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

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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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