August Closes Lower as Pullback Continues...Dollar, Gold, Bonds Down...Communication Services Lead Sectors...

 © 2022

The SPX -31.16 opened higher, reversed to a choppy trading range on Wednesday and closed lower.  Sellers were in control after the open with a last 15-minute selloff to the downside on an above average volume day.

SPX finished August -4.24% below its July close, but +8.73% above its June low of 3,636.

This week’s releases include ISM Manufacturing Index on Thursday and the Employment Situation report on Friday.  Several Fed members speak this week including Thomas Barkin and John Williams Tuesday, Loretta Mester Wednesday and Raphael Bostic on Thursday.

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

SPY down 3.03 at 395.18, on 75.7 million shares, above average volume, down on higher volume.

VIX down .34 at 25.87

QQQ down 1.75 at 299.27

AMGN, GS, MCD, WMT led the DJIA, 4 advancers, +2

SWN, LVS, MKTX, PYPL led the SPX, 87 advancers

PDD, BIDU, META, JD led the NDX 27 advancers

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

Up:

Down:  QQQ, IWM, DIA, SPY,

One of eleven sectors was higher on Wednesday, led by XLC, XLRE and XLP.

Communication Services leaders:  META, NFLX, CMCSA, DISH

Real Estate leaders:  WELL, WY, CCI, AMT

Consumer Staples leaders:  KR, ADM, MNST, K

Advancers strengthened on Wednesday as decliners led 2,192 to 1,004 on the NYSE and advancers led 2,638 to 1,856 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 42.2 and is bearish.  SPY opened higher, reversed lower, and closed lower.

Uptrend sectors:   XLY, XLU, XLI, XLP,

Neutral sectors:   XLK, XLRE, XLF, XLV, XLC, XLE,

Down trend sectors:  XLB,

The 6-month intermediate trend is down a little.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Down a little

3-day Short Term Market Trend: Down

27 of 100 NDX stocks closed higher on Wednesday

11 NDX stocks are above their 30 DMA:   ROST, XEL, TMUS, TEAM, WDAY, PANW, PDD, JD, GILD, BIDU, PYPL,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

BIDU, PYPL,

Moving Below 30 DMA = 3

ADP, AEP, CRWD,

 

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Pullback Continues as Breadth Weakens on Above Average Volume after Above Consensus Consumer Confidence Report...

 © 2022

The SPX -44.45 opened higher, reversed lower, and closed lower.  Sellers were in control after the open on an above average volume day.

Today's Consumer Confidence report was 103.2 vs. 97.4 consensus.  Market action suggests good news was bad news today.  This week’s releases include ISM Manufacturing Index on Thursday and the Employment Situation report on Friday.  Several Fed members speak this week including Thomas Barkin, John Williams, Loretta Mester and Raphael Bostic.

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

SPY down 2.68 at 398.21, on 65.3 million shares, average volume, down on lower volume.

VIX up .00 at 26.21

QQQ down 3.39 at 301.02

AXP, JPM led the DJIA, 2 advancers, -3

EPAM, GPS, PAYC, BBY led the SPX, 65 advancers

WDAY, OKTA, ZS, DOCU led the NDX 14 advancers

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

Up:

Down:  DIA, SPY, QQQ, IWM, 

All eleven sectors were lower on Tuesday, the least weak were XLF, XLV and XLC.

Financials leaders:  SIVB, SCHW, MKTX, BAC

Health Care leaders:  CRL, BMY, ABMD, TFX

Communication Services leaders:  WBD, TMUS, T, TTWO

Advancers weakened on Tuesday as decliners led 2,517 to 668 on the NYSE and advancers led 3,180 to 1,339 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 53.8 and is defensive.  SPY opened higher, reversed lower, and closed lower.

Uptrend sectors:   XLY, XLU, XLI, XLP,

Neutral sectors:   XLK, XLRE, XLF, XLV, XLC, XLE,

Down trend sectors:  XLB,

The 6-month intermediate trend is down a little.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

14 of 100 NDX stocks closed higher on Tuesday

12 NDX stocks are above their 30 DMA:   ROST, ADP, AEP, XEL, TMUS, TEAM, WDAY, PANW, CRWD, PDD, JD, GILD,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

GILD,

Moving Below 30 DMA = 4

BIDU, KDP, KHC, PYPL

 

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SPY, QQQ, IWM Open Lower form Inverted Hammer, Bounce Setup...Energy, Utilities Lead Sectors...

 © 2022

The SPX -27.05 opened lower, traded in a range, and closed near its open.  Sellers and buyers were balanced after the open on an average volume day.  SPY, QQQ, IWM form inverted hammer, set up for a potential bounce.

The week releases include Consumer Confidence on Tuesday, ISM Manufacturing Index on Thursday and the Employment Situation report on Friday.  Several Fed members speak this week including Thomas Barkin, John Williams, Loretta Mester and Raphael Bostic.

