Thursday, October 3, 2024

SPX, NDX Close Slightly Lower in Bull Flag Setup...Energy, Technology, Utilities Lead Sectors...Jobs Report Before the Open on Friday...


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The SPX -9.60, 5,699, opened lower, traded in a range for the balance of the day forming a doji candle in a bull flag setup.  The SPX closed below 5,700 for the first time since September 19. 

The NDX -0.05%, opened lower and traded up in a range.  The NDX formed a white spinning top in a bull flag setup.

NVDA +4.00, +3.37%, opened higher, after CEO indicated on Wednesday that demand for new Blackwell chip is “insane”, and trended up moving above the high of the low day in a bull flag setup.  


Jobs Report Friday morning 8:30 am ET BMO.


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


SPY down 1.04 at 567.82, 40.8 million shares, below average volume
VIX up 1.59 at 20.49
QQQ down .36 at 481.59

IBM, CRM, CVX, HD led the DJIA, 5 advancers, -8
MKTX, DINO, VLO, MPC led the SPX, 112 advancers
CEG, FANG, PCAR, NVDA led the NDX, 23 advancers

Up
Down:  QQQ, SPY, DIA, IWM,

Two of eleven sectors were higher on Thursday, led by XLE, XLK and XLU

The SPY MFC green line turned down at 86.9 and is counter-trend defensive. -2.5

Uptrend sectors:   XLB, XLY, XLC, XLI, XLU, XLP, XLRE, XLK, XLV, XLF,
Neutral sectors: 
Down trend sectors:  XLE,

The 6-month intermediate trend is up.  The ten-day trend is sideways.

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


23 of 100 NDX stocks closed higher on Thursday.

55 NDX stocks are above their 30 DMA:  CTAS, GILD, PAYX, EXC, XEL, PYPL, DASH, FTNT, GEHC, TTD, ADSK, NFLX, CSCO, BKNG, MAR, MNST, FAST, IDXX, PCAR, TSLA, AMD, ARM, AVGO, CEG, CRWD, META, PCAR, ABNB, INTC, BKR, CMCSA, DDOG, AAPL, CPRT, GOOGL, TMUS, TXN, AMAT, ORLY, PDD, LRCX, MU, SBUX, CSX, SNPS, ADP, ISRG, ADI, ILMN, KLAC, MRVL, NVDA, QCOM, ASML, FANG, VRSK,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 3
ASML, FANG, VRSK,


Moving Below 30 DMA = 7
AEP, AMZN, CTSH, ISRG, KDP, LIN, WBD,



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