SPX Pauses Ahead of Friday's Jobs Report...Technology, Consumer Discretionary, Communication Services Lead Sectors as Mega Caps Rise...

© 2023

The SPX -7.21, was a pause day which opened flat, traded in a range and closed slightly lower after rising 138 points over the prior four trading days.  Breadth narrowed from Wednesday and turned slightly negative.  

PCE Price Index reported BMO inline with consensus:

    Headline Y/Y 3.3% vs. 3.3% est., Core Y/Y 4.2% vs 4.2% est.

Friday BMO Jobs Report is +170,000 new jobs est. and 3.5% unemployment rate. The ISM Mfg. Index at 10 am ET is 46.8 est. vs. prior 46.4.

NVDA 493.55, made at a new all-time closing high.

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

SPY down .66 at 450.35, on 66.0 million shares, below average volume, closed lower on lower volume.

VIX down .31 at 13.57

QQQ up 1.13 at 377.99

CRM, MMM, INTC, VZ led the DJIA, 9 advancers, -10

WDC, ANET, STX, JNPR led the SPX, 174 advancers

CRWD, ZS, ZM, AVGO led the NDX, 46 advancers.

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

Up:  QQQ,

Down:  SPY, IWM, DIA,

Four of eleven sectors were higher on Thursday, led by XLK, XLY and XLC.

The SPY MFC green line is pointed up at 51.6 and is short-term bullish.  SPY opened flat, traded in a range, and closed slightly lower.

Uptrend sectors:   XLE, XLV, XLC, XLF, XLI, XLY, XLB, XLK,

Neutral sectors:  XLRE, XLP, 

Down trend sectors: XLU,

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: Up

46 of 100 NDX stocks closed higher on Thursday.

52 NDX stocks are above their 30 DMA:  CEG, ROST, ADP, CHTR, CMCSA, FANG, AMGN, CSCO, GOOGL, REGN, CTSH, NVDA, ODFL, BKR, INTU, SGEN, VRSK, ADBE, ALGN, AMAT, CDNS, TEAM, WDAY, BKNG, CTAS, KDP, KLAC, MAR, MELI, MRNA, PANW, SNPS, AMZN, AVGO, FAST, INTC, LRCX, MU, NFLX, ORLY, PDD, TSLA, AAPL, ANSS, EBAY, ISRG, ON, WBD, ZM, ZS, CRWD, LULU,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 2

CRWD, LULU,

Moving Below 30 DMA = 4

CSGP, MSFT, MNST, VRTX,

Add Comments here:

SPX Closes Higher Fourth Straight Day as Volatility Falls...Technology, Energy, Industrials Lead Sectors...PCE Report BMO Thursday...

© 2023 

The SPX +17.24, opened flat, traded in a volatile range and closed higher for a fourth straight day.  Breadth narrowed from Tuesday’s rally but was still positive.   Q2 GDP second est. was adjusted down to 2.1% for 2.4%.

NVDA 492.64, made at a new all-time closing high.

Macro announcements: 

Thu – PCE Price Index,

Fri – Jobs Report, ISM Mfg. Index

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

SPY up 1.85 at 451.01, on 68.9 million shares, below average volume, closed higher on lower volume.

VIX down .57 at 13.88

QQQ up 2.09 at 376.86

AAPL, CRM, HD, CAT led the DJIA, 19 advancers, -8

PODD, ALL, MTCH, EL led the SPX, 319 advancers

SIRI, PDD, MELI, DXCM led the NDX, 70 advancers.

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

Up:  QQQ, SPY, IWM, DIA,

Down:

All eleven sectors were higher on Wednesday, led by XLK, XLE and XLI.

The SPY MFC green line is pointed up at 41.4 and is short-term bullish.  SPY opened flat, traded up, and closed higher.

Uptrend sectors:   XLE, XLV, XLC, XLF, XLI, XLY, XLB, XLK,

Neutral sectors:  XLRE, XLP, 

Down trend sectors: XLU,

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: Up

70 of 100 NDX stocks closed higher on Wednesday.

54 NDX stocks are above their 30 DMA:  CEG, ROST, ADP, CHTR, CMCSA, FANG, AMGN, CSCO, GOOGL, REGN, CTSH, NVDA, ODFL, BKR, INTU, SGEN, VRSK, ADBE, ALGN, AMAT, CDNS, TEAM, WDAY, BKNG, CTAS, KDP, KLAC, MAR, MELI, MNST, MRNA, PANW, SNPS, VRTX, AMZN, AVGO, FAST, INTC, LRCX, MU, NFLX, ORLY, PDD, TSLA, AAPL, ANSS, CSGP, EBAY, ISRG, MSFT, ON, WBD, ZM, ZS,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 10

AAPL, ANSS, CSGP, EBAY, ISRG, MSFT, ON, WBD, ZM, ZS,

Moving Below 30 DMA = 1

GILD,

Add Comments here:

SPX +64 points on Broad Rally...TSLA Leads SPX...Consumer Discretionary, Communication Services, Technology Lead All Sectors Higher...

