Thursday, November 14, 2024

SPX Closed Lower as Breadth Weakens as Powell Speaks...Energy, Communication Services Lead Sectors...Short-term Counter Trend Defensive...


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Breadth weakened as the SPX -36.21, 5,949, opened flat, traded in a range until midday, then moved lower before and during Powell’s speech and conversation in Dallas, and closed lower.  The DJI closed lower at 43,750NDX -0.66% closed lower, in a four-day bull flag pattern.

The October PPI report was M/M 0.2%, ex-food & energy M/M 0.3% in line with the consensus estimate.

ADBE -2.63, -0.49%, closed slightly lower, inside of Wednesday’s trading range after Wednesday’s BO continuation move.

TSLA -19.06, -5.77%, after rising 39% from Tuesday to Monday, a move below Wednesday’s low, on the third pull back day of a bull flag pattern.


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


SPY down 3.84 at 593.35, 38.7 million shares, below average volume.
VIX up .29 at 14.31
QQQ down 3.56 at 508.69

DIS, CVX, AAPL, MMM led the DJIA, 12 advancers, -6         
TPR, WYNN, FSLR, ENPH led the SPX, 141 advancers
DXCM, ASML, DDOG, QCOM led the NDX, 30 advancers

Up
Down:  DIA, SPY, QQQ, IWM,

The SPY MFC green line is pointed down at 90.8 and is counter-trend defensive. -3.3.

One of eleven sectors was higher on Thursday, led by XLE, XLC and XLP. 

Uptrend sectors:   XLF, XLC, XLI, XLK, XLU, XLB, XLY, XLRE, XLP, 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 TrendDown


30 of 100 NDX stocks closed higher on Thursday.

60 NDX stocks are above their 30 DMA:  GILD, PAYX, DASH, TTD, ADSK, CSCO, BKNG, FAST, TMUS, ADP, MRVL, NVDA, LULU, TEAM, PANW, TTWO, MNST, EA, ISRG, NFLX, CMCSA, BKR, TSLA, GOOGL, ODFL, CDNS, SNPS, CHTR, VRSK, VRTX, WBD, XEL, AMZN, ANSS, CRWD, INTU, ZS, PCAR, COST, CSX, CTAS, GFS, INTC, MAR, MDB, WDAY, CPRT, CTSH, FTNT, HON, ORLY, PYPL, ROP, TXN, DXCM, SBUX, ADBE, MSFT, CCEP, DDOG,NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0



Moving Below 30 DMA = 2
CSGP, ILMN,  



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