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

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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

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