SPX Closes Lower, VIX Lower...LRCX, T, IBM Positive EPS Reactions...Communication Services, Energy, Technology Lead Sectors...

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The SPX -29.38 opened lower, followed by another volatile trading range, closed lower and formed a shooting star like candle.  Overnight and daily factors correlated with futures and index movement today included resignation of UK interior minister and Prime Minister, GBP and dollar reactions, Jobless Claims and Philadelphia Fed Mfg. Index reports, AAPL supplier news and more hawkish comments from Fed’s Harker.

Positive earnings reactions today from LRCX, T, DGX, LVS, IBM, FCX and NUE.  Negative earnings reactions from UNP, TSLA, FITB, EFX, DHR, PPG, SNA, KMI, POOL and ALK.

QQQ, DIA, SPY and IWM closed lower as momentum remained negative.

DXY, TNX and /CL closed higher, while TLT and GLD moved lower.

65 SPX companies report EPS this week:  BAC, BK, SCHW, Tuesday: GS, HAS JNJ, LMT, SBNY, STT, TFC, ISRG, JBHT, NFLX, OMC, UAL, Wednesday: ABT, BKR, CFG, CMA, ELV, MKTX, MTB, NDAQ, NTRS, PG, PLD, TRV, CCI, EFX, IBM, KMI, LRCX, LVS, PPG, TSLA, Thursday: AAL, ALK, DGX, DHR, DOV, DOW, FCX, FITB, GPC, KEY, MMC, NUE, NVR, PM, POOL, SNA, T, TSCO, UNP, CSX, RHI, SIVB, WHR, Friday: AXP, HBAN, HCA, IPG, RF, SLB, VZ

First day reaction:

Positive:   LRCX, T, DGX, LVS, IBM, FCX, NUE, NFLX, ISRG, BKR, UAL, TRV, ELV, LMT, SBNY, GS, BAC, BK, USB, WFC, JPM, DAL, DPZ, FAST, PGR, WBA, BLK, PEP = 28

Neutral: DOW, NVR, GPC, PG, JBHT, CFG, STT, JNJ, C, UNH = 10

Negative:  UNP, TSLA, FITB, EFX, DHR, PPG, SNA, KMI, POOL, ALK, KEY, AAL, TSCO, CCI, DOV, PM, MMC, MTB, NTRS, CMA, ABT, PLD, MTKX, NDAQ, OMC, TFC, HAS, FRC, SCHW, MS, PNC = 31

SPY down 3.09 at 365.41, on 88.2 million shares, slightly below average volume, down on higher volume.

VIX down .78 at 29.98, volatility remains elevated.

QQQ down 1.38 at 269.11

IBM, CRM, VZ, CVX led the DJIA, 10 advancers, -2

T, DGX, LVS, ORCL led the SPX, 113 advancers

LRCX, ZM, DDOG, ASML led the NDX 37 advancers

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

Up:

Down:  DIA, QQQ, SPY, IWM,

Three of eleven sectors were higher on Thursday, led by XLC, XLE and XLK and sector momentum declined.

Communication Services leaders:  T, WBD, GCI, ATVI

Energy leaders:  FTI, PXD, BKR, EOG

Technology leaders:  LRCX, IBM, ORCL, CRM

Advancers strengthened on Thursday as decliners led 2,192 to 979 on the NYSE and led 2,661 to 1,939 on the NASDAQ.

The SPY MFC green line turned down at 27.9 and is short-term bearish.  SPY opened lower and closed lower and formed a shooting star like candle.

Uptrend sectors:  XLE,

Neutral sectors:  XLF, XLI,

Down trend sectors:  XLB, XLY, XLK, XLV, XLU, XLP, XLRE, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Sideways

28 of 100 NDX stocks closed higher on Thursday

23 NDX stock are above their 30 DMA:   BIIB, ORLY, DXCM, GILD, PCAR, AMGN, KHC, PEP, SIRI, ABNB, ADSK, ILMN, NFLX, VRSN, EA, FTNT, HON, ISRG, MU, WBA, ADBE, BKNG, ZM,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 3

ADBE, BKNG, ZM,

Moving Below 30 DMA = 6

ADP, CPRT, CSCO, KDP, MAR, VRTX,

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