SPX Falls as Powell Speaks at WSJ Jobs Summit...Oil and Energy Sector Rises...

 
© 2021
 
SPX opened flat, pulled back at the open, rallied to its daily high and rolled over about 20 minutes before J Powell was scheduled to speak online at a WSJ Jobs Summit.  SPX sold off 96 points during and after his speech, then recovered about half the selloff during the last two hours of trading.  Big tech stocks TSLA, AAPL, AMZN, and MSFT continued to sell off, volatility and TNX rose.
 
Thursday’s heavy volume and a rally off the low are technical characteristics of a capitulation bottom.    
 
NDX -219.33 -1.73%, breaking Wednesday’s support low.
SPX -51.25, -1.34%, closed at 3,768, below last Friday’s support low.
 
TSLA -4.86%, sold off to last Tuesday’s support low.
 
One of eleven sectors was higher on Thursday, led XLE, XLU and XLC. 
 
Energy leaders: FANG, EOG, MRO, APA
Utilities leaders: PNW, EIX, CNP, AWK
Communication Services leaders: DISCA, VIAC, GOOGL, CHTR
 
SPY down 4.72 at 376.70 on 183.4 million shares, above average volume, down on higher volume.
VIX up 1.90 at 28.57
 
CVX, UNH, AXP led the DJIA, 3 advancers, -9
FANG, EOG, MRO, APA led the SPX, 102 advancers.
INCY, MDLZ, XEL, AEP led the NDX, 17 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: DIA, SPY, QQQ, IWM,
 
Advancers weakened on Thursday as decliners led 2,557 to 730 on the NYSE and led 3,555 to 597 on the NASDAQ.
 
The SPY MFC green line turned down to 56.5 and is defensive.  Price action is a break of short-term support
.
 
Uptrend sectors:  XLF, XLE, XLI, XLC, XLB, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU, XLP,
Down trend sectors:
 
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: Down
 
17 of 100 NDX stocks closed higher on Thursday.
 
13 NDX stocks are above their 30 DMA:   GOOGL, WDC, CDW, CMCSA, KHC, MAR, TCOM, BKNG, FOXA, FISV, ADP, SBUX, ORLY,
 
 
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 0
 
 
Moving Below 30 DMA = 6
AMAT, CSX, CTAS, INTC, MU, PAYX,
 
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