SPX Down on Higher than Expected PPI...Support Holds and SPX Bounces...Earnings Season Starts with JPM...Tech, XLP Lead Sectors...

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The PPI report this morning came in at 11.3% > 10.4% expectations. Futures sold off 28 points to 3,723.  The SPX opened 37 points lower, fell to 3,721 within 45 minutes, reversed to close at 3,790.  SPX -11.40 formed a hammer and closed above Wednesdays open.  

Earnings season started this morning with negative reactions from CAG, JPM and positive reactions from CTAS and FRC.  Nine SPX companies report Friday morning.

DXY, TNX and /CL, closed higher, while GLD and TLT moved lower.

17 SPX EPS reports this week:  PEP, DAL, FAST, CAG, CTAS, FRC, JPM MS, BK, BLK, C, PGR, PNC, STT, UNH, USB, WFC

Positive reaction:  CTAS, FRC,

Neutral reaction: MS, PEP,

Negative reaction:  CAG, JPM, FAST, DAL,

Friday: Retail Sales, GOOGL to split 20:1

SPY down .92 at 377.91, on 89.7 million shares, above average volume, down on higher volume.

VIX down .42 at 26.40

QQQ up 1.02 at 286.67

BA, AAPL, WMT, IBM led the DJIA, 11 advancers, +3

LVS, ON, AMAT, ADI led the SPX, 149 advancers

QCOM, COST, NXPI, LCID led the NDX, 49 advancers

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

Up: QQQ,

Down: SPY, DIA, IWM,

Two of eleven sectors were higher, and one was unchanged on Thursday, led by XLK, XLP and XLU.

Technology leaders:  QCOM, NXPI, ON, AMAT

Consumer Staples leaders:  COST, STZ, WMT, LW

Utilities leaders:  EXC, SO, SRE, ES

Advancers weakened on Thursday as decliners led 2,366 to 860 on the NYSE and led 3,090 to 1,461 on the NASDAQ.

The SPY MFC green line is pointed down at 36 and is short-term bearish.  SPY pulled back to short-term support and bounced on Thursday.

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 down a little.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

49 of 100 NDX stocks closed higher on Thursday.

32 NDX stocks are above their 30 DMA:   SGEN, MNST, BIIB, VRTX, DLTR, TMUS, AZN, COST, DXCM, OKTA, ORLY, KDP, KHC, PEP, VRSK, AMGN, GILD, SIRI, VRSN, AAPL, CDNS, CPRT, IDXX, CTAS, LCID, QCOM, REGN, TSLA, ADI, CHTR, ROST, SWKS, TXN,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 5

ADI, CHTR, ROST, SWKS, TXN,

Moving Below 30 DMA = 5

CRWD, FTNT, MDLZ, OKTA, TEAM,  

  

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