SPX, NDX Opens Lower after AI Chip news and Retail Sales Report Stronger than Expected...Energy, Basic Materials, Fiancial Lead Sectors...

© 2023

The SPX -0.43 opened lower after U.S. tightens curbs on AI chips to China, Retail Sales report 0.7% vs. 0.3%, stronger than expected and six SPX companies reported EPS BMO.  The SPX closed flat after a reversal 30 minutes after the open led to a rebound rally.

NVDA -4.68% closes lower after U.S. tightens curbs on AI chips to China

Fed speak from Williams, Bowman and Barkin contributed to Tuesday’s intraday volatility.

Breadth was mixed and weaker but remained positive on Tuesday.  JBHT, OMC and UAL reported EPS after the close.

Wednesday day 5 of Q3 earnings season continues with 11 SPX companies reporting BMO and 11 AMC.  55 SPX companies report this week.

First day reaction: Q2 …

Positive:  BK, BAC, SCHW, PGR, WFC, UNH, JPM, FAST, WBA, = 9

Neutral: LMT, JNJ, C, DPZ = 4

Negative:  GS, PLD, BLK, PNC, DAL = 5

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

SPY down .02 at 436.02 on 75.2 million shares, below average volume, closed flat on similar volume. 

VIX up .67 at 17.88

QQQ down 1.21 at 368.20

CVX, KO, DOW, AXP led the DJIA, 20 advancers, -6

VFC, USB, ETSY, FMC, FSLR led the SPX, 335 advancers

DLTR, MNST, AZN, DXCM led the NDX, 52 advancers.

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

Up:  IWM, DIA,

Down:  SPY, QQQ,

Seven of eleven sectors were higher on Tuesday, led by XLE, XLB and XLF.

The SPY MFC green line is pointed up at 44.1 and is short-term bullish.  SPY opened lower and closed flat.

Uptrend sectors:   XLE, XLC, XLK,

Neutral sectors:  XLF, XLY, XLI, XLB, XLV,

Down trend sectors:  XLU, XLRE, XLP,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Sideways

52 of 100 NDX stocks closed higher on Tuesday.

54 NDX stocks are above their 30 DMA:  SGEN, PDD, CRWD, COST, META, SIRI, AMGN, EA, GOOGL, SNPS, VRTX, BIIB, REGN, ADP, AMD, CDNS, CEG, CPRT, CSGP, CSX, FAST, INTU, MSFT, PANW, TMUS, XEL, ZS, AAPL, AVGO, CHTR, CTAS, FANG, PAYX, ENPH, GILD, KLAC, WBA, ADBE, EXC, LRCX, GEHC, ORLY, ADSK, ASML, AZN, DLTR, LULU, MCHP, ODFL, ROST, SBUX, AMAT, BKR, QCOM,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 3

AMAT, BKR, QCOM,

Moving Below 30 DMA = 5

INTC, NVDA, NXPI, PCAR, TTD,

Add Comments here: