Countertrend Rally in QQQ, SPY, DIA, IWM Above the HOLD...Consumer Discretionary, Energy, Technology Lead all Sectors Higher...

 

© 2022

QQQ, SPY, DIA and IWM made a countertrend bounce above the HOLD on Friday after making a a new 52-week low on Thursday.  This bounce in the broad market was accompanied with the strongest breadth of the week and the lightest SPY volume of the week. 

The big question: Is this a one-day bounce that will be followed by more selling next week or is this the beginning of a shift from a persistent downtrend to a sideways trading range?  If you are a mere mortal that can't see the future, you would be wise to be prepared for both outcomes and then go with the one that occurs.

 

SPY up 9.38 at 401.72, on 104.1 million shares, average volume, up on lower volume.

VIX down 2.90 at 28.87
QQQ up 10.79 at 301.94

 

NKE, CRM, AXP, BA led the DJIA, 25 advancers, +12

LVS, WYNN, ENPH, CZR led the SPX, 461 advancers
LCID, DOCU, TEAM, CRWD led the NDX, 97 advancers

The two-year trend term is up.  The one-year trend down a little.

Up:  QQQ, IWM, SPY, DIA,
Down:  

All eleven sectors were higher on Friday, led by XLY, XLE and XLK.

Consumer Discretionary leaders:  LVS, WYNN, CZR, NCLH

Energy leaders:  OXY, APA, MRO, BKR

Technology leaders: ENPH, SEDG, NVDA, AMD

Advancers strengthened on Friday as advancers led 2,667 to 694 on the NYSE and led 3,618 to 1,219 on the NASDAQ.

The SPY MFC green line turned up today at 8.3 and is short-term bullish.  SPY bounced above the HOLD in a countertrend bounce as did mega-cap stocks AAPL, MSFT, GOOGL, AMZN and TSLA.

Uptrend sectors:  XLE, XLU, XLP,

Neutral sectors:  XLV, XLB,
Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Sideways

97 of 100 NDX stocks closed higher on Friday.

18 NDX stocks are above their 30 DMA:  KHC, MDLZ, MNST, GILD, HON, ADI, ADSK, AMD, AVGO, EA, KLAC, LRCX, MU, NTES, NXPI, ODFL, PEP, XEL,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 13

ADI, ADSK, AMD, AVGO, EA, KLAC, LRCX, MU, NTES, NXPI, ODFL, PEP, XEL,

Moving Below 30 DMA = 0

 

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SPY, QQQ, DIA Close Above its Lower Open after PPI Report...IWM Gains on Thursday...Communication Services, Health Care, Real Estate Lead Sectors...

 
© 2022
 

QQQ, SPY and DIA opened lower and closed higher than its open, but down for the day.  Each made a new 52-week low on Thursday.  IWM opened lower and closed up for the day.   
 

PPI report was 11.0% YoY above expectations of 10.7% YoY. Last month was 11.2% YoY.

SPY down .41 at 392.34, on 125.0 million shares, above average volume, down on lower volume.
VIX down .79 at 32.56
QQQ down .69 at 291.15
 

HD, MMM, MRK, AMGN led the DJIA, 13 advancers, +5

TPR, DISH, ETSY, LUMN led the SPX, 295 advancers

LCID, SPLK, SGEN, MELI led the NDX, 63 advancers

The two-year trend term is up.  The one-year trend down a little.

 
Up:  IWM,
Down:   SPY, QQQ, DIA,

Six of eleven sectors were higher on Thursday, led by XLC, XLV and XLRE. 

Communication Services leaders:  DISH, LUMN, MTCH, NFLX

Health Care leaders:  MRNA, VTRS, IDXX, REGN

Real Estate leaders:  FRT, IRM, SBAC, O

Advancers strengthened on Thursday as advancers led 1,714 to 1,684 on the NYSE and led 2,654 to 2,214 on the NASDAQ.

The SPY MFC green line is pointed down at 6.1 and is short-term bearish.  SPY made a new 52-week low on Thursday, stayed below one-week and one-year support and formed a white body candle.    

Uptrend sectors:  XLE, XLU, XLP,
Neutral sectors:  XLV, XLB,
Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,
 
The 6-month intermediate trend is down.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Down
 
63 of 100 NDX stocks closed higher on Thursday.
 
5 NDX stocks are above their 30 DMA:  KHC, MDLZ, MNST, GILD, HON,
 
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 2

GILD, HON,

Moving Below 30 DMA = 1

XEL,

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QQQ, SPY, DIA 52-week Low after CPI Report Higher than Expected...Energy, Utilities, Materials Lead Sectors...

© 2022

 

QQQ, SPY and DIA opened lower, traded in a volatile range during the morning before breaking support and closing at a new 52-week on Wednesday.

CPI report was 8.3% YoY above expectations of 8.1% YoY. Last month was 8.5% YoY.

