RUT, DJI, SPX Closed Higher...NDX Closed Lower on Weakness in Technology Sector and Semiconductor Stocks...Breadth Strengthened...

 

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SPX +16.22, 7,708. Wednesday was a mixed day with RUT, DJI and SPX higher and the NDX moved lower on semiconductor and technology weakness.  The SPX, DJI and RUT breakouts remain above June resistance.  Breadth turned positive as advancers led on both the NYSE and the NASDAQ exchanges.

SPX closed back above 7,700 after one day below on below average volume. Closed above 7,700 for an eleventh day.   The VIX closed lower, suggesting that institutions were net closing hedges. 

RUT 3,032 forms a bullish harami candle in a bull flag pattern.

SPX advancers: MRNA EL MRK ARE MRVL COIN NEM FICO CSGP CPRT BLDR.

SPX decliners: STX STLD WDC DELL LRCX KEYS COHR TER FLEX NUE Q.

SPCX closed at 139.65, -3.69 on volume of 75.1 million shares. Our view is that SPCX, with no earnings, remains an overvalued speculation.  IPO at 135 on June 12.  Absorbing insider/private selling, between August 6 to 17, does not mean the stock is not speculative, but it does mean there were more buyers than sellers and intelligent speculative buyers are speculating to make money.

SPY +1.61, a bull flag pattern, below average volume of 39.6 million shares.

VIX -0.97, 14.87 closed near 3-month low. 

NDX -0.22% a bull flag pattern in 3-month channel.

DJI, 53,463 +0.22%, bull flag pattern.

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

Up: IWM, DIA, SPY,

Down: QQQ,

The SPY MFC green line is up at 86.7 price-action on Wednesday, closed above horizontal resistance for an twelveth day and is short-term bullish. -2.3

Six of eleven sectors were higher and XLU unchanged on Wednesday. 

57 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA: FAST, AMGN, ADP, PAYX, PYPL, REGN, INTU, ADSK, ROP, ADBE, BKNG, FAST, MDLZ, TRI, WDAY, ABNB, BKR, COST, CPRT, DASH, DXCM, MSFT, CMCSA, GEHC, CEG, AMZN, CRWD, MDB, ORLY, PANW, CRWV, LITE, NFLX, NVDA, PLTR, WBD, AXON, GILD, RKLB, SPCX, VRTX, FANG, ISRG, ASML, TER, MU, MRVL, NBIS, SNDK, XEL, PDD, KDP, PEP, TMUS, CSX, CTAS, FER, KHC, MELI, MSTR, TSLA,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 7

CSX, CTAS, FER, KHC, MELI, MSTR, TSLA,

Moving Below 30 DMA = 6

CCEP, LRCX, SNPS, SBUX, STX, TTWO,

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DJI, SPX, RUT Closed Lower, Formed Bull Flag Patterns...NDX Closed Lower Formed Bull Flag in a Channel...

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SPX -53.30, 7,691. Closed below 7,700 after closing above for ten days.  The SPX, DJI and RUT breakouts remain above June resistance.  The SPX was down slightly on average volume and the VIX closed higher for a second day, suggesting that institutions were net adding hedges.  RUT 3,017 forms a two-day bull flag pattern.

Breadth remained negative as decliners led on both the NYSE and the NASDAQ exchanges.  

AMAT -20.98, -3.92%, traded in Friday’s pullback range following an EPS beat on Thursday.

SPX advancers: TRGP PODD ULTA INTU MNST ERIE GDDY TYL LLY ADBE ABBV.

SPX decliners: COHR LITE STX SNDK CIEN TER JBL MRVL GLW FLEX WDC.

SPCX closed at 143.34, -2.89 on volume of 84.1 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 -0.68%, 3-day bull flag pattern, average volume of 43.9 million shares.

VIX +0.65, 15.84 up for a second day. 

NDX -1.68% formed bull flag pattern.

DJI, 53,343 -0.22%, bull flag pattern.

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

Up:

Down: DIA, SPY, IWM, QQQ,

The SPY MFC green line is up at 89, price-action on Tuesday, closed above horizontal resistance for an eleventh day and is short-term bullish. -2.1

Four of eleven sectors were higher on Tuesday. 

45 of 100 NDX stocks closed higher on Tuesday.

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

NDX Stocks to Watch on Wednesday

Moving Above 30 DMA = 5

CCEP, KDP, PEP, TMUS, TTWO,

Moving Below 30 DMA = 8

ADI, AMD, CSX, INTC, MPWR, MSTR, PCAR, WDC,

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NDX, RUT, SPX, DJI Closed Slightly Lower on Below Average Volume...AMAT Rebounds...SNDK Led SPX...

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Our iBullyBear Mentoring account once again hit a new all-time Net Liq high on strength in SNDK, MU, STX, SOXL, WDC and several other gainers on Monday.  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.

Stay Focused on the trend.  Don’t be distracted by price fluctuations or subjective opinions. Breathe and let the market breathe.

SPX -40.70, 7,745.  Closed above 7,700 for a tenth day.  The SPX breakout remains above horizontal resistance.  The SPX was down slightly on light volume.  

RUT 3,057 pauses after a new all-time closing high on Friday.

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

AMAT +28.13, +5.55%, after a one-day negative reaction on Friday following an EPS beat EPS $3.50 beats $3.40 estimate, sales $9.115B beat $8.991B estimate on Thursday.

SPX advancers: SNDK COHR TER AMAT MRVL WDE PWR LITE GLW MU CIEN.

SPX decliners: CHTR STZ ALGN TTD NOW TAP LHX KKR CNC APO NCLH.

SPCX closed at 146.23, +6.23 on volume of 116.17 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 -0.47%, counter trend pullback, bull flag setup.

VIX +0.94, 15.19 closed higher after hitting low on Friday. 

NDX -0.17% a second pause day in a 13-day short-term up trend.

DJI, 53,459 -0.51%, 8-day bull flag pattern.

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

Up:

Down: QQQ, IWM, SPY, DIA,

The SPY MFC green line is up at 91.1, price-action on Monday, closed above horizontal resistance for a tenth day and is short-term bullish. -1.1

Two of eleven sectors were higher on Monday. 

37 of 100 NDX stocks closed higher on Monday.

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

NDX Stocks to Watch on Tuesday

Moving Above 30 DMA = 4

CSX, MSTR, PDD, WDC,

Moving Below 30 DMA = 10

ARM, CCEP, CTAS, FTNT, KDP, MELI, PEP, ROST, TMUS, TTWO,

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