SPX Opens Higher, Closes Higher, Buyers Take Control after 4-day Bull Flag Pullback...Technology, Consumer Discretionary, Communication Services Lead Sectors...

© 2024

The SPX +66.30, 4,763.54 opened higher, trended higher regaining much of last week’s pullback and closed higher above Tuesday’s high in a strong bull flag bounce.

Fed speak from Bostic on Monday indicated progress on inflation but not ready to declare victory.  Shared his opinion of two quarter point rate cuts in 2024 with initial rate cut in Q3.  Bowman spoke after the close indicating that it will be appropriate to cut rates if inflation falls closer to 2%.

CPI report Thursday, Jan 11.  PPI report Friday, Jan 12.

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

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

SPY up 6.68 at 474.60 on 74.8 million shares, just below average volume, closed higher on lower volume. 

VIX down .27 at 13.08

QQQ up 8.20 at 404.95

CRM, INTC, AMGN, WBA led the DJIA, 23 advancers, +6

AAL, ANET, FTNT, DXCM led the SPX, 416 advancers 

MRVL, NVDA, CRWD, AMD led the NDX, 94 advancers.

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

Up:  QQQ, IWM, SPY, DIA,

Down: 

Ten of eleven sectors were higher on Monday, led by XLK, XLY and XLC.

The SPY MFC green line is pointed down at 72.9 and is defensive. 

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 up a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

94 of 100 NDX stocks closed higher on Monday.

67 NDX stocks are above their 30 DMA:  LULU, DLTR, INTC, AEP, CRWD, CTAS, ROST, TMUS, DXCM, AMD, HON, QCOM, KHC, COST, PCAR, PDD, ZS, BKNG, MAR, IDXX, ISRG, CSX, TXN, XEL, MRNA, TEAM, REGN, AMGN, GILD, ILMN, BIIB, WBA, AVGO, MRVL, MU, ANSS, FTNT, GEHC, SIRI, AZN, META, VRTX, CSCO, CCEP, SPLK, FANG, GOOG, MNST, ADP, MDLZ, PEP, ADSK, CMCSA, NVDA, PYPL, ABNB, AMZN, ASML, CTSH, DASH, DDOG, GFS, GOOGL, INTU, KLAC, LRCX, MSFT, NFLX, WBD, WDAY,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 15

ABNB, AMZN, ASML, CTSH, DASH, DDOG, GFS, GOOGL, INTU, KLAC, LRCX, MSFT, NFLX, WBD, WDAY,

Moving Below 30 DMA = 0

Add Comments here: