A Busy Day and Week Ends Lower...SPX, NDX Close Lower after AAPL, AMZN EPS...Breadth Weakens...Communication Services, Utilities and Industrials Led Sectors...

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SPX -101.38, 6,238, gapped lower after futures fell Thursday following earnings reactions from AMZN and AAPL, and more tariff comments from the President.  The Jobs report 73K vs 106K consensus produced a 31-point trading range in the first 15 minutes, but only a 6-point change during the first one hour.  After the open SPX fell on above average selling volume  and another 72 points in the first 45 minutes and bounced into a trading range until the close.

ISM was 48.0 vs. 49.5 consensus and the Commissioner of BLS was fired.  Later Adrianna Kugler resigned as Fed Governor effective August 8.  Friday was a busy news day during a busy news week including FOMC, four mega-cap earnings: MSFT, META, AMZN, AAPL, IPOs AMBQ and FIG, and above consensus GDP along with other regularly scheduled economic announcements.

Based on the initial price reaction, institutions liked the results from MSFT, META and AAPL but not AMZN.  All four stocks attracted more sellers than buyers and faded from their initial open.

NDX -1.96%, opened lower and closed lower. 

DJI, 43,588 -1.23%, closed lower led by weakness in AMZN, GS, UNH, MSFT, CAT.   

Breadth weakened further on Friday.

TSLA -5.64, -1.83%, fell lower in its channel.

AVGO -5.06, -1.72%, formed a potential 2-day bull flag pattern.

META -23.43, -3.03%, gave back 30% of Thursday’s positive EPS reaction.

MSFT -9.39, -1.76%, gave back half of Thursday’s positive EPS reaction.

AAPL -5.19, -2.50%, reversed an initial move up on a EPS and sales beat, iPhone sales exceed estimates, active installed base hits new high.

AMZN -19.36, -8.27%, beat EPS, sales, expects Q3 operating income of $18B less than $19.5B estimates, a negative EPS reaction

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EPS Saturday:  1 SPX company reports BRK/B Saturday.

Q2 First day reaction:

Positive: FSLR, KMB, PARA, D, CBOE, RMD, REGN, TROW, EBAY, CHRW, META, XYL, WDC, RBLX, NCLH, HII, RDDT, PTC, ALL, TYL, FFIV, WTW, AME, SPGI, MSFT, MAS, APTV, HOLX, CMS, CMCSA, FE, F, PRU EXC, XEL, MA, DINO, BIIB, VTR, GNRC, TER, HUM, EA, BG, EXE, AEP, MO, HSY, ETR, GLW, INCY, CDNS, CBRE, UHS, WELL, CINF, WM, HIG, VLTO, DECK, NEM, VRSN, CNC, EW, AON, MHK, WY, WST, FTI, URI, LH, ALLE, NDAQ, TMUS, GL, ROL, LVS, NOW, CCI, RJF, AOS, BX, POOL, ORLY, CNP, LHX, GOOGL, LW, GEV, TEL, BKR, TMO, CSGP, LII, GD, BSX, MCO, T, IQV, DHI, PHM, NOC, GPC DGX, IPG, PCAR, IVZ, ARE, KEY, SYF, AVY, WRB, VZ, ROP, RF, SCHW, SNA, PEP, TRV, TSM, CTAS, CFG, JNJ, OMC, PGR, JBHT, PLD, C, FAST, = 126+3

Neutral: AEE, KLAC, AES, CHD, CVX, LIN, BEN, CL, ES, EG, BLDR, VMC, AWK, VICI, K, PCG, ABBV, CVS, SO, ICE, APD, PPL, REG, ADP, BKNG, HES, V, SBUX, KHC, WEC, ACGL, PGF, DTE, PG, PSX, CSX, KDP, PKG, TSCO, COF, CME, NVR, HAS, HAL, DHR, PNR, NXPI, SHW, KO, DPZ, MMC, PNC, GS, BAC, BK, JPM = 56

Negative: EMN, COIN, IR, GWW, AMZN, LYB, MRNA, SYK, MTD, AAPL, CPT, CLX XOM AJG, ALGN, BAX, IP, CI, EXR, DXCM, QCOM, HWM, FICO, BMY, PSA, AVB, LRCX, MAA, MGM, KIM, KKR, HST, CTSH, INVH, ALB, EQIX, UDR, PWR, IEX, ODFL, TT, GEHC, ESS, GRMN, MDLZ, VRSK, RSG, BXP, PPG, STX, FTV, ITW, CZR, SW, CARR, UPS, BRO, PYPL, UNH, JCI, SWK, RCL, BA, AMT, ECL, NSC, NUE, HUBB, SYY, MRK, RVTY, CHTR, INTC, DOC, HCA, DLR, LKQ, DOW, MOH, CMG, TSLA, IBM, TXT, WAB, HON, VLO, UNP, AMP, DOV, ENPH, FI, TXN, OTIS, NEE, EQT, CB, HLT, FCX, NTRS, ISRG, TDY, APH, LMT, MSCI, PM, EFX, GM, STLD, RTX, NFLX, SLB, MMM, AXP, TFC, HBAN, ELV, ABT, GE, USB, FITB, MTB, MS, WFC, BLK, STT = 125

Bold is > +5% or -5%

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Mega caps BRK/B rose and GOOGL, AVGO, MSFT, TSLA, NVDA, AAPL, TSM, META, AMZN fell on Friday. 

SPY down 10.36 at 621.72, gap down falls to July 16 support, 139.9 million shares, above average volume, highest since April 9

VIX up 3.66 at 20.38

QQQ down 11.13 at 553.88

SHW, HD, JNJ, MRK led DJIA, 11 advancers, -0

ALGN, FSLR, DHI, KMB led SPX, 144 advancers, decreased

BIIB, EA, REGN, KDP, LRCX led NDX, 25 advancers,

Up:

Down: DIA, SPY, QQQ, IWM,

The SPY MFC green line is pointed down at 85.4 and is counter-trend defensive (day 2). -7.4

Three of eleven sectors were higher on Friday led by XLC, XLU and XLI.

Uptrend sectors: XLK, XLC, XLI, XLY, XLU, XLF, XLB, XLRE,

Neutral sectors: XLP, XLE, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

25 of 100 NDX stocks closed higher on Friday.

38 NDX stocks are above their 30 DMA: AVGO, MSFT, NVDA, AMD, CSX, WBD, DASH, CSGP, GOOGL, AEP, SNPS, CDNS, FAST, PEP, CCEP, AMGN, TTD, REGN, ORLY, PLTR, KHC, XEL, MDB, PDD, BKR, CEG, ROST, TMUS, GILD, INTU, ADSK, APP, AZN, CTAS, FANG, META,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 3

BIIB, EA, VRTX,

Moving Below 30 DMA = 5

ADP, PCAR, AMZN, MRVL, PCAR,

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