SPX Closed Lower After PPI > Expectations, Stays > 5,000...Basic Materials, Health Care, Consumer Staples Lead Sectors...Monday Closed for Washington's Birthday, Have a Great 3-day Weekend...

© 2024

Markets closed on Monday for Washington’s Birthday commonly referred to as President’s Day.  Enjoy the three-day weekend!

The SPX -24.16 opened lower after PPI higher than expected M/M 0.3% vs 0.1% est., Y/Y 0.9% vs 0.7% est.  Housing starts lower than expected 1.331M vs 1.470M est. and makes another new all-time closing high.

The SPX closed above Thursday’s low and above 5,000 again, forming a bull flag bounce pause.

NVDA -0.45 traded higher after Loop Capital initiated with a Buy and a $1,200 price target.  Wedbush raised their price target to $800 and Oppenheimer raised their price target to $850. 

TTD +13.22, +17.46%, AMAT +11.91, +6.35%, on positive earnings reactions.

First day reaction: Q4 as of Friday, day 25 of Q4 earnings season.

Positive: AMAT, VMC, BIO, IR, ZBRA, CBRE, CPAM, TRGP, EQIX, OXY, AWK, ACGL, ALB, IQV, CRL, DVA, WELL, ES, CME, MLM, GPN, WM, LDOS, HWM INCY, TRMB, FE, RL, DIS, TPR, NWSA, WYN, MOH, ICE, EFX, HSY, MAS, BAX, K, GL, ALL, COP, ENPH, EMR, CMG, F, PRU, VLTO, AIZ, FTNT, JKHY, CVS, CDW, AMCR YUM, IEX, GEHC, DD, WTW, SPG, XYL, CMI, LIN, J, WAT, CNC, EL, ON, IDXX, TSN, CAT, META, AMZN, CLX, GWW, CI, HIG, CVX, CPT, CTVA, PH, ETN, TT, BALL, QRVO, MRK, TSCO, DOV, MO, CMS, ALGN, RVTY, BDX, WEC, SYK, COR, BA, FTV, ADP, BSX, MTCH, EQR, PSX, MSCI. GM, SYY, NUE, GLW, MPC, HCA, DHR, HUBB, AXP, COF, LHX, CL, URI, AAL, IBM, RMD, WRB, CCI, MKC, PKG, DOW, CMCSA, VLO, BX, LRCX, STX, CSX, NEE, RJF, XEL, LVS, NFLX, TXT, TEL, GD, FCX, APH, VZ, RTX, UAL, BRO, PG, PCAR, HAL, TRV, RF, HBAN, FITB, SLB, STT, FAST, JBHT, MTB, CFG, BK, C = 160

Neutral:  PPL, LNT, TYL, GPC, INVH, GNRC, WAB, PFG, FRT, KO, MSI, MHK, CTLT, MAA, KIM, TROW, DTE, HLT, UBER, ATO, DAY, UDR, CTSH, NXPI, LLY, AME, L, ABBV, BMY, XOM, AAPL, RCL, AVB, PTC, DGX, MA, CB, SWKS, EA, JNPR, AVY, FFIV, NVR, PHM, PNR, BEN, TMUS, WY, SHW, AMP, NOW, UNP, STLD, ELV, ISRG, SYF, GE, CMA, TFC, GS, PNC, BLK, JPM = 63

Negative: DLR, ED, WST, HBI, ROL, DE, VTR, LH, CSCO, SO, AKAM, MGM, KHC, EQT, WMB, ABNB, AIG, MCO, ZTS, MAR, ANET, CDNS, HAS, TAP, EXPE, TTWO, DXCM, MTD, ILMN, PEAK, PEP, REG, VRSN, PYPL, SINA, FLT, EG, BWA, KVUE, SPGI, MCK, ORLY, ZBH, DUK, PM, STE, PAYC, TDG, IPG, VFC, FOXA, AMGN, CINF, GILD, OMC, BF, EW, ESS, FMC, CARR, VRTX, FI, IT, APD, MCD,  CHTR, GEN, EMN, HOLX, AON, CHD, LYB, MCHP, REGN, CBOE, CHRW, AFL, MET, QCOM, IP, CAH, WRK, TECH, HON, ITW, SWK, BR,  MKTX, ROK, TER, GOOGL, APTV, BXP, TMO, ROP, MSFT, AMD, RHI, HES, OTIS, MDLZ, ODFL, NDAQ, SBUX, UPS, WHR, ARE, JCI, AOS, PFE, INTC, FICO, KLAC, WDC, AJG, V, NSC, TSLA, HUM, NOC, MMC, LUV, KMB, TDY, BKR, T, ABT, TXN, MMM, DHI, IVZ, LMT, JNJ, ZION, PPG, DFS, KEY, NTRS, KMI, PLD, USB, SCHW, MS, DAL, UNH, WFC, BAC, = 147

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

SPY down 2.50 at 499.51 on 75.5 million shares, average volume, closed lower on higher volume. 

VIX up .23 at 14.24

QQQ down 3.94 at 430.57

MRK, WMT, DOW, IBM led the DJIA, 10 advancers, -14

AMAT, VMC, DG, ALB, TRPG led the SPX, 168 advancers 

TTD, AMAT, AZN, KLAC led the NDX, 18 advancers

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

Up:  

Down:  DIA, SPY, QQQ, IWM,

Three of eleven sectors were up on Friday, led by the XLB, XLV and XLP.

The SPY MFC green line is pointed down at 87.9 and is counter-trend defensive. 

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

Neutral sectors:  XLU, XLE,

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: Up

18 of 100 NDX stocks closed higher on Friday.

60 NDX stocks are above their 30 DMA:  CRWD, CTAS, ROST, AMD, COST, ZS, ISRG, REGN, AVGO, FTNT, META, SPLK, ADP, ADSK, NVDA, AMZN, DASH, DDOG, LRCX, MSFT, NFLX, WDAY, PANW, MELI, CDNS, ORLY, VRSK, AMAT, ASML, CDW, FAST, INTU, KLAC, PCAR, ABNB, SNPS, CEG, CSX, MDB, BKNG, CPRT, DLTR, ODFL, IDXX, NXPI, GEHC, PAYX, SBUX, ON, QCOM, TTD, EA, FANG, AEP, CTSH, ILMN, MAR, ROP, CCEP,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 1

CCEP,

Moving Below 30 DMA = 1

MRVL,

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