SPX Reverses Thursday's Gains after Consumer Sentiment Report, Fed Comments and Rising DXY...All Sectors Close Lower...

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The SPX -86.84 opened higher, started pulling back after 10 minutes of trading and really accelerated to the downside at 10 am ET after the release of the Consumer Sentiment report of 59.8% vs 58.8% expected, Fed speakers George and Daly continued with hawkish comments and the DXY began to rally.  The SPX reversed almost all on Thursday’s gain.

Trading volume remained strong.  DIA, SPY, IWM and QQQ each formed a large red candle closing near Thursday’s S-1 level and near Wednesday’s close.

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

Earnings season continued Friday with JPM, C, MS, WFC, UNH, PNC, FRC and USB.  Three SPX companies report Monday morning BAC, BK, SCHW.

65 SPX companies report EPS next week starting with:  BAC, BK, SCHW, GS, HAS JNJ, LMT, SBNY, STT, TFC, ISRG, JBHT, NFLX, OMC, UAL

First day reaction:

Positive: USB, WFC, JPM, DAL, DPZ, FAST, PGR, WBA, BLK, PEP = 10

Neutral: C, UNH = 2

Negative: FRC, MS, PNC = 3

SPY down 8.34 at 357.63, on 123.7 million shares, above average volume, down on lower volume.

VIX up .08 at 32.02

QQQ down 8.08 at 260.74

JPM, UNH, BA led the DJIA, 3 advancers, -27

USB, DAL, WFC, VNO led the SPX, 31 advancers

SPLK, MAR 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, with the weakest XLY, XLE and XLB.

Advancers weakened on Friday as decliners led 2,592 to 607 on the NYSE and led 3,374 to 1,217 on the NASDAQ.

The SPY MFC green line turned up at 10.5 and is short-term bullish.  SPY opened higher, reversed Thursday’s gains, and closed lower. 

Uptrend sectors:  XLE,

Neutral sectors:  XLF, XLI,

Down trend sectors:  XLB, XLY, 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

3-day Short Term Market Trend: Sideways

2 of 100 NDX stocks closed higher on Friday

12 NDX stock are above their 30 DMA:   REGN, BIIB, VRTX, ORLY, DXCM, GILD, PCAR, AMGN, KHC, MRNA, PEP, SIRI,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 8

DLTR, ILMN, KDP, MNST, MU, NFLX, ODFL, SBUX,

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