Employment Report, 372K Better Than Expected...Good News is Bad News Reaction Improves from June Report...Health Care Leads Sectors...

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Before the open, S&P futures dropped more than 30 points in less than 20 minutes, after the Employment Report came out at 372K new jobs vs. 270K estimate.  Many conclude the better-than-expected report increases the likelihood the Fed will raise rates 0.75% at the July FOMC meeting.  This is, of course, good news and good news.  Strong employment great for the economy and American workers and if raising rates is, in fact, the solution to lowering inflation, inflation will fall faster.  Good news and good news results in futures falling or as some say, good news is bad news.

At the end of the day the SPX -3.24, fared much better than after the better-than-expected Employment Report on June 3 when the SPX fell -68.28.  In June good news was bad news with a very negative result and in July, good news was bad news with a slightly negative result.

Oil, gold and TNX closed higher, while DXY and TNX moved lower.

SPY down .32 at 388.67, on 72.3 million shares, below average volume, down on higher volume.

VIX down 1.44 at 24.64

QQQ up 0.37 at 295.35

UNH, AXP, AAPL, AMGN led the DJIA, 9 advancers, -15

ENPH, CNC, MCK SEDG led the SPX, 160 advancers

NTES, TSLA, REGN, MRNA led the NDX, 53 advancers

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

Up:  QQQ,

Down: IWM, SPY, DIA,

Three of eleven sectors were higher on Friday, led by XLV, XLK and XLY.

Health Care leaders:  CNC, MCK, REGN, MRNA

Technology leaders:  ENPH, SEDG, ON, FTNT

Consumer Discretionary leaders:  TSLA, PHM, LEN, DHI

Advancers weakened on Friday as decliners led 1,709 to 1,497 on the NYSE and advancers led 2,497 to 2,060 on the NASDAQ.

The SPY MFC green line is pointed up at 40.9 and is short-term bullish.  SPY paused on Friday and formed a white spinning top near short-term resistance.

Uptrend sectors: 

Neutral sectors:  XLE, XLU, XLV,

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

53 of 100 NDX stocks closed higher on Friday.

53 NDX stocks are above their 30 DMA:   SGEN, ZM, BIDU, PDD, JD, MNST, BIIB, CRWD, VRTX, DLTR, TEAM, TMUS, ATVI, AZN, COST, DXCM, OKTA, ORLY, KDP, KHC, MDLZ, ODFL, PEP, VRSK, AMGN, DDOG, GILD, PANW, SIRI, VRSN, ZS, AAPL, AMZN, CDNS, CPRT, FTNT, GOOGL, IDXX, INTU, MSFT, ADP, ANSS, CTAS, LCID, SNPS, ALGN, LULU, NFLX, QCOM, SPLK, TSLA, ISRG, REGN,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 2

ISRG, REGN,

Moving Below 30 DMA = 1

MELI,

 

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