Friday, September 1, 2023

SPX Gaps Up, Fills the Gap, Closes Slightly Higher Headed into Labor Day Weekend...Energy, Materials, Financial Lead Sectors...


© 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,
DownQQQ,

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 bullishSPY 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 TrendUp 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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