SPX Closed at 7,757, a New All-time Closing High...NDX, RUT, DJI Closed Higher...Jobs Report Lower Than Expected...BRK/B Reports Earnings on Saturday...

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SPX +47.68, 7,757, rallied to an all-time closing high.  Closed above 7,700 for a fourth day.  The SPX breakout on Tuesday joins DJI and RUT breakouts above June highs.  

Futures rallied immediately at 8:30 am ET this morning when a lower than expected Jobs Report was released, -23K jobs vs 88K estimate.  The narrative is that the Jobs Report perhaps delays the Fed from raising rates.  The CME Fed Watch tool showed the probability for a September hike fell today to 44.4% from 55.0% on Thursday. 

Breadth was positive as advancers led on both the NYSE and the NASDAQ exchanges.

SPX advancers: ABNB MCHP COHR PLTR MRNA AXON NEM APTV HPQ UBER.

SPX decliners: TTD AKAM ZTS RMD STX CDW TRGP TPL MNST NWSA WDC.

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Day 18 Q9 Earnings season:

Saturday morning: BRK/B.

Monday AMC: SPG.

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SPCX closed at 133.11, +15.83% above (148.7 million) average volume of 242.13 million shares after buyers continued to buy, which is positive, as lock-up expired on 911.5 million shares on Thursday. .  Our view is that SPCX, with no earnings, remains an overvalued speculation.  IPO at 135 on June 12. 

SPY +0.61%, bull flag bounce above the high of the low day, below average volume of 43.5 million shares.

VIX -0.25, 14.90, lowest close in three months. 

NDX +1.19% bull flag bounce move above the high of the low day.

DJI, 54,036 +0.28%, white spinning top, bull flag setup.

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

Up: QQQ, IWM, SPY, DIA,

Down:

The SPY MFC green line is up at 91, price-action bounced on Friday, closed above horizontal resistance for a fourth day and is short-term bullish. +4.6

Nine of eleven sectors were higher on Friday led by XLY, XLK and XLB. 

75 of 100 NDX stocks closed higher on Friday.

65 NDX stocks are above their 30 DMA: EA, FAST, PCAR, CCEP, AMGN, CSX, ADP, PAYX, PYPL, REGN, CTAS, PDD, INTU, ROST, HON, ODFL, ADSK, ROP, ADBE, BKNG, FAST, MDLZ, TRI, WDAY, ABNB, BKR, COST, CPRT, DASH, DXCM, IDXX, MSFT, CMCSA, GEHC, AVGO, CEG, AMZN, CRWD, CSCO, FTNT, GOOGL, MDB, ORLY, PANW, CRWV, FER, LITE, NFLX, NVDA, PLTR, MSTR, SBUX, TER, MPWR, WBD, ADI, AXON, GILD, MCHP, MRVL, RKLB, SNPS, SPCX, TTWO, VRTX,

NDX Stocks to Watch on Monday

Moving Above 30 DMA = 10

ADI, AXON, GILD, MCHP, MRVL, RKLB, SNPS, SPCX, TTWO, VRTX,

Moving Below 30 DMA = 1

MELI,

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SPX, NDX, RUT, DJI Closed Lower...After-hours: AKAM, ABNB Positive Reaction...

 

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SPX -13.59, 7,709, pulled back for a second day, remained above Tuesday’s S-1 level and above horizontal resistance.  Closed above 7,700 for a third day.  Closed just 27 points below Tuesday’s all-time closing high.  The SPX breakout joins DJI and RUT breakouts above June highs. 

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

EPS reactions on Thursday:

WDC -67.65, -13.03%, EPS $3.56 beats $3.29 estimate, sales $3.747B beat $3.692B estimate.

SNDK -91.92, -6.81%, EPS $39.25 beats $34.45 estimate, sales $8.965B beat $8.394B estimate.

SPX advancers: MSI PH LDOS PTC ALB APA FOXA PODD OXY LYB ALL.

SPX decliners: APP DDOG AXON WDC VTRS HST TPL SNDK TTD XYZ FICO.

After-hours:

AKAM +14.69, +12.39%, EPS $1.59 beats $1.57 estimate, sales $1.099B beat $1.092B estimate.

ABNB 11.89, +7.84%, EPS $1.37 beats $1.25 estimate, sales $3.608B beat $3.576B estimate.

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Day 18 Q2 Earnings season:

Friday BMO: PPL, TTWO, VST.

Saturday morning: BRK/B.

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SPCX closed at 114.92, +6.14% above average (87.4 million) volume of 255.17 million shares as lock-up expired on 911.5 million shares. Newly traded private shares were absorbed by the buyers, which is positive.  Our view is that SPCX, with no earnings, remains an overvalued speculation.  IPO at 135 on June 12.  

