© 2022
Markets are closed Monday for Labor Day
holiday. Have a great 3-day weekend.
The SPX -42.59 opened higher, reversed
mid-day and closed continuing the 12-day short term trend. Sellers took control after an interview in
which Yellen said inflation was too high and it’s the Fed’s job to bring it
down.
The Employment Situation report reported
non-farm payrolls of 315K vs 293 consensus estimate, slightly better
than expected and unemployment rate of 3.7% vs 3.5% estimate. The S&P rallied more that 45
points after the news, but was unable to hold on to those gains after Yellen
spoke.
/CL, GLD and TLT closed higher, while DXY and TNX
moved lower.
SPY down 4.18 at 392.24, on 99.6 million shares, above average volume, down on higher
volume.
VIX down .09 at 25.47
QQQ down 4.23 at 295.17
CVX, CRM, WBA led the DJIA, 3 advancers, -18
DINO, HES, MOS, FTI led the SPX, 86 advancers
LULU, OKTA, AVGO, PDD led the NDX 9 advancers
The two-year trend term is up. The
one-year trend down.
Up:
Down: IWM, DIA, SPY, QQQ,
One of eleven sectors was higher on Friday, led by XLE, XLB and XLF.
Energy leaders: DINO, HES, FTI, HAL
Materials leaders: MOS, NEM, ALB, FCX
Financial leaders: RE, MET, LNC, MS
Advancers strengthened modestly on
Friday as decliners led 1,823 to 1.334 on the NYSE and
advancers led 2,826 to 1,726 on the NASDAQ.
The SPY
MFC green line is pointed down below 50 at 20.8 and is short-term bearish. SPY opened higher, reversed mid-day,
and closed lower.
Uptrend sectors: XLY, XLU,
XLP,
Neutral sectors: XLI, 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
9 of 100 NDX stocks
closed higher on Friday
8 NDX stocks are above their 30 DMA: ROST,
PANW, PDD, JD, GILD, BIDU, AEP, LULU,
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 1
LULU,
Moving Below 30 DMA = 5
KHC, SBUX, TMUS, VRTX,
XEL,
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