SPX Closes above the High of the Low Day...Consumer Discretionary, Communication Services Lead Sectors as Mega Caps Bounce...MFC GL Turns Up, Short-term Bullish...

© 2023

The SPX +25.19 opened lower, reversed, trended up and closed higher above the  high of low day.

Breadth was positive on Thursday, NYSE Advancers at the close rose to 1,989 from Tuesday’s 452 which was the second lowest close of 2023.

QQQ and SPY above Wednesday’s hammer, which was the low day.

Mega caps TSLA, META, NVDA, GOOGL, MSFT, AAPL rose and AMZN was unchanged on Thursday.

SPY up 2.47 at 428.52, on 92.2 million shares, above average volume, closed higher on lower volume.

VIX down -.88 at 17.34

QQQ up 2.97 at 358.01

INTC, CAT, CSCO, UNH led the DJIA, 19 advancers, +11

TRMB, ALB, ZBRA, NCLH led the SPX, 372 advancers

SIRI, AMD, DXCM, SNPS led the NDX, 74 advancers.

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

Up:  IWM, QQQ, SPY, DIA,

Down: 

Ten of eleven sectors were higher on Thursday, led by XLY, XLC and XLB.

The SPY MFC green line turned up at 10.1 and is short-term bullish.  SPY opened lower and closed higher above the high of the low day. 

Uptrend sectors:   XLE, XLC, XLF,

Neutral sectors:  XLV, XLK,

Down trend sectors: XLY, XLI, XLU, XLB, XLRE, XLP,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

74 of 100 NDX stocks closed higher on Thursday.

23 NDX stocks are above their 30 DMA:  CEG, SGEN, PDD, CRWD, AMGN, TMUS, COST, KHC, VRTX, META, FANG, REGN, BKR, CHTR, GEHC, GFS, PCAR, ABNB, BKNG, NXPI, QCOM, SIRI, SNPS,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 6

ABNB, BKNG, NXPI, QCOM, SIRI, SNPS,

Moving Below 30 DMA = 1

MU,

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