SPX Closes Lower as Broad Selling Persists on Friday...SPY, QQQ, IWM, DIA 3-day Bull Flag Price Pattern...Health Care Leads Sectors...

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The SPX -55.26 opened lower, trended lower in a counter-trend pullback and closed more than 1% lower on Friday.  Concerns about continued rate hikes after Fed members spoke on Thursday and Friday continued to persist.

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

SPY down 5.75 at 422.14, on 68.0 million shares, average volume, down on higher volume.

VIX up 1.04 at 20.60

QQQ down 6.42 at 322.86

JNJ, MRK, UNH, VZ led the DJIA, 6 advancers, -10

OXY, WBD, DVA, GM led the SPX, 81 advancers

VRTX, SGEN, AZN, KHC led the NDX 9 advancers

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

Up:   

Down:  DIA, SPY, QQQ, IWM,

One of eleven sectors was higher on Friday, led by XLV, XLE and XLU.

Health Care leaders:  DVA, ELV, LLY, CNC  

Energy leaders:  OXY, DVN, BKR,

Utilities leaders:  ETR, AEE, CMS, DUK

Advancers weakened significantly on Friday as decliners led 2,713 to 465 on the NYSE and led 3,567 to 1,004 on the NASDAQ.

The SPY MFC green line is pointed down in the upper zone at 93 and is counter-trend defensive.  SPY opened lower and closed lower creating a 3-day bull flag pattern.

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

Neutral sectors:   XLV, XLC, XLF,

Down trend sectors:  XLE, XLB,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

9 of 100 NDX stocks closed higher on Friday

75 NDX stocks are above their 30 DMA:   COST, DXCM, ORLY, KDP, PEP, VRSK, VRSN, AAPL, CDNS, CPRT, CTAS, QCOM, TSLA, ADI, ROST, SWKS, TXN, AMZN, ATVI, FISV, MCHP, MU, NFLX, NXPI, ODFL, SNPS, KLAC, SPLK, ABNB, ADBE, ADP, ADSK, AMAT, AMD, ANSS, ASML, AVGO, CSCO, CSX, EBAY, INTU, LRCX, MAR, MDLZ, MELI, MRVL, NVDA, PAYX, PCAR, PYPL, EA, HON, AEP, EXC, XEL, TMUS, BKNG, CRWD, GOOGL, LULU, MSFT, TEAM, WDAY, FAST, CTSH, DDOG, ZS, REGN, VRTX, AMGN, GILD, KHC, PANW, AZN, DLTR,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 8

ALGN, BIIB, DOCU, ILMN, ISRG, META, MU, OKTA,

 

 

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