SPY -0.16%, two-day bull flag above Tuesday’s S-1, below average volume of 38.4 million shares.

VIX -0.66, 15.15, second lowest close in three months  

NDX -0.39% two-day bull flag in a channel bounce pause.

DJI, 53,885 -0.85%, bearish engulfing pattern, one-day pullback.

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

Up:

Down: SPY, QQQ, IWM, DIA,

The SPY MFC green line is up at 86.4, price-action paused on Thursday, closed above horizontal resistance for a third day and is short-term bullish. +6.4

Three of eleven sectors were higher on Thursday led by XLE, XLC and XLV. 

43 of 100 NDX stocks closed higher on Thursday.

56 NDX stocks are above their 30 DMA: EA, FAST, PCAR, CCEP, AMGN, CSX, ADP, MELI, PAYX, PYPL, REGN, CTAS, PDD, INTU, ROST, HON, ODFL, ADSK, ROP, ADBE, BKNG, FAST, MDLZ, TRI, WDAY, ABNB, BKR, COST, CPRT, DASH, DXCM, IDXX, MSFT, CMCSA, GEHC, AVGO, CEG, AMZN, CRWD, CSCO, FTNT, GOOGL, MDB, ORLY, PANW, CRWV, FER, LITE, NFLX, NVDA, PLTR, MSTR, SBUX, TER, MPWR,

NDX Stocks to Watch on Friday

Moving Above 30 DMA = 1

WBD,

Moving Below 30 DMA = 5

AXON, DDOG, GILD, KHC, NBIS,

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DJI Closed at 54,349, an All-time Closing Higher as SPX, RUT, NDX Pause after a Four-day Rally...After-hours: SNDK, WDC Fall...

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SPX -12.97, 7,723, paused and pulled back above horizontal resistance after a strong four-day rally and closed above 7,700 for a second day, closing just below Tuesday’s all-time closing high.  The SPX breakout joins the previous DJI and RUT breakouts above June highs. 

DJIA closed at 54,349, a new all-time closing high.

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

SPX advancers: CRL IFF AIZ NEM BKNG MCK LLY MAR AMGN CNC PSKY.

SPX decliners: PODD DVA CDW AMD EOG DINO SNDK WDC UBER CVS SBAC.

After-hours: Reports suggesting that SNDK and WDC guidance weren’t strong enough.  

SNDK -107.50, -7.96%, EPS $39.25 beats $34.45 estimate, sales $8.965B beat $8.394B estimate.

WDC -61.17, -11.78%, EPS $3.56 beats $3.29 estimate, sales $3.747B beat $3.692B estimate.

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Day 17 Q2 Earnings season:

Thursday BMO: BDX, CEG, COP, DDOG, EVRG, FISV, FOXA, HWM, KDP, KVUE, PH, RL, SRE, TAP, TRGP, VRTS, WBD, ZTS.

Thursday AMC: ABNB, AFL, AIG, AKAM, ED, GEN MCHP, MNST, RMD, RSG, TTD.

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SPCX, closed at 108.27, -13.61% earning after the close Tuesday $(0.09) beats $(0.24) estimate, sales $7.814B beat $6.934B estimate, but included an increase in AI spending. Private shares lock-up expire on August 6 with at least 911.5 million shares becoming free to trade.  Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY -0.20%, a pause day after a four-day advance, below average volume of 44.6 million shares.

VIX -0.69, 15.81,  

NDX -0.83% formed a dark cloud cover in a channel bounce pause.

DJI, 54,349 +0.49%, an all-time closing high.

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

Up: DIA,

Down: SPY, IWM, QQQ,

The SPY MFC green line is up at 80, price-action paused on Wednesday, closed above horizontal resistance for a second day and is short-term bullish. +15.4

Five of eleven sectors were higher on Wednesday led by XLV, XLB and XLY. 

37 of 100 NDX stocks closed higher on Wednesday.

60 NDX stocks are above their 30 DMA: EA, FAST, PCAR, CCEP, AMGN, CSX, KHC, ADP, MELI, PAYX, PYPL, REGN, CTAS, GILD, PDD, INTU, ROST, HON, ODFL, ADSK, ROP, ADBE, BKNG, FAST, MDLZ, TRI, WDAY, ABNB, AXON. BKR, COST, CPRT, DASH, DDOG, DXCM, IDXX, MSFT, CMCSA, GEHC, AVGO, CEG, AMZN, CRWD, CSCO, FTNT, GOOGL, MDB, ORLY, PANW, CRWV, FER, LITE, NFLX, NVDA, PLTR, MSTR, NBIS, SBUX, TER, MPWR,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 1

MPWR,  

Moving Below 30 DMA = 2

ALAB, FANG,

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