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

SPY down 2.68 at 402.63, on 65.3 million shares, average volume, down on lower volume.

VIX up .65 at 26.21

QQQ down 3.03 at 304.41

WMT, CVX, BA, VZ led the DJIA, 5 advancers, +5

FANG, GCI, CAH, APA led the SPX, 137 advancers

PDD, ILMN, SGEN, TMUS led the NDX 17 advancers

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

Up:

Down:  DIA, SPY, IWM, QQQ,

Two of eleven sectors were higher on Monday, led by XLE, XLU and XLP.

Energy leaders:  FANG, APA, HAL, SLB

Utilities leaders:  AEP, CNP, SRE, EVRG

Consumer Staples leaders:  GIS, WMT, CPB, K

Advancers strengthened on Monday as decliners led 2,111 to 1,086 on the NYSE and advancers led 3,170 to 1,413 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 61.9 and is defensive.  SPY opened lower, traded in a range, and closed near its open.

Uptrend sectors:   XLY, XLU, XLI, XLP,

Neutral sectors:   XLK, XLRE, XLF, XLV, XLC, XLE,

Down trend sectors:  XLB,

The 6-month intermediate trend is down a little.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

17 of 100 NDX stocks closed higher on Monday

15 NDX stocks are above their 30 DMA:   KDP, ROST, ADP, PYPL, AEP, XEL, TMUS, TEAM, WDAY, KHC, PANW, CRWD, BIDU, PDD, JD,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 7

AAPL, CSCO, CSX, DDOG, EA, HON, TSLA,

 

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SPX Reverses Sharply Lower after Powell Bluntly Speaks of Pain...Dollar, Oil, Bonds Rise...

© 2022

The SPX -141.46 opened flat and sold off dramatically in response to Fed Chair Powell’s blunt and aggressive language of pain at his 10 am ET presentation at the Jackson Hole Symposium on Friday.  Sellers were stronger than buyers on a heavy volume day.

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

SPY down 14.20 at 405.31, on 103.0 million shares, above average volume, down on heaviest volume since June 30.

VIX up 3.78 at 25.56

QQQ down 13.14 at 307.44

CVX led the DJIA, 0 advancers, -28

EA, MOH, GCI, TTWO COP led the SPX, 5 advancers

EA, WDAY led the NDX 2 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, the least weak were XLE, XLU and XLP.

Advancers weakened on Friday as decliners led 2,749 to 425 on the NYSE and advancers led 3,784 to 791 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 67.2 and is defensive.  SPY opened flat and reversed lower after Powell’s Jackson Hole presentation.

Uptrend sectors:   XLY, XLU, XLI, XLP,

Neutral sectors:   XLK, XLRE, XLV, XLC, XLF,

Down trend sectors:  XLE, XLB,

The 6-month intermediate trend is down a little.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

2 of 100 NDX stocks closed higher on Friday

22 NDX stocks are above their 30 DMA:   KDP, AAPL, TSLA, ROST, ADP, CSCO, CSX, PYPL, HON, AEP, XEL, TMUS, TEAM, WDAY, KHC, PANW, CRWD, BIDU, DDOG, PDD, JD, EA,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

EA,

Moving Below 30 DMA = 45

ABNB, ADSK, AMAT, AMD, AMZN, AVGO, AZN, BKNG, CDNS, COST, CPRT, CTAS, DXCM, EXC, FAST, FISV, GILD, GOOGL, ILMN, INTU, KLAC, LULU, MAR, MCHP, MDLZ, MELI, MRVL, MSFT, NFLX, NTES, NVDA, NXPI, ODFL, ORLY, PAYX, PCAR, PEP, SBUX, SNPS, SWKS, TXN, VRSK, VRSN, VRTX, ZS,

 

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SPY, QQQ, IWM Bull Flag Bounce...Materials, Communication Services, Technology Lead All Sectors Higher as Breadth Strengthens Again...

© 2022

The SPX +58.35 opened higher and closed higher on the first day of the Jackson Hole Symposium.  Buyers were stronger than sellers on another moderate volume day as SPY, QQQ and IWM bounced above the high of the low in a bull flag bounce.

The Fed’s Jackson Hole Symposium started today and included comments from Harker and Bullard indicating the need for interest rates over 3.4% to 4% by year end.  Fed Chair Powell is scheduled to speak Friday at 10 am ET.

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

After the close, WDAY +18.83, +11.60%, rose on a positive EPS reaction and MRVL -1.89, -3.43%, fell on negative EPS reactions.

SPY up 5.84 at 419.51, on 50.9 million shares, below average volume, up on slightly higher volume.

