SPX Closed Lower on Increased Volume after Powell's Comments on Thursday...Utilities, Financial and Real Estate Lead Sectors...Bull Flag Setups Abound on Friday...

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Breadth weakened again as the SPX fell -78.55, 5,870, after markets sold off in evening trade following Powell’s comments in Dallas on Thursday, on the strength of the economy and no need to hurry to lower rates.  The DJI closed lower at 43,444.  NDX -2.40% closed lower, and is in a four-day bull flag pattern.

In addition to the broad market being in a bull flag pattern, there are numerous individual stocks in bull flag patterns including TSLA, PYPL and FTNT.  The question of course is which, if any, will bounce giving an entry signal on Monday.  The answer of course will be in Monday’s price action.

ADBE -26.50, -5.00%, pulled back sharply on a BO test and closed near Monday’s close before its breakout.  Watch for a potential re-breakout next week.

TSLA +9.54, +3.07%, after pulling back on Thursday, buyers were in control on Friday, day four of a bull flag pattern.  Watch for a potential bounce above the high of the low day on Monday.

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

SPY down 7.60 at 585.75, 75.9 million shares, above average volume,

VIX up 1.83 at 16.14

QQQ down 12.12 at 496.57

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, 10 advancers

Up: 

Down:  DIA, SPY, IWM, QQQ,

The SPY MFC green line is pointed down at 83 and is counter-trend defensive. -7.8.

Three of eleven sectors were higher on Friday, led by XLU, XLF and XLRE. 

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 Trend: Down

10 of 100 NDX stocks closed higher on Friday.

49 NDX stocks are above their 30 DMA:  PAYX, DASH, ADSK, CSCO, BKNG, FAST, TMUS, ADP, MRVL, NVDA, LULU, TEAM, PANW, TTWO, EA, ISRG, NFLX, CMCSA, BKR, TSLA, GOOGL, ODFL, CDNS, CHTR, VRSK, WBD, XEL, AMZN, ANSS, CRWD, INTU, ZS, PCAR, COST, CSX, CTAS, GFS, INTC, MAR, MDB, WDAY, CPRT, FTNT, HON, ORLY, PYPL, DXCM, SBUX, ADBE,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 11

CCEP, CTSH, DDOG, GILD, MNST, MSFT, ROP, SNPS, TTD, TXN, VRTX,

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