Broad Rally Continues as IWM, DIA, SPY, QQQ Rise...CMG, IPG, NDAQ Positive EPS Reactions...Energy, Financial Lead Sectors...

 
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RUT, DJI, SPX, NDX continued to rally on Wednesday. 


Earnings season continues Thursday with 22 companies including AAL, DHI, DPZ, FCX, NUE reporting BMO and 9 companies including COF, INTC, TWTR, VRSN, reporting AMC.
 
Earnings reactions after seven days:
Positive:  PEP, WFC, TFC, UNH, USB, STT, IBM, JBHT, ZION, DOV, HAL, HCA, KEY, SYF, CMG, UAL, CMA, IPG, KO, NDAQ, NTRS,
Neutral/Negative:  FRC, JPM, GS, CAG, FAST, BAC, BLK, C, DAL, PNC, PGR, KSU, SCHW, PLD, TSCO, PPG, OMC, PM, TRV, ANTM, BKR, JNJ, MKTX, MTB, ISRG, NFLX, NVR, STX, VZ
AMC Wednesday: CCI, CSX, DFS, EFX, FTI GL, KMI, LVS, TXN, WHR
Up from Initial Reaction:  CTAS, MS, BK,
 

ALXN acquired by AZN.  ALXN was replaced by MRNA in the SP 500 and by HON in the NDX. 


Semiconductor stocks, SMH +2.87%, channel bounce continuation.
 
DJI +286.01, +0.83%, closed at 34,798.  GS, BA, AXP and CVX were the largest point gainers on Wednesday.
NDX +114.42, +0.78%, closed at 14,842. 
SPX +35.63, +0.82%, closed at 4,358. 
 
TSLA -0.79%, a channel bounce pause.
 
SPY = Bounce continuation.
DIA = Bounce continuation.
QQQ = Bull flag bounce continuation.
IWM = Bounce continuation.
 
Eight of eleven sectors were higher on Wednesday, led by XLE, XLF and XLB.
 
Energy leaders: OXY, FANG, FTI, APA
Financial leaders: CMA, MS, DFS, LNC
Basic Materials leaders: FCX, MOS, LYB, DOW
  
SPY up 3.49 at 434.55, on 64.6 million shares, average volume, up on lower volume.  
VIX down 1.82 at 17.91
 
CVX, BA, GS, AXP led the DJIA, 25 advancers, -1
CMG, IPG, NCLH, CCL led the SPX, 370 advancers.
ASML, LRCX, KLAC, AMAT led the NDX, 70 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, DIA, SPY, QQQ,
Down:
 
Advancers weakened slightly on Wednesday as advancers led 2,417 to 871 on the NYSE and led 3,330 to 1,082 on the NASDAQ.
 
The SPY MFC green line is pointed down at 71.6 and is defensive.  SPY is a channel bounce continuation. 
 
Uptrend sectors:  XLRE, XLV, XLP, XLK, XLC, XLY,
Neutral sectors:  XLI, XLF, XLU, XLB, XLE,
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is sideways.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Up a little
 
70 of 100 NDX stocks closed higher on Wednesday.
 
70 NDX stocks are above their 30 DMA:  PAYX, INTU, GOOGL, IDXX, ILMN, SNPS, MRNA, PYPL, EBAY, REGN, DXCM, ADBE, DOCU, LULU, MSFT, TEAM, AMZN, ISRG, ANSS, CDNS, QCOM, SPLK, AAPL, CPRT, MELI, TSLA, VRSN, ADSK, CDW, COST, ORLY, SWKS, VRSK, ADP, AMGN, GILD, PEP, SBUX, FAST, CHKP, MDLZ, NTES, MNST, CHTR, CTAS, AMD, OKTA, PTON, ALGN, CSCO, EXC, MRVL, HON, AMAT, ASML, AVGO, CMCSA, FB, FISV, JD, KLAC, LRCX, MAR, MTCH, NVDA, ROST, SIRI, TXN, WDAY, XLNX,
 
HON replaces ALXN in NDX July 21
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 17
AMAT, ASML, AVGO, CMCSA, FB, FISV, JD, KLAC, LRCX, MAR, MTCH, NVDA, ROST, SIRI, TXN, WDAY, XLNX,
 
Moving Below 30 DMA = 3
AEP, NFLX, XEL,  
 
 
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