RUT Closed at a new ALL-time Closing High...NDX, SPX, DJI Closed Lower...AMAT Closed Lower on a Negative EPS Reaction...

 

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Our iBullyBear Mentoring account once again hit a new all-time Net Liq high on strength in SNDK, AMUU, STX, AMD, MU and several other gainers on Friday.  If you are not employing a systematic approach to decision-making in the face of uncertainty and you want to improve your skills contact us through the iBullyBear link above.

There is no mortal human that knows the future. No one. No talking head.  No pundit. No TV personality.  No financial journalist.  No one knows the future. No one.  Trading success comes from applying correct principles consistently.  While a trader can’t know the future, a trader can know the trend, support and resistance and momentum.

You can know:

The trend in the SPX is up.

The trend in the RUT is up.

The trend in the DJI is up.  The short-term trend, 7-day is down, it is a bull flag setup.

The trend, 3-months, in the NDX is sideways and the short-term trend, 12-days, is up. 

The 9-month trend in the NDX is up.

The 5-month trend in the VIX is down and the short-term 12-day trend is down.

Starting with this actual information, a trader can make objective judgments that can work to their advantage.

SPX -13.23, 7,785.  Closed above 7,700 for a ninth day.  The SPX breakout last week joins DJI and RUT breakouts above June highs.  That is three of the four major indexes have now broken out.  Notice that the SPX was down slightly on light volume and VIX was lower, suggesting that institutions were not net adding hedges. 

RUT 3,068, a new all-time closing high.

Breadth weakened as decliners led on the NYSE and advancers led the NASDAQ exchange.

AMAT -27.36, -5.12%, EPS $3.50 beats $3.40 estimate, sales $9.115B beat $8.991B estimate, an EPS beat with a negative reaction.

SPX advancers: CPRT SNDK AMD STX FOXA NRG LITE HAL GLW WDC ALB.

SPX decliners: AVGO GDDY AMAT HOOD CRWD HPQ WDAY GEN ORCL ARES BX.

SPCX closed at 140.00, -1.29 on volume of 96.47 million shares. Our view is that SPCX, with no earnings, remains an overvalued speculation.  IPO at 135 on June 12.  Absorbing insider/private selling, since August 6, does not mean the stock is not speculative, but it does mean there are more buyers than sellers and intelligent speculative buyers are speculating to make money.

SPY -0.20%, pause day, below average volume of 31.3 million shares.

VIX -0.35, 14.25 its lowest close in three months and its seventh lowest close in 12 months. 

NDX -0.13% a pause day in a 12-day short-term up trend.

DJI, 53,732 -0.20%, bull flag setup.

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

Up: IWM,

Down: QQQ, SPY, DIA,

The SPY MFC green line is up at 92.2, price-action on Friday, closed above horizontal resistance for a ninth day and is short-term bullish. +2.7

Seven of eleven sectors were higher on Friday. 

49 of 100 NDX stocks closed higher on Friday.

69 NDX stocks are above their 30 DMA: FAST, PCAR, AMGN, ADP, PAYX, PYPL, REGN, CTAS, INTU, ROST, ADSK, ROP, ADBE, BKNG, FAST, MDLZ, TRI, WDAY, ABNB, BKR, COST, CPRT, DASH, DXCM, MSFT, CMCSA, GEHC, CEG, AMZN, CRWD, FTNT, MDB, ORLY, PANW, CRWV, LITE, NFLX, NVDA, PLTR, MPWR, WBD, ADI, AXON, GILD, RKLB, SNPS, SPCX, VRTX, FANG, ISRG, ASML, SBUX, TER, CCEP, LRCX, MU, MRVL, NBIS, STX, ARM, INTC, KDP, PEP, SNDK, TMUS, AMD, TTWO, MELI, XEL,

NDX Stocks to Watch on Monday

Moving Above 30 DMA = 4

AMD, TTWO, MELI, XEL,  

Moving Below 30 DMA = 4

AVGO, IDXX, KLAC, MSTR,

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