QQQ, IWM, SPY, DIA Continue Support Bounce in Broad Rally...Discretionary, Communication Services Lead Sectors...COST Lower in After-hours Earnings...

© 2022

 

The SPX +79.11 opened higher, traded higher formed a larger white candle and closed near short-term resistance forming a breakout setup.  SPY, QQQ, IWM, DIA each formed a larger white candle pattern.

After the close, COST -9.63, -2.07%, reported earnings and sales that were above expectations, same store sales came in at 10.8% vs estimates of 11.80% and the stock traded lower.  COST +24.89, +5.65%, rose today before earnings.

SPY up 7.94 at 405.31, on 82.0 million shares, below average volume, up on lower volume.

VIX down .87 at 27.50

QQQ up 8.07 at 299.33

BA, NKE, HD, INTC led the DJIA, 27 advancers, +3

DG, NCLH, CZR, ETSY led the SPX, 447 advancers

DLTR, BIDU, LULU, SPLK led the NDX, 90 advancers

The two-year trend term is up.  The one-year trend down a little.

Up:  QQQ, IWM, SPY, DIA,

Down:

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

Consumer Discretionary leaders:  DLTR, DG, NCLH, CZR, ETSY

Communication Services leaders:  TWTR, MTCH, WBD, FB

Technology leaders: AMD, AMAT, EPAM, ENPH

Advancers strengthened on Thursday as advancers led 2,741 to 568 on the NYSE and led 3,509 led to 1,225 on the NASDAQ.

The SPY MFC green line is pointed up at 23 and is short-term bullish.  SPY opened higher and continued it channel support bounce closing near its short-term resistance and is a breakout setup.

Uptrend sectors:  XLE, XLU,

Neutral sectors:  XLP, XLV, XLB,

Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

90 of 100 NDX stocks closed higher on Thursday.

39 NDX stocks are above their 30 DMA:   MNST, GILD, EA, NTES, NXPI, XEL, ADI, SNPS, AMGN, EXC, MCHP, REGN, SIRI, TMUS, VRTX, AEP, AMD, CHTR, CMCSA, KLAC, LRCX, SGEN, ZM, ADBE, ADSK, AMAT, ATVI, BIDU, BIIB, BKNG, CDNS, CPRT, DLTR, FISV, FTNT, LCID, MU, PDD, TXN,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 16

ADBE, ADSK, AMAT, ATVI, BIDU, BIIB, BKNG, CDNS, CPRT, DLTR, FISV, FTNT, LCID, MU, PDD, TXN,

Moving Below 30 DMA = 0

 

 

Add Comments here: