Jobless Claims Rise, SPX Still Roles Over, Closes Lower after Fed Comments...Energy Leads Sectors...

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The SPX -38.76 opened lower, traded in a range and closed lower.  SPY, QQQ and IWM each pulled back and retested Tuesday’s breakout and closed near Wednesdays open.

Jobless claims came in above expectations and the market moved higher before the open.  Bad news was good this morning.  However, the SPX rolled over after Fed’s Kashkari indicated the Fed would keep doing what they are doing while inferring what they what they are doing is not yet lowering inflation.  Kashkari did indicate that he is not expecting The Inflation Reduction Act to provide a reduction in inflation in the next year or two.

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.

The Employment Situation report aka Jobs Report for September will be released Friday 8:30 am ET BMO.

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

SPY down 3.89 at 373.20, on 82.2 million shares, above average volume, down on lower volume.

VIX up 1.97 at 30.52

QQQ down 2.22 at 279.76

CVX, CAT, HD, BA led the DJIA, 4 advancers, -8

FTI, APA, OXY, MRO led the SPX, 89 advancers

DXCM, ODFL, ZS, NFLX led the NDX 21 advancers

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

Up:

Down:  IWM, QQQ, SPY, DIA,

One of eleven sectors was higher on Thursday, led by of XLE, XLC and XLY.

Energy leaders:  FTI, APA, OXY, MRO

Communication Services leaders:  TTWO, WBD, NFLX, EA

Consumer Discretionary leaders:  WYNN, ETSY, APTV, DHI

Advancers strengthened slightly on Thursday as decliners led 2,204 to 998 on the NYSE and led 2,767 to 1,835 on the NASDAQ.

The SPY MFC green line is pointed up at 21 and is short-term bullish.  SPY opened lower and closed lower.

Uptrend sectors:  XLE, XLY,

Neutral sectors:  XLF, XLI, XLB,

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

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

3-month Intermediate Term Market Trend: Down a little

3-day Short Term Market Trend: Up

21 of 100 NDX stocks closed higher on Thursday

31 NDX stock are above their 30 DMA:   REGN, BIIB, NFLX, VRTX, FTNT, MNST, ORLY, ZS, ADI, CTAS, DLTR, DXCM, GILD, IDXX, ILMN, MCHP, MELI, MRVL, ODFL, PCAR, PYPL, ROST, SBUX, VRSN, WDAY, ADSK, MU, TEAM, TXN, CRWD, EA,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 2

CRWD, EA,

Moving Below 30 DMA = 5

ADP, CDNS, NXPI, TMUS, PDD,

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