Friday, September 6, 2024

SPX, NDX Close Lower as Mega Caps Drop After AVGO Earnings and Jobs Report...


© 2024


The SPX -94.99, 5,408, opened flat, trended down and closed lower following a negative earnings reaction from AVGO and a lower-than-expected Job Report of 142K vs160K estimate. 

The NDX -2.69%, opened slightly lower, trended down led by heavy selling in mega caps TSLA, NVDA and GOOGL.

NVDA -4.38, -4.09%, opened higher, reversed and closed lower.

AVGO -15.83, -10.36%, on a negative earnings reaction after beating Q3 EPS and revenue estimates and inline guidance.


Mega caps AAPL, BRK/B, MSFT, META, AMZN, GOOGL, NVDA, TSLA fell on Friday.


SPY down 9.25 at 540.36, 68.4 million shares, above average volume
VIX up 2.48 at 22.38
QQQ down 12.35 at 448.69

TRV, MCD, V, UNH led the DJIA, 5 advancers, -9
DG, SBAC, CCI, UAL led the SPX, 124 advancers
FAST, MNST, PCAR, IDXX led the NDX, 31 advancers

Up
Down:  DIA, SPY, IWM, QQQ,

Ten of eleven sectors were lower on Friday, least weak were XLRE, XLP and XLV.

The SPY MFC green line is pointed down at 76.1 and is defensive.

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 down.

3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown


9 of 100 NDX stocks closed higher on Friday.

40 NDX stocks are above their 30 DMA:  CTAS, GILD, AEP, CTSH, ADP, PAYX, EXC, XEL, KHC, MDLZ, KDP, PYPL, DASH, MELI, ISRG, FTNT, GEHC, COST, PANW, TTD, SBUX, ADSK, CCEP, NFLX, ADBE, CSCO, MRVL, ROP, ROST, WDAY, TTWO, BKNG, CSGP, LULU, TEAM, MAR, VRSK, MDB, PEP, MNST,

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 1
MNST


Moving Below 30 DMA = 14
AAPL, AMZN, CMCSA, CRWD, CSX, HON, ILMN, LIN, META, ORLY, REGN, TMUS, TSLA, TXN,



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