SPX Closes Lower Following Monday's Selloff...Energy, Utilities Lead Sectors...Fed's Daly on Rate Cuts in 2024...

© 2024

The SPX -37.96, 5205.81, opened lower and closed lower for a second day, following Monday’s selloff which occurred after a stronger than expected ISM Mfg. report and interest rates began to rise.  TNX +0.83%, 43.65 closed slightly higher on Tuesday but down from its intraday high of 44.05.

Fed members Mester and Daly spoke on Tuesday.  Daly indicated that three rate cuts this year is a ‘reasonable’ baseline.  The SPX rose 15 points after her comment.

PAYX +0.46, +0.38% gapped down on an earnings reaction, rallied to fill the gap and closed slightly higher. 

NVDA -9.11, -1.01%, 894.52, opened slightly lower, reversed, traded in a range and closed slightly higher.

GEV a spinoff from GE was added to the S&P 500 and closed at 140.00 on its first day of trading.  GEV currently has no options. 

GE closed at 136.47 and its options have been adjusted for the spinoff.

Wednesday before the open XRAY and VFC will be removed from the SPX.

Jerome Powell speaks at 12:10 pm ET on Wednesday as does Fed’s Bowman, Goolsbee, Barr and Kugler.

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

SPY down 3.32 at 518.84 on 74.1 million shares, slightly above average volume, closed lower on higher volume 

VIX up .96 at 14.61

QQQ down 3.84 at 441.11

DOW, DIS, VZ, CRM led the DJIA, 7 advancers, -2

PSX, FTI, MPC, VLO led the SPX, 105 advancers 

FTNT, XEL, TEAM, META led the NDX, 15 advancers

Up:  

Down:  SPY, QQQ, DIA, IWM,

Two of eleven sectors were up on Tuesday, led by XLE, XLU and XLC

The SPY MFC green line turned down at 89.9 and is counter-trend defensive.

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

Neutral sectors:  XLU, XLRE,

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: Down

15 of 100 NDX stocks closed higher on Tuesday.

49 NDX stocks are above their 30 DMA:  CTAS, NVDA, AMZN, DASH, NFLX, ORLY, AMAT, CDW, FAST, KLAC, PCAR, CEG, LIN, QCOM, FANG, EXC, CPRT, MU, CSGP, BKR, AZN, DXCM, MCHP, MRNA, PYPL, MSFT, GOOGL, ANSS, LRCX, PEP, ASML, HON, KHC, TTD, CSCO, AVGO, BKNG, KDP, ADI, AEP, INTC, MRVL, TXN, TTWO, ADP, META, PAYX, XEL,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 4

ADP, META, PAYX, XEL,

Moving Below 30 DMA = 14

ABNB, ADSK, AMGN, CDNS, GILD, ISRG, MAR, NXPI, ODFL, REGN, ROP, SNPS, VRTX, WBD,

Add Comments here: