DJI Broke Out to All-time Closing High...SPX, NDX Resume Uptrend as Breadth Strengthens...Consumer Discretionary, Energy, Basic Materials Led Sectors...Trend Resumes on Jackson Hole Speech...

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SPX +96.74, 6,466, opened higher, and moved higher before and during Jerome Powell’s twenty-minute Jackson Hole speech.  The market reaction suggests that the speech was viewed as being dovish, while I viewed it as being a positive review of current circumstances.  Technology stocks XLK rallied 1.36% in making a channel bounce close above the high of Wednesday’s low day.

Volume was higher and breadth was significantly stronger on Friday.

NDX +1.46%, closed above the HOLD in its bull flag pattern.

DJI, 45,631, +1.89%, broke out to a new all-time closing high led by GS, CAT and HD.

NVDA +3.01, +1.72%, formed bullish engulfing candle in a bull flag bounce.

AVGO +4.40, +1.52%, is a bull flag bounce, close above the HOLD.

Recent IPOs: AMBQ +3.94%, FIG +6.24%, FLY -0.35%, and BLSH +1.46%.

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

SPY up 9.76 at 645.31, 84.0 million shares, above average volume,

VIX down 2.38 at 14.22

QQQ up 8.69 at 571.97

CAT, HD, GS, AXP led DJIA, 25 advancers, +18

ENPH, BLDR, MHK, NCLH led SPX, 423 advancers,

ODFL, ON, TSLA, MSTR led NDX, 81 advancers,

Up: IWM, DIA, QQQ, SPY,

Down:

The SPY MFC green line turned up at 79.2 (below 80), short-term bullish. +1.0

Ten of eleven sectors were higher on Friday, XLP was unchanged led by XLY, XLE and XLB.  Consumer Discretionary stocks TSLA, RCL, DHI, MAR, HD and AMZN led XLY.

Uptrend sectors: XLK, XLC, XLY, XLI, XLU, XLF, XLB,

Neutral sectors: XLP, XLE, XLV, XLRE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

81 of 100 NDX stocks closed higher on Friday.

53 NDX stocks are above their 30 DMA: GOOGL, AEP, CDNS, FAST, PEP, ORLY, XEL, PDD, BKR, ROST, TMUS, APP, AZN, EA, VRTX, IDXX, LIN, AAPL, KDP, MNST, GILD, MU, CPRT, REGN, ASML, BIIB, INTC, NXPI, ADP, BKNG, EXC, ADI, TXN, CMCSA, ADBE, AMZN, AXON, CSGP, FANG, GEHC, KHC, LRCX, MAR, MCHP, MELI, META, NVDA, ODFL, PANW, PCAR, QCOM, TSLA, TTWO,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 19

ADBE, AMZN, AXON, CSGP, FANG, GEHC, KHC, LRCX, MAR, MCHP, MELI, META, NVDA, ODFL, PANW, PCAR, QCOM, TSLA, TTWO,

Moving Below 30 DMA = 2

COST, CSX,  

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