SPY down 6.34 at 392.75, on 142.3 million shares, above average volume, down on higher volume.
VIX down .43 at 32.56
QQQ down 8.92 at 291.84
 

V, MRK, DOW, CVX led the DJIA, 8 advancers, -6

DRE, BKR, PM, HES led the SPX, 126 advancers

EA, EXC, BKNG, CSX led the NDX, 13 advancers

 
The two-year trend term is up.  The one-year trend broke support today.
 
Up: 
Down:   DIA, SPY, IWM, QQQ,

Three of eleven sectors were higher on Wednesday, led by XLE, XLU and XLB. 

Energy leaders:  BKR, HES, MRO, DINO

Utilities leaders:  EXC, ED, PNW, EIX

Basic Materials leaders:  MOS, FMC, IFF, LYB

Advancers weakened on Wednesday as decliners led 2,277 to 1,031 on the NYSE and led 3,917 to 1,005 on the NASDAQ.

The SPY MFC green line is pointed down at 7.3 and is short-term bearish.  SPY made a new 52-week low on Wednesday and stayed below one-week and one-year support.    

Uptrend sectors:  XLE, XLU, XLP,
Neutral sectors:  XLV, XLB,
Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,
 
The 6-month intermediate trend is down.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Down
 
13 of 100 NDX stocks closed higher on Wednesday.
 
4 NDX stocks are above their 30 DMA:  KHC, MDLZ, MNST, XEL,
 
NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

XEL,

Moving Below 30 DMA = 3

GILD, HON, NXPI,

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QQQ, SPY Closes Higher...FTNT Leads SPX...Technology, Energy, Communication Services Lead Sectors...CPI Wednesday BMO...

© 2022

QQQ and SPY opened higher, traded in a volatile range, closed up for the day, but still closed below short-term and one-year support near Monday’s low.    

CPI report Wednesday BMO.

SPY up .92 at 399.09, on 132.4 million shares, above average volume, up on lower volume.
VIX down 1.76 at 32.99
QQQ up 3.61 at 300.76
 

INTC, CRM, MSFT, AAPL led the DJIA, 14 advancers, +7

FTNT, SYY, IFF, INCY, ADBE led the SPX, 210 advancers

SGEN, FTNT, MCHP, CRWD led the NDX, 69 advancers

The two-year trend term is up.  The one-year trend broke support today.
 
Up:  QQQ, SPY, IWM,
Down:   DIA,

Four of eleven sectors were higher on Tuesday, led by XLK, XLE and XLC. 

Technology leaders:  FTNT, MCHP, ADBE, NVDA

Energy leaders:  DINO, HAL, DVN, OXY

Communication Services leaders:  LYV, NFLX, DISH, GOOGL

Advancers strengthened on Tuesday as decliners led 1,958 to 1,417 on the NYSE and led 2,787 to 2,092 on the NASDAQ.

The SPY MFC green line is pointed down at 15.5 and is short-term bearish.  SPY did a breakout test on Tuesday and stayed below one-week and one-year support.    

Uptrend sectors:  XLE, XLU, XLP,
Neutral sectors:  XLV, XLB,
Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,
 
The 6-month intermediate trend is down.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Down
 
69 of 100 NDX stocks closed higher on Tuesday.
 
6 NDX stocks are above their 30 DMA:  KHC, MDLZ, GILD, HON, MNST, NXPI,
 
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 3

HON, MNST, NXPI,

Moving Below 30 DMA = 3

PCAR, PEP, XEL,

  

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SPY Breaks Support...SPY, QQQ, IWM New 52-week Lows...All Sectors Move Lower...

© 2022

/ES opened -55 points lower this morning and continued lower until it broke one-year support.  SPY also broke one-year support at 404.  SPY, QQQ and IWM, each made a 52-week low today.  All four index ETFs and all 11 sectors closed lower. 

CPI report Wednesday BMO.

SPY down 13.17 at 398.17, on 155.5 million shares, above average volume, down on higher volume.
VIX up 4.56 at 34.75
QQQ down 12.10 at 297.15

MMM, WMT, AMGN, HD led the DJIA, 7 advancers, -5

NWL, VTRS, SWK, CPB led the SPX, 72 advancers

KHC, MRNA, PCAR, CTSH led the NDX, 14 advancers

 
The two-year trend term is up.  The one-year trend broke support today.
 

KHC, MRNA, PCAR, CTSH led the NDX, 14 advancers
 
The two-year trend term is up.  The one-year trend broke support today.
 
Up: 
Down:   DIA, SPY, QQQ, IWM,
 
All eleven sectors were lower on Monday.  Weakest sectors were XLE, XLRE, XLY and XLK.

Advancers weakened on Monday as decliners led 3,039 to 407 on the NYSE and led 4,156 to 784 on the NASDAQ.

The SPY MFC green line is turned down at 18.2 and is short-term bearish.  SPY broke one-week and one-year support and formed a red candle.  Be prepared for a breakout test.    

 
Uptrend sectors:  XLE, XLU, XLP,
Neutral sectors:  XLV, XLB,
Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,
 
The 6-month intermediate trend is down.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Down
 
14 of 100 NDX stocks closed higher on Monday.
 
