SPX Closes Lower...Utilities, Communication Services, Consumer Staples Lead Sectors...Selling Pressure and Fed Speak Continue...GPC Leads SPX on Positive EPS Reaction...After-hours: NFLX Lower after Earnings...

© 2024

The SPX -11.09, 5,011.12, opened higher, reversed, traded in a range and closed lower for a fifth day.

Fedspeak from Bowman, Williams, Bostic and Kashkari continued to guess the Fed won’t cut rates until later this year or next.  Their repeated comments correlate with selling pressure again on Thursday.

Friday Q1 day 6: BMO: AXP, FITB, HBAN, PG, RF, SLB, AMC:

First day reaction: Q1

Positive:  GPC, DFS, ELV, KMI, MMC, CMA, CCI, UAL, CFG, OMC, UNH, MS, MTB, GS, SCHW, STT, STZ = 17

Neutral:  CSX, DHI, KEY, PGR, WFC = 5

Negative:  LVS, EFX, SNA, BX, JBHT, TRV, PLD, ASML, USB, ABT, NTRS, BAC, JNJ, PNC, BK, JPM, BLK, C, KMX, FAST, DAL = 20

GPC +16.16, +11.22%, 160.23, led the SPX after a positive earnings reaction. 

NVDA +6.36, +0.76%,846.71, opened higher, traded in range and closed higher as many semiconductors (TSM, MU, AMAT, LRCX, ASML, SMH and more) moved lower on a continuation selloff after ASML earnings miss Tuesday evening.

After-hours:  NFLX -29.66, -4.85%, 581.49, after earnings and revenue beat, announces changes to reporting of quarterly membership numbers starting with Q1 2025 earnings. 

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

SPY down 1.03 at 499.52 on 74.5 million shares, average volume,

VIX down .21 at 18.00

QQQ down 2.43 at 423.41

UNH, TRV, NKE, VZ led the DJIA, 15 advancers, +4

GPC, UAL, EL, AAL led the SPX, 260 advancers 

PEP, AEP, CMCSA, META led the NDX, 35 advancers

Up:   DIA,

Down:  IWM, SPY, QQQ,

Six of eleven sectors were higher on Thursday, led by XLU, XLC and XLP

The SPY MFC green line is pointed down at 9.9 and is short-term bearish.

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

Neutral sectors:  XLV, XLRE,

Down trend sectors: 

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

35 of 100 NDX stocks closed higher on Thursday.

12 NDX stocks are above their 30 DMA:  CTAS, CEG, FANG, MU, AZN, GOOGL, KHC, KDP, XEL, PEP, DDOG, PANW,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 1

DDOG, PANW,  

Moving Below 30 DMA = 1

AMZN,

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SPX Opens Higher, Closes Lower...Utilities, Consumer Staples, Financial Lead Sectors...UAL Leads SPX on Positive EPS Reaction...

© 2024

The SPX -29.20, 5,022.21, opened higher after UAL, CFG, OMC reported EPS with positive earnings reactions and reversed down after the first seventeen minutes of trading. 

Since last Friday, Middle East concerns, Powell’s comments on Tuesday regarding inflation and interest rates and today’s weakness in semiconductor and technology stocks after ASML missed earnings expectations last night have collectively weighed on the SPX, -176 points, -3.4%, since last Thursday’s close.  The 4.4% pullback since the SPX’s closing high on March 28 is the largest pullback both in time (13 trading days) and size -4.4%, it is only a modest 21% retracement of the 1,145-point 28% rally from the Oct 27 SPX low.

Thursday Q1 day 5: BMO: BX, CMA, DHI, ELV, GPC, KEY, MMC, SNA, AMC: ISRG, NFLX, PPG

First day reaction: Q1

Positive:  UAL, CFG, OMC, UNH, MS, MTB, GS, SCHW, STT, STZ = 10

Neutral:  PGR, WFC = 2

Negative:  JBHT, TRV, PLD, ASML, USB, ABT, NTRS, BAC, JNJ, PNC, BK, JPM, BLK, C, KMX, FAST, DAL = 16

UAL +7.24, +17.45%, 48.74, led the SPX after a positive earnings reaction. 

