Heavy Volume Broad Market Selloff after Strong Jobs Report...All Sectors Lower...

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The SPX -104.86 opened significantly lower after a better-than-expected Jobs report, traded lower and closed -2.80% lower.  SPY, QQQ and IWM fell below the LOHD and closed above last Friday’s low.

The Fed has a 7-member Board of Governors and 12 regional Bank presidents.  If the 19-members have no new information on actual progress on inflation, they should consider reducing the number of appearances they are making.  Their presentations are beginning to sound as if they are making excuses for high inflation rather than providing evidence that their strategy is working.

Fed speaker schedule is showing six new presentations next week.  If they say the same thing, have no progress to report and indicate it will take time, they’ve already told us that over the past five weeks at least 20 times.

The Jobs report came in at 263K vs 250K estimate, better than expected.  Good new was a bad again.

DXY, /CL and TNX closed higher, while TLT and GLD moved lower for a third day.

SPY down 10.41 at 362.79, on 107.7 million shares, above average volume, down on higher volume.

VIX up .84 at 31.36

QQQ down 10.66 at 269.10

MRK led the DJIA, 1 advancer, -3

NOC, PCG, HAL, MKC led the SPX, 28 advancers

DXCM, AZN led the NDX 2 advancers

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

Up:

Down:  DIA, SPY, IWM, QQQ,

All eleven sectors were lower on Friday, the smallest declining sectors were XLE, XLP and XLI.

Advancers weakened on Friday as decliners led 2,704 to 494 on the NYSE and led 3,717 to 827 on the NASDAQ.

The SPY MFC green line is pointed up at 22.7 and is short-term bullish.  SPY opened lower and closed lower.

Uptrend sectors:  XLE,

Neutral sectors:  XLY, XLF, XLI, XLB,

Down trend sectors:  XLK, XLV, XLU, XLP, XLRE, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

2 of 100 NDX stocks closed higher on Friday

12 NDX stock are above their 30 DMA:   REGN, BIIB, VRTX, FTNT, MNST, ORLY, ZS, DLTR, DXCM, GILD, ILMN, PCAR,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 19

ADI, ADSK, CRWD, CTAS, EA, IDXX, MCHP, MELI, MRVL, MU, NFLX, ODFL, PYPL, ROST, SBUX, TEAM, TXN, VRSN, WDAY,

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