SPX Opens Higher, Closes Lower...Utilities, Consumer Staples, Financial Lead Sectors...UAL Leads SPX on Positive EPS Reaction...

© 2024

The SPX -29.20, 5,022.21, opened higher after UAL, CFG, OMC reported EPS with positive earnings reactions and reversed down after the first seventeen minutes of trading. 

Since last Friday, Middle East concerns, Powell’s comments on Tuesday regarding inflation and interest rates and today’s weakness in semiconductor and technology stocks after ASML missed earnings expectations last night have collectively weighed on the SPX, -176 points, -3.4%, since last Thursday’s close.  The 4.4% pullback since the SPX’s closing high on March 28 is the largest pullback both in time (13 trading days) and size -4.4%, it is only a modest 21% retracement of the 1,145-point 28% rally from the Oct 27 SPX low.

Thursday Q1 day 5: BMO: BX, CMA, DHI, ELV, GPC, KEY, MMC, SNA, AMC: ISRG, NFLX, PPG

First day reaction: Q1

Positive:  UAL, CFG, OMC, UNH, MS, MTB, GS, SCHW, STT, STZ = 10

Neutral:  PGR, WFC = 2

Negative:  JBHT, TRV, PLD, ASML, USB, ABT, NTRS, BAC, JNJ, PNC, BK, JPM, BLK, C, KMX, FAST, DAL = 16

UAL +7.24, +17.45%, 48.74, led the SPX after a positive earnings reaction. 

NVDA -33.80, -3.87%, 840.35, opened higher, reversed as most semiconductors (AMD, AMAT, LRCX, KLAC, SMH and more) moved lower after ASML earnings missed on EPS and revenues.

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

SPY down 2.98 at 500.55 on 75.9 million shares, average volume,

VIX down .19 at 18.21

QQQ down 5.26 at 425.84

UNH, GS, MCD, NKE led the DJIA, 11 advancers, +0

UAL, AAL, GL, DAY led the SPX, 152 advancers 

AEP, EXC, LULU, KDP led the NDX, 26 advancers

Up:   

Down:  DIA, SPY, IWM, QQQ,

Four of eleven sectors were higher on Wednesday, led by XLU, XLP and XLF

The SPY MFC green line is pointed down at 22.4 and is short-term bearish.

Uptrend sectors:  XLE, XLC, XLU, XLI, XLB, XLF, XLP, XLK, XLY,

Neutral sectors:  XLV, XLRE,

Down trend sectors: 

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

26 of 100 NDX stocks closed higher on Wednesday.

12 NDX stocks are above their 30 DMA:  CTAS, AMZN, CEG, FANG, MU, AZN, GOOGL, KHC, KDP, ADP, XEL, PEP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

PEP,

Moving Below 30 DMA = 8

AMAT, ASML, AVGO, DDOG, DXCM, LRCX, NFLX, ODFL,

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SPX Closes Slightly Lower...Technology, Consumer Staples, Health Care Lead Sectors...UNH Leads DJIA Higher...SMCI Leads SPX...

© 2024

The SPX -10.41, 5,051.41, opened higher after UNH, MS reported EPS with positive earnings reactions.  Middle East concerns cooled slightly as buying and selling pressure balances and forms a spinning top.  UNH lifts DJI to daily gain.  TNX moved higher closing at 46.59.  Powell indicates that recent data shows lack of progress on inflation.  Rate cuts are on hold.

Wednesday Q1 day 4: BMO: ABT, CFG, PLD, TRV, USB, AMC: CCI, CSX, DFS, EFX, KMI, LVS

Q1 First day reaction as of Tuesday: 

Positive:  UNH, MS, MTB, GS, SCHW, STT, STZ = 7

Neutral:  PGR, WFC = 2

Negative:  NTRS, BAC, JNJ, PNC, BK, JPM, BLK, C, KMX, FAST, DAL = 11

SMCI +93.55, +10.60%, 976.30, led the SPX after Loop Capital raised its price target from $600 to $1,500. 

