RUT, DJI, SPX, NDX Closed Lower...NDX, SPX Bounce at ST Support, Continue 7-week Consolidation...Earnings Season Week 1...

 

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SPX -76.08, 7,457, opened lower, closed above its open forming a inverted hammer candle pattern, pulling back from horizontal resistance.  The SPX and NDX remain in their 7-week sideways channels.  Breadth weakened as decliners led on both the NYSE and NASDAQ exchanges.

Semiconductor stocks, which had strong upward momentum until June 22, moved lower again on Friday.

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Day 4, Q2 Earnings season:

Monday morning BMO: DPZ, Monday AMC: STLD, WRB

Q2 First day reaction: +52%

Positive: TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 16

Neutral: STT, CAG = 2

Negative: ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 13

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 154.03, +1.13% on its sixth trading day.  IPO was at 149.  SK Hynix is a profitable company with over $65 billion in revenues (larger than SPCX) and $28 billion in annual profit.  The ADR is speculative because as a new IPO does not have a track record to evaluate.

SpaceX, SPCX, closed at 123.99, -5.43%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPX advancers: TRV STX CNC CASY LITE HUM ADM ALL AIG VLO SWKS.

SPX decliners: ISRG CDNS SNPS NFLX AXON HOOD AMAT BLDR PNR PSKY.

SPY -0.99%, slightly above average volume of 62.6 million shares.

VIX +2.04, 18.77, rises on SPX pullback

NDX -1.49% fall to support area its 7-week sideways consolidation.

DJI, 52,146 -0.2077%, pullback in 3-month up trend.

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

Up:

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line is flat at 72.9, price-action remained above ST support and is short-term bullish. -5.7

One of eleven sectors wase higher on Friday led by XLE, XLRE and XLRI 

22 of 100 NDX stocks closed higher on Friday.

49 NDX stocks are above their 30 DMA: MNST, PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, VRTX, ABNB, DASH, TTWO, AMGN, AXON, ROP, SBUX, CSX, KHC, ADP, DDOG, MELI, PAYX, PYPL, REGN, CTAS, TRI, AAPL, GILD, WDAY, DXCM, META, PDD, AMZN, TMUS, FANG, INTU, WBD, NVDA, PLTR, ADBE, ADSK, IDXX, MSFT, ROST, CMCSA, HON, MDLZ, ODFL,

NDX Stocks to Watch on Monday

Moving Above 30 DMA = 0

Moving Below 30 DMA = 6

AEP, EXC, FAST, GEHC, LIN, XEL,

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RUT, DJI, SPX, NDX Closed Lower on Earnings Season Day 3...SKHY, SPCX Closed Lower...AAPL Closes at All-time High...

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SPX -38.63, 7,533, opened and closed lower, in a tight five-day range, above its 30 DMA and near horizontal resistance.  The SPX and NDX remain in their 7-week sideways channels.  Breadth weakened as advancers led on the NYSE, but decliners led on the NASDAQ exchange.

Nine sectors advanced today, but the industrials and technology sectors declined.  Semiconductor stocks, which had strong upward momentum until June 22, have declined 15% since their high and continue to contribute to congestion in the NDX.

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Q2 Earnings season continues day 3.

Friday morning BMO: FITB, RF, TFC, TRV, Thursday evening: ISRG, NFLX

Q2 First day reaction: +60%

Positive: ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 15

Neutral: STT, CAG = 2

Negative: GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 8

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 152.31, -13.69% on its fifth trading day.  IPO was at 149.  SK Hynix is a profitable company with over $65 billion in revenues (larger than SPCX) and $28 billion in annual profit.  However, the ADR has only five days of trading history and is speculative because the ADR stock itself does not have a track record to evaluate.

SpaceX, SPCX, closed at 131.11, -3.08%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12.  A least one report on Thursday indicated that sellers are increasing their short position in the stock.

SPX advancers: ABT JBHT FDXF ERIE DXCM CTAS IR IT CSGP DPZ MCK.

