SPX, NDX Inch Higher in front of Friday's PCE Inflation Report...Real Estate, Consumer Discretionary, Communication Services Lead Sectors...MU Lower...After-hours: NKE Gaps Lower after Earnings...

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The SPX +4.97, 5,482, opened flat, traded in a range, and closed higher.  The SPX closed above 5,400 for the eleventh day. The NDX +0.19% closed higher. 

Futures are trading higher in evening trade as the market waits for Friday’s PCE report.  Core PCE M/M consensus forecast is 0.1% vs .02% prior and Y/Y 2.6% consensus forecast vs 2.8% prior. 

NVDA -2.41 -1.91%, 123.99, paused after a two-day bounce in a bull flag price pattern.  Truist raises price target to $140 from $128.80. 

MU -10.13, -7.12%, gapped down at the open after a beat on EPS (.62 vs .49 estimate) and revenues, but gave adjusted guidance for the fourth quarter.  Q4 EPS guidance from the company is a range of $1.00 to $1.16.  A minority of shares, approximately 6.1%, traded today leading to a supply/demand imbalance and its lower price, 30-day average volume is approximately 22.9 million shares. This indicates that 93.9% of outstanding shares held by existing shareholders did not trade. 

After-hours: NKE -11.65, -12.37%, fell after reporting EPS $0.99 beat $0.84 estimate, sales $12.6B miss 12.907B estimate,

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

SPY up .86 at 546.37, 35.0 million shares, below average volume.

VIX down .31 at 12.44

QQQ up 1.24 at 481.61

CRM, BA, AMZN, MMM led the DJIA, 17 advancers, +4

SMCI, PANW, MKC, ANET, TFX led the SPX, 286 advancers 

ZS, PANW, DDOG, ADBE led the NDX, 64 advancers

Up:  IWM, QQQ, SPY, DIA,

Down: 

Seven of eleven sectors were higher on Thursday, led by XLRE, XLY and XLC.

The SPY MFC green line is pointed down at 83.8 and is counter-trend defensive.

Uptrend sectors:  XLK, XLC, XLU, XLP, XLF, XLB, XLI, XLE,

Neutral sectors:  XLV, XLRE, XLY,

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

64 of 100 NDX stocks closed higher on Thursday.

58 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, CMCSA, META, ROP, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, CPRT, KDP, AMGN, AMZN, BKR, CTSH, GILD, INTU, CSCO, DDOG, FANG, ARM, GFS, TEAM, MELI, BIIB, FTNT, GEHC,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 3

BIIB, FTNT, GEHC,

Moving Below 30 DMA = 6

AZN, CCEP, KDP, MU, ODFL, TTWO,

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