Thursday, September 22, 2022

SPX Opens Lower, Closes Lower as Breadth Weakens...Health Care Led Sectors...Bonds Move Lower...

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The SPX -31.94 opened lower, traded in a range, sold off more than 20 points in the 15 minutes and closed lower.  SPY, QQQ and DIA each formed a smaller spinning top red candle and closed below Wednesday’s close continuing their recent down trend.

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

SPY down 3.17 at 374.22, on 89.4 million shares, above average volume, down on lower volume.
VIX down .64 at 27.35
QQQ down 3.49 at 280.07

MRK, JNJ, CRM, AMGN led the DJIA, 9 advancers, +8
LLY, MRK, DINO, BMY led the SPX, 90 advancers
ATVI, VRTX, PDD, GOOGL led the NDX 18 advancers

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


One of eleven sectors was higher on Thursday, led by XLV, XLP and XLE.

Health Care leaders:  LLY, MRK, BMY, VRTX
Consumer Staples leaders:  CPB, GIS, CAG, SJM
Energy leadersDINO, VLO, SLB, MPC

Advancers weakened on Thursday as decliners led 2,671 to 575 on the NYSE and led 3,740 to 899 on the NASDAQ.

The SPY MFC green line is pointed down at 5.4 and is short-term bearishSPY opened lower and closed lower.

Sector direction shifted lower again on Thursday.
Uptrend sectors:   XLY, XLU,
Neutral sectors:   XLE, XLI, XLP, XLF, XLV,
Down trend sectors:  XLK, XLB, XLRE, XLC,

The 6-month intermediate trend is down.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendDown

18 of 100 NDX stocks closed higher on Thursday

3 NDX stocks are above their 30 DMA:   PDD, REGN, NFLX,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 0

Moving Below 30 DMA = 3

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