SPX Opens Higher, Closes Higher after PPI Report Lower (Better) than Expected...Technology, Communications Services, Consumer Discretionary Lead Sectors as Mega-caps Bounce...

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The SPX +38.42, 5,199.06, opened higher after the PPI Report was M/M 0.2% vs 0.3% expected and Y/Y 2.1% vs 2.3% expected and Core PPI M/M 0.2% vs 0.2% expected and Y/Y 2.4 vs 2.3% expected.  The better-than-expected PPI appeared to relieve some of the speculative fear and excess that pundits and talking heads have generated as they share their subjective opinions about future inflation rates and when and how many rate cuts may occur in 2024. 

Since individual Fed members use a disclaimer that states, “the views expressed here are my own and are not necessarily those of my colleagues on the Federal Open Market Committee”, everyone should realize that opinions expressed are not likely to accurately forecast what the Fed will do in the future.  If one pays close attention those opinions do little more than create price fluctuations for a few minutes to a few hours before entirely fading away.

Tomorrow, Friday is the unofficial start of earnings season with BMO reports from JPM, C, WFC, BLK, STT, PGR.  

AAPL +7.26, +4.33%, led the DJIA on Thursday after JPM raised their price target from $210 to $215. 

NVDA +35.77, +4.11%, 906.16, opened higher and trended higher after Raymond James raised its price target from $850 to $1,100.

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

SPY up 3.88 at 518.00 on 70.1 million shares, average volume,

VIX down .89 at 14.91

QQQ up 7.00 at 445.37

AAPL, NKE, AMZN, AMGN led the DJIA, 12 advancers, +4

PARA, GEHC, ABNB, SMCI led the SPX, 231 advancers

TEAM, AVGO, MU, NVDA led the NDX, 75 advancers

Up:   QQQ, SPY, IWM, DIA,

Down: 

Five of eleven sectors were up on Thursday, led by XLK, XLC and XLY

The SPY MFC green line turned up at 65.7 and is short-term bullish.

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 down a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

75 of 100 NDX stocks closed higher on Thursday.

43 NDX stocks are above their 30 DMA:  CTAS, AMZN, DASH, NFLX, PCAR, CEG, QCOM, FANG, MU, BKR, AZN, DXCM, PYPL, MSFT, GOOGL, KHC, TTD, AVGO, KDP, TTWO, META, XEL, ADI, AMAT, BKNG, LRCX, MAR, MRNA, PAYX, DDOG, CSCO, TEAM, AAPL, ABNB, ASML, CSGP, ISRG, KLAC, MCHP, NVDA, ODFL, PANW, PDD,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 11

AAPL, ABNB, ASML, CSGP, ISRG, KLAC, MCHP, NVDA, ODFL, PANW, PDD,

Moving Below 30 DMA = 4

ADP, CPRT, EXC, PEP,

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