Wednesday, October 9, 2024

SPX, DJI Make New all-time Closing High...Technology, Health Care, Financial Lead Sectors...CPI Report Tomorrow BMO...Earnings Season Friday: JPM, WFC and more...


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The SPX +40.91, 5,792, opened flat, broke out of horizontal resistance and made a new all-time closing high.  The SPX closed above 5,700 for the thirteenth time since Sept. 19.  The DJI also made a new all-time closing high.

The NDX +0.80%, opened flat, trended up and closed higher.  The NDX is a HBO setup.

NVDA -0.24, -0.18%, opened higher, traded in a range and closed lower just $2.93 below its all-time closing high on June 18.   


CPI report Thursday 8:30 am BMO.  Consensus M/M 0.1%, Y/Y 2.3%, Core CPI consensus M/M 0.2%, Y/Y 3.2%.

SPX EPS reports
Thursday: DAL, DPZ,
Friday: BK, BLK, FAST, JPM, WFC,


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


SPY up 3.97 at 577.14, 37.8 million shares, below average volume
VIX down .56 at 20.86
QQQ up 3.85 at 493.15

HON, IBM, CAT, NKE led the DJIA, 28 advancers, +8
NCLH, CCL, RCL, GLW led the SPX, 376 advancers
MDB, TEAM, ZS, SMCI led the NDX, 82 advancers

Up:  DIA, QQQ, SPY, IWM,
Down: 

Ten of eleven sectors were higher on Wednesday, led by XLK, XLV and XLF

The SPY MFC green line is pointed up at 90 and is short-term bullish. +3

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


82 of 100 NDX stocks closed higher on Wednesday.

74 NDX stocks are above their 30 DMA:  CTAS, GILD, PAYX, EXC, PYPL, DASH, FTNT, GEHC, TTD, ADSK, NFLX, CSCO, BKNG, MAR, FAST, IDXX, PCAR, TSLA, AMD, ARM, AVGO, CEG, CRWD, META, PCAR, ABNB, INTC, BKR, CMCSA, DDOG, CPRT, GOOGL, TMUS, TXN, AMAT, ORLY, PDD, LRCX, MU, SBUX, SNPS, ADP, ISRG, ADI, ILMN, KLAC, MRVL, NVDA, FANG, LULU, TEAM, SMCI, AAPL, ANSS, ASML, CDNS, CDW, DXCM, HON, PANW, SNPS, VRSK, ZS, AMZN, CHTR, COST, CSX, CTSH, ISRG, MCHP, NXPI, ODFL, QCOM, TTWO, TXN,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 12
AMZN, CHTR, COST, CSX, CTSH, ISRG, MCHP, NXPI, ODFL, QCOM, TTWO, TXN,


Moving Below 30 DMA = 0



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