SPX, NDX Opened and Closed Lower after EU Tariff Comment...Utilities, Consumer Staples, Energy Lead Sectors...Have a Wonderful Memorial Day 3-day Weekend...

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Markets are closed Monday for Memorial Day!  Reopen on Tuesday.

SPX -39.19, 5,802, opened 59 points lower after the President indicated, about two hours before the open, that a 50% tariff should be a charged to the EU beginning June 1.  Later he indicated that the EU, 27 countries, has been very difficult to negotiate with and that talks were not making progress.  The SPX rallied most of the selloff from Thursday’s close to Friday’s low but rolled over the last two hours of trading to close below its intraday high. 

The DJI, 41,603 -0.61%, was lower.  The NDX -0.93% weakest of the four major indexes on Friday. 

Breadth weakened as decliners led on the exchanges in the DJI, NDX and SPX indexes.  Net change declininging capital increased significantly.

Friday Session Insight: Technology glitches help to remind you of how good it feels when everything works glitch free.  We covered the process for evaluating a LCV and determining whether to adjust, close, scale out or roll the position.  

TSLA -1.70, -0.50%, formed a spinning top in a bull flag setup.

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

SPY down 3.98 at 579.11, 76.0 million shares, above average volume

VIX up 2.01 at 22.29,

QQQ down 4.76 at 509.24

CVX, KO, PG, VZ led the DJIA, 10 advancers, -5

INTU, ENPH, AES, STX led the SPX, 171 advancers,

INTU, DASH, CRWD, CEG led the NDX, 26 advancers,

Up:  

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line is pointed down at 90.8 and is counter-trend defensive. -3.7

Four of eleven sectors were higher on Friday, led by XLU, XLP and XLE. 

Uptrend sectors: XLI, XLU,

Neutral sectors: XLK, XLP, XLRE, XLF, XLC, XLY, XLE, XLB,

Down trend sectors: XLV,

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

3-month Intermediate Term Market Trend:  Sideways

3-day Short Term Market Trend:  Down

26 of 100 NDX stocks closed higher on Friday.

78 NDX stocks are above their 30 DMA: COST, CRWD, CTAS, MNST, PLTR, MELI, NFLX, ADSK, AXON, BKNG, CDNS, IDXX, TTWO, CEG, INTU, ZS, ABNB, ADI, AMAT, ANSS, ARM, AVGO, DDOG, DXCM, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, SNPS, TSLA, TTD, CHTR, PYPL, CDW, ADBE, HON, NVDA, PAYX, VRSK, ADP, AMD, CTSH, GFS, AMZN, APP, ASML, CSCO, META, MU, NXPI, PDD, ROP, ON, CSX, GEHC, LULU, QCOM, TXN, MRVL, ODFL, WBD, DASH, BIIB, CMCSA, FAST, FTNT, GOOGL, PCAR, LIN, REGN, AZN, GILD, PANW, SBUX, CCEP,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 1

CCEP,

Moving Below 30 DMA = 5

FANG, INTC, MSTR, ROST, WDAY,

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