RUT, DJI, SPX, NDX Closed Lower...Breadth Continued Negatve...Earnings Season Day 8, GOOGL, TSLA Negative Reactions...

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SPX -90.66, 7,408, opened and closed lower, formed a spinning top candle pattern that closed just below short-term support.  SPY 742.56 will be the high of the low day, if Thursday becomes the low day tomorrow.  The SPX and NDX formed range bound spinning tops in their 7-week sideways channels.  Breadth weakened as decliners led on both the NYSE and NASDAQ exchanges.

SPX advancers: LMT ALLE URI TMO DGX DHR RTX CSX HON ROP NSC.

SPX decliners: TSLA TMUS ROL DOV GOOGL GL CMCSA LUV DECK AKAM HBAN.

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Day 8, Q2 Earnings season:

Q2 First day reaction: +41%

Positive: LMT, ALLE, URI, TMO, DGX, RTX, CSX, HON, ROP, NSC, UNP, TSCO, PKG, LVS, BX, HAS, MMM, GM, STLD, DPZ, TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 36

Neutral: KMI, IBM, AVB, EQR, NDAQ, WST, MRSH, WRB, DHI, STT, CAG = 11

Negative: TSLA, TMUS, ROL, DOV, GOOGL, GL, CMCSA, LUV, HBAN, CCI, NOW, PCG, TXN NVR, SNA, FCX, AMP, DOW, RJF, DHR, MSCI, HAL, EFX, GPC, SCHW, NOC, SYF, KEY, ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 41

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 169.50, +2.56% on its tenth 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 118.24, +2.59%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY -1.23%, average volume of 54.6 million shares.

VIX +2.06, 18.70,

NDX -1.87% closed above its June 9 support low, in its 7-week sideways consolidation.

DJI, 51,711 -0.97%, closed below its 30 DMA.

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

Up: 

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line is down at 64.2, price-action closed below, its July 8 ST support and is defensive. -2.7

Four of eleven sectors were higher on Thursday led by XLI, XLV and XLU 

37 of 100 NDX stocks closed higher on Thursday.

34 NDX stocks are above their 30 DMA: PANW, EA, FAST, PCAR, CCEP, AMGN, CSX, KHC, ADP, MELI, PAYX, PYPL, REGN, CTAS, AAPL, GILD, META, PDD, FANG, INTU, NVDA, ROST, HON, ODFL, AMD, AVGO, CEG, LITE, NVDA, EXC, XEL, ADSK, AEP, ROP,

NDX Stocks to Watch on Friday

Moving Above 30 DMA = 3

ADSK, AEP, ROP,

Moving Below 30 DMA = 14 ADBE, AMZN, BKNG, CMCSA, CRWD, DDOG, FTNT, MDLZ, MNST, MSFT, SBUX, TMUS, TRI, WDAY,

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DJI, SPX, NDX, RUT Closed Lower...Breadth Weakened as Decliners Led on NYSE & NASDAQ...VIZ Closes Lower...

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SPX -10.24, 7,498, opened and closed lower, formed spinning top candle patterns.  The SPX and NDX formed range bound spinning tops in their 7-week sideways channels.  Breadth weakened as decliners led on both the NYSE and NASDAQ exchanges.

Semiconductor stocks rose on Wednesday.

SPX advancers: SMCI WAB DELL EQT NRG EXE CME CEG IP FCX PCAR.

SPX decliners: GEV NOW PTC WDAY PLTR COIN DASH TYL GLW DXCM TEL.

