SPX Closes Lower Short of Record High...NDX, DJI Hit Record High in December...Happy New Year...Markets Closed on Monday...

© 2023

Happy New Year…Markets are close Monday and resume trading on Tuesday January 2, 2024

The SPX -13.52, 4,769.83 opened flat, traded in a range for the first hour, sold off for the next two hours and rallied in the afternoon to close lower on the final trading day of 2023.  The SPX closed one percent or 49 points below its all-time intra-day high of 4,818 on Jan 4, 2022.  Both the NDX and DJI made new record highs during December.

While share volume increased likely due to a combination of position closing for the three-day weekend and year-end tax loss selling, net change selling capital was low as has been the case in net change capital each day in this holiday shortened four-day trading week.

2023 Results (from Dec 30, 2022)

NDX 53.81%

SPX 24.23%

RUT 15.09%

DJI 13.7%

NVDA 239%

META 194%

TSLA 101%

AMZN 80%

MSFT 58%

GOOGL 58%

AAPL 49%

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

SPY down 1.38 at 475.31 on 122.2 million shares, above average volume, closed lower on higher volume. 

VIX down .02 at 12.45

QQQ down 1.78 at 409.52

TRV, VZ, PG, KO led the DJIA, 13 advancers, -7

BSX, MOH, HSY, MCK led the SPX, 147 advancers 

ORLY, TMUS, MRNA, PDD led the NDX, 26 advancers.

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

Up: 

Down:  DIA, SPY, QQQ, IWM,

Two of eleven sectors were higher on Friday, led by XLP, XLV and XLI.

The SPY MFC green line is flat at 96.3 and is short-term bullish. 

Uptrend sectors:   XLC, XLK, XLF, XLY, XLI, XLRE, XLB, XLV, XLP, XLU, XLE, 

Neutral sectors: 

Down trend sectors: 

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: Sideways

26 of 100 NDX stocks closed higher on Friday.

89 NDX stocks are above their 30 DMA:  FAST, LULU, DLTR, INTC, AEP, AMZN, CRWD, CTAS, ROST, TMUS, ASML, DXCM, KDP, KLAC, AMD, HON, QCOM, AMAT, KHC, LRCX, COST, CSGP, PCAR, PDD, WDAY, ZS, BKNG, DDOG, INTU, MAR, ADI, IDXX, ISRG, MCHP, ABNB, CSX, CTSH, NXPI, PYPL, TSLA, TXN, XEL, WBD, PANW, MRNA, ADSK, TEAM, REGN, AMGN, GILD, ILMN, ON, BIIB, WBA, AVGO, CMCSA, NFLX, MRVL, MU, TTD, ANSS, CDNS, FTNT, GEHC, GFS, SIRI, AZN, META, NVDA, VRTX, CSCO, ODFL, CCEP, CDW, DASH, MDB, ROP, SPLK, TTWO, BKR, FANG, GOOGL, MNST, MSFT, ADP, MDLZ, PEP, VRSK,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 1

VRSK,

Moving Below 30 DMA = 3

AAPL, CHTR, MELI,

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