SPX decliners: SNDK STX GLW WDC MRVL HOOD SMCI MRNA COHR CIEN ORCL.

SPY -0.54%, below average volume of 46.3 million shares.

VIX +1.06, 16.73, rises on pullback

NDX -1.62% continues its 7-week sideways consolidation, close below 30 DMA.

DJI, 52,552 -0.20%, pauses in its 3-month up trend.

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

Up:

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line is flat at 78.6, price-action remained above ST support and is short-term bullish. -0.4

Nine of eleven sectors were higher on Thursday led by XLP, XLV and XLRE 

54 of 100 NDX stocks closed higher on Thursday.

55 NDX stocks are above their 30 DMA: MNST, PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, VRTX, ABNB, DASH, TTWO, AEP, AMGN, AXON, ROP, SBUX, CSX, KHC, ADP, DDOG, MELI, PAYX, PYPL, REGN, CTAS, TRI, AAPL, GILD, WDAY, DXCM, META, PDD, AMZN, TMUS, FANG, INTU, WBD, NVDA, PLTR, ADBE, ADSK, IDXX, MSFT, ROST, CMCSA, EXC, FAST, GEHC, HON, LIN, MDLZ, ODFL, XEL,

NDX Stocks to Watch on Friday

Moving Above 30 DMA = 9

CMCSA, EXC, FAST, GEHC, HON, LIN, MDLZ, ODFL, XEL,

Moving Below 30 DMA = 6

AMAT, AMD, ASML, AVGO, CEG, GOOGL,

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RUT, SPX, DJI Closed Higher...NDX Closed Lower on Earnings Season Day 2...

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SPX +28.81, 7,572, opened higher, traded in range and closed higher.  Closed 38 points below its all-time closing high on June 2.  The SPX rose while the NDX fell in their 6-week sideways channel.  Breadth remained positive as advancers led on both the NYSE and NASDAQ exchanges.

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Q2 Earnings season continues day 2.

Thursday morning BMO: ABT, CFG, GE, PLD STT, UNH, USB

Q2 First day reaction:

Positive: BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 9

Neutral: CAG = 1

Negative: PGR, ELV, JNJ, C, WFC, FAST = 6

Bold is > +5% or -5%

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PYPL +17.2% on a takeover offer from Stripe and private-equity firm Advent.

SK Hynix ADR, SKHY, closed 176.46, -9.00% on its fourth trading day.  IPO was at 149.

SpaceX, SPCX, closed at 135.27, -0.60%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12.

SPX advancers: PYPL BLK CBRE IVZ BNY BKNG CTAS HCA AAPL KKR NDAQ.

SPX decliners: PNR ERIE DELL PGR WDC WLV SNDK MU LIT MRVL NTAP.

SPY +0.40%, below average volume of 43.8 million shares.

VIX -0.83, 15.67.

NDX -0.28% opened and closed higher.

DJI, 52,658 +0.29%, lifted by mega caps AAPL GOOGL MSFT and AMZN.

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

Up: IWM, SPY, DIA

Down: QQQ,

The SPY MFC green line is up at 79, price-action remained above ST support and is short-term bullish. +4.9

Five of eleven sectors were higher on Wednesday led by XLC, XLY and XLF. 

46 of 100 NDX stocks closed higher on Wednesday.

52 NDX stocks are above their 30 DMA: AMAT, MNST, PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, VRTX, ABNB, DASH, TTWO, AEP, AMGN, AXON, ROP, SBUX, CSX, KHC, ADP, DDOG, MELI, PAYX, PYPL, REGN, CTAS, TRI, AAPL, GILD, WDAY, DXCM, META, PDD, AMD, AMZN, TMUS, FANG, INTU, WBD, NVDA, PLTR, ADBE, ADSK, ASML, AVGO, CEG, GOOGL, IDXX, MSFT, ROST,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 9

ADBE, ADSK, ASML, AVGO, CEG, GOOGL, IDXX, MSFT, ROST,

Moving Below 30 DMA = 5

EXC, LIN, ODFL, TXN, XEL,

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