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Day 7, Q2 Earnings season:

Thursday morning BMO: ALLE, AMP, BX, CMCSA, DGX, DOV, DOW, FCX, HBAN, HON, LMT, NDAQ, NSC NVR, PCG, ROP, RTX, SNA, TMO, TMUS, TSCO, UNP, WST, Thursday AMC: DECK, DLR, EW, HIG, INTC, NEM, VRSN,

Q2 First day reaction: +43%

Positive: WAB, EQT, CME, T, PM, PHM, HAS, MMM, GM, STLD, DPZ, TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 27

Neutral: TDY, MCO, IBKR, MRSH, WRB, DHI, STT, CAG = 8

Negative: GEV, TEL, NTRS, CB, COF, OTIS, DHR, MSCI, HAL, EFX, GPC, SCHW, NOC, SYF, KEY, ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 28

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 165.27, -3.88% on its ninth 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 115.26, -6.70%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY -0.12%, below average volume of 32.8 million shares.

VIX -0.41, 16.64,

NDX -0.54% remained above the high of the low day in its 7-week sideways consolidation.

DJI, 52,218 -0.01%, remained above 30 DMA.

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

Up:  

Down: DIA, SPY, QQQ, IWM,

The SPY MFC green line is down at 66.9, price-action closed just above, July 17, the high of the low day and remained above ST support and is short-term bullish. -2.4

Five of eleven sectors were higher on Wednesday led by XLU, XLB and XLE 

43 of 100 NDX stocks closed higher on Wednesday.

45 NDX stocks are above their 30 DMA: PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, AMGN, SBUX, CSX, KHC, ADP, DDOG, MELI, PAYX, PYPL, REGN, CTAS, TRI, AAPL, GILD, WDAY, META, PDD, AMZN, TMUS, FANG, INTU, NVDA, ADBE, MSFT, ROST, CMCSA, HON, ODFL, AMD, AVGO, CEG, LITE, NVDA, EXC, MDLZ, MNST, XEL,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 4

EXC, MDLZ, MNST, XEL,

Moving Below 30 DMA = 9

ABNB, ADSK, AXON, DASH, DXCM, ORLY, PLTR, ROP, VRTX,

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NDX, RUT, SPX, DJI Closed Higher...Day 6 Earnings Season...Semiconductor and Techology Stocks Bounce Back...

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SPX +65.92, 7,509, opened higher, closed higher, and confirmed Friday’s inverted hammer candle pattern.  The SPX and NDX bounced up in their 7-week sideways channels.  Breadth turned positive as advancers led on both the NYSE and NASDAQ exchanges.

Semiconductor stocks were among market and technology leaders on Tuesday.

SPX advancers: SNDK WDC MU TER COHR STX COIN LITE HAS INTC AMD.

SPX decliners: DHR MSCI TYL HAL IT VEEV VRSN WDAY ERIE BLDR CSGP.

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Day 6, Q2 Earnings season:

Wednesday morning BMO: CME, GEV, MCO, NTRS, OTIS, PHM, PM, T TDY, TEL, WAB, Wednesday AMC: AVB, CCI, CSX, EQR, GL, GOOGL, IBM, KMI, LUV, LVS, NOW, PKG, RJF, ROL, TSLA, TXN, URI,

Q2 First day reaction: +44%

Positive: HAS, MMM, GM, STLD, DPZ, TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 21

Neutral: MRSH, WRB, DHI, STT, CAG = 5

Negative: DHR, MSCI, HAL, EFX, GPC, SCHW, NOC, SYF, KEY, ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 22

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 171.94, +13.75% on its eighth 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 123.54, +3.08%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY +0.83%, below average volume of 34.3 million shares.

VIX -1.60, 17.05,

NDX +1.93% closed above the high of the low day in its 7-week sideways consolidation.

DJI, 52,224 +0.74%, close above 30 DMA.

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

Up: QQQ, IWM, SPY, DIA,

Down:  

The SPY MFC green line is flat at 69.3, price-action closed above the high of the low day and remained above ST support and is short-term bullish. -0.4

Seven of eleven sectors were higher on Tuesday led by XLK, XLE and XLV 

52 of 100 NDX stocks closed higher on Tuesday.

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

NDX Stocks to Watch on Wednesday

Moving Above 30 DMA = 6

AMD, AVGO, CEG, LITE, NVDA, ORLY,

Moving Below 30 DMA = 3

IDXX, MNST, TTWO,

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