SPX Rallies 90 Points from Low after Bullard Comments on Recession...PANW Leads NDX...Health Care Leads Sectors

 © 2022

On Friday, the SPX fell 130 points to 3,810, and began to rally after 1:30 pm ET as St. Louis Fed President James Bullard expected 2022 growth to lower than last year but above trend rate, better in the second half of the year than the first half, in the 2 ½ to 3% for the year, sees no recession this year and unemployment will likely move down further.  After Bullard’s comments the SPX rallied 90 points to close at 3,901.

PANW +42.31, +9.70, after better-than-expected earnings led the SPX followed by CRWD, FTNT and ZS.

SPY up .17 at 389.63, on 131.4 million shares, above average volume, up slightly on higher volume.

VIX up .08 at 29.35
QQQ down .90 at 288.68

CSCO, CRM, MCD, JNJ led the DJIA, 16 advancers, +10

VFC, AMT, LLY, MKTX led the SPX, 288 advancers
PANW, CRWD, FTNT, ZS led the NDX, 62 advancers 

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

Up:  SPY,

Down:  DIA, IWM, QQQ,

Seven of eleven sectors were higher on Friday, led by XLV, XLRE and XLE the weakest.

Health Care leaders:  LLY, PFE, BIIB, CNC

Real Estate leaders:  AMT, DLR, CCI, EQIX,

Energy leaders: SWN, APA, HAL

Advancers weakened on Friday as decliners led 1,736 to 1,535 on the NYSE and led 2,517 led to 2,125 on the NASDAQ.

The SPY MFC green line is pointed down at 16.2 and is short-term bearish.  SPY traded below short-term support, rallied after Bullard made positive recession comments in a financial TV interview, closed higher for the day and formed a hammer at support.

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 down.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

62 of 100 NDX stocks closed higher on Friday.

15 NDX stocks are above their 30 DMA:   MNST, GILD, AMD, EA, NTES, NXPI, XEL, SGEN, ADI, KLAC, BIDU, PDD, SNPS, AMGN, LRCX,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 2

AMGN, LRCX,

Moving Below 30 DMA = 1

LCID,  

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