SPX: Pause Day or Start of Pullback? SNAP, STX Negative EPS Reaction Drags on Social Media & Semi Stocks...Utilities, Real Estate, Staples Lead Sectors...

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The SPX -37.32, opened flat, traded in a range for the first two hours and then pulled back testing Wednesday and Thursday’s breakout and reversed Thursday’s 39 point gain.  TLT and GLD closed higher, while DXY, /CL and TNX moved lower.

The FOMC meets Tuesday and Wednesday with their announcement Wednesday at 2 p.m. and press conference at 2:30 p.m. ET.

NEM reports Monday morning with eight SPX companies reporting Monday AMC.  A total of 175 SPX companies will report EPS next week including GOOGL, MSFT on Tuesday, META on Wednesday, AAPL, AMZN on Thursday.

71 SPX companies reported EPS this week:  BAC, GS, PLD, SCHW, SYF, IBM, CFG, HAL, HAS, JNJ, LMT, SBNY, TFC, JBHT, NFLX, OMC, ABT, BIIB, BKR, CMA, ELV, MKTX, MTB, NDAQ, NTRS, CCI CSX, DFS, EFX, KMI, LVS, TSLA UAL, AAL, ALK, DGX, DHI, DHR DOV DOW DPZ FCX FITB HBAN, IPG, IQV KEY, MMC, NUE PM, POOL, SNA, T, TRV, TSCO, UNP, COF, ISRG, PPG, RHI, SIVB, STX, WRB, AXP, HCA, NEE, RF, ROP, SLB, TWTR, VZ

First day reaction last week & this week:

Positive: HCA, SLB, PPG, AXP, NEE, RF, TSLA, NUE, DHR, LVS, CSX, PM, DHI, MMC, HBAN IQV, KMI, SNA, CCI, DOV, FCX, NFLX, NDAQ, OMC, CMA, TFC, HAL, CFG, GS, C, STT, BK, WFC, UNH, USB, PGR, BLK, PNC, CTAS, FRC, = 40

Neutral: ROP, TWTR, KEY, DGX, ALK, TRV, MTB, JBHT, LMT, HAS, SYF, BAC, MS, PEP,

Negative: SNAP, SIVB, STX, RHI, VZ, ISRG, COF, WRB, UAL, POOL, DFS, T, AAL, TSCO, IPG, EFX, DOW, DPZ, FITB, UNP, BKR, ELV, BIIB, NTRS, MKTX, ABT, IBM, SBNY, JNJ, PLD, SCHW, CAG, JPM, FAST, DAL, = 35

Key EPS reactions on Friday:

SNAP -6.39, -39.08%:  drags META -7.59%, GOOGL -5.63%, down in sympathy.

STX -6.78, -8.11%:  drags WDC -6.37%, MRVL -4.67%, NVDA -4.05%, MU -3.69%, semis down in sympathy.

SPY down 3.70 at 395.09, on 72.1 million shares, below average volume, down on higher volume.

VIX down .08 at 23.03

QQQ down 5.39 at 301.99

AXP, PG, IBM, HON led the DJIA, 11 advancers, -10

HCA, SLB, PPG, PM led the SPX, 187 advancers

EXC, AEP, XEL, MDLZ led the NDX 24 advancers

The two-year trend term is up.  The one-year trend down. 

Up:

Down:  DIA, SPY, IWM, QQQ,

Three of eleven sectors were higher on Friday, led by XLU, XLRE and XLP.

Utilities leaders:  CMS, DTE, D, ED

Real Estate leaders:  DLR, WELL, AMT, ESS

Consumer Staples leaders:  PM, CL, PG, KMB

Advancers weakened on Friday as decliners led 1,911 to 1,308 on the NYSE and led 3,265 to 1,323 on the NASDAQ.

The SPY MFC green line is pointed up at 56 and is short-term bullish.  SPY opened flat, pulled back for a breakout test and moved back above short-term resistance on July 8 for a re-breakout entry.

Uptrend sectors:    

Neutral sectors:   XLP, XLV, XLE, XLU,

Down trend sectors:  XLK, XLI, XLC, XLY, XLF, XLRE, XLB,

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

24 of 100 NDX stocks closed higher on Friday.

85 NDX stocks are above their 30 DMA:   SGEN, MNST, VRTX, DLTR, AZN, COST, DXCM, OKTA, ORLY, KDP, KHC, PEP, VRSK, AMGN, SIRI, VRSN, AAPL, CDNS, CPRT, IDXX, CTAS, LCID, QCOM, TSLA, ADI, CHTR, ROST, SWKS, TXN, ALGN, AMZN, ATVI, CMCSA, CRWD, FISV, ISRG, MCHP, MU, NFLX, NXPI, ODFL, OKTA, PANW, SNPS, INTC, KLAC, SPLK, ABNB, ADBE, ADP, ADSK, AMAT, AMD, ANSS, ASML, AVGO, CSCO, CSX, EBAY, FTNT, INTU, LRCX, LULU, MAR, MDLZ, MELI, META, MRVL, MSFT, NVDA, PAYX, PCAR, PYPL, ZS, CTSH, DOCU, EA, ILMN, MTCH, NTES, TEAM, WDAY, HON, AEP, EXC, XEL,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 3

AEP, EXC, XEL,

Moving Below 30 DMA = 6

BIIB, DDOG, GOOGL, JD, REGN, ZM,

 

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