SPX Gap Up Broad Rally after BAC, BK Positive Earnings Reactions...Discretionary, Real Estate, Technology Lead All Sectors Higher...

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The SPX +94.88 gapped higher, trended higher during the first hour, then traded in a channel for the balance of the day and closed higher in a very broad rally on Monday, day three of earnings season.    The SPX reversed Friday’s pullback and closed above Thursday’s close.

QQQ, IWM, SPY and DIA each gapped higher on the open and closed higher.

GLD and TNX closed higher, while DXY, TLT and /CL 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 reactions:

Positive: BAC, BK, USB, WFC, JPM, DAL, DPZ, FAST, PGR, WBA, BLK, PEP = 10

Neutral: C, UNH = 2

Negative: FRC, SCHW, MS, PNC = 3

SPY up 9.19 at 366.82, on 93.0 million shares, above average volume, up on lower volume.

VIX down .65 at 31.37, volatility remains elevated.

QQQ up 8.61 at 269.35

JPM, UNH, BA led the DJIA, 29 advancers, +26

CDAY, DISH, MTCH, CZR led the SPX, 479 advancers

MELI, TEAM, ZS, TSLA led the NDX 94 advancers

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

Up:  QQQ, IWM, SPY, DIA,

Down:

All eleven sectors were higher on Monday, led by XLY, XLRE and XLK.

Consumer Discretionary leaders:  TSLA, CZR, AMZN, ETSY

Real Estate leaders:  PLD, DLR, MAA, UDR

Technology leaders:  CDAY, INTU, NVDA, PAYC

Advancers strengthened on Monday as advancers led 2,669 to 550 on the NYSE and led 3,466 to 1,195 on the NASDAQ.

The SPY MFC green line is pointed up at 15.5 and is short-term bullish.  SPY opened higher and closed higher.

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 sideways.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

94 of 100 NDX stocks closed higher on Monday

23 NDX stock are above their 30 DMA:   REGN, BIIB, VRTX, ORLY, DXCM, GILD, PCAR, AMGN, KHC, MRNA, PEP, SIRI, ABNB, ADP, ADSK, ILMN, KDP, MNST, MU, NFLX, ODFL, SBUX, VRSN,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 11

ABNB, ADP, ADSK, ILMN, KDP, MNST, MU, NFLX, ODFL, SBUX, VRSN,

Moving Below 30 DMA = 0

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