Gap Up after GILD News, Trading Range, Late Rally as First Week of Earnings Season Ends...

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The SPX rose 83 points in week 1 of earnings season.   JPM, WFC, BAC, C, PGR, PNC, SCHW and USB had negative earnings reaction.  JNJ, FAST, GS and UNH had positive earnings reaction.

News of positive results of a drug trial of GILD’s remdesivir on Covid-19 patients sent futures higher overnight.  The SPX +75.01, +2.68% gapped higher Friday morning and pulled back to a trading range followed by a late rally closing at its highest close since March 10.

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All eleven sectors were higher on Friday, led by XLE, XLF and XLI

SPY up 7.54 at 286.64 on 146.6 million shares, below average volume, up on higher volume.

VIX down 1.96 at 38.15

BA, XOM, JPM led the DJIA, 26 advancers, +12

HFC, MPC, CF, CMA led the SPX, 469 advancers

GILD, EXPE LULU, CTAS led the NDX, 83 advancers

The two-year trend term is up.

A new uptrend has emerged following a higher low W pattern reversal. 3-day short term trend is up.

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth strengthened on Friday as advancers led 2,534 to 441 on the NYSE and led 2,639 to 661 on the NASDAQ

The SPX MFC green line is pointed up at 66.1 and is a short-term bullish. 

Uptrend sectors:  XLV, XLP, XLK, XLY, XLB, XLU, XLC,

Neutral sectors:  XLRE, XLI, XLF, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

83 of 100 NDX stocks closed higher on Friday.

95 NDX stocks are above their 30 DMA:  CTXS, SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, ALXN, NTES, INCY, AMGN, ATVI, CHKP, CSCO, EA, ILMN, INTC, KHC, VRSN, XLNX, AMD, ANSS, AVGO, CHTR, COST, CSX, IDXX, ISRG, JD, KLAC, LULU, MDLZ, MSFT, MU, MXIM, NVDA, ORLY, PCAR, PEP, SNPS, SWKS, TMUS, TXN, ADI, FB, LRCX, QCOM, SBUX, WLTW, AAPL, ADP, ADSK, AMAT, BIIB, CDW, CERN, CMCSA, CSGP, CTSH, EBAY, FAST, FOXA, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, ROST, SPLK, ULTA, WDAY, XEL, ADBE, ALGN, BKNG, EXC, TSLA, BMRN, GILD, BIDU, DLTR, SIRI, VRSK, FISV, NTAP, NXPI, CPRT, CTAS, EXPE, MAR, PAYX, WDC,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 6

CPRT, CTAS, EXPE, MAR, PAYX, WDC,

Moving Below 30 DMA = 0

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