SPX Opens Higher, Closes Higher in Asymmetrical Bounce on Friday...Technology, Consumer Discretionary, Commuication Services Lead All Sectors Higher...

© 2023

The SPX +67.89 opened higher, trended up totally reversing Thursday’s -35.43-point drop in an asymmetrical bullish bounce on Friday.  A classic case of the market moving up faster than it went down.  Another one of many cases of “we didn’t like what Powell said on Thursday, even though he said nothing new, but on Friday we changed our minds, it wasn’t relevant after all.  So please don’t ask why we took the market down Thursday because we really don’t know ourselves.” 

Breadth was turned positive on Friday.

Mega caps NVDA, META, MSFT, TSLA, AAPL, AMZN, GOOGL rose on Friday.

SPY up 6.77 at 440.61 on 89.5 million shares, average volume, closed higher on higher volume.  

VIX down 1.12 at 14.17

QQQ up 8.32 at 378.39

INTC, MSFT, CAT, DOW led the DJIA, 26 advancers, +19

HOLX, WBD, AVGO, QRVO led the SPX, 436 advancers

KLAC, LRCX, AMAT, MCHP led the NDX, 94 advancers.

The two-year trend term is down a little.  The one-year trend is up.

Up:  QQQ, SPY, DIA, IWM,

Down: 

All eleven sectors were higher on Friday, led by XLK, XLY and XLC.

The SPY MFC green line is pointed up at 93.4 and is short-term bullish.  SPY opened higher and closed higher.

Uptrend sectors:   XLE, XLC, XLK,

Neutral sectors:  XLF, XLY, XLI, XLB, XLV,

Down trend sectors:  XLU, XLRE, XLP,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

94 of 100 NDX stocks closed higher on Friday.

67 NDX stocks are above their 30 DMA:  FAST, MSFT, LULU, NFLX, XEL, DLTR, ORLY, INTC, AEP, AMZN, CEG, CRWD, CTAS, ROST, TMUS, ADBE, ASML, CDNS, DXCM, GEHC, KDP, KLAC, MDLZ, MELI, SNPS, VRTX, AMD, AVGO, EXC, HON, META, MNST, MU, PEP, QCOM, SIRI, AAPL, AMAT, CPRT, EA, KHC, LRCX, NVDA, SBUX, WBD, COST, CSGP, PCAR, PDD, WDAY, ZS, BKNG, DDOG, INTU, MAR, MRVL, VRSK, ADI, ADSK, ANSS, CSX, CTSH, IDXX, ISRG, MCHP, PANW, PAYX,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 10

ADI, ADSK, ANSS, CSX, CTSH, IDXX, ISRG, MCHP, PANW, PAYX,

Moving Below 30 DMA = 0

Add Comments here: