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

 

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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,

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