formed a bullish engulfing candle that confirmed Monday’s bullish harami.

Bull flag bounces on Tuesday included:  NVDA, QQQ, SPY, TEAM, DASH, CTAS, AMZN

Bull flag bounce continuations on Tuesday: TSLA, NFLX, CRWD, TTWO, GOOGL

Bull Flag Setups: MAR, HON, PYPL, FTNT

NVDA +6.86, +4.89%, opened higher, in a bull flag bounce as Truist raised its price target from $148 to $167, Stifel raised its price target from $165 to $180, and Fubon raised its price target from $170 to $200.  NVDA will report earnings tomorrow, Wednesday, Nov 20 after the close.

TSLA +7.26, +2.14%, opened lower, reversed, rose in a bull flag bounce continuation pattern.   

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

SPY up 2.15 at 590.30, 49.1 million shares, above average volume,

VIX up .77 at 16.35

QQQ up 3.44 at 503.46

NVDA, WMT, AMZN, BA led the DJIA, 12 advancers, -3       

SMCI, VST, NVDA, GEV, UAL led the SPX, 189 advancers

SMCI, DDOG, NVDA, TEAM, ARM led the NDX, 49 advancers

Up:  IWM, QQQ, SPY,

Down:  DIA,

The SPY MFC green line is pointed down at 72.4 and is defensive. -4.3.

Six of eleven sectors were higher on Tuesday, led by XLK, XLU and XLC. 

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

Neutral sectors: XLE,

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 Trend: Down

49 of 100 NDX stocks closed higher on Tuesday.

49 NDX stocks are above their 30 DMA:  DASH, ADSK, CSCO, BKNG, FAST, TMUS, ADP, MRVL, NVDA, TEAM, PANW, TTWO, EA, ISRG, NFLX, BKR, TSLA, GOOGL, ODFL, CDNS, CHTR, VRSK, WBD, XEL, AMZN, ANSS, CRWD, INTU, ZS, PCAR, COST, CSX, CTAS, GFS, INTC, MAR, MDB, WDAY, CPRT, FTNT, HON, ORLY, PYPL, DXCM, SBUX, ADBE, DDOG, MNST, SNPS,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 3

DDOG, MNST, SNPS,

Moving Below 30 DMA = 4

CMCSA, DLTR, LULU, TXN,  

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SPX, NDX Closed Higher as Buyers Returned on Monday...Energy, Communication Services, Consumer Discretionary Led Sectors Higher...SMCI Led Both the SPX, NDX on Monday...

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Breadth was modestly stronger as the SPX rose +23.00, 5,893, after markets continued Friday’s modest afternoon rally.  Monday’s trading suggests that selling from Powell’s Thursday comment exhausted on Friday.  NDX +0.71% closed higher, and formed a bullish harami candle in its bull flag price pattern.

Bull flag bounces on Monday included:  TSLA, NFLX, BKNG

Bull flag setups for Tuesday: MAR, CTAS, TMUS, BKR, HON, FAST, CSCO, PYPL, FTNT

ADBE -3.86, -0.77%, drifted slightly on Monday.  Watch for a potential on Tuesday.

TSLA +18.02, +5.62%, gapped up above the high of the low day of its four-day bull flag pattern, continuing it previous up trend. 

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

SPY up 2.40 at 588.15, 37.0 million shares, below average volume,

VIX down .56 at 15.58

QQQ up 3.45 at 500.02

BA, IBM, VZ AAPL led the DJIA, 15 advancers, +3                

SMCI, HSIC, TSLA, CVS, ENPH led the SPX, 323 advancers

SMCI, MRNA, TSLA, MCHP led the NDX, 67 advancers

Up:  QQQ, SPY, IWM,

Down:  DIA,

The SPY MFC green line is pointed down at 76.7 and is defensive. -6.3.

Ten of eleven sectors were higher on Monday, led by XLE, XLC and XLY. 

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

Neutral sectors: XLE,

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 Trend: Down

67 of 100 NDX stocks closed higher on Monday.

50 NDX stocks are above their 30 DMA:  DASH, ADSK, CSCO, BKNG, FAST, TMUS, ADP, MRVL, NVDA, LULU, TEAM, PANW, TTWO, EA, ISRG, NFLX, CMCSA, BKR, TSLA, GOOGL, ODFL, CDNS, CHTR, VRSK, WBD, XEL, AMZN, ANSS, CRWD, INTU, ZS, PCAR, COST, CSX, CTAS, GFS, INTC, MAR, MDB, WDAY, CPRT, FTNT, HON, ORLY, PYPL, DXCM, SBUX, ADBE, DLTR, TXN,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 2

DLTR, TXN,  

Moving Below 30 DMA = 1

PAYX,

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SPX Closed Lower on Increased Volume after Powell's Comments on Thursday...Utilities, Financial and Real Estate Lead Sectors...Bull Flag Setups Abound on Friday...

© 2024

Breadth weakened again as the SPX fell -78.55, 5,870, after markets sold off in evening trade following Powell’s comments in Dallas on Thursday, on the strength of the economy and no need to hurry to lower rates.  The DJI closed lower at 43,444.  NDX -2.40% closed lower, and is in a four-day bull flag pattern.

In addition to the broad market being in a bull flag pattern, there are numerous individual stocks in bull flag patterns including TSLA, PYPL and FTNT.  The question of course is which, if any, will bounce giving an entry signal on Monday.  The answer of course will be in Monday’s price action.

ADBE -26.50, -5.00%, pulled back sharply on a BO test and closed near Monday’s close before its breakout.  Watch for a potential re-breakout next week.

TSLA +9.54, +3.07%, after pulling back on Thursday, buyers were in control on Friday, day four of a bull flag pattern.  Watch for a potential bounce above the high of the low day on Monday.

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

SPY down 7.60 at 585.75, 75.9 million shares, above average volume,

VIX up 1.83 at 16.14

QQQ down 12.12 at 496.57

DIS, CVX, AAPL, MMM led the DJIA, 12 advancers, -6         

TPR, WYNN, FSLR, ENPH led the SPX, 141 advancers

DXCM, ASML, DDOG, QCOM led the NDX, 10 advancers

Up: 

Down:  DIA, SPY, IWM, QQQ,

The SPY MFC green line is pointed down at 83 and is counter-trend defensive. -7.8.

Three of eleven sectors were higher on Friday, led by XLU, XLF and XLRE. 

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

Neutral sectors: XLE,

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 Trend: Down

10 of 100 NDX stocks closed higher on Friday.

49 NDX stocks are above their 30 DMA:  PAYX, DASH, ADSK, CSCO, BKNG, FAST, TMUS, ADP, MRVL, NVDA, LULU, TEAM, PANW, TTWO, EA, ISRG, NFLX, CMCSA, BKR, TSLA, GOOGL, ODFL, CDNS, CHTR, VRSK, WBD, XEL, AMZN, ANSS, CRWD, INTU, ZS, PCAR, COST, CSX, CTAS, GFS, INTC, MAR, MDB, WDAY, CPRT, FTNT, HON, ORLY, PYPL, DXCM, SBUX, ADBE,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 11

CCEP, CTSH, DDOG, GILD, MNST, MSFT, ROP, SNPS, TTD, TXN, VRTX,

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