© 2023

The SPX +64.32, opened flat, traded up after the JOLTS and Consumer Confidence reports came in lower than expected.  Bonds rose, the dollar index, bonds and volatility fell as stocks rallied. The SPX experienced a broad rally and closed significantly higher on Tuesday.

NVDA bounced up from its earnings flag with a hammer and closed at an all-time closing high.

Macro announcements:

Wed – ADP Employment Report, GDP 2^nd est., Intl Trade in Goods 

Thu – PCE Price Index,

Fri – Jobs Report, ISM Mfg. Index

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

SPY up 6.40 at 449.16, on 83.0 million shares, above average volume, closed higher on higher volume. 

VIX down .63 at 14.45

QQQ up 8.01 at 374.77

VZ, AAPL, NKE, INTC led the DJIA, 27 advancers, +2

TSLA, CTLT, PODD, STLD, ALB led the SPX, 442 advancers

PDD, TSLA, ABNB CHTR led the NDX, 92 advancers.

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

Up:  QQQ, SPY, IWM, DIA,

Down: 

All eleven sectors were higher on Tuesday, led by XLY, XLC and XLK. 

The SPY MFC green line is pointed up at 35.3 and is short-term bullish.  SPY opened flat, traded up, and closed higher.

Uptrend sectors:   XLE, XLV, XLC, XLF, XLI, XLY, XLB, XLK,

Neutral sectors:  XLRE, XLP, 

Down trend sectors: XLU,

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: Up

92 of 100 NDX stocks closed higher on Tuesday.

45 NDX stocks are above their 30 DMA:  CEG, ROST, ADP, CHTR, CMCSA, FANG, AMGN, CSCO, GOOGL, REGN, CTSH, NVDA, ODFL, BKR, INTU, SGEN, VRSK, ADBE, ALGN, AMAT, CDNS, TEAM, WDAY, BKNG, CTAS, KDP, KLAC, MAR, MELI, MNST, MRNA, PANW, SNPS, VRTX, AMZN, AVGO, FAST, GILD, INTC, LRCX, MU, NFLX, ORLY, PDD, TSLA,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 11

AMZN, AVGO, FAST, GILD, INTC, LRCX, MU, NFLX, ORLY, PDD, TSLA,

Moving Below 30 DMA = 0

Add Comments here:

SPX Opens Higher, Closes Higher...NVDA Leads Mega Caps...Communication Services, Technology Leads Sectors...PCE and Jobs Reports this week...

© 2023 

The SPX +27.60, opened higher, traded in a range and closed higher on Monday.

NVDA rebounded from Friday’s low and formed an earnings flag with a hammer.  NVDA is the leader in AI chips with exceptionally strong revenue and earnings growth and guidance.

Macro announcements this week:

Tues – Consumer Confidence

Wed – ADP Employment Report, GDP 2^nd est., Intl Trade in Goods 

Thu – PCE Price Index,

Fri – Jobs Report, ISM Mfg. Index

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

SPY up 2.79 at 442.76, on 61.5 million shares, below average volume, closed higher on lower volume.  

VIX down .60 at 15.08

QQQ up 2.74 at 366.76

MMM, GS, BA, DOW led the DJIA, 25 advancers, +0

BSX, WDC, GNRC, WAT led the SPX, 417 advancers

WBD, CHTR, SGEN, MRVL led the NDX, 86 advancers.

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

Up:  IWM, QQQ, DIA, SPY,

Down: 

Ten of eleven sectors were higher on Monday, led by XLC, XLK and XLI. 

The SPY MFC green line is pointed up at 27 and is short-term bullish.  SPY opened higher, traded in a range, and closed higher.

Uptrend sectors:   XLE, XLV, XLC, XLF, XLI, XLY, XLB, XLK,

Neutral sectors:  XLRE, XLP, 

Down trend sectors: XLU,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

86 of 100 NDX stocks closed higher on Monday.

