SPX Rallies after Jobless Claims, Reverses Down Before Friday's Employment Report...All Sectors Lower...

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-Jobless claims today: 211K vs 195K estimate, market rallies BMO.

-SPX -73.69 opens slightly higher, reverses, trends down.

-VIX closed 3.50 higher.

-Employment Situation Friday, 8:30 am ET, M/M 223 K estimate.

-GE +4.58, +5.27%, updated guidance at Investor Conference.

-CME FedWatch Tool probability for 50 bps hike falls to 58.7%.

 

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

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

iBB:  In our model account we maintain a net long position.  We reduced stock and LCV positions to protect profit and principle.  Shifting to short-term bearish.

SPY down 7.36 at 391.56, on 111.9 million shares, above average volume, down on higher volume.

VIX up 3.50 at 22.61

QQQ down 5.16 at 292.66

INTC, led the DJIA, 1 advancer, -12

GE, GEHC, PSX, LLY led the SPX, 26 advancers

INTC, VRTX, PYPL led the NDX, 3 advancers.

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

Up:

Down:  DIA, QQQ, SPY, IWM,

All eleven sectors were lower on Thursday, the weakest were XLY, XLB and XLF.

The SPY MFC green line turned down to 32 and is short-term bearish.  SPY opened higher, reversed after 90 minutes and trended down.

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

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

3 of 100 NDX stocks closed higher on Thursday.

26 NDX stock are above their 30 DMA:   ALGN, BKNG, META, SGEN, ANSS, CDNS, FISV, NVDA, CPRT, PANW, ADI, FTNT, GFS, CRWD, CSCO, MELI, MCHP, AMAT, AVGO, PCAR, AMD, ATVI, OKTA, ODFL, VRSK, AAPL,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 11

ABNB, DXCM, FAST, INTU, MAR, MNST, ORLY, SNPS, TEAM, TXN, WBD,

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