Friday, March 15, 2024

SPX Closes Lower Day 3...Energy, Utilities, Materials Lead Sectors...JBL, ADBE, ULTA Close Lower on Negative Earnings Reactions...


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The SPX -33.39 opened lower, traded in a 32-point range, formed a spinning top and closed lower forming a bull flag price pattern on above average volume.  The FOMC will meet starting Tuesday and will announce on Wednesday at 2 pm ET, its interest rate decision.  Expectation is the Fed will hold rates at its current 5 ¼ - 5 ½% range.

NVDA -1.07, -0.12%, 878.36, pulled back modestly in a bull flag setup.  AMD and MU closed slightly higher while most semi’s closed lower.  MU reports earnings on Wednesday, March 20 AMC.

JBL -24.31, -16.49%, ADBE -77.99, -13.67%, ULTA -29.46, -5.21%, closed lower on negative earnings reactions.


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


SPY down 3.52 at 509.83, ex-div 1.595 today, on 107.6 million shares, above average volume, closed lower on similar volume 
VIX up .01 at 14.41
QQQ down 5.22 at 433.92

MMM, CAT, JPM, MRK led the DJIA, 7 advancers, -0
CSGP, STLD, CMI, NUE led the SPX, 229 advancers 
CSGP, ISRG, PCAR, AMD, MU led the NDX, 29 advancers

Up: IWM,
DownDIA, SPY, QQQ,

Four of eleven sectors were up on Friday, led by XLE, XLU and XLB

The SPY MFC green line is pointed down at 87.2 and is counter-trend defensive.


Uptrend sectors:  XLF, XLI, XLE, XLB, XLP, XLC, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU,
Down trend sectors: 


The 6-month intermediate trend is up.  The ten-day trend is Down a little.

3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown


29 of 100 NDX stocks closed higher on Friday.

44 NDX stocks are above their 30 DMA:  CTAS, META, SPLK, NVDA, AMZN, DASH, NFLX, ORLY, AMAT, CDW, FAST, KLAC, PCAR, ABNB, CEG, GEHC, QCOM, FANG, AEP, CCEP, EXC, AMD, CPRT, MU, CSGP, MNST, BKR, TXN, AZN, DXCM, MCHP, MRNA, ADI, GILD, CMCSA, PYPL, ROP, LULU, MSFT, GOOGL, HON, ISRG, REGN,

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 3
HON, ISRG, REGN,


Moving Below 30 DMA = 11  
ADSK, ASML, CDNS, CHTR, CRWD, CSCO, LRCX, MAR, NXPI, ROST, TMUS,



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Thursday, March 14, 2024

SPX Closes Lower after PPI was Higher Than Expected...Energy and Technology Lead Sectors...ADBE -10% in After-hours...


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The SPX -14.83 opened slightly lower and traded inside of Tuesday’s range on heavy volume, closed near Tuesday’s S-1 level and above its 10 DMA.

The PPI Report was above expectations: 
PPI M/M 0.6% vs 0.3% est., Y/Y 1.6% vs 1.2%
Core PPI M/M 0.6% vs 0.2% est., Y/Y 2.0% vs 2.0% prior 

NVDA -29.44, -3.24%, 879.44, pulled back and closed below Tuesday’s high and is again a bull flag setup.

LEN -12.64, -7.64%, DG -8.11, -5.13%, closed lower on negative earnings reactions.

After-hoursADBE -62.46, -10.95%, gaps lower on a negative earnings reaction. 


Mega caps MSFT, GOOGL, AMZN, AAPL rose and META, NVDA, TSLA fell on Thursday.


SPY down 1.02 at 514.95 on 110.1 million shares, above average volume, closed lower on higher volume 
VIX up .65 at 14.40
QQQ down 1.11 at 439.14

MSFT, AMZN, CVX, AAPL led the DJIA, 7 advancers, -11
WST, FTI, HAL, WRK led the SPX, 111 advancers 
MSFT, GOOGL, ORLY, FANG led the NDX, 30 advancers

Up:  
DownSPY, QQQ, DIA, IWM,

Two of eleven sectors were up on Thursday, led by XLE, XLK and XLC

The SPY MFC green line is turned down at 88.4 and is counter-trend defensive.

Uptrend sectors:  XLF, XLI, XLE, XLB, XLP, XLC, XLK, XLY, XLV,
Neutral sectors:  XLRE, XLU,
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 TrendUp a little


30 of 100 NDX stocks closed higher on Thursday.

52 NDX stocks are above their 30 DMA:  CTAS, ROST, META, SPLK, NVDA, AMZN, DASH, LRCX, NFLX, CDNS, ORLY, AMAT, ASML, CDW, FAST, KLAC, PCAR, ABNB, CEG, NXPI, GEHC, QCOM, FANG, AEP, MAR, CCEP, EXC, TMUS, AMD, CPRT, MU, CSGP, MNST, BKR, TXN, AZN, DXCM, MCHP, MRNA, ADI, CRWD, GILD, ADSK, CMCSA, CSCO, PYPL, ROP, LULU, MSFT, CHTR, GOOGL,

NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 1
GOOGL,


Moving Below 30 DMA = 10  
COST, CSX, FTNT, HON, INTU, ODFL, ON, PAYX, REGN, TTD,



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Wednesday, March 13, 2024

SPX Pauses in Narrow Range on Wednesday...Energy, Materials, Financial Lead Sectors...PPI Report Thursday BMO...


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The SPX -9.96 opened flat and traded in a narrow 27-point range on light volume, remained above Tuesday’s S-1 level.   

NVDA -10.25, -1.12%, 908.88, paused on Wednesday and formed a dragonfly doji after a $61 bull flag bounce on Tuesday.


The PPI Report will be released Thursday at 8:30 am ET.


Mega caps GOOGL, AMZN rose and MSFT, META, NVDA, AAPL, TSLA fell on Wednesday.


SPY down .81 at 515.97 on 55.1 million shares, below average volume, closed lower on lower volume 
VIX down .09 at 13.75
QQQ down 3.41 at 440.25

MMM, TRV, CVX, CAT led the DJIA, 18 advancers, -4
FCX, VLO, DINO, MPC led the SPX, 265 advancers 
PYPL, PDD, CPRT, PANW led the NDX, 37 advancers

The two-year trend term is up.  The one-year trend is up.

Up:  IWM, DIA,
DownSPY, QQQ, 

Seven of eleven sectors were up on Wednesday, led by XLE, XLB and XLF

The SPY MFC green line is pointed up at 89.6 and is short-term bullish.

Uptrend sectors:  XLI, XLF, XLY, XLB, XLV, XLP, XLK, XLC, XLRE,
Neutral sectors:  XLE, XLU,
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 TrendUp a little


37 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA:  CTAS, ROST, REGN, META, SPLK, NVDA, AMZN, DASH, LRCX, NFLX, CDNS, ORLY, AMAT, ASML, CDW, FAST, KLAC, PCAR, ABNB, CEG, CSX, ODFL, NXPI, GEHC, ON, QCOM, TTD, FANG, AEP, MAR, CCEP, EXC, TMUS, AMD, CPRT, FTNT, MU, CSGP, MNST, BKR, TXN, AZN, DXCM, MCHP, MRNA, ADI, CRWD, HON, GILD, ADSK, CMCSA, CSCO, PYPL, ROP, COST, INTU, LULU, MSFT, PAYX, CHTR,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 1
CHTR,


Moving Below 30 DMA = 8  
ANSS, AVGO, DLTR, INTC, ISRG, MRVL, SNPS, TEAM,



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