Monday, February 26, 2024

SPX Closes Lower on Light Volume Trading...Energy, Consumer Discretionary, Technology Lead Sectors...PANW Continues Rebound...


© 2024


The SPX -19.27 opened flat, traded in a range on lighter volume and closed lower in a day one pull back above Thursday’s S-1 level.  AMZN did replace WBA in the DJIA, today.

BRK/B -8.08, -1.94%, made an all-time today before reversing and closing lower after reporting strong earnings on Saturday.

PANW +20.69, +7.33%, continued to recover from Wednesday’s -29% gap down on lowered guidance.  Over the past three days PANW has recovered +15.5%.

PCE inflation report Thursday at 8:30 am ET BMO.


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


SPY down 1.86 at 505.99 on 50.3 million shares, below average volume, closed lower on lower volume. 
VIX down .01 at 13.74
QQQ down .23 at 436.55

CRM, WMT, AXP, CAT led the DJIA, 5 advancers, -16
PANW, DPZ, FIS, AMAT, STLD led the SPX, 162 advancers 
PANW, CCEP, MU, TSLA led the NDX, 47 advancers

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

Up:  IWM,
DownQQQ, DIA, SPY,

Three of eleven sectors were up on Monday, led by XLE, XLY and XLK

The SPY MFC green line is flat at 89 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 TrendUp


47 of 100 NDX stocks closed higher on Monday.

68 NDX stocks are above their 30 DMA:  CTAS, ROST, COST, ISRG, REGN, AVGO, META, SPLK, ADP, ADSK, NVDA, AMZN, DASH, LRCX, MSFT, NFLX, WDAY, CDNS, ORLY, AMAT, ASML, CDW, FAST, INTU, KLAC, PCAR, ABNB, SNPS, CEG, CSX, DLTR, ODFL, IDXX, NXPI, GEHC, PAYX, SBUX, ON, QCOM, TTD, EA, FANG, AEP, CTSH, MAR, ROP, CCEP, EXC, HON, TMUS, TXN, AMD, ANSS, CPRT, CRWD, DDOG, FTNT, MDB, MU, AZN, BKR, CSGP, VRTX, LULU, MRVL, TSLA, ZS,


NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 4
LULU, MRVL, TSLA, ZS,


Moving Below 30 DMA = 3
MDLZ, PEP, VRSK,



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