SPX Rallies to All-time Closing High after PCE Inflation inline with Consensus Estimate...Technology, Communication Services Lead Sectors...Hormel Leads SPX on Positive EPS Reaction...

 

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The SPX +26.51 gapped higher, reversed filled the gap, rallied in the afternoon to an all-time closing high.   Today’s price action was a bull flag bounce.  Today’s gap up occurred after the PCE inflation report was in line with consensus estimates.

HRL +4.49, +14.56% led the SPX on a positive earnings reaction.

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

SPY up 1.82 at 508.08 on 83.9 million shares, above average volume, closed higher on higher volume 

VIX down .44 at 13.40

QQQ up 3.73 at 439.00

CRM, INTC, AMZN, MSFT led the DJIA, 14 advancers, +4

HRL, FMC, AMD, ENPH, CZR led the SPX, 314 advancers 

AMD, MRVL, MNST, GFS led the NDX, 65 advancers

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

Up:  QQQ, IWM, SPY, DIA,

Down:

Eight of eleven sectors were up on Thursday, led by XLK, XLC and XLRE

The SPY MFC green line turned down at 92.2 and is counter-trend defensive.

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

Neutral sectors:  XLE, XLU,

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 a little

65 of 100 NDX stocks closed higher on Thursday.

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

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 7

BKR, HON, LULU, MRVL, SBUX, TXN, ZS,

Moving Below 30 DMA = 3    

AZN, ILMN, MRNA,

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