© 2023
The SPX +8.11 gapped up on the
open, filled the gap and closed slightly higher heading into the Labor Day
weekend. Markets are closed Monday, Sept. 4, 2023, for
Labor Day. Enjoy the 3-day holiday weekend.
Jobs Report was 187,000
vs 170,000 est. and 3.8% vs 3.5% est., Avg hourly earnings M/M 0.2%
vs. 0.3% est.
Breadth strengthened on Friday and turned slightly positive.
NVDA 485.09, pulled back from its all-time closing
high.
Mega
caps AAPL, MSFT, META, AMZN rose and GOOGL, NVDA, TSLA fell.
SPY up .84 at 451.19, on 58.9 million shares, below average volume, closed higher
on lower volume.
VIX down .48 at 13.09
QQQ down .40 at 377.59
INTC, CVX, CAT, DOW led the DJIA, 20 advancers, +11
HPE, STX, FCX, DVN led the SPX, 339 advancers
LULU, PDD, MELI, AMD led the NDX, 69 advancers.
The two-year trend term is sideways. The
one-year trend is up.
Up: IWM, DIA, SPY,
Down: QQQ,
Six of eleven sectors were higher on Friday, led by XLE, XLB and XLF.
The SPY
MFC green line is pointed up at 60 and is short-term
bullish. SPY gapped up,
filled the gap, and closed slightly 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 a little
69 of 100 NDX stocks
closed higher on Friday.
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, KLAC, MAR, MELI, MRNA, PANW, SNPS, AMZN, INTC, LRCX, MU,
NFLX, ORLY, PDD, AAPL, ANSS, EBAY, ISRG, ON, ZM, ZS, CRWD, LULU, CSGP, MSFT,
NXPI, TMUS, VRTX,
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 5
CSGP, MSFT, NXPI, TMUS, VRTX,
Moving Below 30 DMA = 5
AVGO, FAST, KDP, TSLA, WBD,
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