34 NDX stocks are above their 30 DMA:  CEG, ROST, ADP, CHTR, CMCSA, FANG, AMGN, CSCO, GOOGL, REGN, CTSH, NVDA, ODFL, BKR, INTU, SGEN, VRSK, ADBE, ALGN, AMAT, CDNS, TEAM, WDAY, BKNG, CTAS, KDP, KLAC, MAR, MELI, MNST, MRNA, PANW, SNPS, VRTX,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 11

BKNG, CTAS, KDP, KLAC, MAR, MELI, MNST, MRNA, PANW, SNPS, VRTX,

Moving Below 30 DMA = 0

Add Comments here:

SPX Rallies Before and after Powell Spoke at Jackson Hole...Consumer Discretionary, Technology Lead all Sectors Higher...

© 2023 

The SPX +29.40, opened higher, sold off as Fed Chair Powell spoke at Jackson Hole, rallied after he spoke and closed higher on Friday.  As we expected Powell did not introduce new policy but reiterated their current strategy of being data dependent for the September and November meetings.

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

SPY up 3.08 at 439.97, on 102.3 million shares, above average volume, closed higher on higher volume.

VIX down 1.52 at 15.68

QQQ up 2.80 at 364.02

BA, INTC, CRM, JNJ led the DJIA, 25 advancers, +19

HAS, TSLA, ADSK, PTC led the SPX, 377 advancers

WDAY, ISRG, INTU, TEAM, TSLA led the NDX, 84 advancers.

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

Up:  QQQ, DIA, SPY, IWM,

Down: 

All eleven sectors were higher on Friday, led by XLY, XLK and XLE. 

The SPY MFC green line is pointed up at 24.4 and is short-term bullish.  SPY opened higher, reversed lower as Powell spoke, then rallied and closed higher.

Uptrend sectors:   XLE, XLV, XLC, XLF, XLI, XLY, XLB, XLK,

Neutral sectors:  XLRE, XLP, 

Down trend sectors: XLU,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up a little

84 of 100 NDX stocks closed higher on Friday.

23 NDX stocks are above their 30 DMA:  CEG, ROST, ADP, CHTR, CMCSA, FANG, AMGN, CSCO, GOOGL, REGN, CTSH, NVDA, ODFL, BKR, INTU, SGEN, VRSK, ADBE, ALGN, AMAT, CDNS, TEAM, WDAY,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 6

ADBE, ALGN, AMAT, CDNS, TEAM, WDAY,

Moving Below 30 DMA = 2

KDP, MRNA,

Add Comments here:

NVDA EPS Gap Up Leads to Reversal Selloff...SPX Closes Lower...Technology Leads Sectors Lower...

 

© 2023

 

The SPX -59.70, gapped up on the open after a strong positive EPS reaction on NVDA, immediately started to fill the gap, trended down and closed lower.  NVDA and the other mega caps also started filling their gap up and closed lower.

NVDA +0.47, +0.10%, 471.63, barely closed higher after being up $48 to $520.00 in after-hours trading on Thursday.  NVDA reported better than expected earnings, $2.70 EPS beat 2.09 est., $13.51B Sales beat $11.22B estimate.

KVUE will replace AAP in the S&P500 prior to the open, Friday August 25.

Fed Chair Jerome Powell to speak at Jackson Hole summit Friday 10:05 am ET.

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

SPY down 6.14 at 436.89, on 88.5 million shares, above average volume, closed lower on higher volume.  

VIX up 1.22 at 17.20

QQQ down 7.89 at 361.22

VZ, TRV, JNJ, DOW led the DJIA, 6 advancers, -16

CLX, PRU, SEE, AFL led the SPX, 94 advancers

ADSK, SGEN, FANG, PDD, NVDA led the NDX, 6 advancers.

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

Up:  

Down:  DIA, IWM, SPY, QQQ,

All eleven sectors were lower on Thursday, largest decliners were XLC, XLY and XLK. 

The SPY MFC green line is pointed up at 21.8 and is short-term bullish.  SPY opened higher, reversed and closed lower. Should the SPY move lower on Friday, be prepared for the green line to potentially turn down.

Uptrend sectors:   XLE, XLV, XLC, XLF, XLI, XLY, XLB, XLK,

Neutral sectors:  XLRE, XLP, 

Down trend sectors: XLU,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down a little

6 of 100 NDX stocks closed higher on Thursday.

19 NDX stocks are above their 30 DMA:  CEG, ROST, ADP, CHTR, CMCSA, FANG, AMGN, KDP, CSCO, GOOGL, REGN, CTSH, NVDA, ODFL, BKR, MRNA, INTU, SGEN, VRSK, 

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 19

ADBE, ALGN, AMAT, AMZN, AZN, BKNG, CDNS, CPRT, CRWD, KLAC, LRCX, MAR, MELI, MNST, ORLY, PANW, SNPS, TEAM, WDAY,

Add Comments here: