QQQ, IWM, SPY, DIA Close Close Higher...Discretionary, Materials, Communication Services Lead Sectors...Volatility Falls...

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The SPX +75.59 opened flat, traded in a range for the first 90 minutes and buyers took control and the SPX completed its BO test, closed above Friday’s high and closed at its highest level since May 4.  The short-term trend has risen a total of nine days since its intraday low on Friday May 20 when the market started to rise after James Bullard’s interview with FOX.

Notwithstanding all the blather (opinions) that have been tossed around this week about the Fed tightening, rising interest rates, comments from Fed speakers, inflation, earnings, economic data, oil production, oil prices, recession predictions and economic challenges being compared to a hurricane, hundreds of media personalities and financial industry professionals proved Yogi Berra right once again, when he observed, “It’s tough to make predictions, especially about the future.”

The Fed’s Loretta Mester spoke today adding to observations on Wednesday by Mary Daly, John Williams and James Bullard.

Friday morning at 8:30 am ET the Jobs Report for May will be released, and the consensus forecast is for 325K jobs and 3.5% unemployment rate.

SPY up 7.80 at 417.39, on 79.6 million shares, below average volume, up on lower volume.

VIX down .97 at 24.72

QQQ up 8.38 at 314.38

BA, CRM, NKE, HD led the DJIA, 23 advancers, +15

GNRC, SEDG, ENPH, ETSY led the SPX, 433 advancers

DDOG, OKTA, DXCM, MELI led the NDX, 91 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, XLB and XLC.

Consumer Discretionary leaders:  ETSY, UAA, EXPE, BKNG

Basic Materials leaders:  FCX, ALB, LIN, APD

Communication Services leaders: NFLX, MTCH, FB, TTWO

Advancers strengthened on Thursday as advancers led 2,492 to 803 on the NYSE and led 3,530 led to 1,177 on the NASDAQ.

The SPY MFC green line is pointed up at 45.4 and is short-term bullish.  SPY opened flat and bounced completing a BO test and closed above Friday’s high.

Uptrend sectors:  XLE, XLU, XLB,

Neutral sectors:  XLP, XLV,

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 a little

91 of 100 NDX stocks closed higher on Thursday.

70 NDX stocks are above their 30 DMA:   MNST, GILD, EA, NTES, NXPI, XEL, ADI, SNPS, AMGN, EXC, MCHP, SIRI, TMUS, VRTX, AEP, AMD, CHTR, CMCSA, KLAC, LRCX, SGEN, ZM, ADBE, ADSK, AMAT, BIDU, BKNG, CDNS, DLTR, FISV, FTNT, LCID, MU, PDD, TXN, ADP, ASML, AVGO, CTAS, DOCU, INTU, JD, MAR, MRNA, MRVL, MSFT, MTCH, NVDA, PCAR, QCOM, SBUX, AMZN, ANSS, ATVI, CPRT, CRWD, DDOG, FAST, FB, GOOGL, HON, INTC, ODFL, ORLY, PANW, PAYX, PYPL, SPLK, SWKS, VRSN,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 18

ANSS, ATVI, CPRT, CRWD, DDOG, FAST, FB, GOOGL, HON, INTC, ODFL, ORLY, PANW, PAYX, PYPL, SPLK, SWKS, VRSN,

Moving Below 30 DMA = 0

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