Wednesday, September 7, 2022

SPX Closes above HOLD on Broad Rally...Dollar, Oil, Interest Rates Fall...Utilities, Discretionary, Materials Lead Sectors...

 © 2022


The SPX +71.68 opened flat, trended higher after the open and closed higher above the HOLD in its 14-day short term downtrend.

Sellers were in control beginning at the open on a day when four Fed members; Barkin, Brainard, Mester and Barr spoke.  Jerome Powell speaks Thursday morning at 9:10 am ET at the CATO Institute’s 40th annual monetary conference.  A conversation with Jerome Powell will be moderated by Peter Goettler.

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


SPY up 7.02 at 397.78, on 70.9 million shares, average volume, up on lower volume.
VIX down 2.27 at 24.64
QQQ up 5.92 at 298.97

MMM, NKE, HD, WMT led the DJIA, 28 advancers, +20
SEDG, ENPH, BAX, TWTR led the SPX, 473 advancers
DXCM, MTCH, ROST, NFLX led the NDX 96 advancers

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

UpIWM, QQQ, SPY, DIA,
Down:

Ten of eleven sectors were higher on Wednesday, led by XLU, XLY and XLB.

Utilities leadersPEG, AEE, FE, ED
Consumer Discretionary leadersROST, NCLH, VFC, GPS
Materials leadersBALL, ECL, ALB, SHW

Advancers strengthened on Wednesday as advancers led 2,444 to 760 on the NYSE and advancers led 3,331 to 1,224 on the NASDAQ.

The SPY MFC green line is pointed down below 50 at 12.1 and is short-term bearishSPY opened flat, trended higher after the open and closed higher above the HOLD.

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 TrendUp a little


96 of 100 NDX stocks closed higher on Wednesday

16 NDX stocks are above their 30 DMA:   ROST, PANW, PDD, GILD, AEP, LULU, ABNB, CTAS, DXCM, JD, ORLY, PYPL, SBUX, TMUS, WDAY, XEL,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 10
ABNB, CTAS, DXCM, JD, ORLY, PYPL, SBUX, TMUS, WDAY, XEL,


Moving Below 30 DMA = 0




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