VIX down 1.04 at 21.78

QQQ up 5.57 at 320.58

BA, INTC, DOW, CAT led the DJIA, 28 advancers, +10

NTAP, ON, FCX, DISH led the SPX, 463 advancers

PDD, JD, BIDU, MRVL led the NDX 91 advancers

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

Up:  QQQ, IWM, SPY, DIA

Down:

All eleven sectors were higher for the second straight day on Thursday, led by XLB, XLC and XLK.

Materials leaders:  FCX, WRK, NUE, PPG

Communication Services leaders:  DISH, MTCH, PARA, META

Technology leaders:  NTAP, ON, MU, AMD

Advancers strengthened on Thursday as advancers led 2,547 to 660 on the NYSE and advancers led 3,143 to 1,429 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 74.4 and is defensive.  SPY opened higher and closed above the HOLD creating a bull flag bounce signal.

Uptrend sectors:   XLK, XLY, XLU, XLI, XLP, XLRE,

Neutral sectors:   XLV, XLC, XLF,

Down trend sectors:  XLE, XLB,

The 6-month intermediate trend is down a little.  The ten-day trend is sideways.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

91 of 100 NDX stocks closed higher on Thursday

66 NDX stocks are above their 30 DMA:   COST, ORLY, KDP, PEP, VRSK, VRSN, AAPL, CDNS, CTAS, TSLA, ROST, AMZN, FISV, NFLX, SNPS, ABNB, ADP, ADSK, CSCO, CSX, INTU, MAR, MDLZ, MELI, PAYX, PCAR, PYPL, HON, AEP, XEL, TMUS, BKNG, LULU, MSFT, TEAM, WDAY, FAST, ZS, GILD, KHC, PANW, AZN, CRWD, BIDU, DDOG, DXCM, EXC, ILMN, PDD, VRTX, AMAT, AMD, AVGO, CPRT, GOOGL, JD, KLAC, MCHP, MRVL, NTES, NVDA, NXPI, ODFL, SWKS, TXN,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 15

AMAT, AMD, AVGO, CPRT, GOOGL, JD, KLAC, MCHP, MRVL, NTES, NVDA, NXPI, ODFL, SWKS, TXN,

Moving Below 30 DMA = 1

SPLK,

 

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SPX Setup to Bounce?...Six-day Bull Flag on SPY, QQQ, DIA with Engulfing Candle...Energy, Real Estate, Communication Services Lead All Sectors Higher as Breadth Strengthens...

© 2022

The SPX +12.04 opened flat, traded in a narrow range and closed higher.  Selling slowed as buyers were stronger and formed a small bullish candle pattern on SPY, QQQ and IWM charts.

The Fed’s Jackson Hole Symposium is Thursday and Friday with Fed Chair Powell scheduled to speak Friday at 10 am ET.

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

After the close, ADSK +13.57, +6.33%, rose on a positive EPS reaction, CRM -12.22, -6.79%, and NVDA -7.87, -4.57%, fell on negative EPS reactions.

SPY up 1.32 at 413.67, on 49.1 million shares, below average volume, up on similar volume.

VIX down 1.29 at 22.82

QQQ up .91 at 315.01

CRM, BA, DIS, AXP led the DJIA, 18 advancers, +9

NCLH, RCL, MOS, WBD led the SPX, 356 advancers

ILMN, PDD, JD, ALGN led the NDX 65 advancers

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

Up:  IWM, SPY, QQQ, DIA

Down: 

All eleven sectors were higher on Wednesday, led by XLE, XLRE and XLC.

Energy leaders:  APA, CTRA, HES, MRO

Real Estate leaders:  IRM, PLD, DRE, EQR

Communication Services leaders:  WBD, TWTR, NFLX, PARA

Advancers strengthened on Wednesday as advancers led 2,040 to 1,191 on the NYSE and advancers led 2,787 to 1,836 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 77.1 and is defensive.  SPY opened flat and closed slightly higher creating a 6-day bull flag pattern.

Uptrend sectors:   XLK, XLY, XLU, XLI, XLP, XLRE,

Neutral sectors:   XLV, XLC, XLF,

Down trend sectors:  XLE, XLB,

The 6-month intermediate trend is down a little.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

65 of 100 NDX stocks closed higher on Wednesday

53 NDX stocks are above their 30 DMA:   COST, ORLY, KDP, PEP, VRSK, VRSN, AAPL, CDNS, CTAS, TSLA, ROST, AMZN, FISV, NFLX, SNPS, SPLK, ABNB, ADP, ADSK, CSCO, CSX, INTU, MAR, MDLZ, MELI, PAYX, PCAR, PYPL, HON, AEP, XEL, TMUS, BKNG, LULU, MSFT, TEAM, WDAY, FAST, ZS, GILD, KHC, PANW, AZN, CRWD, BIDU, DDOG, DXCM, EXC, ILMN, PDD, VRTX,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

BIDU, DDOG, DXCM, EXC, ILMN, PDD, VRTX,

Moving Below 30 DMA = 3

AVGO, MCHP, ODFL,

 

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