SPX Pulls Back as US China Tensions Rise...Weekly Jobless Claims Slow, Still Higher than Expected...

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Before the market opened the Weekly Jobless Claims, report was 2.438 million above estimate of 2.375 million.  /ES futures initially pulled back 3 points before rising 10+ points.  About an hour after the open, news that China warned of countermeasures against the US coronavirus threats sent the futures down more than 30 point before shifting to a trading range for the rest of Thursday.

NDX -107.03, -1.13%, and SPX -23.10, -0.78%, closed lower testing the horizontal resistance breakout that occurred on Wednesday.  The SPX is a re-breakout setup at the close and if the NDX opens below 9,354 it will be a re-breakout setup Friday morning.

NVDA -1.99, -0.57% moved lower after a positive EPS report after the close.

Two of eleven sectors were higher on Thursday, led by XLY, XLI and XLF

SPY down 2.05 at 294.88 on 78.2 million shares, below average volume, down on lower volume.

VIX up 1.54 at 29.53

BA, RTX, TRV led the DJIA, 6 advancers, -18

LB, GCI GPS, NCLH led the SPX, 151 advancers

ROST, ULTA, UAL LULU led the NDX, 19 advancers

The two-year trend term is up.  The one-year trend is sideways.

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the previous three weeks broke out of resistance on Wednesday and did a breakout test today.

Up: IWM,

Down: DIA, SPY, QQQ,

Breadth weakened on Thursday as advancers led 1,542 to 1,394 on the NYSE and decliners led 1,951 to 1,394 on the NASDAQ

The SPX MFC green line is turned up at 91 and is short-term bullish.  Price action is a horizontal breakout test.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

19 of 100 NDX stocks closed higher on Thursday.

80 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, ATVI, CSCO, EA, ILMN, KHC, VRSN, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, AMD, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TCOM, TXN, XLNX, INCY, PAYX, ULTA, WDC,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 3

ALXN, EXC, MU,   

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