Inflation Above Expectations Sinks SPX in Broad Selloff...All Sectors Lower...

 © 2022

BMO the CPI Report came in higher-than-expected MoM 1.0% vs .07% and YoY 8.6% vs 8.2%.  Futures sold off and the SPX -116.96 opened and closed lower near its May 19 close but still above its one-year intraday low on May 20.  TNX 31.56 continued to rise and stay above 3%. 

VICI replaced CERN in the SP 500 on Wednesday June 8

FB changed symbol to META yesterday, Thursday, June 9.

FOMC meeting June 14 – 15.

SPY down 11.64 at 389.80, on 132.8 million shares, above average volume, down on higher volume.

VIX up 1.66 at 27.75

QQQ down 10.56 at 288.84

WMT led the DJIA, 1 advancers, -0

NEM, CAH, HSY, BAX led the SPX, 35 advancers

PDD, NTES, KHC, JD led the NDX, 4 advancers

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

Up: 

Down: DIA, IWM, SPY, QQQ,

All eleven sectors were lower on Friday, led by XLP, XLU and XLV.

Consumer Staples leaders:  HSY, K, KR, HRL

Utilities leaders:  ED, PEG, PNW, EIX

Health Care leaders: CAH, BAX, CVS, MCK 

Advancers weakened on Friday as decliners led 2,776 to 520 on the NYSE and led 3,736 led to 950 on the NASDAQ.

The SPY MFC green line is pointed down at 49.9 and is bearish.  SPY is a channel bounce down moving towards its May 20 one-year low.

Uptrend sectors:  XLE,

Neutral sectors:  XLU, XLB, XLP, XLV,

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

4 of 100 NDX stocks closed higher on Friday.

16 NDX stocks are above their 30 DMA:   EA, NTES, SNPS, TMUS, CHTR, SGEN, ZM, BIDU, CDNS, DLTR, FTNT, PDD, JD, PCAR, SBUX, CRWD,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 24

ADBE, ADI, AMD, BIIB, BKNG, CMCSA, CTAS, DDOG, DOCU, GOOGL, INTU, KLAC, LCID, LRCX, MNST, MTCH, NFLX, NXPI, ORLY, PANW, PYPL, TEAM, VRSN, ZS,

 

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