SPX Closes Lower...CAT Leads Industrials...Industrials, Technology Lead Sectors...Fitch Downgrades US to AA+...

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After-hours:  Fitch downgrades US Long Term Ratings to AA+ from AAA.

169 SPX companies report this week including AAPL, AMZN.

Wednesday, day 15 of Q2 Earnings Season with 22 SPX companies reporting BMO: ABC, BG, BWA, CDW, CVS, DO, EMR, ETR, EXC, FIS, GNRC, GRMN, HUM, JCI, KHC, NI, PSX, TT, VRSK, WAT, XYL, YUM and 29 AMC: AEE, ALB, ANSS, APA, ATO, CDAY, CHRW, CLX, CTSH, DXC, EQIX, ETSY FMC, FRT, HST, IR, LNC, MCK, MET MGM, MRO, O, OXY, PSA, PYPL, QCOM, QRVO, SPG, WMB.

First day reaction: Q2 …

Positive: ANET, GPN, CAT, LDOS, ETN, SWK, SBAC, WELL MAR, MPC, ECL, ON, TROW, NWL, CINF, DLR, INTC, KLAC, FSLR, BEN MDLZ, EIX, PG, ESS, DXCM, CHD, ALGN, TXT, LRCX, RCL, STX, CMCSA, ABBV, IP, META, CARR, TSCO, WAB, KDP, IEX, PNR, AMT, MCD, UNP, BA, ODFL, GOOGL, ADP, CB,, APH, EQT, CME, OTIS, FTV, TEL, GD, KO, PKG, MSCI, GE, PHM, FFIV, MMM, NXPI, ADM, SHW, BRO, GLW, NVR, DOW, MCO, ROP, ZION, JNJ, ABT, KEY, UAL FCX, FITB, MKTX, IBM, KMI, TRV, MMC, NTRS, USB, CFG, ELV, JBHT, MTB, SCHW, MS, BAC, BK PNC, SYF, UNH, PEP = 99

Neutral: WDC, RSG, AME, FANG, PEG, INCY, SYY, RVTY, WEC, AVB, MO, TMUS, PEAK, AJG, CVX, VRSN, PTC, MAS, AWK, BSX, VLO, NSC, URI, LIN, TMO, T, HES, HLT, V, VZ, ARE, NEE, GEHC, DHR, DPZ, COF, WRB, PPG, HBAN, PM, GS, BKR, JPM, WFC, CAG, CTAS, DAL = 48

Negative:  ZBRA, NCLH, ROK, TAP, ITW, ZBH HWM IDXX, HOLX, ES, IT, IQV, MRK, PFE, LYV, ENPH, JNPR, MHK, CNC, AON, HIG, PFG, F, CL, EMN, EQR, WY, XOM, MTD, CHTR, EBAY, CMG, EW, LUV, ROL, WTW, SPGI, BAX, WST, FTI, LHX, TYL, CBRE, HON, GWW, ORLY, UDR, BMY, LKQ, TER, XEL, NOW, MLM, ACGL, CMS, HSY, KIM, CNP, AEP, NOC, GL, VICI, MAA, HCA, RJF, MA, EG, AOS, INVH, PCG, AMP, DTE, LH, MOH, CSGP, ALLE, TDY, DGX, RHI, UHS, TXN, WM, MSFT, PI,  RTX, ALK, IVZ, LW, DOV, GM, KMB, WHR, PCAR, BIIB, AVY, CDNS, IPG, CMA, AXP, CSX, ISRG, RF, SLB, DFS, TSLA, EFX, NFLX, GPC, SNA, TFC, AAL, NEM, LVS, CCI, STLD, DHI, POOL, OMC, HAL, NDAQ, HAS, LMT, PLD, STT, C, BLK, PGR, FAST = 129

Non-SPX = UBER

Mega caps META, MSFT rose and AAPL, NVDA, GOOGL, AMZN, TSLA fell.

SPY down 1.31 at 456.48, on 55.5 million shares, below average volume, down on lower volume.  

VIX up .30 at 13.93

QQQ down .89 at 382.79,

CAT, CSCO, V, JNJ led the DJIA, 9 advancers, -8

ANET, GPN, LDOS, ETN led the SPX, 174 advancers

AMD, CRWD, AVGO, ZS led the NDX, 37 advancers.

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

Up:  DIA,

Down:  QQQ, SPY, IWM,

Two of eleven sectors were higher on Tuesday, led by XLI, XLK and XLF. 

The SPY MFC green line turned down at 88.9 and is counter-trend defensive.  SPY opened lower, traded in a range and closed lower.

Uptrend sectors:   XLK, XLC, XLY, XLI, XLF, XLB, XLRE,

Neutral sectors:  XLV, XLP, XLU, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

37 of 100 NDX stocks closed higher on Tuesday.

78 NDX stock are above their 30 DMA:  AAPL, NVDA, CEG, META, TTD, VRSK, FTNT, AVGO, WDAY, ADBE, PANW, NXPI, COST, BKR, CSX, MCHP, ABNB, PCAR, SIRI, ADI, INTU, ROST, ODFL, IDXX, PYPL, ON, DLTR, ADP, CHTR, CMCSA, EA, EXC, DDOG, MAR, LCID, PAYX, BKNG, FANG, AMGN, ANSS, CTAS, MRVL, SBUX, SNPS, ZM, PDD, QCOM, KDP, CSCO, FAST, KHC, PEP, JD, ADI, CRWD, INTC, MU, GOOGL, LRCX, ZS, ALGN, AMAT, KLAC, REGN, ADSK, AMZN, AZN, ILMN, MDLZ, MELI, PANW, TEAM, TXN, WBD, AMD, LULU, NFLX, MNST,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

MNST,

Moving Below 30 DMA = 4

ASML, CTSH, GFS, VRTX,

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