Monday, April 1, 2024

SPX Opens Higher, Closes Lower after Strong ISM Mfg. Report...Communication Services, Energy, Technology Lead Sectors...MU Leads NDX on Price Target Hike...


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The SPX -10.58, 5243.77, opened higher, after the PCE report was in-line with consensus on Friday, reversed lower into a trading range as interest rates began to rise after the ISM Mfg. report was stronger than expected, and closed lower on Monday.

MU +6.41, +5.44% led the NDX after B of A Securities raised its price target to $144 from $120 today.

NVDA +0.07, +0.01%, 903.63, opened slightly lower, reversed, traded in a range and closed slightly higher.

SOLV a spinoff from MMM closed at 69.10 on its first day of trading.

On Tuesday GEV, a spinoff of GE will be added to the S&P 500.


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


SPY down .91 at 522.16, on 62.4 million shares, below average volume, closed lower on lower volume 
VIX up .64 at 13.65
QQQ up .94 at 444.95

MMM, MSFT, CVX, INTC led the DJIA, 9 advancers, -10
WYNN, WDC, NRG, ANET led the SPX, 135 advancers 
MU, MRVL, GOOGL, PDD led the NDX, 39 advancers 

Up:  QQQ,
DownSPY, DIA, IWM,

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


The SPY MFC green line is pointed up at 91.0 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 Up.

3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendUp a little


39 of 100 NDX stocks closed higher on Monday.

59 NDX stocks are above their 30 DMA:  CTAS, NVDA, AMZN, DASH, NFLX, ORLY, AMAT, CDW, FAST, KLAC, PCAR, ABNB, CEG, LIN, QCOM, FANG, EXC, CPRT, MU, CSGP, BKR, AZN, DXCM, MCHP, MRNA, PYPL, MSFT, GOOGL, ISRG, ANSS, LRCX, MAR, PEP, ASML, CDNS, HON, KHC, ROP, TTD, ADSK, CSCO, AVGO, BKNG, AMGN, KDP, ADI, AEP, GILD, INTC, MRVL, NXPI, TXN, ODFL, TTWO, REGN, SNPS, VRTX, WBD,

NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 4
REGN, SNPS, VRTX, WBD,


Moving Below 30 DMA = 10
ADP, CMCSA, GEHC, ILMN, MNST, PAYX, ROST, TMUS, WBA, XEL,



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