NVDA -33.80, -3.87%, 840.35, opened higher, reversed as most semiconductors (AMD, AMAT, LRCX, KLAC, SMH and more) moved lower after ASML earnings missed on EPS and revenues.

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

SPY down 2.98 at 500.55 on 75.9 million shares, average volume,

VIX down .19 at 18.21

QQQ down 5.26 at 425.84

UNH, GS, MCD, NKE led the DJIA, 11 advancers, +0

UAL, AAL, GL, DAY led the SPX, 152 advancers 

AEP, EXC, LULU, KDP led the NDX, 26 advancers

Up:   

Down:  DIA, SPY, IWM, QQQ,

Four of eleven sectors were higher on Wednesday, led by XLU, XLP and XLF

The SPY MFC green line is pointed down at 22.4 and is short-term bearish.

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

Neutral sectors:  XLV, XLRE,

Down trend sectors: 

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

26 of 100 NDX stocks closed higher on Wednesday.

11 NDX stocks are above their 30 DMA:  CTAS, AMZN, CEG, FANG, MU, AZN, GOOGL, KHC, KDP, XEL, PEP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

PEP,

Moving Below 30 DMA = 8

AMAT, ASML, AVGO, DDOG, DXCM, LRCX, NFLX, ODFL,

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SPX Closes Slightly Lower...Technology, Consumer Staples, Health Care Lead Sectors...UNH Leads DJIA Higher...SMCI Leads SPX...

© 2024

The SPX -10.41, 5,051.41, opened higher after UNH, MS reported EPS with positive earnings reactions.  Middle East concerns cooled slightly as buying and selling pressure balances and forms a spinning top.  UNH lifts DJI to daily gain.  TNX moved higher closing at 46.59.  Powell indicates that recent data shows lack of progress on inflation.  Rate cuts are on hold.

Wednesday Q1 day 4: BMO: ABT, CFG, PLD, TRV, USB, AMC: CCI, CSX, DFS, EFX, KMI, LVS

Q1 First day reaction as of Tuesday: 

Positive:  UNH, MS, MTB, GS, SCHW, STT, STZ = 7

Neutral:  PGR, WFC = 2

Negative:  NTRS, BAC, JNJ, PNC, BK, JPM, BLK, C, KMX, FAST, DAL = 11

SMCI +93.55, +10.60%, 976.30, led the SPX after Loop Capital raised its price target from $600 to $1,500. 

NVDA +14.14, +1.64%, 874.15, opened higher and reversed as the market rolled over as Mid-East concerns increased.

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

SPY down .92 at 503.53 on 73.3 million shares, average volume,

VIX down .83 at 18.40

QQQ up .04 at 431.10

UNH, CRM, BA, IBM led the DJIA, 11 advancers, +1

SMCI, GL, LW, SCHW led the SPX, 152 advancers 

ASML, KLAC, AMD, ORLY led the NDX, 43 advancers

Up:   DIA, QQQ,

Down:  SPY, IWM,

Three of eleven sectors were higher on Tuesday, led by XLK, XLP and XLV

The SPY MFC green line is pointed down at 30.7 and is short-term bearish.

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

Neutral sectors:  XLV, XLRE,

Down trend sectors: 

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

43 of 100 NDX stocks closed higher on Tuesday.

18 NDX stocks are above their 30 DMA:  CTAS, AMZN, CEG, FANG, MU, AZN, GOOGL, KHC, KDP, XEL, DDOG, ODFL, AMAT, ASML, AVGO, DXCM, LRCX, NFLX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 6

AMAT, ASML, AVGO, DXCM, LRCX, NFLX,

Moving Below 30 DMA = 2

AAPL, PAYX,

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