NVDA +14.14, +1.64%, 874.15, opened higher and reversed as the market rolled over as Mid-East concerns increased.

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

SPY down .92 at 503.53 on 73.3 million shares, average volume,

VIX down .83 at 18.40

QQQ up .04 at 431.10

UNH, CRM, BA, IBM led the DJIA, 11 advancers, +1

SMCI, GL, LW, SCHW led the SPX, 152 advancers 

ASML, KLAC, AMD, ORLY led the NDX, 43 advancers

Up:   DIA, QQQ,

Down:  SPY, IWM,

Three of eleven sectors were higher on Tuesday, led by XLK, XLP and XLV

The SPY MFC green line is pointed down at 30.7 and is short-term bearish.

Uptrend sectors:  XLE, XLC, XLU, XLI, XLB, XLK, XLF, XLP, XLY,

Neutral sectors:  XLV, XLRE,

Down trend sectors: 

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

43 of 100 NDX stocks closed higher on Tuesday.

19 NDX stocks are above their 30 DMA:  CTAS, AMZN, CEG, FANG, MU, AZN, GOOGL, KHC, KDP, ADP, XEL, DDOG, ODFL, AMAT, ASML, AVGO, DXCM, LRCX, NFLX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 6

AMAT, ASML, AVGO, DXCM, LRCX, NFLX,

Moving Below 30 DMA = 2

AAPL, PAYX,

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SPX Opens Higher, Closes Lower as Stocks Drop on Mid-East Concerns...All Sectors Lower...MTB Leads SPX after Positive EPS Reaction...

© 2024

The SPX -61.59, 5,061.82, opened higher after GS, MTB, SCHW reported EPS with positive earnings reactions.  Middle East concerns over Israel comments of no choice but to retaliate led to reversing the positive price action.  TNX moved higher closing at 46.28.

Tuesday Q1 day 3: BMO: BAC, BK, JNJ, MS, NTRS, PNC, UNH, AMC: JBHT, OMC, UAL

First day reaction: Q1

Positive:  MTB, GS, SCHW, STT, STZ = 5

Neutral:  PGR, WFC = 2

Negative:  JPM, BLK, C, KMX, FAST, DAL = 6

MTB +6.38, +4.74%, led the SPX after a positive earnings reaction. 

NVDA -21.85, -2.48%, 860.01, opened higher and reversed as the market rolled over as Mid-East concerns increased.

Mega caps AMZN, GOOGL, MSFT, AAPL, META, NVDA, TSLA fell on Monday.

SPY down 6.40 at 504.45 on 92.1 million shares, above average volume,

VIX up 1.92 at 19.23

QQQ down 7.21 at 431.06

GS, INTC, UNH, NKE led the DJIA, 10 advancers, +6

MTB, GS, VLTO, CNC led the SPX, 75 advancers 

INTC, KHC, KDP, SBUX led the NDX, 11 advancers

Up:   

Down:  DIA, SPY, IWM, QQQ,

All eleven sectors were down for a second straight day on Monday, with the smallest declines by XLV, XLP and XLB

The SPY MFC green line is pointed down at 44.2 and is short-term bearish.

Uptrend sectors:  XLE, XLC, XLU, XLI, XLB, XLK, XLF, XLP, XLY,

Neutral sectors:  XLV, XLRE,

Down trend sectors: 

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

11 of 100 NDX stocks closed higher on Monday.

15 NDX stocks are above their 30 DMA:  CTAS, AMZN, CEG, FANG, MU, AZN, GOOGL, KHC, KDP, ADP, XEL, PAYX, DDOG, AAPL, ODFL,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 14

AMAT, AVGO, BKR, DASH, DXCM, MAR, META, MRNA, MSFT, NFLX, PYPL, QCOM, TEAM, TTD,

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