Thursday, January 11, 2024

SPX Inches Lower after CPI Higher Than Expected...Technology, Energy Lead Sectors...Earnings Season Starts Friday...


© 2024



The SPX -3.21 opened higher, reversed lower, traded in a downtrend for about two hours before reversing into an uptrend that rose to close slightly lower for the day.  

The CPI report Thursday was below consensus expectations:  Core CPI M/M 0.3% vs. 0.2% consensus, Y/Y 3.9% vs. 3.8% consensus.

Fed speak from Mester, Barkin and Goolsbee occurred on Thursday.

While the broad market SPX was flat, individual stocks like MRVL, NFLX, CRM, PANW, AVGO and ADBE were stronger than the SPX.

PPI report Friday, Jan 12, 8:30 am ET.

Earnings Season unofficially starts Friday, January 12 with JPM, BAC, C, WFC, BK, BLK, DAL, UNH reporting BMO.


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


SPY down .21 at 476.35 on 77.8 million shares, near average volume, closed slightly lower on higher volume. 
VIX down .25 at 12.44
QQQ up .85 at 409.35


CRM, NKE, TRV, IBM led the DJIA, 15 advancers, -5
NFLX, VLO, MAA, CTSH led the SPX, 215 advancers 
MRVL, NFLX, PANW, CTSH led the NDX, 57 advancers.

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

Up:  QQQ, DIA,
DownSPY, IWM,

Two of eleven sectors were higher on Thursday, led by XLK, XLE and XLP.

The SPY MFC green line turned up at 84.7 and is short-term bullish. 


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

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

3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendUp a little



57 of 100 NDX stocks closed higher on Thursday.

62 NDX stocks are above their 30 DMA:  DLTR, INTC, CRWD, CTAS, ROST, TMUS, DXCM, AMD, QCOM, KHC, COST, PCAR, PDD, ZS, BKNG, MAR, IDXX, ISRG, CSX, TXN, MRNA, TEAM, REGN, AMGN, GILD, ILMN, AVGO, MRVL, MU, ANSS, FTNT, GEHC, SIRI, AZN, META, VRTX, CSCO, CCEP, SPLK, GOOG, MNST, ADP, MDLZ, ADSK, CMCSA, NVDA, PYPL, ABNB, AMZN, CTSH, DASH, DDOG, GOOGL, INTU, LRCX, MSFT, NFLX, WDAY, EA, PANW, TTWO, CDW, FAST, MELI, KLAC,


NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 1
KLAC,


Moving Below 30 DMA = 6
AEP, BIIB, GFS, HON, WBA, XEL,



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1 comment:

Vasi&Brian said...

Hi Dave, Happy New Year! Hope you and your family are all doing well. Not sure if you remember us...Brian and Vasi Stratouly.
We are back! Crazy times but are now trying to get back into the trading scene and of course you are the one we thought of. My husband Brian has been trying to connect with someone to get started...any assistance in getting started up with you again would be awesome..
Looking forward to hearing from you. Thanks again.