Wednesday, September 4, 2024

SPX, NDX Close Slightly Lower while Holding Above Tuesday's Low, Form Inverted Hammer Candle Patterns...Utilities, Consumer Staples, Consumer Discretionary Lead Sectors...DLTR, ZS Gap Lower on Negative EPS Reactions...


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The SPX -8.86, 5,520, opened slightly lower and traded in a range at and above Tuesday’s low forming an inverted hammer.  The SPX rallied after the JOLTS report came in lighter than expected this morning. ADP private payrolls will be released Thursday BMO and the Jobs Report on Friday BMO. 

The NDX -0.20%, opened lower, traded in a range and closed lower.

NVDA -1.79, -1.66%, opened lower, traded in a range on average volume, and closed lower.

ZS -36.06, -18.67%, after a strong Q4 beat on revenues and earnings, but Q1 & FY25 guidance came in below expectations.

DLTR -18.09, -22.16%, Q2 miss on revenues and earnings, lowered FY24 guidance.


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


SPY down 1.13 at 550.95, 47.1 million shares, below average volume, C-pattern BO test, inverted hammer
VIX up .60 at 21.32
QQQ down 1.20 at 460.61

TRV, IBM, BA, MMM led the DJIA, 14 advancers, +8
TSLA, STX, FICO, GEV, CVS, GEHC led the SPX, 239 advancers
TSLA, MDLZ, GEHC, AMD led the NDX, 50 advancers

Up:  DIA,
Down:  IWM, SPY, QQQ,

Six of eleven sectors were higher on Wednesday, led by XLU, XLP and XLY

The SPY MFC green line is pointed down at 86.2 and is counter-trend 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


50 of 100 NDX stocks closed higher on Wednesday.

55 NDX stocks are above their 30 DMA:  CTAS, GILD, AEP, CTSH, ILMN, ADP, PAYX, EXC, XEL, KHC, ORLY, MDLZ, KDP, PYPL, AZN, DASH, TMUS, MELI, ISRG, FTNT, REGN, GEHC, LIN, META, COST, PANW, TTD, SBUX, ADSK, CCEP, NFLX, ADBE, CSCO, MRVL, ROP, ROST, TXN, WDAY, TTWO, CPRT, BKNG, CSGP, LULU, CRWD, TEAM, HON, MAR, AMGN, VRSK, CSX, MDB, PEP, ADI, MNST, TSLA,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 3
ADI, MNST, TSLA,    


Moving Below 30 DMA = 4
AAPL, AMZN, PCAR, ZS,



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