SPX Closes Higher, in Horizontal Bull Flag, Consumer Discretionary, Technology, Consumer Staples Lead Sectors...TSLA Surges Thursday and After-hours...

© 2023

-On Wednesday due to wide variance of outcomes we asked:

-Will Mega caps and technology stocks continue to pullback on Thursday or

-was Wednesday simply a pause day after a two-week rally?

-Today’s trading indicates that Wednesday’s selling exhausted and buyers are back.

-SPX +26.41, opened flat, trended and closed higher and

-is forming a horizontal bull flag.

-VIX down .29, a 3-year closing low.

-Breadth was mixed, but stronger on Thursday.-Semiconductor stocks gained as 

-SMH +1.16% and NVDA, AMD, KLAC, INTC, AVGO AMAT and MRVL rose.

-Regional banks mixed: KRE -.53, -1.19%, ZION +.51, +1.64%

-After hours: TSLA +10.91, +4.65%, after -announcement

-that GM to adopt TSLA charging standard in North America.

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

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

SPY up 2.58 at 429.13, on 61.8 million shares, below average volume, up on lower volume.

VIX down .29 at 13.65, a 3-year closing low.

QQQ up 4.33 at 353.15

BA, CRM, INTC, UNH led the DJIA, 16 advancers, +3

ANET, GILD, TMUS, FTNT led the SPX, 253 advancers

WBD, ADBE, TSLA, PDD led the NDX, 74 advancers.

The two-year trend term is sideways.  The one-year trend is sideways.

Up:   QQQ, SPY, DIA,

Down:  IWM,

Seven of eleven sectors were higher on Thursday, led by XLY, XLK and XLP.

The SPY MFC green line is pointed up at 93.4 and is short-term bullish.  SPY opened flat, traded up, closed higher and is in a four-day horizontal bull flag pattern.

Uptrend sectors:   XLK, XLC, XLY,

Neutral sectors:  XLV, XLP, XLB, XLI, XLU, XLRE, XLE, XLF,

Down trend sectors:

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

74 of 100 NDX stocks closed higher on Thursday.

72 NDX stock are above their 30 DMA:  AAPL, AMZN, CPRT, ISRG, CSGP, MSFT, NVDA, LRCX, META, VRSK, DDOG, GOOG, GOOGL, AMD, CRWD, FTNT, ZS, NFLX, AMAT, ASML, KLAC, AVGO, MRVL, MU, SNPS, RIVN, TSLA, WDAY, CSCO, ADBE, TEAM, CTAS, PANW, CDNS, NXPI, TXN, ZM, ANSS, COST, EA, PDD, ATVI, INTC, QCOM, ADSK, BKR, CSX, DXCM, MCHP, ABNB, ADP, EBAY, HON, ILMN, JD, MAR, PAYX, PCAR, ALGN, BKNG, CTSH, SIRI, CMCSA, FANG, GFS, ODFL, WBA, WBD, ADI, AZN, BIIB, FAST,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 4

ADI, AZN, BIIB, FAST,

Moving Below 30 DMA = 0

Add Comments here: