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: