SPX, NDX Close Slightly Lower on Weaker Breadth...Utilities, Energy, Financial Led Sectors...

© 2025

SPX -12.20, 5,662, opened lower, traded in a choppy range of 78 SPX points forming an inside day and spinning top, closing higher than its open.

Thursday was a two-sided market as buyers and sellers evaluated Powell’s comments on stable economic hard data, two expected cuts in 2025 and the Fed ability to be patient and not make a policy move for now, unless economic data indicated a cut would be necessary to avoid a recession.  I reiterate my view that this was a very interesting press conference and worth listening to for insights into the Fed's thinking, rather than relying on second hand sources for their subjective spin.

Breadth weakened but was mixed as decliners led on both exchanges and index ETFs.  However, VIX -.10 was also volatile and traded in a range between 21.17 and 19.30, before closing at 19.81.  Mega caps split with five rising and five closing lower.  Net change advancing capital was mixed with more advancing capital in the NDX and DJI and higher declining capital in the SPX.

The DJI, 41,953 -0.03%, opened lower and traded in a range.  NDX -0.30% pulled back slightly on another trend pause day.

TSLA +0.40, +0.17%, closed slightly higher on average volume.

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

SPY down 1.64 at 565.49, 62.8 million shares, above average volume

VIX down .10 at 19.80

QQQ down 1.63 at 479.26

UNH, HON, GS, NVDA led the DJIA, 13 advancers, -8

DRI, JBL, CHTR, ALL led the SPX, 179 advancers,

PDD, APP, CHTR, DXCM, PLTR, DASH led the NDX, 32 advancers

Up:

Down: DIA, SPY, IWM, QQQ,

The SPY MFC green line pointed up to 23.6 and is short-term bullish. +4.4.

Four of eleven sectors were higher on Thursday, led by XLU, XLE and XLF. 

Uptrend sectors: XLC, XLF,

Neutral sectors: XLV, XLP, XLY, XLI, XLU, XLRE, XLE,

Down trend sectors: XLK, XLB,

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

3-month Intermediate Term Market Trend:  Down

3-day Short Term Market Trend:  Sideways

32 of 100 NDX stocks closed higher on Thursday.

32 NDX stocks are above their 30 DMA: CDW, ISRG, AEP, EXC, AMGN, AZN, VRTX, MDLZ, MNST, EA, KDP, PDD, MU, INTC, CMCSA, CSGP, FAST, INTU, ORLY, XEL, ASML, CCEP, FANG, AMD, MSTR, TTWO, WBD, ZS, BIIB, BKR, CHTR, HON,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 4

BIIB, BKR, CHTR, HON,

Moving Below 30 DMA = 1

ROP,

Add Comments here: