SPX Closes Lower after PCE Inflation Higher than Forecast...Basic Materials, Financials, Utilities Lead Sectors...

© 2023

 

-SPX -42.28 opened lower after PCE inflation was higher than forecast.

-VIX closed .53 higher.

-SQ +3.21, +4.33% a positive EPS reaction

 

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

Mega caps TSLA, AMZN, MSFT, GOOGL, AAPL, NVDA, META fell.

iBB:  In our model account we maintain a net long position.  We closed and rolled profitable bearish trades.

SPY down 4.28 at 396.38, on 108.1 million shares, above average volume, down on higher volume.

VIX up .53 at 21.67

QQQ down 4.97 at 291.85

DOW, JPM, VZ, CVX led the DJIA, 6 advancers, -14

FTI, EQT, LIN, EIX led the SPX, 110 advancers

INTU, DLTR, MELI, BKNG led the NDX, 8 advancers.

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

Up:

Down:  IWM, SPY, DIA, QQQ,

Three of eleven sectors were higher on Friday, led by XLB, XLF and XLU.

The SPY MFC green line pointed down at 47 and is short-term bearish.  SPY opened lower and closed lower.

Uptrend sectors:   XLC, XLK, XLI, XLB, XLF, XLRE, XLY,

Neutral sectors:  XLE, XLP, XLU, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Down

8 of 100 NDX stocks closed higher on Friday.

33 NDX stock are above their 30 DMA:   ALGN, BKNG, META, SGEN, WBD, ANSS, CDNS, ISRG, ABNB, FISV, NVDA, AAPL, CPRT, FAST, PANW, WDAY, ZS, ADI, FTNT, GFS, PCAR, TSLA, CRWD, ORLY, DXCM, KDP, PEP, ATVI, CSCO, REGN, INTU, MELI, MRVL,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 13

ADSK, AMD, DDOG, LULU, MAR, MCHP, MDLZ, MNST, MSFT, ODFL, OKTA, TEAM, ZM,

Add Comments here: