SPX, NDX Close Higher after Powell Speech at Jackson Hole...Consumer Discretionary, Real Estate, Technology Lead all Sectors Higher...WDAY Leads NDX on Positive EPS Reaction...

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The SPX +63.97, 5,634, opened higher, rose during Powell’s speech at 10 am ET and consolidated after his speech ended and rallied to close near its high of the day.  The VIX opened lower and closed lower.

Powell gave a 16-minute speech at the annual Jackson Hole Economic Symposium today.  His comments did, as expected, set the stage for a potential rate cut at the next FOMC meeting on September 18.  He also said, “My confidence has grown that inflation is on a sustainable path back to 2 percent.”  Also, “The time has come for policy to adjust.  The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

The NDX +1.18%, opened higher, traded in a range and closed higher.

NVDA +5.63, +4.55%, after Wedbush maintains its Outperform rating and raises its price target to $138 from $120.  Reports EPS Aug 28 AMC.

WDAY +28.87, +12.49%, on a positive EPS reaction and INTU -45.44, -6.83%, fell on a negative earnings reaction, both after reporting earnings Thursday AMC.

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

SPY up 5.91 at 562.13, 50.6 million shares, below average volume, C-pattern BO continuation

VIX down 1.69 at 15.86

QQQ up 5.15 at 480.00

HD, GS, INTC, CRM led the DJIA, 28 advancers, +19

BLDR, NCLH, CCL, ENPH led the SPX, 432 advancers

WDAY, WBD, MRVL, TSLA led the NDX, 85 advancers

Up:  IWM, QQQ, DIA, SPY,

Down: 

All eleven sectors were higher on Friday, led by XLY, XLRE and XLK.

The SPY MFC green line is pointed up at 89.6 and is short-term bullish.

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

Neutral sectors:  XLY, XLE,

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

85 of 100 NDX stocks closed higher on Friday.

68 NDX stocks are above their 30 DMA:  CHTR, EA, CTAS, GILD, AEP, CTSH, ILMN, ADP, PAYX, EXC, XEL, KHC, PEP, ORLY, MDLZ, KDP, PYPL, AZN, DASH, TMUS, MELI, ISRG, FTNT, PDD, REGN, GEHC, LIN, META, COST, PANW, TTD, SBUX, ADSK, ANSS, CCEP, NFLX, AVGO, KLAC, NVDA, AAPL, ADBE, CSCO, IDXX, MDB, MRVL, ODFL, ROP, ROST, TXN, WDAY, ZS, CDNS, CEG, TTWO, AMD, ASML, CPRT, BKNG, CDW, CSGP, LULU, ADI, CHTR, CMCSA, CRWD, DDOG, FAST, ON, WBD,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 8

ADI, CHTR, CMCSA, CRWD, DDOG, FAST, ON, WBD,

Moving Below 30 DMA = 1

INTU,  

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