Friday, October 4, 2024

SPX Rises on a Bull Flag Bounce after Strong Jobs Report...DJI makes new All-time Closing High...Financial, Consumer Discretionary, Technology Lead Sectors Higher...


© 2024


The SPX +51.13, 5,751, gapped higher after a better-than-expected Jobs Report Nonfarm payrolls of 254K vs 132.5K est. and 4.1% unemployment vs. 4.2% est.  After a first hour fill the gap pullback, the SPX rallied and closed higher with a bull flag bounce close above the high of the low day.  The SPX closed above 5,700 for the eleventh time in twelve days.

The DJI closed at a new all-time high.  

The NDX 1.22%, gapped higher, filled the gap, reversed and trended up.  The NDX bounced in a bull flag and closed above the HOLD.

NVDA +2.07, +1.68%, opened higher traded in a range and closed higher.   


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


SPY up 5.16 at 572.98, 43.0 million shares, below average volume
VIX down 1.28 at 19.21
QQQ up 5.73 at 487.32


JPM, AXP, BA, AMZN led the DJIA, 21 advancers, +16
ALB, UAL, DECK, DFS led the SPX, 356 advancers
TEAM, AMD, MDB, DDOG, TSLA led the NDX, 83 advancers

Up:  IWM, QQQ, SPY, DIA,
Down: 

Nine of eleven sectors were higher on Friday, led by XLF, XLY and XLK

The SPY MFC green line turned up at 87.8 and is short-term bullish. +0.9

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 up a little.

3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendUp a little


83 of 100 NDX stocks closed higher on Friday.

59 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, AMZN, CDNS, CTSH, LULU, TEAM, 

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 5
AMZN, CDNS, CTSH, LULU, TEAM,   


Moving Below 30 DMA = 1
VRSK,



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