SPX Close Lower as Financials Continue to Sink...Real Estate, Utilities, Health Care Lead Sectors...CPI 8:30 am ET BMO Tuesday...

© 2023 

 

-SPX -5.83 gapped lower, reversed, closed slightly lower on Monday.

-Banking concerns continued as NY regulators took control of SBNY.

-FRC, CMA, KEY, ZION, TFC, HBAN, FITB, SCHW, CFG, USB fell more than

-10% each, while FRC was -61%

-VIX closed 1.79 higher.

-CPI Report released BMO Tuesday at 8:30 am ET:

-Y/Y 6.0% est. vs. 6.4% prior, M/M 0.4% est. vs. 0.5% prior.

-Remember if the report is worse than estimated, it is the estimation models

-that are forecasting wrong.

 

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

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

SPY down .55 at 385.36, on 157.7 million shares, above average volume, down on lower volume.

VIX up 1.72 at 26.52

QQQ up 2.14 at 290.69

AMGN, MSFT, CRM, AAPL led the DJIA, 14 advancers, +3

NEM, MKTX, WEC, TYL led the SPX, 209 advancers

ILMN, SGEN, MRNA, PDD led the NDX, 59 advancers.

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

Up:  QQQ,

Down:  SPY, DIA, IWM,

Six of eleven sectors were higher on Monday, led by XLRE, XLU, XLV and XLK.

The SPY MFC green line is pointed down at 13.8 and is short-term bearish.  SPY opened lower, reversed higher, but still closed down slightly from Friday.

Uptrend sectors:   XLK, XLC, XLI, XLB,

Neutral sectors:  XLY, XLF, XLE, XLP, XLV, XLRE,

Down trend sectors: XLU,

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

59 of 100 NDX stocks closed higher on Monday.

17 NDX stock are above their 30 DMA:   META, SGEN, ANSS, CDNS, NVDA, PANW, FTNT, CRWD, AVGO, AMD, ATVI, OKTA, ODFL, VRSK, AAPL, EXC, ILMN,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 3

AAPL, EXC, ILMN,

Moving Below 30 DMA = 0

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