Friday, May 26, 2023

Strong move in QQQ. Uo 2.56%. SPY Market Forecast is bullish. Technology (XLK) and Consumer Discretionary (XLY) led the up move. Breath strengthened.

 SPY Market Forecast   70.54 Bullish pointing up in the middle zone                 
   0.86   PCALL - 10 day SMA (0.75 - 1.00)               
                      
SPY INTERMEDIATE TERM:  Uptrend- Price above 30 &10 Wk SMA                 
  6-months UP                   
  10-days UP                   
  3-days UP                   
                      
Indices                      
UP:     QQQ +2.56% ; SPY +1.30% ; IWM +1.14% ; DIA +0.94%          
Down:                         
                      
  TLT +0.81% at 101.09                 
  VIX -6.22% at 17.95                 
                      
                      
Sectors                      
  8 sectors closed higher led by  XLK +2.84%  and  XLY +2.35%    Lower =  2         
  3           sectors closing above 30d. SMA  and 8   closing below.   
                      
XLK leaders     :    AVGO, ANET, MPWR                 
XLY leaders     :    F, TSLA, AMZN, BBY                 
XLC leaders     :    PARA, NFLX, LUMN, META                
                      
Uptrend  XLK, XLY, XLC, XLP, XLV                   
Sideways  XLRE, XLI, XLB, XLU                   
Downtrend  XLF, XLE                   
                      
                      
Breath:                      
NYSE Strengthened  as  Advancers led           2,049    to                   918  and  Nasdaq   Strengthened  as  Advancers led            2,885    to            1,560       
                      
                      
NDX Leaders:                        
86 closing higher  and  16 closing Lower                
MRVL : +32.42% ;  PDD : +18.99% ;  AVGO : +11.52%            
                      
DJIA Leaders:                        
22 closing higher  and  8 closing Lower                
INTC : +5.84% ;  AXP : +4.08% ;  CRM : +2.63%            
                      
SP500 Leaders:                        
341 closing higher  and  157 closing Lower                
AVGO : +11.52% ;  ANET : +9.06% ;  DLR : +7.23%            
                      
NASDAQ 100                      
                      
Nasdaq Above 30MA    =   55                   
MRVL, PDD, AVGO, WDAY, BIDU, MU, KLAC, ADBE, NXPI, MCHP, AMD, NFLX, SWKS, TSLA, TEAM, AMZN, NTES, LRCX, AMAT, ANSS, COST, OKTA, SPLK, TXN, ASML, META, LCID, DOCU, ZS, CRWD, MELI, NVDA, SNPS, MSFT, PANW, ZM, CDNS, CSCO, FAST, AAPL, MTCH, CEG, CTSH, EA, ISRG, CTAS, VRSN, GOOGL, FTNT, GOOG, DDOG, ADSK, MNST, CPRT, VRSK
                      
Stocks to watch on    Monday                   
                      
 Nasdaq100  xsing above30   = 10                  
  PDD, BIDU, MCHP, SWKS, NTES, ANSS, COST, MELI, MTCH, EA                
                      
 Nasdaq100  xsing below30  = 1                  
  ORLY                    
                      
                      
MACD Crossover:                      
Up   8                   
PDD, BIDU, MCHP, AMZN, NTES, COST, ALGN, EA                   
                      
Down   2                   
ILMN, WBA                      
                      

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SPY touched all times high once again and reversed at close

SPY Market Forecast     94.34 Defensive pointing down in the upper zone                        0.6   PCALL - 10 day SMA (0.75 - 1.00)       ...