SPX Lower Open & Selloff, Followed by Mid-day Rally to Higher Close...Health Care, Utilities, Communication Services Lead Sectors...

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The SPX +11.85 opened lower, reversed mid-day and closed higher for the first time since last Thursday.  Sellers were in control until mid-day when buyers took over leading to the higher close.

The ISM Manufacturing Index reported 52.8 vs 52.0 consensus estimate, better than expected.  The SPX dropped more than 20 points after the news, another good news is bad news reaction.

The Employment Situation report is Friday BMO.  Several Fed members have spoken this week including Thomas Barkin and John Williams Tuesday, Loretta Mester Wednesday and Raphael Bostic on Thursday.

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

SPY up 1.24 at 396.42, on 78.7 million shares, above average volume, up on higher volume.

VIX down .31 at 25.56

QQQ up .13 at 299.40

JNJ, AMGN, MRK, HD led the DJIA, 21 advancers, +17

GNRC, COO, DOV, PFE led the SPX, 286 advancers

MRNA, REGN, VRTX, NFLX led the NDX 59 advancers

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

Up:  DIA, SPY, QQQ,

Down:  IWM,

Eight of eleven sectors were higher on Thursday, led by XLV, XLU and XLC.

Health Care leaders:  MRNA, COO, REGN, PFE

Utilities leaders:  SO, AEP, AWK, SRE

Communication Services leaders:  NFLX, DISH, CMCSA, CHTR

Advancers weakened on Thursday as decliners led 2,278 to 940 on the NYSE and advancers led 3,032 to 1,582 on the NASDAQ.

The SPY MFC green line is pointed down below 50 at 29.4 and is short-term bearish.  SPY opened lower, reversed mid-day, and closed higher.

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

59 of 100 NDX stocks closed higher on Thursday

12 NDX stocks are above their 30 DMA:   ROST, XEL, TMUS, PANW, PDD, JD, GILD, BIDU, AEP, KHC, SBUX, VRTX,

NDX Stocks to Watch on Friday

Moving Above 30 DMA = 4

AEP, KHC, SBUX, VRTX,

Moving Below 30 DMA = 3

PYPL, TEAM, WDAY

 

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