6 NDX stocks are above their 30 DMA:  KHC, MDLZ, GILD, PCAR, PEP, XEL,
 
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 4

GILD, PCAR, PEP, XEL,

Moving Below 30 DMA = 4

HON, MNST, NXPI, ODFL,

 

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SPX Holds One-Year Support as Buyers, Sellers Form Doji...Breadth Improves, Remains Negative...Energy, Utilities, Staples Lead Sectors...

 

© 2022

SPX -23.53 opened lower, traded in a range an closed lower above support while volatility dropped.  All four index ETFs and all 8 sectors closed lower. 

SPY down 2.47 at 411.34, on 151.7 million shares, above average volume, down on lower volume.
VIX down 1.01 at 30.19
QQQ down 3.75 at 309.25
 

CVX, IBM, PG, UNH led the DJIA, 12 advancers, +12
NRG, EOG, HES, APA, MCK led the SPX, 153 advancers
MNST, CTSH, DLTR, EBAY led the NDX, 19 advancers
 
The two-year trend term is up.  The one-year trend is sideways. 

Up: 
Down:   DIA, SPY, QQQ, IWM,
 
Three of eleven sectors were higher on Friday, led by XLE, XLU and XLP.

 

Energy leaders:  EOG, HES, APA, PXD

Utilities leaders:  NRG, SRE, EIX, PNW

Consumer Staples leaders:  MNST, CLX, K, SJM

Advancers strengthened on Friday as decliners led 2,301 to 1,005 on the NYSE and led 3,572 to 1,140 on the NASDAQ.

The SPY MFC green line is turned up at 21 and is short-term bullish.  SPY traded in a range at support and formed a doji.    

 
Uptrend sectors:  XLE, XLU, XLP, XLV, XLB, XLRE,
Neutral sectors:  XLY, XLI,
Down trend sectors: XLK, XLF, XLC,
 
The 6-month intermediate trend is sideways.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Down
 
19 of 100 NDX stocks closed higher on Friday.
 
6 NDX stocks are above their 30 DMA:  KHC, MDLZ, HON, NXPI, ODFL, MNST,
 
NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

MNST,  

Moving Below 30 DMA = 4

GILD, JD, MAR, ROST,

Earnings season: 

Q1 Earnings Reports since April 13:

Positive reactions: NRG, EOG, MCK CI, MNST, RSK, NLOK, EPAM, ALB, K, BKNG, WRK, PAYC, GNRC, SBUX, XYL, AMCR, AMD AIG EXR, REG, MTCH, MRNA, CDW, VMC, CVS, MAR, ABC, OKE TECH, CTLT, DVN, CTRA, MOS, WAT, IPGP, MPC, CMI, BXP, HWM, MLM, SEDG, MHK,CE, HON, FB, PTC, PYPL, QCOM, TYL, NOW, CHRW, DFS, TMO, EQIX, TXT,  LLY, MA, MRK, LKQ, MCD, ABMD, AEP, AWK, GWW, HSY, KIM, LVS, PHM, RJF, URI, ENPH, V, CME, FISV, MSFT, MAS, TL, WAB, TMUS, CB, NSC, STX, HUM IEX, CMG, ADP, ROL, APH, IQV, GM, HKC, GD, HES, BSX, SIVB, KMB, SLB, UAL, T, AAL, NUE, TSLA, DOW, CSX MMC, DGX, PM, MTB, IBM, OMC, MKTX, ASML, PG, ANTM, ABT, SBNY, CFG, HAS, FITB, PLD, JNJ, JBHT, SYF, BAC, C, USB, FRC, DAL, FAST,

Neutral reactions: TWTR, HOLX, TXN, ETR, MDLZ, ESS, AMT, GRMN, ODFL, PPG, RF, GL, GPC, ALK, KMI, SNA, DHR, CCI, TSCO, HBAN, HAL, GS, MS, UNH, BLK,

Negative reactions: UAA, DISH, ILMN, NWSA, FLT, VRTX, DVA, ETSY, CTSH, EBAY, QRVO, APA, CDAY, BLL, ICE, PENN, ANSS, RCL, APTV, AKAM, JCI, IDXX, SWKS, VRSK, PEAK, ROK, EXPE, FMC, EL, HLT ANET IT ABRA, MGM, GPN, MCO, VRSN, AMZN, CINF, AON, CHTR, INTC, RMD, FBHS AJS ABBV, CL KLAC AAPL CVX, LHX, BMY, XOM, CBOE, DXCM, ALGN, ORLY, SWK, TFX, CMCSA, DPZ, AMGN, AFL, AOS, CHD, LH, F, FFIV, RHI, BA, COF, EW, JNPR, GOOGL, EQR, TDY, UDR, CNC, TER, FE, ISRG, HCA, VZ, NEM, AXP, FCX, EFX, DOV, NEE, KEY, LRCX, PNR, UNP, POOL, NFLX, NDAQ, BKR, CMA, TRV, LMT, TFC, SCHW, BK, STT, WFC, PNC, JPM

  

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